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The Government of the Republic of Serbia

In the service of citizens

Telenor places biggest foreign investment in Serbia

Belgrade, 31 July 2006

Serbian Minister of International Economic Relations Milan Parivodic stated today that the victory of Norway's telecommunications company Telenor at the auction for Mobi 63 mobile phone network, where it offered the price of €1.513 billion, is the biggest foreign investment in Serbia and has made Norway the leader among countries investing in Serbia.

Parivodic said that work on improving Serbia's investment climate is obviously yielding results and added that the Law on foreign investment, to be adopted this September, represents another huge step towards making Serbia the most attractive investment target in the Balkans.

According to Parivodic, once the land reform is implemented through denationalisation/privatisation of city construction land and modernisation of construction law, there will be no significant obstacles to investing in Serbia. This will also create a lot of new jobs, he added.

The Minister pointed out that his prediction that this year's investments will reach $2.5 billion will be surpassed because with today's purchase, annual investment in Serbia has already reached $2.4 billion.

It is very likely that we will achieve a record $3 billion in foreign investment this year, which will double the 2005 score of $1.5 billion, said Parivodic and added that once the necessary reforms are implemented, Serbia should reach annual foreign investment worth $3 billion on a regular basis in future.