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The Government of the Republic of Serbia

In the service of citizens

World Bank's report improves Serbia's global reputation

Belgrade, 6 September 2006

Serbian Minister of Finance Mladjan Dinkic said today that Serbia's advancement by 24 places in the World Bank's rank order means that its global reputation is improving, which is a result of reforms carried out in the previous year.

Speaking about Serbia's advancement from last year's 92nd to 68th place in the rank order of business conditions, Dinkic told Beta news agency that further simplification of administrative procedures will take place and reiterated that the time needed to obtain all permits necessary has been reduced to six-seven days and that the customs procedure has been shortened by introducing electronic bills of entry.

It is very important that Serbia is very well ranked when it comes to the protection of foreign investors. Out of 170 places, it is currently 60th, which is a result of the growth in foreign direct investments this year by more than $3.5 billion, Dinkic said. He added that the World Bank's report will help Serbia advance even more on the rank order.

He explained that Serbia is no longer a leader in reforms for attracting foreign companies as its progress was smaller, but its progress is still greater compared with other former Yugoslav republics. Of 175 countries surveyed in the 2005/06 doing business report, Serbia takes the 68th position. For their protection of investors, Serbia was ranked 60th, Bosnia-Herzegovina and Macedonia share 83rd position, Croatia came 156th while Albania was ranked 162nd.