Interview: Milodrag Gadže, founder and owner of Biodizel Vukovar Biofuel industry in its initial phase
Slovenia, Croatia and Serbia through the eyes of their businessmen Who plays the leading rôle in the region
Agricultural Equipment Cluster in China Chinese partners interested in our tractors and other equipment
BIOFUELS PAGES 2-3
REGIONAL FDI PAGE 4
TRADE WITH CHINA PAGE 8 2010
Croatian Business & Finance Weekly Established in 1953 Monday / 31st October / 2011 Year IV / No 0172 www.privredni.hr
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EMPLOYERS ASSOCIATION COMMENTS ON THE ECONOMIC ASPECTS OF POLITICAL PARTY MANIFESTOS
Both equally lacking but HDZ economic manifesto slightly more valid The Croatian Employers’ Association (HUP) assessed both election manifestos’ as unsatisfactory but declined to say which was considered more satisfactory and would not give any recommendation to voters Ivan Ergović, the Croatian Employers’ Association President
Drago Živković he economic aspects of the election manifestos’ of the Croatian Democratic Union (HDZ) and the Opposition coalition led by the Social Democratic Party (SDP) are equally unsatisfactory and diverge from the Croatian Employers’ Association (HUP) proposals, according to the Croatian Employers’ Association (HUP) assessment of the results of their analysis. Employers (HUP) compared the two election plans with their document “Croatian Development 2011-2015” and concluded that both failed to mention 18 (but not an identical 18) of 47 items in their original document. Employers pointed out that congruence assessment points by individual item should not be added up, due to the complexity of the economic aspects in both election programmes. Nevertheless, it became clear that the final assessment of the Croatian Democratic Union (HDZ) platform achieved
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The Opposition coalition outline was criticised for including anti-enterprise rhetoric, whilst that of the Croatian Democratic Union (HDZ) was negated through insufficient measures for managing state-owned companies 97 points, whilst the Opposition coalition achieved 94 points. In addition, the Opposition coalition plan was criticised for including anti-enterprise rhetoric, whilst the Croatian Democratic Union (HDZ) manifesto showed weakness in terms of insufficient measures for public company management. Employers gave a positive assessment of the Opposition coalition stance regarding the need to address the issue of
non-payment, fiscal consolidation and territorial organisational reform. On the other hand, they positively assessed the Croatian Democratic Union (HDZ) in terms of addressing required measures aimed at strengthening small and medium-sized companies and institutional reforms, consequently strengthening the importance of the correlation between ICT development and public administration development.
and Davor Majetić, the Managing Director, have emphasised their discontent with both outlines several times, stating that they would not give any recommendation to voters in the forthcoming elections. Velimir Šonje, one of the authors of the Croatian Employers’ Association analysis, announced a forthcoming presentation of the economic content of other election manifesto analysis results. (D.Ž.)
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Privredni vjesnik Year IV No 0172
Andrija Pećarić, director, Profil International
Knowledge as small nation promoter ducation and schooling are the foundations for economic growth and the main prerequisites for quality comprehensive community life. Croatia is a small country and it will not be able to survive in the EU without quality education and a significant increase in the number and range of qualified human assets. Knowledge is a small nation promoter amidst large and economically superior countries preventing their downturn and of merely being a source of cheap labour. It certainly is high time we considered personal education expenditure as an investment into our future. In addition, we cannot merely expect the state to provide financial support to the educational system and consequently personal investment in knowledge and promotion of such values amongst younger generations who will decide the future of the country are imperative. The issuing of textbooks and of preparation for classes is tackled at the start of each school year. Selecting a different textbook each year and having to purchase it has been the main issue over the last several years. In addition, parents were often not able to purchase textbooks on time and queuing in front of bookstores was a rule even during the first few weeks after the start of the school year. We have currently seen significant changes to this situation. Textbooks are replaced every four years, last year their price was 10% down and queuing and panic about being able to purchase textbooks at all became a thing of the past. This year, publishers were able to prepare on time with textbooks
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IMPRESSUM: Privredni vjesnik Kačićeva 9 10000 Zagreb +385 1 5600020 uprava@privredni.hr www.privredni-vjesnik.hr/ subscription
( 3 biodiesel factories in Croatia
INTERVIEW: MILODRAG GADŽE, FOUNDER AND O
Biofuel indu
Stockholm is one of many cities that decided to use biofuel care. In this respect, Croatian cities are only at the beginning Svetozar Sarkanjac iodizel Vukovar is a company specialising in the production of biofuel from rapeseed oil. It was founded in Vukovar in 2006 and trading in oil derivatives was its primary activity. The construction of the biofuel factory, with a capacity of 40,000 tonnes per annum, started in 2007. In 2008, the factor was commissioned. The founder and owner of the entire project is Milodrag Gadže, an entrepreneur from Zagreb.
B being available from June and online textbook sales significantly contributed to less queuing. Nevertheless, many are still claiming that textbooks are expensive and do not consider such expenditure as an investment, due to the low level of public attention to the importance of investing into education. Is textbook purchase not an investment in our children’s future? In addition, the fact that textbook production is not solely a business but also serious work by a team of committed staff necessitating considerable investment is often disregarded, whilst it does not imply as much profit as is usually pointed out. Total production costs per textbook amounts to €13,500. The process requires huge amounts of time and effort and there is a team of experts behind each edition whose task is to focus on meeting the requirements of the Ministry of Science, Education and Sports. Any decrease in textbook prices and the setting of a price ceiling significantly impact upon a decrease in revenue and on restructuring amongst publishers.
FOR PUBLISHER Nikola Baučić +385 1 4846661 uprava@privredni.hr
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EXECUTIVE EDITORS Andrea Marić maric@privredni.hr Vesna Antonić antonic@privredni.hr
INTERNATIONAL OPERATIONS Ray Fletcher fletcher@privredni.hr
Over three years ago, Europa Mil invested around €20 million in the project of Biodizel Vukovar. What did you expect then and what is the present situation? We had big expectations which were realistic. The biofuel industry was stable and identifiable in EU countries at the time, and it became the focus of our local communities and state institutions which saw positive macroeconomic profit for
There were plans to buy raw material from Slavonian farms but we must import due to the lack of legal regulations Croatia in biofuel projects - from decreasing energy dependency to synergy with rural industry and the protection of the environment. The project was supported from all sides, especially since the plan was to construct the plant in Vukovar. However, legal regulations were lacking. It was expected the laws would
be quickly drafted and adopted, but the delay lasted three years. According to the law, all importers of oil derivatives, as well as local producers, are obligated to import and produce biofuel. Even though our company has been present on the market since 2009, only today, at the end of 2011, can we say that the biofuel industry is in its initial development phase in Croatia. You pointed out many red tape problems during construction. Has anything improved in the meantime? Unfortunately, red tape problems are part of everyday life
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( 61,000 tonnes cumulative production capacity
OWNER OF BIODIZEL VUKOVAR
ustry in its initial phase
in public transport, a decision with many advantages one of the most important being environmental and health g How do you cope with the issue of raw materials required for production? We planned to buy raw material by mobilising a significant number of Slavonian farms that would cultivate rapeseed and that would have a secure market. Unfortunately, I must return to the issue of the lack of legal regulations which considerably slowed down this project of co-operation with farmers. This is why we were forced to import a major part of the needed raw material to fulfil last year’s obligations to foreign partners. One of the strategic goals was precisely to change this relation.
for entrepreneurs. In our case this especially referred to a tremendously long period of time it took to adopt the Law on Biofuels for Transport. Maybe this crisis has opened the eyes of the bureaucracy which needs to put itself at the service of entrepreneurs in a much more efficient manner. Who slowed the adoption of the regulations? The first legal act regarding biofuels (Provision on Biofuel Quality) was adopted in November 2005 when the issue of introducing biofuel into Croatia became popular. At a national
level, a study was drafted – Promotion of Biodiesel Fuel Production in the Republic of Croatia. The Law on Biofuels Transport was not adopted until 2009. It regulated the adoption of nine additional subordinate acts which would enable biofuel to be sold on the local market. The Law was completed in August of this year. It is difficult to answer why the adoption of the regulation took such a long time. Sometimes it seemed that the competent institutions did not want to adopt the law, and according to some rumours, the oil lobby purposefully slowed down its adoption.
Is biofuel in demand in Croatia today? There is still no demand for biofuel in Croatia. Upon completion of the legal regulations, oil companies will be obligated to place biofuel on the market. Therefore, we can expect the local market will boom next year. This is confirmed by INA’s recently opened tender for biofuels. Our market position is well-known. We offer a quality product that our foreign partners recognised; we have trained professionals and we are ready to produce sufficient quantity of biofuel for all interested oil companies. Stockholm has a system of public transport that predominantly uses biofuel. What is the interest of Zagreb and other bigger Croatian cities? Stockholm is one of many cities that decided to use biofuel for public transport as opposed to mineral fuel. This decision has many advantages, and one of the most important is environmental and health care. In this respect, Croatian cities are only at the
beginning. A contract was signed with Zagreb Holding and ZET to supply biofuel. However, the quantities remain symbolic. As far as other cities are concerned,
Still no demand for biofuel in Croatia promotional memoranda were sent to all addresses. Unfortunately, there was no response. How much biofuel is there on the Croatian market? In terms of current production capacity, Croatia has three factories. Our cumulative production capacity totals 61,000 tonnes. Poor local sales are due to the lack of regulations. However, the National Action Plan for the Promotion and Use of Biofuels in Transport, for the period 2011 – 2020, envisages the quantities of biofuel to be used on the local market. As a result, around 21,000 tonnes is envisaged for 2011, and approximately 200,000 tonnes for 2020. At what stage is the finalisation of the agreement on strategic partnership of Biodizel Vukovar, HŽ Cargo and AGIT, the purpose of which is to re-open the transport shipping company Đergaj, destroyed during the war? The revitalisation of the railway and Đergaj is vital for the sustainability of our plant. This project is extremely important economically, and for the local community which supports its urgent completion. According to the latest information from HŽ, the project should be completed by the end of October.
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Privredni vjesnik Year IV No 0172
( $1,34 billion ( $ 366 million foreign direct investment in Serbia
foreign direct investment in Slovenia
SLOVENIA, CR CROATIA AND SERBIA THROUGH THE EYES OF THEIR BUSINESSMEN
Who plays the leading rôle in the region Slovenians believe they might become less appealing to foreign investors after Croatian EU accession coons, and then fragment them. Analysts have been paying particular attention not to use words of undervaluation of other neighbouring countries. Currently, they are the focus of deep introspection and multifaceted comparisons.
Frano Kiseljak hen someone is said to have “filled their glass with pure wine” in Slovenia, it implies they have lost patience, they cannot put up with self-deception any longer and they would like to face harsh reality. Biljana Weber, Slovenian Microsoft Managing Director, ‘filled her glass with pure wine’ stating that the comparative advantage Slovenia has relied upon
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Expenditure in Slovenia is considerably higher than in Croatia and Serbia thus far, has been slowly vanishing and will be even scarcer upon Croatian EU accession. It has to be pointed out that throughout the period of Slovenian EU membership, there was a predominant belief that it was a unique stepping stone for foreign investors to reach former Yugoslavian countries and penetrate further into Southeastern Europe. “Similarly, Croatia will attempt to become the regional centre”, concluded the Microsoft senior official, followed by some analysts claiming that Croatia may be excused its regional ambitions. New rhetoric The Croatian market has been identified as being larger than that of Slovenia, with higher human asset potential and a more attractive geographical position. Such rhetoric is a landmark event in Slovenia compared with the former ignorance and an ele-
Competitiveness snapshot of three countries Serbia’s income tax stands at 10%, whilst in both Croatia and Slovenia it stands at 20%. Serbia saw $1.340 billion foreign direct investment, whilst in Slovenia it was $366 million and in Croatia $334 million. Contract enforcement in Slovenia takes 1,290 days on average, 633 days in Serbia and 561 in Croatia. The banking environment reveals significant divergences: 90% of the Croatian banking sector is in foreign ownership and 71% foreign owned in Serbia. Nevertheless, Slovenia is struggling to overcome the severe consequences of “protection of national interests through banking” with only 28% foreign owned banks. ment of sneering towards everyone coming from the East or the South of Ljubljana. What has generated such a change in Slovenian public opinion? The current situation. It has struck like a meteor into the prevailing impression of the general public in Slovenia (“we are the best at everything and the most efficient”). The crisis has revealed a plethora of issues, unveiling the excessive use of superlatives. Currently, Slovenians are reminding themselves that conversing “with your
head in the clouds” is to be avoided. They also added that such statements are not anti-patriotic. Nevertheless, there has been an even more remarkable surprise. The Slovenian business daily “Finance” announced the looming possibility of the appearance of a European brewer in the not too distant future aiming to purchase Laško, Union and Radenska altogether at highly affordable prices, as all these companies are various “political godfathers”, in partnership with enthusiastic ty-
Tax parallels Tax parallels indicate that Croatia and Slovenia have identical income taxes. Nevertheless, Croatia currently has a higher VAT rate and it is more prone to introducing new taxes which is not appealing to investors, who prefer a stable fiscal policy. Slovenia has a slight advantage in that respect, yet operating costs are disadvantageous. Slovenian expenditure significantly exceeds that in both Croatia and Serbia. Franjo Bobinac, Gorenje Management Board President, with several factories in Serbia, claims that Slovenia will not be competitive in the near future due to its expenditure level. Consequently, Slovenia has been focusing on its satisfactory infrastructure. There is a belief that the port of Koper services are superior in quality than similar services provided by Croatian terminals. However, Croatia is a larger market with larger human asset potential. According to Bobinac, Serbia, on the other hand, has been identified as a competitor, as it encourages job creation and has signed a customs agreement with Russia, which considerably assists the penetration of Serbian companies into a huge market. Slovenia is currently assessing neighbouring countries, to be able to make significant improvements to its weaknesses.
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( 150 employees in Storm Group
( 6 companies comprise the Storm Group
STORM GROUP
WHEN SMALL COMPANIES UNITE One of the leading systematic integrators on the Croatian IT market, Storm Group, has 150 employees and over 150 certificates from global partners Boris Odorčić he Storm Group is one of the leading system integrators on the Croatian IT market. The Group was founded in late 2010 with equal ownership shares in Storm Computers, Supra net and Optima OSN Inženjering. Member companies began operating together this year and were later joined by 02 and Proaxis. Elektris is the Group partner company, but is not included in the ownership structure. The Storm Group has 150 employees, including Elektris. Vladimir Olujić, Board President of Storm Group, pointed out in his conversation with Privredni vjesnik that, due to the constant development of solutions, particularly the development and improvement of personal products, they offer full service based on the ‘turnkey’ principle in line with user needs and possibilities. Each Group member specialises in a particular field. Together they make a unit, distinguished by adaptability and mutuality.
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Who is best at what In co-operation with leading global producers of information and
communication technologies, Storm Computers work on the development of network communication, safety, system and programme solutions as well as integration of ERP business solutions, says Olujić. Supra net is the leader in the field of passive telecommunication networks in-
Each Group member specialises in a particular field tegration. It also develops personal solutions and products, and one of them is a system for access control and monitoring of working conditions in telecommunication and provider cabinets. Proaxis is a company with long experience in the distribution of IT equipment, such as Sony, devices for uninterrupted power supply Eaton Powerware, active network equipment Allied Telesis, wireless solutions Ruckus Wireless and provider solutions Super Micro. Elektris specialises in design, execution and maintenance of electric installations and systems. O2 consists of local experts in the field of design,
implementation and maintenance of business IT systems as well as specialised solutions for broadcasting and distribution of programmes for television and production companies, explains the lead man of the group. Users of their products and services come from both the private and public sector. For example, Storm Computers is traditionally widely present in the telecommunication sector (Hrvatski Telekom, Iskon Internet, Metronet, Optima Telekom, VIPnet), whereas Optima OSN Inženjering works intensively with clients in the tourism sector. Moreover, there are public, media and commercial companies in addition to those from the food industry and the financial sector. Consolidation of goods and services “The market surroundings of the company require consolidation of the range of goods and services. This is one of the reasons the Group was established. We believe that in these market conditions, we can offer our clients a service of higher quality if we join the know-how of individual company members
and integrate complementary technologies. Our highly educated employees are constantly acquiring new knowledge and technologies. Through constant practical development we manage to keep pace with evolving world trends, and we have over 150 certificates from global partners issued to employees,” Olujić underlines. The establishment of the Group opened the possibility for a stronger approach to financial institutions. This why we are able to obtain better conditions of financing and lending, which is of extreme importance to us in the process of contracting bigger projects and financially demanding business events. Their future plans include growth and development in all areas in which the Group operates. We are systematically investing in the development of new products and services and anticipate further growth in income. We especially want to continue growth and development in the services sector. We also plan to expand within the region, but this aspect depends on how the situation will move on the market and in the process of exiting the crisis, concludes Olujić.
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WE PRESENT
INELEK, ZAGREB
Privredni vjesnik Year IV No 0172
POZICIJA, SPLIT
Photovoltaic systems dimensioning Janaf, Siemens Croatia, ABB Group, Pliva and the Faculty of Electrical Engineering and Computing are some of the long-term clients
The first Split bowling centre Our success will be guaranteed if we succeed in creating interest in sport amongst children and take them off the streets nelek is a company engaged in instrumental and management systems design which has been used in different industries such as petrochemicals, energy production and pharmaceuticals since 1994. It has expanded the scope of its activities into sustainable energy sources system design and computer application development which are
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The Environmental Protection and Energy Efficiency Fund has approved a computer application project and awarded a grant used in those industries. Darko Knežević, Inelek Director, pointed out the fact that their human assets consist of just two full-time employees. “In addition, we have a permanent co-operation contract with Kompakt inženjering and Top Projekt from Zagreb and a network of highly specialised outsourced staff who participate in our projects on an ‘as and when’ basis”, he explained. After the successful implementation of the project Computer application for determining solar cell light photons for Croatia with adaptations according to the measured overshadowing and for photovoltaic systems dimen-
sioning, the position of Inelek should see a significant strengthening. The design of the application will be finalised by June 2012 and it will enable the company to simplify documentation creation and make it more reliable for the development of photovoltaic systems. “It will enable the performance according to the “one-stopshop” model of a comprehensive photovoltaic system – from design to completion”, he iterated. Significant advantages The Environmental Protection and Energy Efficiency Fund has awarded them a grant of 36% of justified expenditure for the computer application project. According to Knežević, the project results could be significantly used by state institutions dealing with photovoltaic systems (network and independent systems). In addition, standardised criteria would be met for the assessment of cost-effectiveness of investment into photovoltaic systems and quality technical framework for further detailed design, photovoltaic system production assessment and similar. “This computer application could be of crucial importance during the creation of a feasibility study and thus of considerable interest to private investors and financial institutions”, he concluded. (B.O.)
he company Pozicija Split was founded by a well-known Split sporting family whose director is a reputable kickboxing sportsman, and currently employs 15 staff. The opening of the first Split bowling centre is a landmark event in its business activity. The centre covers 1,000 m2 and in addition to bowling, includes a playroom with pool tables, darts, table hockey, pinball, table tennis and table football. “As a sportsman, I have travelled throughout the world and spent my leisure time bowling. I realised that in addition to being entertaining, it is a popular sport in many countries. I am convinced that this sport will attract many Split residents“, pointed out Dario Jurišić, Pozicija Split Director.
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Games and sports In addition to sports, the centre offers live and disco music presented by a local DJ in the evening. The centre is also a suitable venue for business meetings as it has two conference rooms, as well as family gatherings such as birthdays, weddings and anniversaries. “In addition to bowling, there is a wide range of entertainment; the Octopus Centre provides other services in relation to sports skills such as karate and Tae-kwon-do, a kickboxing school for children, Pilates, Aerobics and Tae-Bo.
“We offer unique entertainment. Currently, part of the centre has not yet been furnished and we plan to open a restaurant”, explained Jurišić. The company director has had an envious career in sport in addition to business success, and aims to
Bowling centre offers programmes such as kickboxing for children, Pilates, aerobics and Tae-Bo connect experienced and famous sportsmen with the younger generation. “Our success will be guaranteed if we succeed in creating interest in sports amongst children and take them off the streets”. (J.V.)
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CROATIAN FOREIGN CURRENCY MARKET Currency
AUD CAD JPY CHF GBP USD EUR Source: HNB
Kuna exchange mid-rate
EUR
5,641641
7.50
USD
CHF
6.15
7.48
5.37
6.13
6,964392
7.47
5.34
6.11
6,116464
7.46
5.31
6.09
7.45
5.28
6.07
5,333710
8,509924 5,282519 7,485329 WEEK OCTOBER 29, 2011
5.25
7.44 24.10. 25.10. 26.10. 27.10. 28.10
24.10. 25.10. 26.10. 27.10. 28.10
SUMMER BRINGS SLIGHT GROWTH OF SALARIES IN CROATIA
Nett salary €745 in August
Average gross salary increased in August by 3% over July ccording to data provided by the Central Bureau for Statistics, average monthly nett salary per employee stood at €745 in August, 2.8% more in relation to July. On a year-on-year basis, average nett salary continued to grow nominally (+2.8%) accelerating in relation to previous months. Therefore, nett salary registered real annual growth of 0.8% with low inflationary pressure. Somewhat more favourable movements in the level of nett salaries in August are probably due to the positive tourist season and higher rate of seasonal employment. In August, average gross salary per employee stood at €1,069.
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5.40
As with the nett salary, average gross salary increased in August by 3% in relation to July. Nominal annual growth rate amounted to 2.6%, and real growth stood at 0.6% in relation to August 2010. When comparing average annual gross salaries regionally during the past nine years, it becomes
Year-on-year the average salary dropped 1.04% obvious that during the economic boom average salaries grew according to the dynamics which to a great extent depended on the initial level of development.
For example, growth rates of Slovenian salaries were slightly below those of Romania. In the same period, growth rates of gross salaries in Croatia did not significantly differ from those in Slovenia. After the start of the crisis, stagnation or downfall followed, as in Poland for example. However, last year in most countries, salaries started to recover. In Croatia, during the first eight months of this year the average salary dropped by 1.04% in relation to the average in 2010. It is also noticeable that the Czech Republic almost reached the level of Croatia in terms of salaries, whilst Romania approached that of Serbia. (V.A.)
6.05 24.10. 25.10. 26.10. 27.10. 28.10
Erste and EIB
€50 million for entrepreneurship Last week, Erste&Steiermärkische Bank and the European Investment Bank signed a contract on lending worth €50 million. The funds are for the improving of financial support and reducing the effects of the current crisis. They are intended for funding SME’s, local administration, as well as larger-sized companies (up to 3,000 employees). From the total amount, a sum of €35 million has been set aside for projects covering small and medium-sized enterprises. Special importance has been given to projects in environmental protection, the development of infrastructure and the knowledgebased society, the rational use of energy, health and education, industry, services and tourism. The loan has been approved for a minimum period of two years, depending on the type of project. Lending cost is determined according to market parameters at the moment of take-up. However, it will be more favourable for the user than current market costs. On behalf of Erste Bank the agreement was signed by the President, Petar Radaković and Boris Centner, Board Member, and from EIB, Alessandra Marocco, Head of the Division of Lending Operations in Slovenia, Croatia, Western Balkans and the Adriatic region, together with Dominique Courbin, Head of Lending Operations Division of EIB. (V.A.)
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Privredni vjesnik Year IV No 0172
Agricultural Equipment Cluster in China
Chinese partners interested in our tractor China is in great demand of various types of goods and products our cluster is producing, says its Director Željko Erkapić with foreign partners in the Anhui province only. All types of cooperation are considered: capital investment, partnership relations and cooperation, technology transfer or establishment of joint companies in China. Our task in the Cluster is to analyse and select a model with
Svetozar Sarkanjac t the invitation of the Chinese Ministry of Agriculture, the Agricultural Equipment Cluster, as the only Croatian representative, has recently participated at the forum of cooperation between China and the countries of Central and East Europe. The forum was held in Hefei, a city with a population 5.7 million and centre of the predominantly agricultural province of Anhui (population of 60 million).
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250 projects for cooperation The Cluster also presented the possibilities of its members at the accompanying Agricultural Fair. Visit to China and talks with local business people significantly changed the prejudice according to which it is only possible to import goods from China or that only the most excellent world elite brands can sell their goods
This year the Ministry of Economy selected this Cluster as the most successful one in Croatia to China. China is in great demand of various types of goods and products our cluster is producing. Already after our modest appearance at the fair and a few meetings, they expressed solid interest for our tractor produced by Labinprogres. This is not a surprise given the trend of agricultural land concentration and China’s contribution to the production of food, stated the Direc-
tor of the Cluster Željko Erkapić. The Chinese interest and the importance they attribute to the subcontractor’s relations were quite noticeable in the approach to the forum’s organisation. As Erkapić points out, all country and company representatives, participating at the forum, have been offered with a list of 250 projects in which they would like to participate
which we could achieve something on the Chinese market considering our possibilities and references, concluded Erkapić. Furthermore, this Cluster, selected by the Ministry of Economy as the most successful one in Croatia, signed a contract with partners in Morocco on the production and export of agricultural equipment into this country. It is worth €1.5 million.
EEN AT THE SASO FAIR, SPLIT
Buyers and partners under one roof Since 2008, when the Network began operating, over 4500 partnerships have been established Krešimir Sočković roatian partners in the European Entrepreneurial Network (EEN), Office for Technology Transfer of Split University, Business-Innovation Centre (BICRO), Croatian Chamber of Economy and foreign partners of the Network held the Fourth Multilateral Economic Meetings in conjunction with the SASO Fair in Split, one of the most significant Croatian fairs for the construction, timber and metal industries, tools and equipment, electrical engineering, energy, telecommunications, craft and small-size economic opera-
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tors. The event amassed around 73 companies (34 local and 39 foreign). Over 100 meetings were held in addition to presentations on options for improving inter-
EEN has seven regionally distributed partners in Croatia national co-operation, financing opportunities for companies of the EUREKA programme and opportunities for investment and start of production in the future Technological Park Vučevica. The EEN helps local companies
to find buyers for their products, to offer innovations to the international market and find foreign partners, says Ivo Friganović, Director of the Innovation Department of BICRO. Since 2008, when the Network started, over
4,500 partnerships have been established, Friganović points out. The European Entrepreneurial Network is present on every continent, in 50 countries, and it is made up of almost 600 partner organisations and institutions. The EEN has seven regionally distributed partners in Croatia: the Croatian Chamber of Economy, Business-Innovation Centre (BICRO), Croatian Institute of Technology, Office for Technology Transfer of Split University, Tehnopolis in Osijek, Technological Park Varaždin; its most recent members include the Science and Technology Park of Rijeka University.