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Parivodic holds lecture at the Austrian Chamber of Commerce

Belgrade, 4 May 2006

Serbian Minister of International Economic Relations Milan Parivodic held a lecture on the investment climate in Serbia at the forum “Horizons – Serbia”, which was held at the Austrian Chamber of Commerce in Vienna.

Nearly 500 businesspeople, representatives of OSCE and embassies accredited to Vienna, attended the lecture titled “EU – Next Generation” held yesterday.

Minister Parivodic said on the occasion that Austria is an important strategic political and economic partner of Serbia. He pointed out that bilateral relations with Austria are characterised by long-standing, intensive, and complex economic cooperation in nearly all areas.

He informed those present what Serbia has achieved on its path toward the European Union. He recalled that on February 27 a Memorandum of Understanding was signed in Vienna between his Ministry and the Austrian Federal Ministry of Economy and Labour, and said that significant progress has been made in creating a stimulating business climate, while within the framework of structural reforms, activities in the areas of privatisation and consolidation of the banking sector have been accelerated.

He recalled that in January this year Serbia-Montenegro was declared Market of the Month, which signifies the promotional initiative of the US Department of Commerce that will allow US investors to have a better insight into the investment potential of the Serbia-Montenegrin market.

Parivodic informed those present on the advantages offered by Serbia to investors, which include the lowest tax rates on corporate profits of only 10%, simplified regulations on external trade and investment, educated and cheap labour, access to the free trade zone in south east Europe which has 60 million consumers, and the strategic position of Serbia regarding the markets of Europe and Middle East.

Parivodic pointed out the importance of the Strategy for boosting foreign investment designed by the Ministry for International Economic Relations, which aims to accelerate progress in the business environment of Serbia.

He explained that this strategy is especially directed towards progress through reform of regulations, strengthening of institutional capacities and development of cooperation on the state as well as municipal level with the aim of facilitating development of business, activities and initiatives for improving competition, and the development of campaigns in the country for better comprehension of the importance of foreign investment.

Participants of the forum remarked on the necessity of Serbia-Montenegro’s presence in the European community, but also on the need for further intensive cooperation because although all countries do not share common borders, they are connected by common interests.