Austria to Intensify Cooperation with Croatia

Austria to Intensify Cooperation with Croatia / Picture: © Vindobona.org

On the occasion of a meeting of the Austrian Minister of Economics, Reinhold Mitterlehner and his Croatian counterpart Radimir Cacic in Vienna, both Ministers agreed to intensify bilateral cooperation.

By mid-2013, Croatia will join the European Union. Besides the accession, Mitterlehner and Cacic discussed framework conditions for bilateral direct investments and the economic situation. “The EU-accession of Croatia supports a further intensification. This will improve our good bilateral relationship further. What is more, the accession is an important signal for the whole Western Balkan area.” Reinhold Mitterlehner said.

Mitterlehner pointed out that Austria and Croatia already show close economic ties. “Austria is the biggest investor in Croatia. 750 domestic companies are represented there.” Austria´s share in Croatia´s foreign direct investment portfolio is about 25%.

Up to now, foreign direct investments made by Austrian enterprises total € 6.4bn. For Austria, Croatia is one of the twenty most important export markets. Last year, the bilateral export volume reached € 1.1bn. Mitterlehner sees further potential in the renewable energy sector and the tourism sector. In 2010, Austria´s net exports to Croatia amounted to € 608m.

Both Ministers agreed to hold periodic meetings in order to intensify the economic cooperation further.