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The Government of the Republic of Serbia

In the service of citizens

Austrian investors invited to invest in Serbia

Belgrade, 12 June 2006

Serbian Minister of Economy Predrag Bubalo has invited Austrian investors to invest their capital in Serbia’s infrastructure, telecommunications and energy sectors.

Bubalo said in the Vienna Economic Forum titled "Invest in Serbia, Invest in the Region" that the Serbian government attaches great importance to the development of modern infrastructure as it is a precondition for the development of a successful economy and society as well as the road to larger direct investments.

He recalled that after the adoption of a series of laws, Serbia has now entered the second phase of transition and harmonisation of laws with European regulations, which will be the best evidence of an improved business climate for foreign investors.

According to him, Serbia is a good place to invest as it offers a stable macroeconomic environment, undisturbed capital transfer and thanks to free trade agreements its market is much bigger than it looks at a first glance.

Serbia also offers a tax incentive policy, relief for new workers, customs reliefs for equipment and raw material as well as university educated labour.

Bubalo said that the main goal of Serbia is EU membership, through harmonisation of an unsuccessful economy with principles of healthy market economy and competitiveness on the European and global market, with privatisation being the shortest road to achieve that.

Bubalo said that the best evidence of successful transition are 30 tenders that are currently underway, which has never occurred in such a short time period.

Privatisation of the public sector is upcoming this year, Bubalo said noting that oil company Naftna Industrija Srbije (NIS) has gone farthest in preparations for it.

Bubalo concluded that there is much work ahead for the Serbian economy, but added that there should be no prejudices concerning it and advised potential Austrian investors to use up all possibilities available for mutual interest.

Milan Parivodic

Author: Fonet

Serbian Minister of International Economic Relations Milan Parivodic said that Austrian companies and banks invested nearly €1 billion and told investors from Austria that Serbia is a democratic country with a stable economy where their investments are safe.

Parivodic announced a number of legal solutions which should allow the economy to function better, and lead to a larger influx of foreign investment. He added that among these laws is also the new law on foreign currency which should liberalise international financial transactions, and the packet of laws on city construction land which should be adopted by the end of this year.

Erhard Busek

Author: Fonet

President of the Vienna Economic Forum Erhard Busek said today in a statement to the news agency Tanjug, that there is great interest among Austrian firms for investing in Serbia as a country of key importance in the region.

He said that a big number of Austrian banks and insurance societies are already present in Serbia, and voiced hope that the number of foreign investments will be even bigger in the upcoming period.

Busek said that Serbia is moving in the right direction when it comes to implementation of economic reforms, which are necessary for joining the EU.

In a statement to the news agency Tanjug, Vice President of the Vienna Economic Forum Josef Taus said that as a highly developed industrial country Austria is interested in investing in Serbia.

According to Taus, Austria which currently holds the presidency of the EU is doing everything within its power to help Serbia in its efforts towards European integration.

Austrian Federal Chancellor, chairman of the sponsor committee of Vienna Economic Forum Wolfgang Schuessel, said today that the aim of this gathering is to create improved political and economic conditions so that the countries of south east Europe become a part of the EU as soon as possible.

In a video address to participants of the meeting at the Sava Centre, Schuessel said that the aim of this forum is to connect all political and economic networks so that a perspective for countries of the region can be opened for integration in the EU.

He said that the economic potential of the region is growing, and added that the Vienna Economic Forum allows the realisation of the dream of a common economic zone from the Mediterranean to the Black Sea.

He voiced hope that the session being held in Belgrade will lead to new projects which will strengthen regional cooperation.

The participants of the gathering were also addressed by Secretary General of the Vienna Economic Forum Elena Kirtcheva, who pointed out the importance of the region from the Mediterranean to the Black Sea which has a market of 130 million consumers.