About Us Economic Relations

Bilateral Trade (under Economic Relations)


Bilateral trade has been growing but does not reflect the potential of the two countries. Bilateral trade in the year 2017 was valued at Euro 141.50 million, as compared to Euro 111.65 million in 2016, reflecting an increase of 27% over the previous year. Indian exports were valued at Euro 126.14 million and imports at Euro 15.36 million during the year 2017. During the period Jan-Aug 2018, total bilateral trade stood at Euro 97.48 million.


                                                         Croatia-India Bilateral Trade (in million Euro)


Year

2013

2014

2015

2016

2017

Jan – Aug 2018

Croatia’s Exports

6.82

13.50

17.53

11.05

15.36

7.50

Croatia’s Imports

72.67

88.19

104.5

100.60

126.14

89.98

Total Trade

79,49

101.69

122.03

111.65

141.50

97.48

                                                             Source: Croatian Bureau of Statistics


India’s main exports to Croatia, in 2017, were organic basic chemical products, pharmaceutical products, crops for preparation of beverages, oils and fats and finished textile products. Imports from Croatia, in 2017, were machinery for plastics and rubber, building stone, limestone, gypsum, chalk, slate, engines, turbines and cement. Top items of export and import to India, during the period Jan-Jul 2018, are given below:


Top 10 items of Export to India

                                                                    (Jan – Jul 2018) (in million Euros)

S. No.

Commodity

Period: Jan - Jul, 2018

Percentage growth (%)

% Share in total Export to India

(as compared with period for Jan-Jul 2017)

1

Manufacture of machinery equipment

1.04

-82.28

16.69

2

Manufacture of chemicals and chemical products

0.80

-48.71

12.84

3

Manufacture of other non-metallic mineral products

0.60

185.71

9.63

4

Manufacture of electrical equipment

0.64

-14.66

10.27

5

Manufacture of wood and wooden products

0.61

-35.78

9.79

6

Manufacture of food products

0.51

34.21

8.18

7

Manufacture of computers and electronics

0.48

700.0

7.70

8

Manufacture of basic pharmaceutical products

0.25

-65.75

4.01

9

Manufacture of fabricated metal products


0.11

-35.29

7.76

10

Manufacture of motor vehicles, trailers, etc.

0.12

300.0

1.92

                                                                   Source: Croatian Bureau of Statistics


Top 10 items of Import from India


                                                                      (Jan – Jul 2018) (in million Euros)

S. No.

Commodity

Period: Jan - Jul, 2018

Percentage growth (%)

% Share in total Import from India

(as compared with period for Jan-Jul 2017)

1

Manufacture of chemicals and chemical products

19.62

-26.04

25.11

2

Manufacture of basic pharmaceutical products

14.67

-27.91

18.77

3

Manufacture of wearing apparel

5.68

-14.97

7.26

4

Manufacture of textiles

4.49

-14.63

5.74

5

Manufacture of machinery and equipment

10.41

250.50

13.32

6

Manufacture of food products

3.63

10.67

4.64

7

Manufacture of rubber and plastics products

2.39

47.53

3.05

8

Manufacture of other non-metallic mineral products

2.24

70.99

2.86

9

Manufacture of motor vehicles, trailers


0.76

-13.63

0.97

10

Manufacture of leather and related products

0.80

1.26

1.02

                                                               Source: Croatian Bureau of Statistics


Economic Relations

The Embassy has been making serious efforts at all levels for promotion of investments and technological knowhow between our two countries.  As Croatian businesses adjusted to EU regulations after accession to EU in July 2013, there are growing opportunities for Indian investors in prominent sectors viz. pharmaceuticals, tourism, hotels / restaurants, and infrastructure including airports and shipyards. The only Croatian investment in India is by Pliva, the regional major in the pharmaceutical sector, which set up an R and D facility in Goa in 2006.   

From India, the first investment in Croatia was by the Mumbai based ACG Worldwide in a capsule manufacturing company, Lukaps, in Varazdin county in 2013.  Today it has become the third largest supplier of gelatine capsules to whole of Europe.  Another Indian pharmaceutical major, CIPLA, has acquired a Croatian pharmaceutical company – Celeris – based in Zagreb in 2013.  HLL Biotech Limited (HBL) also signed an agreement with Croatian Institute of Immunology, Zagreb (in August 2013) for supply of bulk and technology transfer for manufacturing measles vaccine.  Orient Green Power (Europe) B.V., owned by the company Orient Green Power Company Limited (Chennai), invested Euro 17.4 million in construction of wind power plants near Sibenik in 2011.  In 2017, JGL, Croatian pharmaceutical company has signed two five-year license agreements with Indian pharmaceutical company Dr. Reddy's. Furthermore, ACG Worldwide has acquired a Croatian IT company – IN2 Trace – based in Bjelovar.  Infosys R&D Development Centre was officially opened in Karlovac on 24 Apr 2017.  Currently the Centre has 100 qualified engineers and plan is to expand operations to double the staff during the course of next year.  It is the only near shore engineering delivery centre in Europe.

We have been encouraging businesses to take part in India's socio-development programmes like Make in India, Smart Cities, Digital India, etc.  Some identified companies are HS Produkt and Sestan Busch (defence manufacturing); Infobipp, Pitaya Solutions, and Energomobile (innovations); Croatian Motorways (infrastructure); Energospektar (biomass). 

Croatia can serve as a gateway for Indian companies for South-East and West Europe, using its strategic ports of Rijeka and Ploce.

Ms. Nirmala Sitharaman, Minister of State (IC) for Commerce and Industry, visited Croatia on 13-15  February 2017.  On the occasion, an Agreement on Economic Cooperation signed between India and Croatia, reviving the structure of the Joint Commission.  Also, the setting up of first India-Croatia Joint Business Council was announced in the presence of the Indian Minister and the Croatian Deputy Prime Minister and Minister of Economy, Entrepreneurship and Crafts, which has now been legally registered.  The Business Council comprises of business leaders from both sides as well as academics, demonstrating the linkage between business and research.

Tourism has been identified as an important component of business collaboration, involving tour operators, travel agencies and hotel industry. Signing of the Code Sharing Agreement between Air India and Croatian Airlines (effective from April 2017), and E-Tourist Visa facility, extended to Croatia with effect from February 2016, will also have potential for enhancing business and tourism ties between the two countries.

An Ayurveda Cell was established in the Embassy in 2015-16, which has supported various events, including conferences, diagnostics and cuisine.  A National Ayurvedic Association was officially registered with the Croatian Ministry of Health in 2016.


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