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The Government of the Republic of Serbia

In the service of citizens

2006 target for FDI set at $2 billion

Belgrade, 8 February 2006

Serbian Deputy Prime Minister Miroljub Labus said today that the Serbian government's target for 2006 is to attract at least $2 billion of foreign direct investment. Therefore, the government will continue its work on simplifying investment procedure and creating an improved investment climate in the country.

Following a meeting with representatives of 45 members companies of the European Round Table of Industrials (ERT), Labus said that leading European investors have shown great interest in Serbia. $1.4 billion of foreign direct investment that entered the country in 2005 is a sufficient indicator for this statement.

He said that at the meeting between the Serbian government and the European Round Table representatives, special attention was given to the necessity of preserving political stability and continuation of European integration, with particular reference to the economic situation in Serbia and improvement of the general investment climate.

According to Labus, foreign investors pointed to different solutions in the areas of employment and of issuing licences for setting up a company, as well as the necessity to simplify goods clearance procedure and reduce environment protection fees. Labus pointed out that the government will try to simplify all procedures and that leading European industrialists will be consulted in that process. Simultaneously, the government will be drafting a law aimed at improving the general investment climate in the country.

He added that his collocutors welcomed the effort to form a unique regional market in the Western Balkans.

Dimitris Daskalopoulos, left, and Miroljub Labus address the media

Serbian State Secretary for the Ministry of International Economic Relations Vlatko Sekulovic said that the Belgrade ERT meeting indicates that Serbia has become an attractive destination for foreign investors, as well as a meeting place for businesspeople.

Sekulovic stressed that ERT representatives can influence the European Unions stance and that this channel of communication can accelerate Serbia-Montenegro's EU integration.

"With this meeting we expect to additionally improve the status of Serbia as a foreign investment destination, especially for large investors", Sekulovic pointed out. He expressed his satisfaction with the total of last year's foreign direct investment that entered the country.

ERT member Dimitris Daskalopoulos stressed that the organisation represents large investor companies that are active in the Serbian market. As one of the aims of the Belgrade meeting, Daskalopoulos quoted familiarisation with the process of reforms and economic advancement in Serbia, as well as the possibility of its acceleration.

"We have conducted open and sincere talks on various issues with the Serbian government's representatives, and we now plan to share that experience with all ERT members", concluded Daskalopoulos.