A majority of companies which are members of the German-Croatian Chamber of Industry and Commerce estimate that the war in Ukraine will adversely affect their business in the future.

The German-Croatian Chamber of Industry and Commerce carried out a survey between 22 March and 22 April this year among 32 of its members to examine the possible impact of the Ukraine conflict on their business.

The survey revealed that at this point the situation in Ukraine was not having a negative effect on the operation of 55 per cent of the companies. However, 70 per cent of them believe that its impact will be negative in the future.

The vast majority of the companies (84 per cent) do not have suppliers in Ukraine, 87 per cent do not have buyers and 78 per cent do not have subsidiaries there. Similar figures were revealed for their suppliers, buyers and subsidiaries in the Russian Federation.

Also, 90 per cent of the companies estimate that the war in Ukraine will have a certain effect, possibly a strong one, on the Croatian tourism industry this year, while 10 per cent believe the impact on this year’s tourist season will be insignificant.

“The entire economy at global level will be affected by increased energy prices. We need to redefine our relationship with the Russian Federation and separate our energy needs from unilateral energy dependence,” said Thomas Sichla, President of the German-Croatian Chamber of Industry and Commerce.