Croatia adopts investment law to boost economy

EU

Foreigners planning strategic investments in Croatia will be able to get licenses faster and more easily under a law adopted on Thursday, the government said, as the former Yugoslav republic prepares to become the EU’s newest member. For years, bureaucratic obstacles have stifled the business climate and kept foreign investors away. The Social Democrat-led government, which will take Croatia into the EU on July 1, wants to boost the economy after four straight years of recession. Foreign Direct Investment has plummeted after hitting a record of more than €4 billion in 2008. “This law... will speed up the procedures for obtaining licenses, which will not exceed 30 days. It will also be possible to penalize (state) institutions if they fail to respect the deadlines,” Deputy Prime Minister Branko Grcic told a Cabinet meeting.

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