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The Government of the Republic of Serbia

In the service of citizens

Reducing foreign trade deficit, increasing competition priorities in upcoming period

Belgrade, 18 June 2007

Serbian Minister of Trade Predrag Bubalo said today that the Serbian government’s and his Ministry’s priorities during the upcoming period will include increasing competition and reducing foreign trade deficit, which are the biggest problems in Serbian economy.

At a meeting between a Swiss delegation and Serbian businesspeople, held in the Serbian Chamber of Commerce, Bubalo said that the government will intensify international activity with the aim to increase foreign investment and raise standards in Serbian exports.

The Minister pointed to the fact that the foreign trade between Switzerland and Serbia is unequal and is below the level of objective possibilities and realistic needs of the two countries.

He voiced hope that agreements signed with Switzerland on promotion and protection of investments and on avoiding double taxation will contribute to improving the trade cooperation between Serbia and Switzerland.

According to Bubalo, the trade between Serbia and Switzerland last year was worth $159 million, of which Serbian exports were worth $42 million, and imports $117 million, which means that the export-import ratio stood at some 35%.

During the first trimester this year the trade with Switzerland was worth $49 million, in which Serbian imports stood at $12 million, which is an increase of 80% against the same period last year, said Bubalo, and expressed the expectation that the trend of growth in Serbian exports will continue towards the end of the year.

The Minister said that Serbian parliament will ratify the Central European Free Trade Agreement (CEFTA) by the beginning of autumn, and recalled that the amendments made to the law on tobacco, which is in parliamentary procedure, have resolved all problems which existed at the moment of signing and initialling of CEFTA.

Head of the Swiss delegation comprising 25 businesspeople Monica Rul stressed that Serbia is becoming an increasingly significant country for Swiss firms, which have invested some 57 million Swiss Francs in Serbia until now, mainly in construction of infrastructure and in the sectors of insurance and media.

Besides investments by Swiss companies, Serbia also annually receives some €40 million in foreign currency from 200,000 Serbs who live in Switzerland, and make up 3% of the total population of Switzerland, said Rul.

Swiss Ambassador to Serbia Wilhelm Meier said that until now investments by Swiss businesspeople in Serbia were on a low level, but organising meetings between businesspeople of the two countries, such as this one, should contribute to improving economic cooperation between the two countries.

The business delegation from Switzerland will stay in Serbia until June 20, and will get a better view of the economic potential of Serbia, examine opportunities for investment and establish contacts with potential partners among Serbian companies.