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The Government of the Republic of Serbia

In the service of citizens

Investments in Serbia this year €1.5 billion

Belgrade. Dec 28, 28 December 2005

Serbian Minister of International Economic Relations Milan Parivodic said yesterday in an interview to the daily newspaper “Vecernje Novosti” that investments in Serbia have never been bigger than during this year and are a total of €1.5 billion, as well as that they will grow proportionately according to the rate at which the framework for foreign investments will be improved.

Milan Parivodic

The official site of the Serbian government presents the interview in full.

Foreign investments in the upcoming year:

I expect that in the upcoming year foreign investments will be at least worth €2 billion but that depends directly on our ability to adopt world standards in the regulation of the framework for foreign investments. The priority is to carry out land reforms, and that will stipulate the possibility of the sale of city building land and its privatisation.

The new Law on Mortgage:

With this law the number of immovables that can be mortgaged is significantly increased. Immovables that are under construction can be used, as well as those that are not registered. In our conditions a massive number of immovables are not registered, which until recently made their mortgage impossible. In my opinion the new solutions have opened up a huge credit potential. When the city building land is also privatised, then it could also be mortgaged, so that the fund of property that can be mortgaged will be significantly increased.

The shortening of the period for payments on the value of mortgaged immovables:

Under the previous law it became evident that three to five years were needed to sell immovables according to the old court procedure, and now that will be possible in a period of three to six months. That is one of the most effective solutions judged by European law. A lot more security is given to creditors, and with that far more freedom in the issuing of loans. In other words, far more people will be able to get loans, which will lead to low cost loans.

Conclusion of land reforms:

As president of the Commission for Land Reforms, I am engaged in that work and believe that it can be, given the will, be finished in a short period of time.