Bilateral Trade
Bilateral trade has been growing but does not reflect the potential of the two countries. Bilateral trade has increased by three times over the last decade. Total bilateral trade in the year 2018 was valued at Euro 137.35 million. Nearly 90% of this was Indian exports to Croatia. During the period Jan-Nov 2019 (for which local statistics are available) the total bilateral trade stood at Euro 134.19 million, i.e. India’s exports worth Euro 96.72 million and India’s imports worth Euro 37.47 million.
Foreign Direct Investment (FDI)
According to latest available figures published by Croatian National Bank, Indian total direct investment into Croatia, during the period 2001- Q3 2019, amounted to Euro 32.54 million, while Croatia had Euro 5.55 million of direct investment into India in the same period.
Croatia-India Bilateral Trade (in million Euro)
| Year |
2015
|
2016
|
2017
|
2018
|
Jan - Nov 2019
|
|
Croatia’s Exports
|
€ 17.53
|
€ 11.05
|
€ 15.36
|
€ 11.02
|
€ 37.47
|
|
Croatia’s Imports
|
€ 104.5
|
€ 100.60
|
€ 126.14
|
€ 126.33
|
€ 96.72
|
|
Total Trade
|
€ 122.03
|
€ 111.65
|
€ 141.50
|
€ 137.35
|
€ 134.19
|
Source: Croatian Bureau of Statistics
Top 10 items of Export to India in the period: Jan-Nov 2019
| CN code |
CN name
|
Value in thousands of EUR
|
% Share in total Export to India
|
|
84775910
|
Presses for moulding or otherwise forming products from rubber or plastics (excl. injection-moulding machines, extruders, thermoforming machines and machinery for moulding or retreading pneumatic tyres)
|
14,253
|
38%
|
|
84119900
|
Parts of gas turbines, n.e.s.
|
5,431
|
14%
|
|
84779080
|
Parts of machinery for working rubber or plastics or for the manufacture of products from these materials of subheading 8477.10.00 to 8477.80.99, n.e.s. (excl. parts of machines for the manufacture of semiconductor devices or of electronic integrated circuits, and of cast iron or cast steel)
|
5,273
|
14%
|
|
29419000
|
Antibiotics (excl. penicillins and their derivatives with a penicillanic acid structure, salts thereof, streptomycins, tetracyclines, chloramphenicol and erythromycin, their derivatives and salts thereof).
|
3,017
|
8%
|
|
84778099
|
Machinery for working rubber or plastics or for the manufacture of products from these materials, n.e.s.
|
1,445
|
4%
|
|
44079200
|
Beech "Fagus spp.", sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or end-jointed, of a thickness of > 6 mm
|
1,079
|
3%
|
|
29339980
|
Heterocyclic compounds with nitrogen hetero-atom[s] only
|
1,064
|
3%
|
|
12119086
|
Plants and parts of plants, incl. seeds and fruits, used primarily in perfumery, in pharmacy or for insecticidal, fungicidal or similar purposes, fresh or dried, whether or not cut, crushed or powdered (excl. ginseng roots, coca leaf, poppy straw, genus Ephedra and tonquin beans)
|
652
|
2%
|
|
25233000
|
Aluminous cement
|
495
|
1%
|
|
85444210
|
Electric conductors of a kind used for telecommunications, for a voltage <= 1.000 V, insulated, fitted with connectors, n.e.s.
|
459
|
1%
|
Source: Central Statistics Office, Croatia
Top 10 items of Import from India in the period: Jan-Nov 2019
| CN code |
CN name
|
Value in thousands of Euro
|
% Share in total Import from India
|
|
29224985
|
Amino-acids and their esters; salts thereof (excl. those containing > one kind of oxygen function, lysine and its esters, and salts thereof, and glutamic acid, anthranilic acid, tilidine INN and their salts and beta-alanine)
|
9,264
|
10%
|
|
29335995
|
Heterocyclic compounds with nitrogen hetero-atoms only, containing a pyrimidine ring, whether or not hydrogenated, or piperazine ring in the structure
|
8,34
|
9%
|
|
29349990
|
Nucleic acids and their salts, whether or not chemically defined; heterocyclic compounds (excl. those with oxygen or nitrogen hetero-atoms only)
|
6,566
|
7%
|
|
29359090
|
Sulphonamides
|
4,298
|
4%
|
|
29225000
|
Amino-alcohol-phenols, amino-acid-phenols and other amino-compounds with oxygen function
|
3,252
|
3%
|
|
30049000
|
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale
|
3,002
|
3%
|
|
24012085
|
Partly or wholly stemmed or stripped flue-cured tobacco, otherwise unmanufactured
|
2,979
|
3%
|
|
29337900
|
Heterocyclic compounds with nitrogen hetero-atom[s] only, containing an unfused pyridine ring, whether or not hydrogenated, in the structure
|
2,899
|
3%
|
|
84195080
|
Heat-exchange units
|
2,208
|
2%
|
|
76011000
|
Lactams (excl. 6-hexanelactam epsilon-caprolactam, clobazam INN, methyprylon INN, and inorganic or organic compounds of mercury)
|
1,927
|
2%
|
Source: Central Statistics Office, Croatia
Top 10 items of Export to India during 2018
| CN code |
Commodity
|
Value in Euro
|
% Share in total Export to India
|
|
44079200
|
Beech "Fagus spp.", sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or end-jointed, of a thickness of > 6 mm
|
800,165
|
7%
|
|
25233000
|
Aluminous cement
|
778,383
|
7%
|
|
65061010
|
Safety headgear of plastics, whether or not lined or trimmed
|
724,906
|
7%
|
|
12119086
|
Plants and parts of plants, incl. seeds
|
677,449
|
6%
|
|
84119900
|
Parts of gas turbines, n.e.s.
|
613,994
|
6%
|
|
84775910
|
Presses for moulding or otherwise forming products from rubber or plastics (excl. injection-moulding machines, extruders, thermoforming machines and machinery for moulding or retreading pneumatic tyres)
|
528,228
|
5%
|
|
84633000
|
Machine tools for working metal wire, without removing material (excl. wire bending machines of heading 8461 and machines for working in the hand)
|
499,000
|
5%
|
|
85444210
|
Electric conductors of a kind used for telecommunications, for a voltage <= 1.000 V, insulated, fitted with connectors, n.e.s.
|
482,012
|
4%
|
|
29339980
|
Heterocyclic compounds containing an unfused thiazole ring, whether or not hydrogenated, in the structure
|
414,910
|
4%
|
|
09096200
|
Juniper berries and seeds of anise, badian, caraway or fennel, crushed or ground
|
309,159
|
3%
|
Source: Central Statistics Office, Croatia
Top 10 items of Import from India during 2018
| CN code |
Commodity
|
Value in thousands of Euros
|
% Share in total Import from India
|
|
29349990
|
Nucleic acids and their salts, whether or not chemically defined; heterocyclic compounds (excl. those with oxygen or nitrogen hetero-atoms only)
|
11,187
|
9%
|
|
29335995
|
Heterocyclic compounds with nitrogen hetero-atoms only, containing a pyrimidine ring, whether or not hydrogenated, or piperazine ring in the structure
|
9,352
|
7%
|
|
76011000
|
Aluminium, not alloyed, unwrought
|
8,327
|
7%
|
|
29224985
|
Amino-acids and their esters; salts thereof (excl. those containing > one kind of oxygen function, lysine and its esters, and salts thereof, and glutamic acid, anthranilic acid, tilidine INN and their salts and beta-alanine)
|
6,185
|
5%
|
|
30049000
|
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale
|
5,547
|
4%
|
|
84119900
|
Parts of gas turbines, n.e.s.
|
5,481
|
4%
|
|
85030010
|
Non-magnetic retaining rings
|
3,724
|
3%
|
|
09011100
|
Coffee (excl. roasted and decaffeinated)
|
3,631
|
3%
|
|
29225000
|
Amino-alcohol-phenols, amino-acid-phenols and other amino-compounds with oxygen function (excl. amino-alcohols, amino-naphthols and other amino-phenols)
|
3,491
|
3%
|
|
29333999
|
Heterocyclic compounds with nitrogen hetero-atom[s] only, containing an unfused pyridine ring, whether or not hydrogenated, in the structure
|
3,449
|
3%
|
Source: Central Statistics Office, Croatia
Economic Relations
The Embassy has been making serious efforts at all levels for promotion of investments and technological know-how 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, renewable energy, tourism, hotels / restaurants, and infrastructure including airports and shipyards.
The first Indian 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. Croatian-Hungarian trading company A&A BIOENERGY VIRO invested in cogeneration plant for wood biomass of 3 MW electric power output at the Antunovac Entrepreneurial Zone in Virovitica in November 2019. Power plant uses the Indian turbine which was purchased from TRIVENI TURBINES Ltd. (Bangalore, Karnataka) based on shortest delivery deadline and references. TRIVENI TURBINE’s employees were present during commissioning and testing of the turbine. Kama Agro d.o.o. (owned by Capitel Group) plans to invest Euro 50 million in the agriculture sector at Petrinja area.
The Embassy has been encouraging Indian companies to position themselves in Croatia as it can serve as a gateway not only for entry into the little-known Balkan market estimated at more than 20 million people, but also Western Europe.
As regards investment in India, efforts are being made to encourage Croatia to partner in GOI’s socio-economic schemes like ‘Make in India’, ‘Smart Cities’, ‘Smart ICT’, ‘Digital India’, etc. through their cutting-edge technologies and investments, which can open up significant markets for them not only in India but also for export to South-East Asia, Central Asia and Africa. 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. According to data published (10/02) by the Croatian Central Bureau of Statistics (DZS), in 2019, Croatia had a total of 69,131 Indian tourist arrivals or 7.27% more than in 2018, with 153,354 overnight stays, 8.12% more than in 2018.
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.
