Turkey and Croatia look to improve business ties

Turkey and Croatia look to improve business ties

Business leaders seek opportunities for new investment and deeper co-operation.

Business leaders from Turkey and Croatia recently gathered in Istanbul to discuss new ideas for deepening economic ties between the two countries.

In his speech to the Turkish-Croatian Business Council, Josko Klisovic, deputy minister of Croatia's Foreign and European Affairs Ministry, said his country welcomes Turkish businesspeople and the government is committed to do its utmost to increase and assist their investments. The meeting included members of Turkey's Foreign Economic Relations Board (DEIK) and its counterpart organisation, the Croatian Chamber of Economy.

Croatia guarantees foreign and domestic investors the same rights, and following the completion of investment, foreigners have the right of free transfer of return on equity.

"Over the last five years, there has been a drop in Turkish-Croatian economic exchanges due to the economic recession in the country. But we believe that we will recover this trend as Turkey is seen as a strategic partner in terms of trade and investment," Klisovic said.

Turkish companies are currently investing in a wide range of areas in Croatia. The bilateral trade volume between the two countries was $394 million in 2013.

Since 1996, Ankara and Zagreb have signed several agreements, including bilateral investment protection and promotion, double taxation prevention, and an agreement on enhancing economic co-operation.

Turkey mainly exports electrical machinery, road vehicles and textiles to Croatia, while it imports power generating equipment, fertilisers and metal scraps.

Dogus Group, one of the largest conglomerates...