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The Government of the Republic of Serbia

In the service of citizens

Task of every government is to create favourable business environment

Belgrade, 15 September 2005

Serbian Minister of Economy Predrag Bubalo said today that most of the credit for the favourable report of the World Bank on the implementation of reforms in Serbia goes to the Serbian government, especially to the Ministry of Economy, which gave a huge contribution to the adoption and implementation of new legislation.

Predrag Bubalo

Speaking to Radio Television of Serbia (RTS) on the occasion of the World Bank's report in which Serbia-Montenegro was placed among the 12 leading countries in the efficiency of implementation of reforms last year, Bubalo stressed that the task of every government is to secure as favourable conditions as possible for business activities in order to enhance economic growth and create jobs.

That in itself will increase the quality of life of citizens, especially in the countries, which launched radical economic and social reforms, the minister stressed.

Pointing out that most of the credit goes to the Serbian government for such a favourable report, Bubalo said that the Ministry of Economy gave its contribution through adoption and implementation of the Law on companies, the Law on registration of companies, the Law on bankruptcy and a series of other projects realised last year.

According to Bubalo, the World Bank gave Serbia-Montenegro the highest marks for the creation of conditions and frameworks for launching business activities in the field of economic entities, which is a big step forward since in the first eight months of this year there was a huge number of newly-opened firms, while at the same time the number of companies that closed reduced.

The minister said that around 7,000 new companies were opened in that period, while throughout all of last year there were around 4,800 newly opened companies. He said that it is expected that the number of newly opened firms will reach 10,000 by the end of 2005.

Stressing that corruption is a very big problem of our society, Bubalo said that the best way to fight it is by reducing poverty, and part of that fight can be won by securing decent living conditions by giving people jobs.