NEWS

Zagreb, February, 2016. – Mladen Fogec, CEO of Siemens Croatia and the former president of the Foreign Investors Council in Croatia, was elected as the new President of the Council at the Election Assembly with a mandate until 2018. Mladen Fogec will continue to work at the head of the Foreign Investors Council on improving the investment climate in Croatia and strengthening cooperation with state bodies, business associations operating in Croatia and creating closer ties among existing investors and those who are yet to come to the Croatian market.

New Vice-Presidents of the Council that were elected are Zoltán Áldott, President of the Management Board of INA and Viktor Pavlinić, Board Member and Chief Financial Officer of Tele2. Along their side the Council elected two new members of the Board of Directors; Michael Georg Müller, Chairman of Management Board of Raiffeisenbank Austria and Marijana Bubalo, Director of Corporate Affairs at Philip Morris Zagreb. New members of the Council were also presented at the Assembly, and they are: Raiffeisenbank Austria, Triglav insurance, SGS Adriatica, TMF Croatia, PricewaterhouseCoopers and KPMG Croatia.

The work of the Council in the past year was presented by the Secretary General Igor Zgrabljić who also announced an international conference on foreign direct investment to be held in June this year in cooperation with the Foreign Investors Council and the Embassies of the most competitive countries in the world, with the aim of presenting the world's best practice in attracting foreign direct investment.

At the Assembly of the Council the members discussed about their plans for investments of which stands out the planned investment of INA in the plant for processing heavy residues in Rijeka Refinery, whose value was estimated at $ 400 million. This investment would be one of the largest in the history of Croatia as well the largest investment of INA to this date, and whose implementation will largely depend on the strategic partnership with the Croatian Government, stable and predictable regulatory framework and the efficiency of state administration.