Croatia has received less than 440 million foreign investments last year or as much as it had just following the war in 1996.

Economists' estimates do not foresee a better near future – an analysis predicts Croatia could attract between 400 and 500 million Euros of foreign investment in 2011.

Zdeslav Santic from Splitska Banka says the country might need five years to return to pre-crisis years when it comes to foreign investment. He points to a relatively expensive workforce and numerous administrative barriers as the main turn-off factors for potential investors.

Croatian Employers Union (HUP) warned last year that 20 big investments are on hold because of bureaucratic barriers. Together they could employee the workforce the size of Karlovac, daily Jutarnji List writes.

Although the government may be working on attracting foreign investments, Croatians seem to be sceptical of it.

Research conducted by European Bank for Reconstruction and Development (EBRD) has shown that despite a large number of unemployed, the Croatian public is wary of foreign investment – only 10 per cent of the surveyed say that they trust it, the daily writes.