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The Government of the Republic of Serbia

In the service of citizens

Better economic cooperation between Serbia and Republika Srpska

Banja Luka, 8 May 2006

Serbian Minister of Economy Predrag Bubalo said today in Banja Luka that concrete forms of economic cooperation between Serbia and Republika Srpska have been much more visible over the past several months than in recent years and added that some Serbian firms are interested in cooperation or purchase of companies in Republika Srpska.

Bubalo and Minister of Economy, Energy and Development of Republika Srpska Milan Jelic talked at the Ministry's premises in Banja Luka about the expansion of cooperation in the field of textile and shoes industries, restart of the cooperation between Cajavec Elektromehanika and Zastava Automobili, as well as about other economic issues.

Bubalo said that Zastava Oruzje weapons maker is interested in buying Zrak from Teslic, while the company Transformatori from Republika Srpska is signing a contract with a Serbian company.

According to Bubalo, Serbian businessmen are interested in purchasing Jelsingrad from Banja Luka, which is proof that this year very significant results of cooperation between the two republics will take place.

He also recalled that Telekom Srbija has serious intentions of participating in the privatisation of Telekom Srpska.

Minister of Economy, Energy and Development of Republika Srpska Milan Jelic announced the possibility that Republika Srpska, following the Serbian model, will write off debts of state companies and thus make them more attractive for privatisation.

He said that he will propose to the Prime Minister and the government of Republika Srpska to write off debts of heavily indebted companies providing that they are privatised. In the event that those companies are not sold, debts will be paid off through bankruptcy or winding up.

Jelic stated that the main topics of the meeting with Bubalo, which was also attended by Minister of Trade and Tourism of Republika Srpska Predrag Gluhakovic, were the use of Serbia's experiences in speeding up privatisation in Republika Srpska, as well as payment of liabilities between the two republics in the fields of health care, electricity and oil refineries.