News: Croatia's divestments - an opportunity for India

(BL 07/01/2007) Chennai - Croatia has initiated disinvestments in a wide range of industries including shipbuilding, steel oil and chemicals and tourism, and this is an investment opportunity that Indian companies can look at, according to Boris Suran, First Secretary-Economic and Culture, Embassy of the Republic of Croatia.

Addressing a meeting organised by the Confederation of Indian Industry today, Suran said Croatia would soon be calling for bids to privatise five of its largest shipyards. Its shipyards have order estimated at $2.2 billion. The shipbuilders cater to a wide range of needs including specialised vessels like car carriers.

Tourism is a major revenue earner, he said. Croatia was the leading destination in Europe in 2004-05 and is the preferred destination for adventure tourism. Over 10 million visitors come annually - investors should look at the tourist flow in addition to the population of about 4.5 million when gauging the Croatia market, Suran said. Revenue from tourism is close to $7 billion and the country zealously protects its tourism.