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The Government of the Republic of Serbia

In the service of citizens

Serbia attracted foreign investments worth $8 billion during past six years

Novi Sad, 8 November 2006

State Secretary at the Serbian Ministry of International Economic Relations Vlatko Sekulovic said today that during the previous six years Serbia attracted $8 billion in foreign direct investments, which is excellent for a country in transition.

Sekulovic said, while visiting the Novi Sad fair, that in a period of five years Serbia realised more than $1000 in foreign investment per head of population, and added that this is on a par with countries in the region which completed the transition process much earlier, and is much quicker than it was in Poland and Slovakia which are now EU members.

According to Sekulovic, foreign investment is of key importance in reducing unemployment, and today’s pace of attracting foreign capital must be continued by encouraging Greenfield investments.

Sekulovic stated that the process of privatisation will conclude in the upcoming year, and pointed to the fact that apart from the sale of the Serbian Oil Industry (NIS), insurance companies and a few more banks, we cannot expect to maintain the current influx of foreign capital through privatisation.

If Serbia wishes to create more employment faster and to improve living standards to catch up countries which began reforms much earlier, the state must create conditions for encouraging foreign investments, development of industrial parks, improvement of land reforms and the strengthening of local self-governments, said the State Secretary.