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The Government of the Republic of Serbia

In the service of citizens

Huge increase of French investment in Serbia next year

Belgrade, 24 October 2005

Serbian Minister of International Economic Relations Milan Parivodic said he expects a huge increase in French investment into Serbia’s economy next year, and that more French companies, among which will be representatives of the French car manufacturing industry, will follow the example of French banks and come to Serbia.

Hugues Pernet, left, and Milan Parivodic

Author: Tanjug

On the occasion of the Business Club’s annual meeting, with approximately 50 French and Serbia-Montenegrin businessmen in attendance, Parivodic said that Serbia-Montenegro’s export to France has risen by 30 percent in the past several months, adding that the export in the first seven months totalled $92 million.

In the first seven months of 2005, France and Serbia-Montenegro exchanged $254 million worth of goods, whereas last year the total figure was $513 million, he said.

Parivodic added that Serbia-Montenegro and France can also realise broad cooperation in the metalwork, hotel and railway industries, as well as in the road construction sector.

According to the minister, certain car parts for French automobiles can be produced in Serbia, and there is also great potential for cooperation in the wine industry.

He voiced hope that a large and certified French agriculture agency will soon come to Serbia, and that the agency’s high-standard technologies can be successfully implemented into Serbia’s agriculture sector.

Parivodic said that French investment into Serbia-Montenegro has up until now been rather modest in relation to France’s gigantic and export-oriented economy. Following Hungary and Romania, it is necessary for Serbia to become the next market for French investment, he added.

French Ambassador to Serbia-Montenegro Hugues Pernet said that French investments in Serbia-Montenegro, currently amounting to just under €500 million, are in fact larger because a good portion of business is done through intermediary countries.

When it comes to trade and economics, France is a lot more influential in Serbia-Montenegro than it seems, Pernet said and added that the French government is working on a programme of investment loans for Serbia-Montenegro.

President of the Business Club and General Manager of Societe Generale Bank in Serbia-Montenegro Philippe Guidez said it was very important to establish the Club in Serbia and thus enable the exchange of experience with all French companies wishing to enter the Serbia-Montenegrin market, adding that the overall aim is to promote Serbia-Montenegro as a good country for investment.

Apart from Societe Generale Bank, members of the Business Club also include the French companies “Areva”, “Lafarge”, “Intermost” and many others. On the Serbian side, “Alcatel”, “Schneider Electronic”, “L’Oreal” and other French companies already with representative offices in Serbia-Montenegro are members.