VIENNA VIENNA, Jan 15 (Hina) - The mounting crisis on international markets, existing and potential international conflicts and a number of scandals in some of the world's leading companies will bring new investors in Central and
Eastern Europe, financial experts attending the "Strategies for a New Europe" international conference in Vienna said on Wednesday.
VIENNA, Jan 15 (Hina) - The mounting crisis on international
markets, existing and potential international conflicts and a
number of scandals in some of the world's leading companies will
bring new investors in Central and Eastern Europe, financial
experts attending the "Strategies for a New Europe" international
conference in Vienna said on Wednesday. #L#
The two-day conference, which started in the Austrian capital on
Tuesday, has gathered around 800 representatives of banks and other
financial institutions from Europe and elsewhere and officials
from countries which participate in the Process of Stabilisation
and Association with the EU (SAP) and Central and Eastern European
countries.
The event was organised by the London-based financial magazine
"Euromoney" in cooperation with Bankaustria - Creditanstalt,
Citybank New York and Intesa B.C.I. bank, which is a member of the
same group to which Privredna Bank Zagreb belongs.
The experts estimate that foreign investments in Central and
Eastern Europe will increase in the course of this year. Some
Central and Eastern European markets have developed so much that
potential investors are moving further east, however, financial
experts are concerned about the survival of domestic companies in
the competition-driven global market and note that central banks in
Central and Eastern European countries have the crucial role in
preparing domestic economies for new challenges and admission to
the EU.
According to some indicators, e.g. direct foreign investments and
GDP, Croatia is above the average development rate of some
countries from the SAP and some candidates for EU membership.
The manager of the Euromoney Institutional Investitor P.L.C.,
Richard Ensor, said Croatia had made enviable progress in
development. Croatia stands a very good chance of joining the EU in
the second enlargement round in 2007 or 2008, he said. He also added
that some economic indicators, such as the growth rate, market
openness and competitiveness as well as low inflation, Croatia was
more advanced than some EU candidates and SAP countries.
Croatian institutions have been developing very well, the bank
system has been privatised and is developing successfully, there
are great possibilities for foreign investments and foreign
investors are interested in investing in Croatia, Ensor said,
adding that Croatia's future had good foundations.
One of the managers of the Bavarian business group "Hausbau G.m.b.H
International", Martin Koch, said the company intended to invest
80-120 million euros in Croatia, especially in tourism, including
business facilities, hotels, marinas and golf courses.
Representatives from the SAP countries, conveyed their countries'
wish to introduce the euro as national currency, but financial
experts warned that at least two years would have to pass before
talks on this issue begin as well as that the countries first had to
meet criteria for the introduction of the EU currency.
Croatia's representatives at the conference were headed by Deputy
Finance Minister Damir Kustrak and Croatian National Bank vice-
governor Boris Vujcic.
(hina) rml sb