These figures were presented at a Croatian-Serbian business forum which was held in Zagreb on Thursday, bringing together managers and owners of more than 70 companies from Serbia as well as representatives of about 70 companies from Croatia.

According to statistics by the Croatian National Bank, Serbia ranks third on the list of Croatian investments abroad, following the Netherlands and Bosnia and Herzegovina.

According to figures released by the Serbian National Bank, Croatia is 14th on the list of foreign investors in Serbia.

Serbia's direct investments in Croatia total EUR 5.4 million, according to the latest figures.

The biggest individual Croatian investor in Serbia is the Agrokor food and retail group with its acquisitions of the Frikom company and the Diamant cooking oil plant.

By acquiring the Slovenian Droga Kolinska company, Croatia's Atlantic Grupa has become the owner of three companies in Serbia - Soko Stark, Grand Kafa and Palanacki Kiseljak.

The Varazdin-based Vindija food maker has bought the Serbian Lajkovac dairy.

Nasice Cement has purchased three Serbian firms and the Dukat company has become a strategic partner of the Somboled from Sombor.

According to figures published by the Serbian trade ministry, the biggest Serbian investment in Croatia has been the acquisition of the Sisak-based "Eurofood Market" by the Swisslion Takovo Concern at the price of EUR 20 million.

Trade between Croatia and Serbia hit a record high of US$ 1.2 billion in 2008, with Croatia's surplus of $350 million.

In the first nine months of 2010, trade between these two neighbours totalled $527.6 million, rising nine percent in comparison to the first nine months of 2009. Croatia's exports to Serbia went down by 15.8 percent to $318.3 million and its imports went up by 6.1 percent to $209.3 million.