Croatian Motorways (HAC) and the City of Zagreb have embarked on an extremely expensive joint project to give Zagreb a brand new southern entrance in order to attempt to relieve troublesome traffic issues and jams.

As Poslovni Dnevnik writes on the 6th of November, 2019, the construction of the viaduct above the Ranžirni kolodvor (station) should begin next year, giving Zagreb a totally brand new, southern entrance to the city.

This will relieve the Buzin junction and the Velika Gorica road, where huge traffic jams are often created, causing enormous and clearly needless traffic issues when entering the Croatian capital city by road. Those who have usually been using the entrance via Buzin to join or leave the bypass, will be able to do so at the Jakuševac junction after the construction of the viaduct above the Ranžirni kolodvor when the project is completed.

Croatian Motorways (HAC) expects that as much as fifty percent of the traffic from Buzin will be diverted to Jakuševac owing to the construction of this viaduct, which, as stated, will provide enormous relief for drivers entering Zagreb, as the average annual daily traffic between these two junctions is as high as 57,912 vehicles.

According to Vecernji list, HAC and the City of Zagreb are embarking on this joint project that, in addition to the construction of the overpass, of which HAC is in charge, includes the reconstruction of Sarajevo road, which will also receive a new tram line, with the City of Zagreb being responsible for that part. The implementation of the project will also improve the connectivity of the Croatian capital city with its international airport.

The estimated value of the investment stands at an eye-watering 68 million euros. Of this amount, the viaduct and junction on Sarajevo road are worth 48 million euros, while the reconstruction and extension of the road will cost 13.3 million euros in total. On top of all that, the construction of the new tram line would cost 6.7 million euros. Croatian Motorways say they want to launch a viaduct tender early next year and start work by the end of 2020.

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As Novac/Adriano Milovan writes on the 1st of November, 2019, innovation is the basis of further economic growth, and Croatia is a land of huge potential when it comes to innovation, states a message from the conference "Croatia - a Place for Innovation and Smart Investment", organised yesterday by the Ministry of Economy and the Croatian Chamber of Commerce (HGK) at the Westin Hotel in Zagreb.

The aim of the conference was to connect innovative Croatian companies with investors and other partners. These involve more than 300 projects, which have crystallised on thematic innovation councils, with an estimated value of more than 5 billion kuna. They are all open to investment, which is why matchmaking meetings were organised at the end of the conference.

Although Croatia has a long tradition in innovation, the realisation of any of it has so far been stalling and lagging behind far more than it should be. Simply put, it lacked the path for the commercialisation of its innovation. However, Darko Horvat, Minister of Economy, is convinced that a step has now been taken in the right direction.

''Networking the real entrepreneurial sector, academia and local and central government officials and getting all of that through a maze relatively quickly, all this was done this year and in the future we'll talk no more about speed but acceleration,'' Horvat stated at the conference, adding that things are definitely changing for the better in Croatia.

Luka Burilović, President of the Croatian Chamber of Economy, recalled the long tradition of innovation in Croatia and said that Croatian innovators are stilling following global trends.

''Today, we have a new generation of minds, who are pushing our economy into a new, digital age,'' Burilović pointed out, pointing specifically to Rimac Automobili's owner, Mate Rimac.

Tomislav Sokol, MEP, warned that the EU is lagging behind the US, China and India in innovation. One of the main reasons for this, at least according to Sokol, is the overregulation of the European Union, which is why the aim is to reduce red tape by a third.

Despite its aspirations and goals, Croatia still lags behind others in R&D investment. For example, according to Eurostat's data for 2017, appropriations for this purpose in the EU accounted for 2.06 percent of GDP, and in Croatia, they amounted to 0.86 percent of GDP.

On the other hand, in Israel, these expenditures, according to Nili Shalev, director-general of the Directorate for Research and Development at the Israeli Innovation Agency, have reached 4.3 percent of GDP, with the largest share being provided by the private sector. The main driver of investment in innovation in Israel are large multinational companies, but the state, and especially the military, are both contributing, Shalev said.

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As Glas Istre/Dubravko Grakalic writes on the 1st of November, 2019, Adris Group's operating results in the first three quarters of this year show a significant increase in revenues and great business development. In the first nine months of this year, Adris Group's total revenues amounted to a massive 4.92 billion kuna, which is 4 percent more than in the same period last year. Net profit amounts to 663 million kuna, which is 89 million kuna, or 12 percent less than last year.

Such business is the result of strong investment and acquisition activities in 2018 and 2019 with the aim of increasing the group's profitability and long-term sustainability.

In terms of business segments, Croatia Osiguranje is the leading company in the Croatian insurance market with a total share of 27.9 percent. The gross written premium, which includes foreign subsidiaries, stands at 2.7 billion kuna, up from last year's level.

Cromaris published sales of 6,761 tonnes in the first nine months of 2019, up eight percent. The export markets recorded a nine percent increase in volume.

The tourist section of the Adris Group, Maistra, posted a 1 percent increase in the sale of accommodation units, with an increase in the average price of overnight stays of 6 percent, which led to a 7 percent increase in operating income. Net profit was also up by 4 percent

The current booking confirms the positive trends of revenue growth so far. Adris Group's last major acquisition, HUP-Zagreb, d.d., generated one percent higher operating revenue.

Currently, the strategic plan for the tourist part of the group for the period until 2024 is worth almost four billion kuna. The plan includes construction of new and the repositioning of existing facilities in all tourist destinations in Croatia in which Adris Group operates - Rovinj, Vrsar, Dubrovnik and Zagreb.

A formal completion of the process related to the Marjan Hotel in Split is also expected, which will allow Adris Group to enter this growing Croatian tourist destination.

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As Poslovni Dnevnik/Marta Duic writes on the 24th of October, 2019, the very first results of an in-depth analysis conducted by the World Bank showed that the structural transformation of Croatia's agriculture is going in the right direction and should stimulate economic growth and create jobs. However, there's always a but.

The World Bank experts who authored the analysis conclude that Croatian agriculture and rural areas, as well as aquaculture and mariculture, have great potential for development. The structural transformation of these sectors is progressing, in particular, due to the fact that Croatia is an EU member state, and the agri-food sector contributes to the economy and income, and consequently to life in the rural parts of our country.

The analysis also showed that investments in agriculture are economically justified. It is estimated that an investment of 1 million US dollars in agricultural production generates an increase of 5.19 million dollars in the value of the total volume of production in the economy, including the effects of consumption by individual consumers. Public spending on agriculture in Croatia stands at around 1.3 percent of GDP, which is double the EU average.

According to the Smarter consulting company specialising in the agri-food sector, the biggest obstacle to investing in agricultural production, ie attracting investment in that sector, is the status of state agricultural land.

"State land that has not been settled by a long-term concession cannot be the basis for attracting and increasing investment in agriculture, this isn't long-term in its nature and, due to the long and slow turnover in agriculture, the return on investment is generally long and uncertain.

However, agriculture still depends on weather factors, ie, circumstances that the investor cannot influence, so this is one of the key risk factors that doesn't exist in a number of other activities. Additionally, it isn't realistic to expect to invest significantly in a sector where the basic business conditions change drastically with each government term,'' they explained from Smarter.

Croatia doesn't have a long-term and clear agricultural development strategy from which a potential investor would be able to understand what awaits him in the future, what will be and what is a priority in development, that is, where the state will be ready to accompany the investor in case of business difficulties.

Like any other investment, investing in agriculture requires stability of business conditions, predictability of sector policies and a long-term vision. Namely, all EU countries aim to produce their own food and accordingly encourage a range of investment measures, while in Croatia the potential investor is left to himself, there is no clear criteria for benchmarks, and raising productivity and competitiveness, for which investments are a prerequisite, is not a priority. In addition, the role of knowledge, new technologies and the need for continuous investment in agriculture is not adequately understood,'' they said from Smarter.

To briefly recall, Smarter is a company responsible for the strategy of agricultural production development in which the profession highlighted the challenges facing Croatia's agricultural production, as well as solutions to increase it. The team that worked on it held 150 meetings in a year and a half that resulted in 2,000 pages of material.

"The expert team has made an analysis of the state of Croatian agriculture, and our goal is to put it where should be, because alongside tourism, that is the main branch of the Croatian economy.

The value of Croatian agricultural production from 2008 to 2018 decreased from 22.5 billion to 16 billion kuna, it has fallen by around 3.5 billion kuna and has stagnated since Croatia's accession to the EU. The second pillar is raising production of a competitive export product, such as mandarins. We need the consensus of key stakeholders, intensive and extensive production, regionalisation... We also need integrators of agricultural production and research and development. This alone will lead to long-term sustainable agricultural production, and linking producers is crucial, only it can enable a change in the state of agriculture.

We lack R&D and EU funds are available for this, and we must not neglect that,'' said Denis Matijević of Smarter.

Smarter also points out that, so far, the promotion of investments in agriculture through the distribution of EU funds has been indiscriminate, insufficient, without adequate control and assistance and therefore without proper effects. Two Croatian companies, Belje and Osatina, are currently good examples of successful investments, but there is a lot to be desired for when it comes to Croatian agriculture on the whole.

Despite the aforementioned issues, investors are coming...

Croatia is an EU member state with the highest growth in organic production areas across the EU, and the withdrawal of EU funds for rural development has improved significantly in the last two years. In relation to the EU average, Croatia is still ahead of a number of new and old EU member states and is achieving some encouraging results.

One other positive story of how investors are investing in Croatian agricultural production comes from the island of Korčula.

Namely, ten years after the Smokvica winery ceased to exist, the doors of the new Black Island Winery were opened. With this, the Korčula winery, known for many years as the Smokvica Winery, began a new phase. The winery is experiencing a resurgence with the help of Swedish investors from the Zhoda investments financial fund, led by Robert Karlsson, who, in collaboration with oenologists Igor Radovanović and Nikola Mirošević, has opened a modern tasting room and a promising new wine destination from a neglected building.

It is a major investment of more than 5 million kuna, and they plan to further brand the location as an oenological destination and open a museum and presentation centre to educate tourists about these specific indigenous varieties.

Otherwise, it is a winery that produced almost a million bottles of wine a year during its golden period, but in the face of the crisis, it ceased operations and went bankrupt. In addition to renovating the premises and starting production, a wine tasting room and a gastronomic complex with local specialties were opened. With the exception of Croatia, the ultimate goal is to position itself on the European market, and the first packages of wine have already found buyers in Northern Europe, more specifically in Sweden and the United Kingdom.

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As Glas Istre writes on the 22nd of October, 2019, since back in 2017, MK Group has owned the Skipper Resort in Savudrija, Istria, a complex covering over 200,000 square metres in total.

The complex includes Kempinski Hotel Adriatic, as many as 21 luxury villas, golf courses and apartments. With this year's investments of over three million euros in Kempinski Hotel Adriatic in Croatia and the announced new investments of two million euros over the next year, MK Group confirms their clear intention to develop the tourist destinations in which it operates and showcases their desire to make them a favourite among regional and European tourists.

It is no secret that Istria offers great potential for tourism development. In this part of the region, MK Group wants to be a fully active partner in the development of not only hotel deals but entire destinations, and wants to make their projects in Istria become favourite tourist destinations.

''That's why we started this investment process,'' said Kai Behrens, General Manager of Kempinski Hotel Adriatic in Savudrija, Istria.

Mr. Behrens also said that more than three million euros had been invested in total in the renovation of the hotel in the past, and that the major works were the renovation of the hotel beach, The Skipper residence, the VIP beach and the restaurant.

"In the coming period, we expect additional investments of two million euros in the Skipper Resort villas, as well as the furnishing and refurbishing of certain apartments. We're meeting the trends and demands of modern tourism and I wanted to make this part of the Adriatic the first choice, not only for guests from the region, but also for those from other European countries and from further afield,'' added Kai Behrens.

It's worth mentioning that the majority-and-minority-owned MK Group owns fourteen hotels in Serbia, Slovenia, Croatia and Montenegro, the Portorož Airport and a golf course in Savudrija. Particularly important for the development of the tourism sector within MK Group is the collaboration with renowned global brands such as Kempinski and Sheraton.

If you're able to understand Croatian, watch the video below:

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As Glas Istre/Chiara Bilic writes on the 22nd of October, 2019, although the preliminary solution for the future investment is not yet complete, Ivica Salvador from Stanoinvest points out that nothing will go beyond the plans of the City of Pula. For now, all of the features that will be the fruit of this investment remain unknown, but according to financiers, other than apartments, the area will receive shops and a nursery.

At the beginning of 2021, part of the area above the Port of Delfin in Pula will take on the outline of the residential area. Ivica Salvador, the owner of Stanoinvest, will take care of changing the view of this attractive land near the sea, in a project that will cover approximately 18,000 square metres.

The land in question involves cadastral building plots, which until recently were owned by Israeli investors from the SBE company from Rijeka. At this location, namely on eleven percent of the land of this green area, they also planned to build an apartment complex. However, after the City of Pula accepted their request to amend the urban development plan ten years ago, residents of the surrounding areas and Green Istria associations have repeatedly objected to the announced construction, believing that the Pula did not protect the interests of its citizens but instead favoured the wishes of a private investor.

They were particularly concerned about the permissible percentage of the maximum construction of the zone, the number of floors (four) and the height of the buildings, which would be arranged in a row extending down to the shore, exactly thirty metres from the sea, which would obscure the view towards the Veruda channel. As a result, numerous debates were organised and a petition against the settlement was once signed by a thousand citizens.

At that time, it was questionable whether Pula needed an apartment complex at all and why exactly it would be constructed at this location, to which the city authorities mainly referred to the previously amended general urban plan (GUP). It was announced that SBE would complete the construction in 2014, but the project never got past the first point.

As stated, although the conceptual solution for the future investment is not yet complete, Ivica Salvador pointed out that nothing will go beyond the plans of the City of Pula, and while the fruit of this investment isn't known in full, what it will bring, at least according to Salvador, will provide a high quality of life for local citizens.

''The location is attractive, it has access from several directions from the land, but also from the sea,'' said Salvador, who refers to this investment a major undertaking for Stanoinvest.

Otherwise, on this green corridor above the Port of Delfin, the City of Pula does own some of the plots of land. Although housing construction is also allowed on them, Giordano Škuflić, the head of the Administrative Department for Physical Planning, Utility and Property, confirmed several months ago that the city plots will not be sold at this moment in time.

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When one thinks of foreign investment in Croatia, they likely think of the glorious Dalmatian coast and the endless opportunities that can (or rather, should, in a perfect world) present themselves to would-be investors from abroad, not Zagorje.

While this continental region of Croatia is without a doubt beautiful, it doesn't command anywhere near the amount of promotion and attention that the Croatian coast does, again, with a particular emphasis placed on Dalmatia. Investing in Croatia is no easy feat, the Croatian Government have seemed to do everything in their power to make the experience as dangerous and as difficult as possible for foreign investors, and many end up put off and penniless after paying for the ''pleasure'' of such an awful experience.

Of course, there are an increasing amount of exceptions as time moves forward, but the norm continues to be that Croatia is bypassed by many smart investors looking for a place to put their hard-earned cash to work.

One quite successful group of investors in Croatia are the tireless Chinese, who apparently have a very keen eye indeed when it comes to spotting opportunities. It isn't the sparkling Adriatic coast they have their eye on this time, though, but gorgeous Zagorje.

As Poslovni Dnevnik/Darko Bicak writes on the 25th of September, 2019, well known Chinese investor Jiang Yu, who purchased the controversial former political school in Josip Broz Tito's hometown of Kumrovec, a village in Krapina-Zagorje County, for 14 million kuna back in the spring of this year, is also interested in no less than Zagorje's Krapinske Toplice.

Namely, yesterday, Yu held a meeting with Krapina-Zagorje County prefect, Željko Kolar, Kumrovec's municipal mayor, Robert Šplajt, and the president of the municipal county of Krapinske Toplice, Zvonko Očiem, where she announced that she plans to renovate a hotel in Krapinske Toplice and build an old people's home, a new hotel, and tourist villas.

She also announced the construction of a centre for traditional Chinese medicine in Zagorje, more specifically in Krapinske Toplice.

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Imperial Riviera will operate in multiple destinations across the Republic of Croatia with the highest level of corporate governance quality as the owner of a significant tourism portfolio.

As Poslovni Dnevnik writes on the 19th of September, 2019, in an invitation to the General Assembly, the management of Imperial Riviera d.d. proposed an increase of the share capital of the Imperial Riviera, worth 426 million kuna, equivalent to about 57 million euros.

Over the last three years, Valamar Riviera and AZ pension fund (Mirovinski fond) have jointly invested over 1 billion kuna in Croatian tourism through the acquisitions of Rab's Imperial and Hotels Makarska and through continued investments in the development of their tourism portfolios. The merger of Hotels Makarska with Imperial at the end of June this year created Imperial Riviera d.d., with the aim of creating a stronger platform for continued investment in the expansion of their tourism business in Croatia and the wider region.

The announced increase of Imperial Riviera's share capital is the beginning of the realisation of a five-year business plan that anticipates 200 million euros worth of new investments in raising the quality of their portfolio and growth through acquisitions and expansion to attractive tourist destinations in Croatia and across the region, making Imperial Riviera one of the five leading tourism companies in all of Croatia.

As stated, Imperial Riviera will operate in multiple destinations with the highest level of corporate governance quality as the owner of a significant tourism portfolio.

"Raising capital and organising a joint venture for the management and investment into property in the region is a logical continuation of the successful cooperation between the leading pension fund and the leading hotel company in Croatia. We believe in the growth potential of Croatian tourism and the long-term sustainability of the hospitality industry which invests in employees, destinations and quality tourism, and I'm convinced that partnering with the AZ pension fund is an ideal model for investing and developing Croatian tourism,'' said Željko Kukurin, CEO of Valamar Riviera.

"Continued investment in this joint project is a follow-up to the investment strategy of the AZ pension fund under which we invest in Croatian tourism, as we believe that such investments are in line with the long-term investment potential of our fund members, for whom such investments represent the possibility of obtaining optimal returns. We consider the model in which we combine the investment potential of AZ pension funds and the experience and success of running Valamar, as a leading Croatian hotel company, as a model that ensures the long-term success of this project,'' said Kristijan Buk, CEO of Allianz ZB, a company which deals with the management of mandatory and voluntary pension funds.

Valamar Riviera is a highly respected, leading Croatian tourist company that manages hotels, resorts and campsites in well-known tourist destinations. Valamar can accommodate approximately 58,000 guests a day in 34 hotels and resorts and in 15 campsites, with the aim of providing the perfect holiday and an authentic experience for each individual guest. Valamar is a leader in innovative resort tourism management and is a destination partner, which through responsible and sustainable tourism business, creates new value for guests, employees, shareholders and the local community alike.

The AZ pension fund is the largest institutional investor in the Republic of Croatia. With total assets under management exceeding a massive 44 billion kuna, the AZ pension fund represent relevant investors in the European context as well. AZ's mandatory pension funds are currently taking care of the retirement savings of over 677,000 Croatian employees, while AZ's voluntary pension funds deal with over 142,000 citizens.

Imperial Riviera has six hotels, three tourist resorts and two campsites in some of the leading Croatian destinations, the island of Rab and Makarska. Valamar has been in charge of managing the tourism business of the entire portfolio since 2016.

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As Poslovni Dnevnik writes on the 29th of August, 2019, this building was built about forty years ago and is the latest hospital facility in the Rijeka area, yet most of the hospital's medical facilities are housed in a building that is more than one hundred years old.

Back at the beginning of this month, the government approved the director of the Clinical Hospital Centre (KBC) Rijeka to conclude contracts with contractors for the second phase of the construction of a new hospital in Rijeka, popularly called the ''mother and child'' hospital, a new construction site will be opened in Sušak in September.

In the currently contracted time period of two and a half year, a brand new hospital complex will emerge, in which the current Clinic for Gynaecology and Obstetrics, the clinics and wards which are now part of the Children's Hospital in Kantrida, all hospital laboratories and ancillary facilities such as the thermal power block and a multi-storey car park, will be replaced.

The investment, worth almost 800 million kuna, was secured from this and previous budget years, and which was a precondition for signing contracts with contractors Kamgrad and GP Krka, which should complete the new facility by March 2022, writes Novi list.

The building for the new hospital complex is a major part of the long-awaited second phase of the construction of the new hospital, which, more than a decade ago, began with the construction of other facilities in Sušak, with a total of 90 million kuna invested over the years.

The second phase of construction of the new hospital began back in 2016 with the excavation of the construction pit and the arrangement of a new integrated emergency reception, which began operations last year. Along with the aforementioned excavation and the new emergency admission facility, when it comes to the second phase of the new Rijeka hospital, around 875 million kuna should be invested, which definitely makes the second phase of the new Rijeka hospital one of the largest investments in the recent history of the entire Northern Adriatic city.

It is common knowledge that KBC Rijeka operates in as many as three localities today, which primarily increases costs, but also significantly affects the quality of care. The construction of a hospital for mother and children will move the entire site of Kantrida, a valuable property owned by the City of Rijeka, to Sušak, while the Clinic for Gynecology and Obstetrics at the Rijeka site should be redeveloped after the relocation of the new clinic.

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As Novac/Goran Penic/Barbara Ban writes on the 23rd of August, 2019, the Croatian Ministry of State Property extended the deadline for the submission of offers for the construction of a tourist complex at the location of the Hidrobaza in Pula, owned by botj the state and the City of Pula, back at the beginning of the week. Investors now have time to report their offers by October the 1st, as opposed to August the 30th, 2019.

According to the aforementioned ministry, two investors sought an extension due to the summer break, but the ministry did not disclose any names. As Novac reports unofficially, this involves the largest Croatian hotel company, Valamar Riviera, based in Poreč, Istria, which owns Camp Brioni next to Puntižela, and the French group Bouygues, whose branch in Croatia has a concession over Istria's Ypsilon.

Upon being asked about this situation, Valamar Riviera did not want to confirm or deny any information.

Valamar Riviera has remained unable to answer the question of whether or not Valamar has expressed interest in the Hidrobaza location in Pula, given that the deadline for the submission of bids is only the 30th of August.

''After the deadline for submission of offers, we will be able to answer your inquiry,'' said the largest Croatian tourist company, which is already known to the public as a large investor. This year alone, the giant Croatian hotel group has invested as much as 793 million kuna in its portfolio, and is preparing a new investment cycle of 599 million kuna for the next one. In recent years, they have invested as much as 5 billion kuna in Croatian tourism.

The French Bouygues Group has already invested in Croatia, but not in the hotel industry. They are known as dealers and contractors at the Istrian Ypsilon and at the Zagreb's new Franjo Tuđman Airport. They are currently expanding the Ypsilon on a 28-kilometre stretch from Pazin to Učka. It is an investment worth 1.237 billion kuna, which will be realised within the next three years. Projects in tourism are very close to them, though, and they have built twelve hotels across France, the Caribbean, Myanmar, Morocco, Dubai, London and Cuba.

However, despite the fact that there are two very serious names behind this project that have great references in Croatia, in the Croatian tourism sector there is still a great deal of skepticism about the realisation of it all, probably because of past experiences that have not been the most positive.

These tenders have always been extended, and until now, a concession has been given within the Brijuni Riviera only for the Katarina-Monumenti location, namely to Danko Končar, who still has not realised his meganautical project in the port of Pula to this day. A source who is very familiar with the circumstances surrounding the Brijuni Riviera project believes that the tender conditions are quite restrictive.

''One of the limiting factors is that there is a public beach in front of the future tourist facilities. If one wants to build a hotel, of course they then want to have a part of the beach as well. On top of that, some of the facilities there are under conservation protection, so the investor must adapt to that as well,'' explained Novac's interlocutor. He also stated that it should finally be understood that investors need to be offered something in order to make them actually invest, and that the beauty of the Croatian coast and Istria is not the only thing that is crucial in investment stories.

Otherwise, the Hidrobaza location covers an area of ​​281,000 square metres, and construction rights are possible for fifty years. The initial value of the annual building rights fee is 2.3 million kuna, which will be revalued every three years. The deadline for the construction of a 1200-star four-star tourist destination is five years.

Pula Mayor Boris Miletić stated that he has been formally notified of the extension of the public call, however, while the proceedings are ongoing, he claims he has no knowledge of potential interested investors or potential bids.

''Every serious investor needs some time to elaborate on their offer. For Pula and all the people of Pula, that entire area, as well as other formerly unused and decaying state-owned military areas, are of great importance and development potential. It is our interest that the state, as the owner, put them in the function of development, as this would enable the creation of new jobs and accelerate the economic growth of Pula,'' said Miletić.

He added that the new facilities and the higher standard of living of all the people of Pula is what they strive for, which can be ensured by putting neglected and unused spaces properly back into operation.

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