$ 990.65 million invested in Croatia in first half of 2003

Croatian National Bank announced that in first six months of fiscal year 2003, $990.65 million have been invested in Croatia.  The total amount of foreign investment in Croatia from 1993 until June of this year totals more than 8.417 billion dollars.  Of that amount, 5.17 billion dollars are direct owner investments while 1.25 billion dollars falls into withheld earnings, reinvested in Croatia.  Investments during first six months of 2003 have been bigger than in all of last fiscal year of 2002 when investments in Croatia totaled 980.51 million dollars.

In 2003, the most foreign investment has occurred in trade, especially in retail (27.54 %). The banking industry comprised 24.23 %, making it the second largest sector.  Meat and steel rounded out the top industries at 8.85 %  and 6.62 % of foreign investment, respectively 

In first six months of fiscal year 2003, the most foreign investment to Croatia came from Austria (30.23 %), followed by the United States (27.54 %), Netherlands (10.69 %), Germany (10.49 %), Slovenia (5.5 %), Luxembourg (3.72 %), Italy (3.69 %), Hungary (2.16 %) and Switzerland with 1.88 %.  Out of total foreign investments, the European bank invested 3.25 %, for renewal and development in Croatia. 

From 1993 until halfway through 2003, the most foreign venture was invested in telecommunication sector (25.52 %). Foreign investors were also interested in banking (22.98 % of foreign investments), pharmaceutical (13.04 %), cement (3.81 %) and hotel industries (3.24 %). 

The most foreign investment so far comes from Austria (24.68 %), Germany (21.95 %), and United States (16.87 %).  Next follows Luxembourg (5.79 %), Italy (5.57 %), Netherlands (5.28 %), Slovenia (3.88 %), Great Britain (2.92 %), European Bank for Reconstruction and Development (2.12 %) and Switzerland (1.59 %).  During October 2003, Croatia is slated to receive the money (505 million dollars) from the sale of 25 % plus one share of “Ina” to Hungarian oil company “Mol”.  The fiscal year 2003 thus will be a record year as far as foreign investments are concerned, which could reach as high as $2 billion.  This would surpass last year’s expectations of most analysts, who expected some $1.5 billion in investment for 2003.  So far the record year has been 2001, in which almost $1.56 billion was invested in Croatia.