Croatia eyes Azerbaijan as hub for its exports

Azerbaijan, which enjoys advantageous geographic location at a crossroads between East and West and developed transport infrastructure, may soon become a hub for export of Croatian production.

Croatian Bank for Reconstruction and Development (HBOR) has expressed its interest in the export of domestic production to Azerbaijan and other countries of the region.

Head of Export Credit Insurance Department at HBOR Ante Alich told Trend that the Bank may provide financial assistance to Croatian exporters, who will be engaged in trade operations with Azerbaijan.

In addition, the Bank may provide insurance services and secure Croatian entrepreneurs from possible risks of nonpayment by Azerbaijani companies.

Alich mentioned that the Bank has an experience in working with Azerbaijan, adding that HBOR is interested in expanding its activity in the country.

The Bank cooperates with pharmaceutical companies in Azerbaijan, particularly it provides a guarantee for a number of Croatian companies, engaged in the export of pharmaceutical production to Azerbaijan. Moreover, the institution is interested in cooperation in other spheres, including shipbuilding, construction and transport.

Along with that, HBOR is also interested in supplies of Croatian output to other countries of the region through Azerbaijan.

Alich went on saying that the Bank may also provide loans for Azerbaijani companies interested in the purchase of goods and services from Croatian companies, as well as in the export of Croatian production to other European countries, mentioning that the main criterion is 40 percent share of Croatia in the capital of produced output.

Azerbaijan and Croatia enjoy good opportunities for expanding cooperation in different fields, including ICT, shipbuilding, energy sector, food and pharmaceutical industry.

The trade turnover between the countries amounted to $191.98 million in January-September 2016, which is an increase of 72.7 percent compared to 2015, while Azerbaijan imported production worth 50.67 million manats ($ 31.10).

Croatia ranks the 13th in the list of main importers from Azerbaijan.