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The Government of the Republic of Serbia

In the service of citizens

Economic climate in Serbia considerably improves

Belgrade, 10 March 2006

Serbian Prime Minister Vojislav Kostunica today met with a delegation of the Societe General Group, led by its Chief Executive Officer Philippe Citerne. Kostunica said that the economic climate in Serbia has significantly improved and that foreign companies are greatly interested in doing business in Serbia.

At the meeting, which was also attended by Serbian Minister of International Economic Relations Milan Parivodic, Kostunica recalled that in 2005 international financial institutions commended Serbia as leader in the implementation of reforms.

The Prime Minister said that the government proposed several systemic laws that went through parliament, among which are laws that regulate the business sector. Administrative barriers for foreign investment have also been removed.

Chief Executive Officer of the Societe General Group Philippe Citerne expressed satisfaction with the longstanding presence of Societe General Bank in the Serbian financial market and stressed that Serbia represents a very good investment destination.

He confirmed that the economic climate in Serbia has improved and several significant laws passed, such as the Law on mortgage.

Citerne expressed expectations that other important foreign companies will follow the example of the Societe General Group and start to invest and do business in Serbia.