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The Government of the Republic of Serbia

In the service of citizens

Serbia will have a stable macroeconomic investment environment

Belgrade, 29 June 2004

Serbian Deputy Prime Minister Miroljub Labus addressed the top managers from Southeast Europe’s leading producers of consumer goods at the First International Forum on Consumer Goods Turnover, which takes place in Belgrade today and tomorrow.

Labus spoke of the investment opportunities in Serbia’s economy, as well as of the economic and political situation in the country. He said that the victory of the democratic candidate in the presidential election (Boris Tadic) is the key factor in the country’s further efforts to cooperate with the European Union and a guarantee to foreign investors that Serbia will have a stable macroeconomic investment environment.

Labus stressed that Serbia had a negative image in the eyes of the business world and investors for a long time, and was seen as a country with high investment risk. Recent events in the political life as well as the Serbian government’s first 100 days of work, had a considerable impact that this attitude of the world public is changed, he said.

He said that 2004 will be a better year in financial and economic terms for our country, adding that the social product is expected to exceed five percent. He said that exports would increase and that fiscal deficit would reduce, while the inflation should remain still. Labus also said that industrial production will exceed five percent by the end of the year if the current trend continues.

Speaking of the main advantages of investing in Serbia, the Deputy Prime Minister pointed out to the importance of Corridors 10 and 7, favourable tax system, system laws by EU standards and quality human resources, sufficient for the country to become a leader in the region with free market with around 60 million consumers.

Labus promised that the Serbian government will remove the financing obstacles and continue to build the investment climate in the country. He told the prospective investors that answers to potential confusions and difficulties are available at the Investment and Export Promotion Agency (SIEPA).

The two-day forum is organised by Adam Smith Conferences. Among the participants are Nestle, Agrocor Group, Heineken Group, Proctor&Gamble, British American Tobacco, McDonald’s, Podravka, Grand Prom and Delta Ice Cream.