Croatia Ministry of Tourism Reports on Investments

In news from the Croatia Ministry of Tourism, investments in Croatian travel for 2013 may reach as much as €400 million euro, according to Minister Veljko Ostojic.

Helped by the Croatian Bank for Reconstruction and Development, public and private investment in the industry will see new lines of credit created, as well as a reduction in the VAT on tourism. New legislation will reduce the VAT to 10% to facilitate more investment and stimulate growth in the already positive tourism industry for the country.

A newly created Investment and Competitive Agency will further increase investment opportunity, and a law on land use for tourism will further help by eliminating hurdles associated with campsites and etc. According to Ostojic, HBOR has approved loans for nearly €60 million in the first half of this year.

In supportive news, this Financial Times report speaks of a Croatia tourism sector that fought back from crippling branding and reputation issues after war ripped through the Balkans. The government, in conjunction with the private sector, has maintained the cultural and historic perspective of the country, while spurring growth across the industry. Tourism accounts for roughly 11 percent of Croatia’s GNP.