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WT/ACC/HRV/5 29 March 1996 ORGANIZATION (96-1156)

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WT/ACC/HRV/5 29 March 1996 ORGANIZATION (96-1156) RESTRICTED WORLD TRADE WT/ACC/HRV/5 29 March 1996 ORGANIZATION (96-1156) Original: English ACCESSION OF CROATIA Communication from Croatia The Ministry of Economic Affairs of the Republic of Croatia has submitted the following Supplementary Note to the Memorandum on the Foreign Trade Regime of Croatia. _______________ WT/ACC/HRV/5 Page 2 Supplementary Note to the Memorandum on the Foreign Trade Regime of the Republic of Croatia (Update) In 1994 and 1995 the transformation process of Croatian economy into a market economy based on private ownership was continued. Service industry and particularly financial and business services typical of a market economy were intensified. In 1995, the share of services in the total added value reached 63.6 per cent. The rise of small businesses has contributed to continued changes of the market structure. By the middle of 1995, the number of businesses increased by approximately 70 per cent in relation to the situation at the end of 1993. The share of private businesses in total enterprises grew to 95.2 per cent. By the middle of 1995, the private sector realized 54 per cent of the total added value and employed 55 per cent of the total number of employees. The build up of the legal and institutional framework appropriate to a market economy has continued as well. The enactment of new labour, investment fund and securities legislation has laid the legal foundation of the labour and capital markets. Trends in the economy Due to a successfully implemented stabilization programme from October 1993, throughout 1994 and 1995 the inflation has been brought down to 3 per cent. Tax system reform and a stringent public spending policy have balanced out our public finances. The 1994 budget had a surplus equal to 0.6 per cent of the GDP and a 0.8 per cent deficit in 1995. By introducing value-added tax on 1 January 1997 Croatia will have adjusted its tax system to the European tax system. The stabilization of the macroeconomic framework have created preconditions for breaking the fall of overall business activity. In 1994 and 1995 gross domestic product grew by 0.8 per cent and 2.7 per cent respectively. Nevertheless, the increase of business activities has had no impact on the total employment rate because of a high level of underemployment in most branches of the economy. As a result, a high unemployment rate has been maintained. A significant increase in goods exports and a partial recovery of tourism in 1994 offset an increase of imports on the current account balance. However, in 1995 a significantly higher level of consumer demand and investments in comparison to 1994 resulted in a current account deficit of 10 per cent of the GDP. This deficit was mostly financed by an influx of short-term capital into the private non-banking sector. In 1994 and 1995 Croatia's international liquidity improved significantly. Foreign exchange reserves grew 2.5 times since the end of 1993, reaching US$3.3 billion by the end of 1995, equalling Croatia's total allocated foreign debt. An agreement has been worked out on rescheduling a part of foreign debt with the Paris Club of Creditors, while talks with the London Club are under way. Firm commitment to continue market reforms and the successful macroeconomic stabilization have created prerequisites for establishing closer relations with international financial institutions as well as for further integration of Croatia into the international economic and financial community. After the successful termination of the stand-by arrangement with the IMF in 1995, negotiations for an extended fund facility are taking place to support the Government's activities in the field of FOREIGN INVESTMENTS IN CROATIA FOREIGN INVESTMENTS IN CROATIA 1991-1995 (IN PRIVATIZATION PROCESS) Country Purchaser Company HQ Sector Amount Book value Equity invested (DM) purchased (DM) stake (%) Hofmann & Pankl Beteiligungese Stra a d.d. Hum na Sutli Glass 57,054,200 57,054,200 82.18 Messer Griesheim Montkemija d.d. - tehnicki Zaprešic´ Exploring 24,900,800 plinovi Business Consulting Ltd. PIK Vrbovec-Mesna Vrbovec Meat product. 8,298,900 8,298,900 9.39 industrija d.d. Austria Business Consulting Ltd. Prerada d.d. Split Brewing 7,034,000 7,034,000 16.01 Franz Haas Waffelmaschinen I.G. Unit-V d.d. Vara diniske Toplice Metals 1,850,000 1,850,000 29.69 Kaminwerke Schiedel Proizvodnja dimnjaka d.d. Novi Golubovec Stone processing 1,650,000 1,650,000 Kucifer Sloga d.d. Zagreb Wholesale 20,600 20,600 1.10 Total 7 7 100,808,500 75,907,700 Societte Suisse De Ciment Portland S.A. Tvornica cementa Koromacno Cement 55,000,000 55,000,000 50.71 Koromacno d.d. Trioinvest Dalmacijacement d.d. Kaštel Sucurac Cement 25,200,000 42,000,000 15.00 Elektro-Geraete A.G. Elektrokontakt d.d. Zagreb Electric eq. 15,075,876 15,075,800 36.39 Switzerland SGS Societe Generale De Survil ISCO d.d. Rijeka Consulting 714,000 714,000 97.28 Tibora S.A. Vigo d.d. Vara din Leather 619,000 619,000 22.65 Tibora S.A. Mogal d.d. Vara din Health care 443,500 443,500 48.10 Balex A.G. Croatia auto d.d. Zagreb Trade 6,630 7,500 43.10 Total 6 7 97,052,376 113,852,300 Country Purchaser Company HQ Sector Amount Book value Equity invested (DM) purchased (DM) stake (%) Sweden Telefonaktiebolaget LM Ericsson Tesla d.d. Zagreb Electronics 70,000,000 Total 1 1 70,000,000 Belgium Interbrew S.A. Zagrebacka pivovard d.d. Zagreb Brewing 40,415,800 30,707,900 74.82 Total 1 1 40,415,800 30,707,900 Heidelberger Zement Istracement International Pula Cement 15,000,000 15,000,000 25.00 d.d. Siemens AG ATM d.d. Zagreb Measurement eq. 9,290,300 9,290,300 43.95 Ireks GmbH Ireks Aroma (Chromos- Zagreb Chemicals 6,300,000 6,292,700 64.78 Aroma) d.d. Germany Forina Agkar und Holehandlisge Teina d.d. Osijek Food 4,869,000 4,869,000 30.75 ICC Inter Consult Consortium Adriainspekt d.d. Rijeka Consulting 811,600 811,600 50.57 MK-Baugesellschaft Z.M.T. d.d. Zagreb Foreign trade 764,290 664,600 50.00 Karlsberg Braverei KG. Weber Zagrebacka pivovara d.d. Zagreb Brewing 700,000 700,000 1.71 Buakbu Bojoplast d.d. Pula Constructing 286,500 286,500 33.21 Total 8 8 38,021,690 37,914,700 The Coca Cola Export Corporation Coca Cola Bottlers d.d. Zagreb Brewing 17,643,787 17,643,787 66.67 The American Croatian Investment Group Hotel Dubrovnik d.d. Zagreb Hotel business 7,500,000 7,415,500 27.76 Croatian-American Enterprises Inc. Zadranka d.d. Zadar Retail 6,500,000 6,187,400 30.42 U.S.A. Globtrade USA INC PIK Vrbovec-Mesna Vrbovec Meat prod. 3,707,000 3,707,000 4.19 industrija d.d. Jelena Shipping Company Limited Biserka d.d. Zagreb Chemical 1,771,700 1,771,700 47.84 American Energy Product Co. Termika, Novi Marof d.d. Novi Marog Non-metals 277,200 277,200 2.20 Total 6 6 37,399,687 37,002,587 Country Purchaser Company HQ Sector Amount Book value Equity invested (DM) purchased (DM) stake (%) Grassetto Nederland B.V. AMSTE Adriatic Yacht Club d.d. Opatija Maritime 28,447,000 28,447,000 26.79 Holland J. Gosschalk & Zoon B.V. PIK Vrbovec-Mesna Vrbovec Meat process. 1,657,600 1,657,600 1.88 industrija d.d. Total 2 2 30,104,600 30,104,600 Tuborg Karlsberg A.G. Podravka d.d. Koprivnica Brewing 5,600,000 5,600,000 Siemens A.G. Rade Koncar- Zagreb Electric eq. 4,056,000 4,056,000 1.00 Elektroindustrija d.d. Denmark Hempel's Marine Paints Hempel d.d. Umag Chemicals 3,414,300 3,414,300 39.00 Danski fond za investicije Podravka d.d. Koprivnica Brewing 2,800,000 2,800,000 Henry Degenkolbf Gmbh & CIE Unijatrade d. o. o. Zagreb Foreign trade 23,848 28,056 33.33 Total 5 4 15,898,148 15,898,356 Liechtenstein Southern Breweries Estalishment Karlovacka pivovara d.d. Karlovac Brewing 15,300,000 15,112,600 30.48 Total 1 1 15,300,000 15,112,600 Societa Italiana Acetilene & D Montkemija Rijeka d.d. Bakar Chemicals 4,056,000 4,056,000 1.00 Italy Globtrade Italiana S.P.A. PIK Vrbovec-Mesna Vrbovec Meat process. 2,505,500 2,505,500 2.50 industrija d.d. Sicad Sipro d.d. Umag Chemicals 500,000 500,000 26.18 Total 3 7,061,500 7,061,500 Lek Medica d.d. Zagreb Trade 1,133,000 1,133,000 7.50 Krka Medika d.d. Zagreb Trade 1,063,000 1,063,000 7.04 Jugotekstil Tekstilna industrija Zadar Zadar Textile 428,600 428,600 1.14 d.d. Merkator-Nanos Merkator-Nanos-Opskrba Cabar Trade 400,900 400,900 31.46 d.d. Slovenia Marles Holding d.d. Marles Gmp Monter Vinkovci Construction 228,245 228,245 100.00 d. o. o. Metalna Ingra d.d. Zagreb Construction 131,600 131,600 3.29 Gradis Ingra d.d. Zagreb Construction 94,000 94,000 2.35 Litostroj Ingra d.d. Zagreb Construction 72,300 72,300 1.81 Tekol Ingra d.d. Zagreb Construction 2,200 2,200 0.06 Country Purchaser Company HQ Sector Amount Book value Equity invested (DM) purchased (DM) stake (%) Biro 71 Ingra d.d.
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