Croatia enters European Union

Croatia was added into the European Union (EU) on July 1, 2013 making the total number of member states in the EU to 28. Croatia is the second country from the once war-torn former Yugoslavia to enter the bloc. It negotiated with the EU for more than 6 years after the bloc agreed to embrace it.

Croatia which is struggling with its economic woes has joined the EU amid concerns whether the country is fully prepared to face the fierce competition of the open market. The economy has been battered by the ongoing financial crisis and owing to structural weaknesses that yet need to be addressed by reforms.

From this event Croatia is hopeful that it will help to lift many people out of poverty and modernzse the economy. Croatia will also receive funds from the EU to build roads, clean up the environment and increase research and development.

However, there are concerns that tough EU competition will shut down or buy out parts of the national economy. There is concern about whether EU membership will lure immigrants seeking work, which could put the reeling labour market under even more pressure.

Month:,  Categories: International

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India-UK decide to develop Economic Corridor together

India and United Kingdom have decided to collaborate to develop the Bangalore-Mumbai Economic Corridor (BMEC)project in close association with private companies from Britain.

Both sides have agreed to examine and evolve the modalities and content of this project through mutual discussions and work out a roadmap for a possible partnership in this area.

In addition to this, India has also offered to UK, investment or partnership opportunities in the National Manufacturing and Investment Zones (NIMZs). . NIMZs are proposed to be developed as green field industrial townships and benchmarked against the best manufacturing hubs in the world.

The new National Manufacturing Policy aims to create 100 million jobs and increase the share of manufacturing in India’s Gross Domestic Product from 16% now to 25% by 2022.

Month:,  Categories: Business, Economy & Banking

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