Croatia’s Megawatt Velika 1 Geothermal Power Plant to Boost Economy

Zagreb, Croatia - The construction of the Megawatt Velika 1 geothermal power plant is expected to have a significant impact on Croatia’s economy. The project has attracted foreign investment and created new job opportunities in the country.

Pharmaceutical Industry Growth

The pharmaceutical industry has been a major contributor to Croatia’s economic growth, with several international firms establishing bases in the country. Experts forecast continuing growth in the sector, with pharmaceutical preparations accounting for most of this.

Fintech Industry Booms

Croatia has also seen significant growth in its fintech industry, with the government founding regulatory innovation hubs to manage the fast-moving sector. The neo-banking sector is expected to grow its revenue by 51.3% in 2023, while digital payments could reach a transaction value of $5.65 billion by 2027.

Regulatory Environment

The Croatian government has set up regulations for businesses to support economic growth and protect consumers. These regulations include:

Company law
Employment law
Consumer protection law
Competition law
Data protection law

Payment Solutions

For businesses looking to accept payments from customers in Croatia, there are several options available. APEXX, a payment technology firm based in London, offers an all-around solution for Croatian merchants to simplify their payment systems.

APEXX’s Payment Orchestration Layer (POL) is a hub for multiple payment service providers, offering features such as:

Smart routing
API integration
Pre-built plugins to help integrate POL into existing point-of-sale systems and websites

Buy Now, Pay Later

The buy now, pay later (BNPL) market has seen significant growth in Croatia, particularly among tech-savvy millennials and Gen Z. However, experts warn that the trend could lead to an increase in unsustainable consumer debt.

As an EU member, Croatia adheres to regional guidelines to manage the BNPL market, including:

Assessing each client’s creditworthiness before approving loan applications
Informing borrowers of total costs upfront

Conclusion

The construction of the Megawatt Velika 1 geothermal power plant and the growth of Croatia’s pharmaceutical and fintech industries are expected to have a significant impact on the country’s economy. With its favorable regulatory environment, payment solutions, and growing BNPL market, Croatia is poised for continued economic growth in the coming years.

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