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The Government of the Republic of Serbia

In the service of citizens

Region needs new model of economic growth

Belgrade/London, 26 February 2018

Prime Minister Ana Brnabic took part today at the panel of the prime ministers of the Western Balkans, within the framework of the Western Balkan Investment Summit organised by the European Bank for Reconstruction and Development (EBRD) in London.

Brnabic talked about the priorities of Serbia, the vision and importance of regional cooperation and regional projects, and presented the opportunities and advantages of investing in Serbia.

She said that the signing of the Agreement on the Transport Community of South-East Europe, as well as the support of all parties for Belgrade to be the seat of the Secretariat of the Transport Community, have shown the importance of the projects that connect the region in the best way.

Regional infrastructure linking is Serbia's priority in the coming period, the Prime Minister emphasised.

In addition to infrastructure projects, Brnabic stressed the importance of the gas interconnection between Serbia and Bulgaria, which should contribute to the long-term energy security of the entire region, and the significance of this project can be seen from the fact that it will be co-financed with funds from IPA worth around €50 million.

In her address to investors and businessmen, the Prime Minister said that the region needs a new model of economic growth, based on higher productivity and investment, increased exports and the strengthening of the role of the private sector.

Strengthening political and economic cooperation will contribute to a better position of the region on the global investment map, and EU membership is a common goal of all in the region, the Prime Minister emphasised.

She added that the region needs more private investment and increased exports in order to achieve sustainable economic growth, and in particular increase the share of high-tech products in exports.

The Prime Minister underlined that Serbia has the most foreign direct investments of all in the Western Balkans.

According to her, structural reforms and improvement of the business and investment climate contributed to the high rate of foreign direct investment, which amounted to €2.6 billion last year, which is 27 percent more than the previous year.

She said that from 2000 to 2016, the total amount of foreign direct investment in Serbia was higher than in the rest of the region ($30.3 billion in Serbia out of a total of $55.5 billion in investment across the region).

The Prime Minister of Serbia said that for attracting new investment, competent and qualified people are crucial.

Brnabic pointed out that this is precisely why one of the government's priorities is reform of the educational system and professional training in the field of IT, giving Serbia a chance to become the leading force in the IT sector in the region.

The future of the Western Balkan region is its youth, and therefore, connecting them through the Regional Office for Youth Cooperation is of great importance for strengthening the dialogue, cooperation and preserving stability in the region, the Prime Minister of Serbia said, adding that another important pillar for sustainable development and progress of the region is culture, which has always connected the citizens of the Western Balkans.

The London summit was opened by EBRD President Suma Chakrabarti, Boyko Borisov, Prime Minister of Bulgaria, which heads the EU Council and UK Secretary of State for Digital, Culture, Media and Sport Matt Hancock.

After the panel of the prime ministers, Brnabic attended the presentation of the on-line Regional Investment Platform.

The aim of the platform is to promote the region of the Western Balkans as a unique investment destination and is designed to inform potential investors about investment opportunities and encourage transparent business.