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November 17th, 2008
Varazdin has long been famed for its baroque architecture but now it appears that this thriving town in the north of Croatia can teach a lesson or two about how to run a local economy. A recent article in the Financial Times noted admiringly that this former Croatian capital has one of the lowest unemployment rates in the region–4.5%.
The town’s dynamic mayor created an “industrial zone” in 2000 sparking an economic renaissance that is the envy of Croatia. Ten factories set up shop within four years including the textile and fashion company, Varteks, which employs 3300 workers. The largest domestic financial group, Fima, is another Varazdin production, managing €500 million in assets.
Now Varazdin finds itself in the enviable position of having an actual labor shortage, to add to its notorious tourist shortage. It’s not on the way to the Croatian coast so Varazdin gets far fewer visitors than it deserves. The revenue the town generates has gone a long way toward restoring an exquisite town centre, replete with impeccably crafted baroque buildings in a multitude of colors. Varazdin is an easy day trip from Zagreb so, please, head north for a spell before zooming south.
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