As Poslovni Dnevnik writes on the 17th of May, 2019, as things currently stand, Croatia's beloved and highly popular Mlinar bakery chain boasts bakeries in seven European countries apart from the Republic of Croatia: in neighbouring Slovenia, Bosnia and Herzegovina and Hungary, as well as a little further afield in Slovakia, Germany, Switzerland, and Malta.

The news that Mlinar had closed its bakery in the bustling German city of Munich came as a surprise to many. The Yelp page, which offers customers and would-be customers open and transparent reviews of everything from hotels and restaurants to shops, states the Mlinar bakery at Marienplatz, Munich, is closed, according to a report from 24sata.

Over the last year or so, Croatia's much loved Mlinar bakery has been continuing to expand rapidly and has opened multiple outlets outside of Croatia, some in Europe and some much, much further afield.

Back at the tail end of 2012 is when Mlinar first began to spread its wings. First they entered the neighbouring Slovenian market, and the opening of a bakery in Germany was definitely a special moment for the company which has long been a household name here in Croatia.

The biggest achievement for Mlinar's operations over in Germany took place back in 2015 when a bakery was opened on Munich's Marienplatz, in the very centre of this popular and busy German city. The then majority owner, Mato Škojo, proudly announced the further expansion of the company on both the European and global markets.

The closure of this particular bakery came to light after it was announced that the Mid Europe Investment Fund, which is headquartered in London, United Kingdom, took over the majority stake in Mlinar, the largest Croatian bakery company, while its former owner Mato Škojo retained a mere minority stake.

From Mlinar itself, they state that the Munich bakery was closed due to the inability to continue to cooperate with the owner of the premises at which it was located, before London's "Mid Europe" Investment Fund became the majority owner of Mlinar. They stress how these situations do happen from time to time and that the company is in constant search for adequate spaces, adding that it is continuing with its expansion plans.

Make sure to follow our dedicated business page for much more.

Veliko Trgovišće is a little place in the continental Croatian county of Krapina-Zagorje. If it wasn't for independent Croatia's very first president Franjo Tuđman having been born there, it would certainly be even less known than it is now, as this unassuming little Zagorje municipality has a mere 5,000 inhabitants and is very rarely talked about in the media.

As Poslovni Dnevnik writes on the 15th of May, 2019, RTL Direct went directly to this small municipality to try and see just what it has to offer. They found out that Veliko Trgovišće is no stranger to the production of tablecloths, napkins and linens which travel from Veliko Trgovišće to London restaurants and even to Las Vegas casinos.

Finka has been working there for 37 years and she's one of eighty people working in this village's textile factory, and she states that people in Zagorje will ''never remain hungry'' when discussing what it's like to live in this very rural and little known part of Zagorje.

That same factory moved ten years ago from the Croatian capital of Zagreb, taking part of its workers with it.

"The Trgovišće Factory is the largest garment manufacturer, it exports to 25 countries all over the world, from England and Switzerland, to exotic destinations like Dubai,'' stated Dražen Kolarek, finance manager at the factory.

Mate Rimac and his company, otherwise one of the most successful companies in the whole of Croatia, Rimac Automobili, is also on his way to this little Croatian county, and you can read his entire interview here.

This Croatian municipality has a few successful businesses, unemployment there is at less than an enviable three percent, the first Croatian president was born there, and they also want the status of a city there. That ''city'' status will likely be obtained because, as Veliko Trgovišće's Robert Greblički has already stated, this little Croatian municipality meets all of the necessary prerequisites.

"The first president was born here, we're raising the number of people living here, we're developing entrepreneurship, so I think that we can copy Sveta Nedjela in time," Greblički added.

As soon as this completely unassuming little Croatian municipality gains its city status, it can truly become, as its name suggests: Big (Veliko).

Make sure to stay up to date by following our dedicated business page for much more on Croatian business, Croatian companies and Croatian manufacturing.

As Poslovni Dnevnik writes on the 15th of May, 2019, CET - Cutting Edge Technologies d.o.o. which has successfully been operating in the business incubator of the Technological Innovation Centre in Međimurje (TICM) in Čakovec for five years, has been acquired by German CETITEC GmbH and has as such become CETITEC d.o.o.

Bojan Kolmanić, a development engineer with a wealth of experience in developing software and electronic components for the automotive industry and who is also one of the co-founders of CET, began the company's business back in 2014, according to Međimurske novine.

This entrepreneurial Međimurje local has built up his successful career over in Germany where he is still working, and in Čakovec, he's gathered together a team of top engineers working on the development of communications software primarily for the German car industry. One of the motivators behind the move is the fact that software produced and developed here in Croatia is used in cars around the world.

They started TICM with a mere four people, and currently they have thirteen employees with expansion plans in the near future. The company places great emphasis on those they employ and is constantly investing in them, as they are the main foundation for further expansion and handling larger and much more demanding projects. That is why another office has been opened in Zagreb, where they want to attract even more people and thereby achieve their long-term goals.

Because their knowledge and skills are highly specific, they also make sure to invest in the development of the local community. They want to show young people that enormous potential lies in STEM areas and they want to arouse their interest in them. The company seeks to create workshops in which the technologies they are dealing with and the products they develop are presented.

The company's business success has also resulted in a Zlatna kuna (Golden kuna) nomination for its business results in 2018 in the Post Startup category. The quality of its leadership and its development team has been recognised by the CETITEC group which has since purchased CET. However, what's even more interesting is that at the same time, the majority owner of the entire CETITEC group became Germany's Porsche. So far, they have cooperated with large manufacturers, but this acquisition by Porsche is an additional confirmation of their obviously good direction.

Although part of a globally known group, CETITEC will continue to operate from the TICM incubator in Međimurje. This acquisition is proof that the results of their devoted work on automotive software development are valued globally.

In this way, the development of this type of software, which is among the most demanding components in the automotive industry, will be developed by the renowned world manufacturer Porsche by no less than Međimurje locals in TICM. They plan to continue to expand and strengthen their local team.

Make sure to follow our dedicated Made in Croatia and business pages for much more.

Celebrated Croatian entrepreneur Mate Rimac discusses Rimac Automobili's new partnership with Hyundai and Kia Motors, how he plans to give a certain percentage of the company to its employees, revenue, the future, and more.

As Jutarnji list/Gordana Grgas writes on the 14th of May, 2019, after it was announced that the Hyundai and Kia Motors had decided to invest a massive 600 million kuna in capital into Rimac Automobili, Mate Rimac announced in an interview for Jutarnji list that he would give seven percent of the company to his employees, from the cleaners to the directors.

We're bringing you the English translation of that interview here.

Why has Rimac Automobili entered into a partnership with Hyundai?

"We've been in contact with them for a couple of years and have been cooperating with them for a few years. They sent a strong delegation to us and, as soon as they saw the company, as soon as they saw what we were doing, they decided to invest immediately. In October last year they gave us an offer and we entered into negotiations. To have a partnership with such a company is very important for us. When looking at comparisons, they have a revenue of 250 billion euros, which is four times more than the Croatian GDP, and we're also working directly with the administration. Euisun Chung, who was there upon signing the contract, is the executive vice president, the grandson of Hyundai's founder, who's now taking over the firm from his father.

We're quick, small and innovative, we see and create the future and that's very interesting to them, this is hugely important for us because, on the one hand, we've got the Volkswagen Group and Porsche, and then we've got Hyundai and Kia on the other, and we've been so busy with work with these companies that we don't know where we're going!

The best thing is that they're not just buyers of our products but also shareholders, therefore it's in their interest that the company succeeds. They will help us build faster in areas where we may have some weaknesses, for example in industrialisation, in the transition from small-scale to large serial production.

Today, we're dealing with very complex systems for large car manufacturers, power systems, batteries, electronics, etc., we've achieved all that very quickly, but we need strategic partnerships. It's very difficult, especially moving from small to large series. We need money to help the company achieve its goals. We invest a lot, we're constantly expanding our plants, we employ more than 500 people, more than 300 engineers... We're not like the others, we're not wired money from the state but we get our money on the international market, and there's nowhere better to find money than with a company that really understands what you're doing, which is a partner and also a buyer,'' stated Mate Rimac.

What's the ownership structure of Rimac Automobili like now? You said you wouldn't remain the majority owner...

"Now I have .. (looks at his phone) Just a second, I have all of that in a document..."

Do you not know what your share is now? Does that not matter to you?

''Well, that's not important to me. People don't really understand that. I'm killing myself with this job and I'd be the happiest man in the world if there was someone who could run the company better than me, so I could just do what I like doing, the technical part of things. Now I'm the executive and technical director, and now I hold 47.7 percent, the Chinese camel group holds 14 percent, Hyundai has 11 percent, Porsche has 10 percent, Kia has 2.7 percent, and the remaining shares belong to the investors from 2012 and 2013.''

Are the employees among the co-owners?

"No, but we're working on that now, all of the employees will get a share, up until now, the ESOP was not worth it for them because of the tax. They'll probably get seven percent, from the cleaners to the directors, but not everyone will get the same share.''

How much is Rimac Automobili worth now?

"More than 500 million euros."

Why did not you not get to capital through an IPO, on the stock market?

''A lot of technology companies are now doing IPOs and they're actually losing money, they still have no stable and profitable business. Let's say Lyft, Uber or Snapchat... I don't want that. I want to make an IPO when the company's numbers are at that level. The company's potential is huge, and we have now used a piece of it and it's a shame to go out out onto the stock market with this company's situation. In 3-4-5 years, it will be at a completely different level. Besides, we have good access to capital outside of the stock market, we've got that luxury.''

How much was Rimac Automobili's income last year?

''I wouldn't go into income, there are no final reports yet. That's not our focus either, but a long-term trend. Here's an example - the car that we're developing for Hyundai now goes into serial production in 2023 only. Those are the cycles of our projects and to us, as well as to our shareholders, it's really neither here nor there what the financial outcome will be for this year or for next year, we're building a long-term story.''

Are you making a profit or are you still in the minus?

''We were still in the minus last year because we invested a lot. It's important to note that this minus comes from shareholder money, and everyone agrees that it's the company's plan.''

What will you specifically use this 600 million kuna for?

''For many things. This is part of our C investment round, and we'll still have investors in this round for another 70 million euros, but we don't know who that will be for now, but they will probably be financial investors. One of the things we will invest in is building our campus, our development and research centre and our factory, and another company expansion, employing a lot of people and equipping the company. For the transition to serial production, it's necessary to equip our production plants, test our products, develop them right up to the end, certify them... It's a big thing.''

Where will the new campus be? And what will be there?

''We're planning a campus for 2000 people because we want to have a longer-term solution. The headquarters of the company will also be there, as well as the development and research centre, production, testing, there'll be a hotel for guests and employees coming from elsewhere, kindergartens for employees' kids, restaurants, food production, hairdressers, sports facilities... I want it all to be integrated there.''

Where will this be located and when will you embark on construction?

''Near Zagreb. The location hasn't yet been agreed, we're look at a few of them, we're negotiating. Construction should start early next year.''

I guess the campus will be a little special in the aesthetic sense.

''Nine international and several Croatian architectural studies are currently working on suggestions for conceptual solutions for the campus. Among them was Lord Foster (British architect Norman Foster), we had a meeting the other day. He worked on Apple's campus and many other world-famous buildings. Everyone is so excited about this project and offering some great suggestions. They tell me that there's no such thing anywhere else, the combination I want - the campus being open to the public, the care for the employees and the connection with nature.''

The serial production of your C-Two has been announced for next year. Where are you going to do this?

''We got a hall in Veliko Trgovišće (Krapina-Zagorje County). The C-Two prototypes are still being done in Sveta Nedelja, and when we finish them, we'll move the manufacturing of the prototypes to Veliko Trgovišće. We already produce the batteries and the power systems there because we're out of space here. We're now there in five buildings and we were looking for something a bit closer to Sveta Nedelja, but there was just nothing there. Since there is no industry in Croatia, there's not much out there to rent. So now we're in Veliko Trgovišće, and we have centres in Split and in Osijek.''

Why did you open them there, so scattered apart?

''We grew so quickly over the last year. We now have fifteen engineers in Split, and about ten in Osijek, ane they're now our competence centres - in Split, we do our own automotive software development tool operation, and we deal with our high voltage chargers in Osijek.''

The prime minister has never been in your facility?

''No, never. To make it clearer, I don't ask for anything from the government. All I do is to urge the government to do the right thing to bring the car industry to Croatia. I have proved that it's possible.''

Make sure to follow our dedicated business and Made in Croatia pages for more information on Mate Rimac, Rimac Automobili, entrepreneurship, manufacturing, production and business in Croatia and much, much more.

Click here for the original interview/article by Gordana Grgas for Jutarnji list

As Poslovni Dnevnik writes on the 3rd of May, 2019, in a sea of ​​popular hackathons, engineers from Croatia's Infobip invented a brand new concept of developmental entertainment called Code Escape last year, in which software engineers use their knowledge and skills and solve logical and technical puzzles in order to complete the game within a limited timeframe. The event is inspired by the popular Escape Room concept and is of a humanitarian character, and all lovers of coding and good fun are free to participate.

After the successful Code Escape, organised last year in Zagreb, this year's event will take place in the recently opened Infobip Office in Rijeka, where some forty experts currently work. Infobip's main desire was that by solving the puzzles, the teams also contribute to the development of the local community so that through code, participants "unlock" the amounts Infobip will donate to the "My place under the sun" (Moje mjesto pod suncem) project, designed to provide children in a poorer socio-economic position with a stimulating environment. This praiseworthy act involves DIRA Rijeka which promotes, develops and improves work with children with developmental difficulties, as well as the Kantrida Children's Hospital.

"We've put a lot of effort into designing Code Escape, we've created and tested ten puzzles over a six month period. The best part is that in addition to having fun in a relaxed atmosphere, with pizza and a team, we're using our development skills to invest back into the community. Last year in Zagreb, we had a large number of entries and we hope to have the same response in Rijeka,'' said one of the organisers, Infobip's Anja Hula.

The engineers are the driving forces of Infobip, which is reflected in the company's established strategy - to become the Centre of Excellence for Engineering, which, coupled with state-of-the-art technology and great work methods, brings together the best software engineers in creating innovative communications solutions at both a regional and a global level. Denis Ćutić, senior software engineer at Infobip, was the initiator of this game, while dozens of developers participated in its development.

"Although I work within the largest IT company in Croatia, we're far from a corporation because the company is run in an informal environment and we're able to share knowledge and work on developing projects with our colleagues and developers that improve the technology community, but also contribute to society, and this sets us apart from the others," stated Denis.

More information on the humanitarian game that will be held on May the 18th in the Infobip Rijeka office at Martinkovac 109, as well as the application form, are available here.

Make sure to follow our dedicated lifestyle and business pages for much more.

As Poslovni Dnevnik writes on the 4th of May, 2019, Vukovar Mayor Ivan Penava and the CEO of the Swiss company Immo Invest Partner, Džek Djordić, signed a contract on the sale of the Dunav (Danube) Hotel in Vukovar on Saturday, and the Swiss company has thus announced the construction of a new four-star hotel, in which it will invest a massive 200 million kuna.

"This is a strategically important property in Vukovar, the building of the former Dunav Hotel, which has attracted a lot of interest from the public," stated Penava, pointing out that the building is located in an extremely valuable location at the very mouth of the Vuka along the Danube, but also because it involves a building that has not been in function for nine years now.

He added that the city, owing to the fact that the hotel had remained totally out of use for a long time, bought the former Hotel Dunav in order to sell it to a hotel business that had already established its branch office in Vukovar. The city will do everything to make the investor feel welcome with their investment which is strategic and considered to be at the state-level.

Deputy Mayor Marijan Pavliček recalled that the City of Vukovar had purchased Hotel Dunav for 10.3 million kuna, while a price of 10.7 million kuna was asked for at the public tender, and the aforementioned Swiss company offered 11.3 million kuna and paid the difference in accordance to the higher requested price.

"The investors are obliged to collect all of the necessary permits in the next eighteen months after which the parcel will be handed over to their ownership, after which a seven-year legal deadline for the construction and commissioning of the facility comes into force," Pavliček said, adding that the investors have promised a significantly shorter implementation deadline, more specifically until the year 2023.

Pavliček emphasised the fact that this is the biggest investment after the Homeland War in the tourist sector of Vukovar, which will open up welcome new jobs.

Immo Invest Partner's CEO Džek Djordić announced the construction of a four-star hotel with about 120 rooms, 240 beds, and which will include several restaurants, offices and a multimedia space in which about 200 million kuna will be invested, and the hotel should be open in 2023.

Immo Invest Partner Board Member Petar Đorđić thanked the mayor and his deputy for their engagement in the realisation of this deal and said that all those involved are great optimists and that the entire investment will be realised within the anticipated deadline.

Make sure to follow our dedicated business and lifestyle pages for much more.

The Chinese interest in Croatian projects is continually growing, or so it seems, and there is now room to dare when it comes to the potential Chinese rescue of Uljanik and 3 Maj at the eleventh hour.

As Marija Brnic/Poslovni Dnevnik writes on the 2nd of May, 2019, the Chinese CSIC representatives currently visiting Croatia to see the state of Croatia's ailing Uljanik (Pula) and 3 Maj (Rijeka) shipyards have expressed clear interested in new projects with Croatia's shipyards, but only if the Croatian state covers the cost of what has already failed, there have also been mentions of the diversification of production, but they don't want guarantees.

If there is an agreement between the Croatian Government and the Chinese CSIC about reviving Uljanik and 3 Maj, it will be done so with regard to a combination of the models which were discussed with the previous two strategic partners, Darko Končar and Tomislav Debeljak.

According to the explanation given by Minister of Economy Darko Horvat after the final talks and the three-day visit of CSIC's representatives, the Chinese are indeed interested in starting with new projects, while the state should cover the cost of old, failed projects, meaning it will need to take place on a clean slate. It's also more than likely that the sites of today's Croatian shipyards will see other projects developed there, that is to say, the diversification of activities will occur.

"If they don't see the possibility of continuity of shipbuilding at this time, we want other industries to take place here, and not just those exclusively involved in shipbuilding," Minister Horvat stated. Therefore, unlike Danko Končar's initial idea, Chinese diversification would not be a real-estate business, but would involve some sort of other, new production aside from shipbuilding. And the clean starting position the Chinese have indicated that they want, which is similar to what Tomislav Debeljak sought but is unlike his idea, almost certainly means declaring the bankruptcy of the two shipyards.

"We don't expect them to finance failed attempts to build ships that haven't been completed. The starting position means new projects,'' stated Horvat in reference to the wishes of the Chinese.

The continuation of construction in Pula and Rijeka in partnership with CSIC would in any case have a completely different financing philosophy. The Chinese say, after the talks, that they are completely astonished at the reliance of state guarantees for shipbuilding. To repeat what Finance Minister Zdravko Marić stated recently, it's much too early to talk about exactly what changes might occur in this context following their entry into Uljanik and 3 Maj. Over the next few weeks, CSIC's senior people will analyse the collected information and determine whether or not, and indeed in what form they're interested in entering into the structures of Croatia's enfeebled shipyards.

At this moment in time, Darko Horvat has merely announced that any form of Chinese entry would involve a new way of financing, with different sources, a different way of drafting project documentation, and would involve no state guarantees. After the final talks at Zagreb Airport, Horvat didn't provide any more specific information, nor the deadlines within which he expected to receive feedback from the Chinese, but he did appear to try to leave the impression that he was optimistic about the whole situation. The Chinese representatives themselves, however, didn't give any media statements.

Make sure to follow our dedicated business page for more information on Chinese-Croatian business relations, Chinese projects and investments in Croatia, doing business, working and investing in Croatia and much more.

Click here for the original article by Marija Brnic for Poslovni Dnevnik

Croatia's ''Include'' continues to go from strength to strength in the face of an unforgiving system and even less forgiving employees of the state bodies, proving that where there is a will, there's a way, even if you happen to be in Croatia.

We often hear all about how Croatian companies are failing due to either the lack of will or, more frequently, the truly insane amount of red tape and obstacles placed before anyone who wants to make something for themselves by the state and an old, outdates and senseless system of bureaucracy. 

As unoiled the cogs continue to turn in the Office(s) of the Uhljeb in state institutions of all kinds up and down the country, the unsackables continue to undermine and chip away at the determination of the doers and would-bes from behind their perspex windows.

Faced with an entire forest's worth of paperwork, more stamps than a border control officer and usually an unacceptably hostile attitude from the state employee (also known as the unsackable) dealing with them, many would-be entrepreneurs give up quickly and head elsewhere in search of their dreams. However, as big as Croatia's problem in this regard really is, not everything is so bleak.

As Poslovni Dnevnik writes on the 1st of May, 2019, just six days after the launch of another Funderbeam SEE group fundraising campaign, Ivan Mrvoš and his highly successful company ''Include'' raised a massive 1.22 million euros in equity, making Include's campaign the largest ever on Funderbeam globally.

The director of Funderbeam SEE, Damir Bićanić, commented that Mrvoš is pushing the records of the platform with Include yet again: "With their first campaign, they collected what was then the largest sum on the Funderbeam platform, and although sum has risen in the meantime, they collected more than any other campaign in just six days on the platform once again, globally.''

After Include's first successful campaign when they collected 465,000 euros on Funderbeam back in 2017, this time their first campaign goal of 1.2 million euros was met in a mere six days, and investors still have the opportunity to meet the target of two million euros.

"We're very pleased that after six days we've reached the minimum planned goal. I think that this, as well as 290 investors from 21 countries, are the indicators that we're doing a really good job. I believe that the amount of investment in the remaining days will grow steadily, although we're already the most successful Croatian crowdinvesting campaign on the platform ever,'' stated Include's founder Ivan Mrvoš.

Make sure to atay up to date by following our dedicated business and Made in Croatia pages for much more.

As Poslovni Dnevnik writes on the 30th of April, 2019, Croatia Airlines' operating losses during the first quarter of this year stand at 90.2 million kuna, with a net final loss for that period totalling a massive 98.6 million kuna, as Croatia Airlines announced on Tuesday.

Croatia Airlines explained that these significant losses are to be expected in view of its highly seasonal business performance. The air company added that the lower net result, in comparison with the previous year, was significantly influenced by the increase in amortisation costs, standing at 26.5 million kuna, caused by the change in international financial reporting standards, ie, with the application of IFRS 16, as well as major work on the engines made in the previous period.

Croatia Airlines made sure to add that the net effect on the result, resulting from the change in the method of recognising operating lease costs, amounted to 4 million kuna for the first quarter of 2019.

They point out, however, that its EBITDA performance indicator is more positive, standing at as much as 16.6 million kuna when compared to the same period last year.

In the first quarter of this year, 345,800 passengers were transported by Croatia Airlines, which was 2.4 percent less than during in the same period last year. This reduced demand has been put down to Easter having been later this year than it was in 2018, as well as the fact that it was higher at the same time last year because the demand for the European handball championships in Croatia was of course high. Given the favourable booking and demand, the fall in the number of passengers for Croatia Airlines during 2019's first three months will likely be compensated for during the remainder of the year.

This season, Croatia Airlines will continue to fly to all ten of the destinations which have been included in its flight network over the last three years - Lisbon, Milan, Prague, St.Petersburg, Stockholm, Oslo, Helsinki, Bucharest, Dublin and Mostar, as well as the seasonal Split - Copenhagen and Dubrovnik - Munich routes, which was first introduced last year. The news is that there will be an additional flight on Tuesdays on the normal Zagreb - Dublin route, so that passengers will have three flights available to them per week, on Tuesdays, Thursdays, and Sundays.

During this year's summer tourist season, the company will fly directly to 38 European destinations in 24 countries, with Zagreb being directly connected to 24 European destinations in 22 countries.

The air company's report also states that Croatia Airlines recorded an operating loss of 76.5 million kuna in 2018, with a net loss of 82.9 million kuna.

The company also recently announced that the consortium of Privredna banka Zagreb and DVB Banka has been selected as the financial advisor for the company's much needed recapitalisation, the consortium will also seek an equally needed strategic partner.

Make sure to follow our dedicated business page for much more.

As Poslovni Dnevnik writes on the 30th of April, 2019, Croatian Finance Minister Zdravko Marić said on Tuesday that he still needs to see if there really is specific interest from the Chinese shipbuilding company, whose representatives are visiting the ailing shipyards in Pula (Uljanik) and Rijeka (3 Maj), saying that it's too early to be able to say anything and that we "need to be completely realistic".

When aked by a journalist about the expectations of the Croatian Government, given that a delegation from the Chinese shipbuilding company China Shipbuilding Industry Corporation (CSIC) has visited the Uljanik and 3 Maj shipyards, Marić said that first of all, we should be realistic and after CISC's representatives get a proper look at the state of affairs with those shipyards and answers to the questions they are interested in, we will need to wait and see what their response to all of it will be.

At this point, it's still too early for that, he added, recalling yesterday's introductory meeting between the Croatian prime minister, his ministers and the aforementioned Chinese delegation at Banski Dvori in Zagreb, where everything was transparent and very clearly presented.

"A really high level team from the perspective of that company has arrived, but on the other hand, we need to be completely realistic. So, today they will spend all day in both Rijeka and Pula and then after that, of course, we can't expect it immediately but within a reasonable time frame, they'll determine what they saw, state what they think about it, and whether or not there is a certain level of interest,'' said Marić when answering journalists' questions after attending the annual European Investment Bank (EIB) press conference.

The CSIC delegation, headed by Hu Wenming, arrived at the enfeebled Uljanik on Tuesday morning, where talks with the members of Uljanik's management board and its supervisory board took place. Assistant Minister of Economy Zvonimir Novak has also been participating in these talks.

Several representatives of the aforementioned Chinese company arrived at Uljanik as early as Monday afternoon, where they viewed the plants and made an unofficial assessment of the capabilities of the Pula shipyard's production facilities, ie, they got better acquainted with its technical capabilities, the processes that take place there, the technology and its general capacities.

What will coe of the visit is anyone's guess so far, but despite suspicion from some, an injection of Chinese money could truly be Uljanik's very last hope.

Make sure to follow our dedicated business page for more information on Chinese-Croatian business relations, Chinese projects and investments in Croatia, working, doing business and investing in Croatia and much more.