5.5 Billion Kuna Innovative Projects Ready for Investment

By 7 May 2019

ZAGREB, May 7, 2019 - The value of innovative ideas and projects ready for investment in Croatia is greater than 5.5 billion kuna, Minister of Economy, Entrepreneurship and Crafts Darko Horvat said on Monday at a meeting of the National Innovation Council (NIV).

The amount of 2.23 billion kuna will be secured from structural funds through tenders and part of the funds will be secured from the state budget, he said.

He added that intensive talks are underway with institutions in neighbouring countries as well as in Israel, America and China that have the financial capacity but do not have quality projects so that they can finance good innovative ideas and develop them in Croatia and in that way invest in Croatia and create jobs.

Horvat said it was important that the real entrepreneurial sector made up about 70% of theme innovation councils.

He added that the objective is that Croatia increases investments in research and development from the current 0.87% to 1.4% of GDP by 2020.

Science and Education Minister Blaženka Divjak underscored that it was necessary to take a step toward innovative industries. "Without taking a big step toward innovation, research, synergy of science and the economy, we don't have a chance," she said.

The science community and people who work with innovations are exceptionally motivated and there is a lot of interest by scientists in the diaspora to participate in developing a different and modern Croatia, president of the innovation council for health and quality of life Dragan Primorac said.

The NIV was established in July 2018 as an umbrella body for the national innovation system to coordinate the implementation of the smart specialisation strategy for the period 2016 to 2020, with the aim of efficiently using the potential for research, development and innovation to improve Croatia's competitiveness.

Until today the NIV was chaired by the Ministry of Economy. As of today, it is in the remit of the Ministry of Science and Education.

More news about investment in Croatia can be found in the Business section.