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The Government of the Republic of Serbia

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Parivodic presents Serbian economic potential at Vienna Economic Forum

Belgrade/Vienna, 6 November 2006

Serbian Minister of International Economic Relations Milan Parivodic said today at the third Vienna Economic Forum (VEF) that Serbia is making progress very quickly, economically as well as politically.

Speaking on the potential of Serbia in a statement to the news agency Tanjug, Parivodic stated that Serbia is the only country in the region which has a free trade agreement with Russia, which can benefit foreign investors should they choose to invest in the Serbian economy.

He stressed that all economic parameters show that Serbia is on the right path, and added that Serbia has foreign investments worth €4 billion; that gross national product is growing and should stand at 6.5%, while inflation will be less than 8%.

Progress is being made in privatisation and laws are being changed in the right direction, everything shows that essential political and economic stability has been reached, and better days can be expected, said Parivodic.

When it comes to Greenfield investments, he said that their number is significant, but it is still less than Serbia needs.

Parivodic reiterated that it is necessary to implement land reforms and privatise city building land, as well as reform building law which will further improve Serbia’s position. He added that there also is scope for reform in the financial sector.

The Minister expressed satisfaction with reactions to his presentation and added that he hopes the Central European Free Trade Agreement (CEFTA) will be signed.

Parivodic will hold several bilateral talks during his participation in the Vienna Economic Forum. On the first day of the gathering he talked with Prime Minister of Bosnia-Herzegovina Adnan Terzic, and a meeting with Macedonian Minister of Finance Trajko Slaveski is also scheduled to take place.

The Vienna Economic Forum was founded in April 2004 aiming to present investment opportunities in south eastern European countries. This year’s gathering is being attended by ministers and businesspeople from the region, representatives of international financial institutions and major companies, within the framework of a working table titled “Investment Opportunities – Private Funds’.