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The Government of the Republic of Serbia

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Parivodic invites US companies to invest in Serbia

Belgrade/Washington, 14 November 2005

Serbian Minister for International Economic Relations Milan Parivodic today invited US companies to invest in Serbia, adding that the biggest potential for investment exists in banking, energy, telecommunications, insurance sector and industry through privatisation of companies.

Milan Parivodic

Author: FoNet

At the opening of a conference themed “USA-SCG Investment and trade conference”, being held in Washington, Parivodic said that according to a study conducted by the World Bank, Serbia presents favourable business opportunities and is a world leader in the speed of implementation of economic reforms. He noted that this is demonstrated in the adoption of more than a 100 new laws in line with European Union standards and in the inexpensive and qualified work force of Serbia.

Parivodic said that a further advantage is presented by agreements Serbia has on free trade with countries of South Eastern Europe and Russia, as well as the tax free export of goods to the EU, which makes it possible that goods produced in Serbia reach a market of more than 600 million consumers.

In a pre-recorded speech to the participants of the conference, US Ambassador to Serbia-Montenegro Michael Polt said that any result of the future referendum on the state status of Montenegro will not change the political and economic situation in Serbia-Montenegro, nor will it be destabilised.

He also said that he often has had occasion to talk to successful foreign investors in Serbia who have been well rewarded for their investments.

Serbia-Montenegrin Ambassador to the USA in Washington Ivan Vujacic said that Serbian-US relations have significantly improved over the past three and a half years and invited US investors to invest in Serbia since foreign direct investment is essential for broadening the advantages of implemented reforms.

At the two-day conference US entrepreneurs will view presentations of Komercijalna Banka, Zastava Oruzje, Aerodrom Beograd, NIS Jugopetrol, Energoprojekt, Dunav Osiguranje, Metelac from Gornjeg Milanovca, motor industry “Rakovica’ (IMR), Telekom Srbija and other companies.

The conference has been organised by the USA-SCG Business Council that was formed in April 2004 in order to promote the export of products from Serbia-Montenegro. US companies DynCorp and US Steel are also members of the council.

The conference, at which more than 150 entrepreneurs from the US and Serbia-Montenegro are taking part, will close tomorrow with a reception at the US Congress on Capitol Hill.