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The Government of the Republic of Serbia

In the service of citizens

Serbia to co-preside over OECD's Investment Compact

Belgrade/Vienna, 27 June 2006

State Secretary of the Ministry of International Economic Relations Vlatko Sekulovic said that Serbia today took over from Bulgaria in co-presiding over the Investment Compact for South East Europe, the initiative of the Organisation Economic Co-operation and Development (OECD).

In a statement for Tanjug, Sekulovic noted that Serbia took over co-presiding at the end of a two-day Ministerial Conference on the Regional Framework for Investment in South East Europe and added that this meeting is of great importance for Serbia as it was attended by representatives of all countries from the region with the support of OECD, which gathers the 30 richest countries of the world.

He said that as this organisation treats this region with special attention its attractiveness will be greater and added that this will be good promotion for Serbia not just in the region but in the whole world.

Sekulovic expressed hope that there will be more investment not only in Serbia in the coming period, but also in the whole region. He recalled that last year hit a record high by the size of investment in Serbia, which reached $1.5 billion and expressed hope that investment this year will reach $2 billion.

I am sure that investments will continue to grow in coming years as we are entering a period when we will not be burdened with political issues, but we will become more dedicated to the economy, living standards and investment, which will create new jobs and create a better life for all, he said.

In the Vienna conference, ministers agreed to prolong the mandate of the Investment Compact initiative, Sekulovic said. This should help governments in the region in improving the investment climate and setting up an investment council for South East Europe, he explained.

According to Sekulovic, ministers adopted a declaration on a new instrument of cooperation among countries in the region called “Regional Framework for Investment”, under the auspices of OECD.