World Bank officials, who on Tuesday attended a session of the Council for Slavonia, Baranja and Srijem, outlined a set of recommendations and tips for the improvement of the local economy, and pointed out that currently the information and communication technology (ICT) sector was the only branch that was generating a significant operating profit.

During the presentation of the bank’s report on strategic diagnoses of Slavonia, Baranja and Srijem and recommendations for growth, with emphasis on the ICT sector, the bank’s representatives said that the economy of the five Slavonia counties was concentrated on a few potential growth sources: the food-making and processing industry, the timber sector, tourism and transport. However, all of them, except the ICT sector, currently have low operating profits.

Austin Kilroy of the World Bank, who presented the document, said that Slavonia should find competitive niches in software development and cloud computing, including mobile applications and hybrid industries as well as disruptive technologies.

The document also proposes that Croatia should conclude double taxation avoidance agreements with the USA and other important markets and define rules for work at home jobs.

The World Bank advises the counties and municipalities to join their resources to improve the quality and volume of investments.

The bank also suggests that initiatives of ministerial departments should be adjusted for stronger synergy effects.

One of the proposals is to set up an investment hub for Slavonia, Baranja and Srijem and establish target investment funds.