NW businesses could benefit from Croatia EU membership

Jens Boehm, business adviser at EENW

With Croatia joining the European Union (EU) today [1 JULY 2013], Enterprise Europe Network North West (EENW) is urging businesses to exploit the opportunities that the move is set to bring.

As the 28th member state of the EU, Croatia will carry the same trading legislations and quality standards as the UK. The harmonisation of regulations is set to benefit manufacturers and distributers by streamlining processes and significantly reducing the time it takes to import and export goods between the two countries.

Key advantages to businesses include the removal of customs liability and the need to complete import and export declarations. Also appealing is the stable currency and low inflation rate.

Speaking about the union, business adviser at EENW, Jens Boehm, said: “Without a doubt, the slashing of red tape once Croatia is on board the EU creates huge opportunities for companies. British products are a much sought-after commodity in Europe, and Croatians will be looking to maximise from the free movement of goods.

“Croatia has huge potential for foreign investors; with a rapidly developing technological infrastructure making it a prime target for the region’s leading digital and creative businesses.”

With approximately 10 million foreign visitors each year boosting the economy by €7 billion, tourism is key driver for Croatia’s future growth. Organic food is a key export and the country has seen a tremendous surge in demand for blue water, or big game fish such as tuna and marlin. Infrastructure, urban regeneration and energy are also fundamental to Croatia’s success.

Boehm continues: “For businesses looking to forge a relationship with Croatia there are significant opportunities in the ICT industries and services, as well as intelligent energy and materials. There’s also an opportunity for exporters in the agro-food sector, which has fluctuated over the past 12 months, but should be worth re-visiting for interested parties.

“When exploring any new business channel or revenue stream it is always advisable to research thoroughly, or contact organisations such as EENW and the Croatian Chamber of Economy, which are there specifically to provide advice around international trading.”

Located at the heart of Central Europe and bordering with Slovenia, Hungary, Bosnia & Herzegovina, Serbia and Montenegro; Croatia is an ideal trading hub with an expanding population of about 4.5 million.

In additional to EENW, the British-Croatian Chamber of Commerce (BCCC) and UK Trade and Investment (UKTI) have pledged their full support to help enterprise maximize opportunities with Croatia.