"The objective of the Russian-Croatian forum and investment conference in Moscow is to enable business communities in Croatia and Russia, in spite of current business difficulties caused by EU sanctions against Russia, to continue existing economic cooperation in those economic fields that are not impacted by the sanctions and to find room to advance those relations in the future," Economy Minister Ivan Vrdoljak said in a press release. Vrdoljak and HGK President Luka Burilovic will head Croatia's trade delegation to Moscow, the press release says.
Vrdoljak said that he expected the set objective to be met because even the current situation opened new opportunities for cooperation, adding that it was up to business people on both sides to utilise those opportunities.
Burilovic pointed out that there was no field in which both sides did not have economic interests. "The Russian market is exceptionally significant for Croatian companies and we need to look at it in the context of the entire Eurasian Union and the accessibility of other countries of the Commonwealth of Independent States. We cannot stand by with our arms crossed until the sanctions are lifted. We now need to help Croatian companies that have traded on that market for years and invested a great deal of effort and money in that. At the same time, we want to prepare the ground for new companies but also invite Russian investors to Croatia," Burilovic said.
Apart from presenting investment potential in Croatia, the HGK intends to sign an agreement on cooperation with the Moscow association of entrepreneurs, Russia's oldest and most prestigious business association.
Despite the EU sanctions introduced in early August 2014, trade between Croatian and Russia last year amounted to 1.4 billion dollars, which is 25% more than in 2013, the HGK noted.
In that period, Croatia imported goods and services valued at 1.05 billion dollars, while exports to Russia amounted to 283 million dollars (an increase of 4.5% compared with 2013). Most of the goods exported were medicines, cosmetics, machinery and equipment and food products. Russian imports mostly referred to energy and other raw materials.
The HGK underscores that entry onto the Russian market is fairly expensive and slow and that institutional support is therefore important.
The HGK has a business council for economic cooperation with the Russian Federation, which has been active for some time, and since June 2010 it has had a representative office in Moscow. Last year, the office received more than 300 enquiries by Croatian business people and organised 120 business meetings.