The summit, which focused on economic growth, was organised by the U.S. nongovernmental organisation World Development and Empowerment and Croatia's independent Adriatic Institute for Public Policy. In attendance were representatives of the Croatian Government, members of European parliaments, and leading economic reform experts from Europe and the United States.
The main conclusions are that if a country wants to achieve economic growth, it must reduce taxes and customs duties, meddle in economic movements as little as possible, reinforce the legal system, particularly the protection of ownership rights, encourage faster privatisation, and free the economy of excessive legal regulations.
Privatisation brings lower prices, better services, more choices, more investments, and reduces corruption, said John Blundell, director general of the British Institute of Economic Affairs. He added privatisation also brought better company management, less strikes, more innovations, and opened companies.
Blundell's ideas were echoed by the institute's director, Adam Smith Eamon Butler, who recommended a fast privatisation with as much citizens' participation in share ownership as possible.
Daniel Mitchell, a tax policy and economy expert at the U.S. Heritage Foundation, presented an index of economic freedoms which ranked Croatia 82nd among 155 countries covered by the index.
The first day of the summit focused on the tax system as an element of economic development, with a speech delivered by Slovakian Prime Minister and Finance Minister Ivan Miklos.
Croatian Prime Minister Ivo Sanader, Foreign Minister Miomir Zuzul and Economy Ministry state secretary Vladimir Vrankovic spoke about the Government's political and economic priorities, while Finance Minister Ivan Suker spoke about the goals of the Croatian tax reform.
The summit was also addressed by European Parliament member Doris Pack, who underlined the importance of individual initiatives, entrepreneurship and economic reforms for Croatia's development.
Participants also discussed free media reporting.
The International Leaders Summit was held in Southeast Europe for the first time. The organisers' goal is to encourage open debates and experience sharing in the economic growth of small democracies in the future.