Fifthly, SACE argued that, when it created SACE BT in 2004 so as to enter the short-term export-credit market, the management expected a sufficient profitability to be achieved from the capital invested through a three pillars strategy (33) relying on organic growth in credit insurance business (of start-up character for which the initial business plan contains four years forecast) for the first pillar, on ancillary activities to the credit insurance (other types of insurance or services), potentially including acquisitions of other firms, in Italy (diversification in terms of business lines) for the second pillar and on geographical exp ...[+++]ansion through acquisitions of companies operating abroad (geographical diversification) for the third pillar.

In particular, in the invitation to tender to the external consultant, SACE requested the presentation of a limited number of scenarios (maximum 2), which should envisage an endogenous growth of SACE using its own resources and means and a collaboration with other entities, either Italian or foreign which might include various options such as a collaboration with one of the biggest market players, a collaboration with a secondary player (e.g. CESCE — Spain, OND — Belgium) and a collaboration with an Italian player operating in another market segment or in another financial sector.

recalls that for this local and regional development to be viable, the contribution of local and regional authorities (LRAs), which have proven to be key players in ensuring local and sustainable growth, is crucial;

supporting employment-friendly growth through the development of endogenous potential as part of a territorial strategy for specific areas, including the conversion of declining industrial regions and enhancement of accessibility to, and development of, specific natural and cultural resources.

Objectives 2 and 5(b): The measures to support growth and locally-generated development by expanding human resources aroused considerable interest.

Given the reasonably high investment share (24.8% of GDP in 2002), declining government deficits and domestic-driven growth, Croatia should demonstrate a fairly good resilience to external shocks.