The future of Croatia’s economy lies in innovative industries, the country’s economy minister said on Saturday, addressing the 23rd annual conference on economy and entrepreneurship in the coastal town of Vodice.

Minister Darko Horvat said the aim was to encourage production investments, the development of industries and the export-oriented economy as well as creative and technological innovations.

The three-day conference that brought together over 350 participants focused on how to make Croatia a country of innovations, investments, industry and exports.

The participants discussed the possibilities of creating a stimulating climate for entrepreneurial activities and boosting Croatia’s competitiveness.

“To that aim, we have, in cooperation with the HAMAG-BICRO agency, invested 22 million Kuna into innovative entrepreneurial projects,” the economy minister said, adding that the future of the Croatian economy lies in innovative industries.

Currently, investments in R&D amount to 0.86% of GDP, while the target is 1.4% of GDP in 2020, the Minister said. Croatia is striving to reach the European average of 2.5% of GDP spending on investments in R&D until 2024, he added.

1 EUR = 7.40 Kuna