This article covers trade between India and Croatia, the goods each country sells to the other, direct investment in both directions, the companies from each country that are active in the other, and the economic agreements and joint bodies set up by the two governments. It is based on the MEA brief on India-Croatia relations of March 2026.

Bilateral trade

According to the MEA brief of March 2026, the latest available figures for India's trade with Croatia, from the Department of Commerce in India's Ministry of Commerce and Industry, are those below. The brief presents them as Croatia-India bilateral trade in millions of dollars, with exports and imports given from Croatia's side.

  • 2020: Croatia's exports $31.90 million, Croatia's imports $137.47 million, total trade $169.37 million
  • 2021: Croatia's exports $72.25 million, Croatia's imports $365.38 million, total trade $437.63 million
  • 2022: Croatia's exports $54.81 million, Croatia's imports $459.36 million, total trade $514.17 million
  • 2023: Croatia's exports $118.14 million, Croatia's imports $219.54 million, total trade $337.68 million
  • 2024: Croatia's exports $70.0 million, Croatia's imports $318.45 million, total trade $388.45 million
  • 2025: Croatia's exports $73.54 million, Croatia's imports $332.55 million, total trade $406.09 million

Goods traded

India's exports to Croatia include pharmaceuticals and chemicals, orthopaedic appliances, ceramics, medical devices, iron and steel, clothing, aluminium, electrical transformers and coffee. India's imports from Croatia include vessels and other floating structures for breaking up, electrical equipment and machinery, chemicals, and wood.

Direct investment

The brief cites the latest available figures published by the Croatian National Bank. As of those figures, Indian total direct investment into Croatia during the period 2001 to Q3 2025 amounted to Euro 56.54 million, while Croatia had Euro 5.60 million of direct investment into India in the same period.

Indian companies in Croatia

The brief notes that, although Croatia is a small market, some Indian companies are present there:

  • ACG World Wide acquired Lukaps (Ludbreg) in 2007 and has since become a major supplier of gelatine capsules to the EU. In April 2017 it also acquired IN2 Trace, a Croatian IT company specialising in pharmaceutical serialisation solutions.
  • Capital Group of India has invested in the agro and real estate sector in Croatia through its Croatian subsidiary, Karma Group. Karma Agro signed an MoU with the Government of Petrinja that envisages investments of up to €50 million in hazelnut, walnut and chestnut plantations in the Petrinja area.
  • Orient Green Power (Europe), owned by Orient Green Power (Chennai), invested in the construction of wind power plants near Sibenik in 2011.
  • The Infosys Engineering Delivery Centre in Karlovac was officially opened in 2017 after Infosys took over GE engineering operations, with 100 qualified engineers. The brief describes it as the main near-shore centre for Europe.

Two other deals link Croatian firms with Indian suppliers or partners. JGL, a Croatian pharmaceutical company, signed two five-year licence agreements with Dr. Reddy's in 2017. In November 2019 the Croatian-Hungarian trading company A&A BIOENERGY VIRO invested in a wood biomass cogeneration plant of 3 MW electric power output at the Antunovac Entrepreneurial Zone in Virovitica, which uses an Indian turbine purchased from TRIVENI TURBINES Ltd.

Croatian companies in India

  • Altpro, which specialises in research, development and production of safety and signalling equipment for rolling stock and infrastructure, signed a contract with the Indian company Sigma, owned by Texmaco, to supply its "Train Detection System" with transfer of technology (ToT). In October 2020 the joint venture was awarded a Euro 5.3 million contract by Indian Railways for supplying signalling equipment.
  • Končar, a Croatian engineering company, signed several contracts with Indian industrial groups such as Jaypee and Virgo, and is involved in some small hydro power projects in India.
  • Infobip, one of Croatia's leading IT companies, has done business with Indian companies since 2009 and has offices in New Delhi, Mumbai, Bangalore and Pune.
  • Telegra, a Croatian artificial intelligence traffic management company, installed an Electronic Toll Collection System (ETCS) on a highway in India and exported Croatian road traffic signalling equipment to India.
  • MM Farmachem, a Croatian pharmaceutical company, has done business with Indian companies since 2004.

Economic agreements

The brief lists the following agreements in the economic, financial and shipping fields:

  • Maritime Transport Agreement (1997)
  • Cooperation between Croatian Bank for Reconstruction and Development (HBOR) and EXIM Bank of India (2000)
  • Cooperation between Export Credit & Guarantee Corporation of India Ltd. (ECGC) and HBOR (2002)
  • Agreement on Double Taxation Avoidance (2014)
  • Trade and Economic Cooperation Agreement (2017)

Joint Commission on Economic Cooperation

The Joint Commission on Economic Cooperation (JCEC) works under Article III of the Agreement on Economic Cooperation between the two governments, signed on 14 February 2017. The first session of the Joint Commission met in New Delhi in November 2017.

The second session was held in virtual format on 13 October 2022. It was co-chaired by Ms. Nidhi Mani Tripathi, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, on the Indian side, and by Ms. Nataša Mikuš Žigman, State Secretary, Ministry of Economy and Sustainable Development of Croatia. According to the brief, the 3rd session of the JCEC is under consideration by both sides.