New Strategic Framework: a basis for a safer and more liquid capital market
The National and University Library in Zagreb has hosted a public presentation of the Strategic Framework for Capital Market Development in the Republic of Croatia 2025 to 2030 and the accompanying Action Plan. In addition to the Ministry of Finance, the Croatian Financial Services Supervisory Agency (Hanfa) has been assigned a key role in the drafting and implementation of this document.
President of the Hanfa Board Ante Žigman emphasised that the aim of the Strategic Framework is to improve the liquidity of capital markets, encourage greater involvement of retail investors and ensure market stability and security. "The capital market is the bloodstream of the economy, and this strategic document is a crucial step towards creating a more dynamic and resilient system that will attract investors and ensure stable economic growth," said Žigman.
Focus on digitalisation and modernisation
He also stressed the importance of digitalisation in the process of modernising capital markets: "Digital tools contribute significantly to efficiency, transparency and analytical possibilities. Hanfa will play an active role in optimising the regulatory framework to create better conditions for investors."
The strategic framework defines five key levers for development: regional integration, digitalisation, improving corporate governance, increasing liquidity and developing new investment instruments. These measures aim to create an encouraging environment for investors and issuers.
Minister of Finance: Capital market is the key to growth
The event was opened by Deputy Prime Minister and Minister of Finance Marko Primorac, who pointed out that the development of capital markets is one of the priorities of economic policy. “The overall strategic objective we will strive to achieve through this strategic framework and the accompanying action plans is to receive the qualification as an emerging market. This would make the Croatian market more attractive to global investors, and, at the same time, it would be an incentive for domestic companies, economic growth and development of the domestic capital market as a whole," said Primorac.
In addition to the representatives of the Ministry of Finance and Hanfa, the attendees also heard speeches by Ivana Miličić and Daniel Lenardić from the European Bank for Reconstruction and Development (EBRD), Maja Bešević Vlajo from the CFA Society Croatia, Tomislav Gračan, member of the Management Board of the Zagreb Stock Exchange, Stjepko Čičak, member of the Management Board of the Central Depository and Clearing Company (CDCC), and Eva Horvat, Deputy President of the Association of Investment and Pension Funds at the Croatian Chamber of Economy. Their contributions confirmed the importance of coordinated action by all stakeholders.
Invitation to participate in e-Consultations
The Strategic Framework is now entering the public consultation phase; therefore, all interested stakeholders are invited to participate via e-Consultations. The Ministry of Finance, Hanfa and the EBRD pointed out that further cooperation with market participants will be crucial in the implementation of the Action Plan measures.
"This is not the end, but the beginning of the implementation of concrete reforms," concluded Žigman, stressing that Hanfa remains committed to improving the regulatory framework in order to help capital market become a key pillar of the Croatian economy.
