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British American Tobacco largest foreign investor in Croatia

Written by  Sep 29, 2020

British American Tobacco (BAT) is the largest foreign investor in Croatia in the last five years, according to a study by the analytical company Oxford Economics on the economic impact of BAT on the Croatian economy.

After BAT's investment of almost 4.2 billion Kuna when TDR was taken over, the company has invested an additional 490 million Kuna in the past five years and continued to increase production, employment and exports.

A total of HRK 4.7 billion in investments means that BAT generated almost 20 percent of total foreign investments in Croatia in the period from 2015 to the end of 2019, the analysis states.

Oxford Economics notes that BAT supports a number of domestic sectors through its operations, directly through its own factories in Kanfanar and Virovitica and the iNovine retail chain, and indirectly through the distribution network, purchase of tobacco from farmers, transport, all the way to the financial and utility sectors and other service sectors.

The analysis also states that the total contribution of BAT's operations to Croatian GDP at the end of 2019 reached HRK 455 million, which is 52 percent higher than TDR's contribution in 2015.

A further HRK 158 million contribution to GDP, as stated, was made through the BAT supply chain, of which as much as HRK 96 million went to the purchase of tobacco from domestic farmers in Virovitica-Podravina and Požega-Slavonia counties.

 

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