Croatia managed to attract €666.1mn foreign direct investments (FDI) in the first nine months of last year, preliminary data from the central bank showed.
Croatia, whose economy contracted for six consecutive years, has been trying to attract foreign investments to support its economy. However, its business environment remains weak. FDI in the country collapsed in 2009 as a result of the global economic crisis. An important contribution to last year’s FDI came from the sale of TDR tobacco company to British American Tobacco.
The central bank did not provide comparative year-ago figures. It said the nine-month figure includes round tripping which increases direct investment in the country and direct investment abroad by the same amount.
The UK was the largest foreign investor in Croatia in January-September with €586mn, followed by Luxembourg with €256.9mn and the Netherlands with €112.1.
The sector which attracted most of the FDI in the first nine months of last year was the manufacture of tobacco products. In June, Croatian conglomerate Adris Grupa signed an agreement with BAT to sell its tobacco unit TDR, in addition to other tobacco and retail assets. After deducting TDR’s obligations, the transaction was worth €505mn.
In the full year 2014, FDI in Croatia amounted to €2.9bn, but nearly €1.5bn referred to round-tripping in June that year.
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