Croatia needs a new economic model to become an export-oriented economy, and this goal can be achieved by greenfield and brownfield investments, a conference entitled "Greenfield investments - From dreams to reality" said in the northern coastal town of Medulin on Saturday.
Speaking at the end of the two-day conference, Miodrag Sajatovic, editor in chief of Lider business weekly, which organised the event, said that a lot of good proposals had been heard and would be incorporated into the Medulin Recommendations, which should help increase the number and quality of greenfield investments in Croatia.
Among the ten recommendations is one that says that the basic criteria for selection of investment projects should be a share of exports, a share of domestic commodities, a share of production materials and services in final products, the number of new jobs, the modernity of technology, the amount of value-added generated, and environmental acceptability.
"It is necessary to draw up an action plan to encourage and attract desirable investments, define measurable targets and time lines for their implementation. Instead of relying on market trends, coincidence and luck, the government must take a proactive approach towards attracting desirable investments. That's why it is necessary to considerably increase funding to actively attract investments," the conference said in its recommendations.
The conference concluded that an encouraging investment environment was not possible without adjusting tax policy to make it competitive with those in neighbouring countries in respect of tax rates and breaks. It also stressed the need to change the legislative framework to remove administrative barriers and the need for an investment policy that would take into account regional and local particularities.