Todoric said that Vupik's total earnings in 2009 were estimated at HRK 150 million, and Agrokor was planning to see to it that Vupik's total earnings be about HRK 1 billion in three years' time.

Vupik was merged officially with Agrokor on Wednesday, and salaries were paid to its employees today, with the company's accounts being unblocked, Todoric said.

He pledged that Agrokor would fulfill its commitments stemming from the acquisition agreement and that it would invest some HRK 500 million into the Vukovar company.

At the end of 2009, Agrokor acquired 87.98 per cent of Vupik's shares after the Croatian Privatisation Fund (HFP) in September 2009 published an invitation for bids for the purchase of that stock in the agribusiness at the initial price of one kuna. The private concern undertook to pay HRK 30 million for that stock, and to service 20 per cent of Vupik's due obligations to the state creditors in the amount of HRK 50-60 million.

Agrokor committed to retaining 847 workers on Vupik's payroll in the next three years and to providing them with 25 per cent plus one share of the company. Agrokor also pledged investments of HRK 430 million into Vupik in the next five years.

Trade unionists also okayed the agreement which was endorsed by the government in mid-November 2009.

Speaking at today's ceremony in Vukovar, Kosor said Croatia's economy would make small but certainly positive progress by the end of this year.

Apart from economic measures we outlined yesterday, we will step up the pace and there are some more proposals as to how the Croatian economy could recover, she said.