DUBROVNIK, Sept 19 (Hina) - The Croatian Bank for Reconstruction and Development (HBOR) used all funds to subsidise exports by the beginning of August which were planned to be used for this purpose this year. The sum spent so far as
export subsidy is 260 million kuna, the president of the HBOR Board of Directors, Anton Kovacev, said at an international conference on export encouragement measures and policies, which the said bank organised in Dubrovnik.
DUBROVNIK, Sept 19 (Hina) - The Croatian Bank for Reconstruction
and Development (HBOR) used all funds to subsidise exports by the
beginning of August which were planned to be used for this purpose
this year. The sum spent so far as export subsidy is 260 million
kuna, the president of the HBOR Board of Directors, Anton Kovacev,
said at an international conference on export encouragement
measures and policies, which the said bank organised in Dubrovnik.
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After the state budget was revised, the HBOR was given an additional
100 million kuna for this year's export subsidy programme, but this
would not be sufficient according to the interest of parties and
number of those who applied.
This year's funds have increased by more than twofold in comparison
to the funds which in the entire 2002 the HBOR spent for subsidising
interest rates of export credits, Kovacev said describing it as
significant headway.
This is also corroborated by figures on the sums of export credits
which the HBOR is ensuring through cooperation with commercial
banks. The initial plan was to secure some 2.8 billion kuna, but it
is likely to rise to four billion by the end of the year, Kovacev
said.
The additional incentive for Croatian business people to enter
foreign markets is the HBOR's latest product referring to insurance
against political risks which Croatian companies operating abroad
could be given for the period from three to 15 years, with the
coverage of 90 percent of invested sums.
Deputy Agriculture Minister Tomislav Ledic informed the conference
that Croatian agriculture recorded the highest rise in export in
2002 since Croatia won independence. For instance, the rise in
export of Croatian agricultural produce climbed by 50 percent in
comparison to 2001. The positive trend is going on, Ledic said.
However, Croatia still produces only ten types of agricultural
products in sufficient amounts to cover domestic needs. As much as
80 percent of agricultural products which it produces are not in
sufficient quantities and must be imported, he added.
A representative of the Croatian Chamber of Economy, Biserka
Paukovic, pointed to the unchanged structure of Croatian exports
for years with ships, textile, timber at the top of the list of
Croatian exports. She advocated some changes in this field urging
possible new exporters to use the potential of newly opened
markets.
The HBOR conference has gathered Croatian exporters, foreign
bankers and financial experts from international institutions.
(hina) ms