Turkey Among Major Investors in Croatia

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Dogus Group alone has so far invested 250 million euros.

In an interview for poslovni.hr on July 29, 2016, Turkish ambassador to Croatia Ahmet Tuta discussed the consequences for the Turkish-Croatian economic relations of the failed coup attempt in Turkey. Turkey is important for Croatia not only because of the strong trade relations, but also because Turkish investors have in recent years invested hundreds of millions of euros in various projects, mostly in the tourist sector.

Asked about the effects of the failed coup on the economy of his country, the Ambassador said that “it is clear that it had a limited impact on Turkish economy. Immediately after, the Turkish Central Bank announced a series of measures to ensure financial stability and minimize the adverse effects. Citizens demonstrated full confidence in the government, and after the failed coup they used foreign currency they had to buy significant quantities of the Turkish lira, although the opposite trends are usually expected in the time of crisis.”

Commenting on the future investments of Turkish companies in Croatia, including the biggest one, Dogus Group, he pointed out that Dogus Group has so far invested 250 million euros and plans to bring that number to 400 million euros. “Dogus Group had a tremendous impact on several Croatian tourist destinations and they are willing to continue to invest in development projects in Croatia until these projects reach the highest standards”, he said. For example, in Zadar, they are investing 100 million euros in a five-star hotel and this will be the first Hyatt hotel in Croatia.

As for potential investments in other industries, Tuta said that there was a number of potential major investments in the renewable energy and tourism, but they would depend on the improvement of the investment climate.

“Turkey is one of the major investors in Croatia; the value of our investments has reached 350 million euros. Turkish investors are now mainly active in tourism (hotels and management of marinas), transport and logistics (ports, airports), renewable energy (geothermal, biomass) and banking. The most important investors are Dogus Group, Rixos, Kentbank, TAV (MZLZ Consortium), Global Port Management, Saran Holding, Unit Invest, MB Holding, and UDEM Adriatic”, concluded Ambassador Tuta.

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