HGK: Huge potential for economic cooperation with Israel

The potential to improve economic relations between Croatia and Israel is huge in many sectors, including defence, agriculture, tourism and IT, the president of the Croatian Chamber of Commerce (HGK), Luka Burilovic, said during a working breakfast with an Israeli business delegation in Zagreb on Tuesday. "Croatia and Israel are two friendly countries with excellent political relations, but we cannot be satisfied with the economic cooperation, which last year amounted to merely EUR 65 million," Burilovic said.

According to a statement from the HGK, the meeting noted that apart from periodic high-level meetings there should also be lower-level meetings involving sectoral working groups, presidents of institutions and company executives in order to turn the existing potential into a concrete reality.

"I hope we will encourage better economic relations. The HGK is at your disposal for any questions about expanding business to the Croatian market or joint ventures on third markets," Burilovic said.

The president of Israel's Manufacturers Association, Shraga Brosh, also emphasised the great potential for development of economic cooperation. "We need to discuss how to unlock this potential, how to connect our entrepreneurs and refer them to each other, and it is up to the institutions to pave the way to better cooperation," he said.

Brosh expressed regret that an opportunity had been missed to improve economic cooperation immediately after Croatia gained independence. "But regardless of that, we now need to work and do as much as we can," he said.

Brosh said that Israel had a very developed high-tech industry and that he hoped that after this meeting direct contacts would be established between businesses.

The head of the Israeli Association of Travel Agencies, Hanny Sobol, said that Croatia offered excellent value for money and that she hoped that tourism would develop in both directions.

Trade between Croatia and Israel reached EUR 65.6 million in 2017, EUR 51.3 million of whichaccounted for Croatian exports, while imports from Israel totalled EUR 14.2 million. After a slight decline in trade last year, the increase of 35 percent in the first quarter of this year is encouraging, the HGK said.

Croatia mostly exports petroleum oils, cement, railway engines and medicines and imports insecticides and pesticides, medicines, data storage equipment and printing dyes.
(Hina/FaH)

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