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The Government of the Republic of Serbia

In the service of citizens

Serbia must not neglect economic progress

Belgrade, 15 October 2007

Advisor to the Serbian Prime Minister Milan Parivodic read today at the seventh economic summit of Serbia a letter of Serbian Prime Minister Vojislav Kostunica, where he underlines that for Serbia the most important state issue is to preserve Kosovo-Metohija within its borders, but that it must not neglect economic development, which is a precondition for the country's transformation.

Parivodic said that Serbia is expected to sign the Stabilisation and Association Agreement with the EU soon and to become an EU candidate by the end of 2008, and that is why it works intensively on fulfilling all conditions for the membership. Serbia is recording a large economic growth, the Minister said and explained that in 2004 GDP per capita was $3,285 per capita, while this year it will be over $5,600. He specified that in 2004 foreign investments in Serbia stood at $940 million, last year at $5.4 billion, while privatisation proceeds increased 17 times over in the period between 2004 and 2006. The Minister recalled that last year Serbia came second out of 170 countries by the speed of reforms, and the absolute leader the year before that, according to the criteria of the World Bank and the European Bank for Reconstruction and Development. Serbia signed the Central European Free Trade Agreement and is negotiating with the World Trade Organisation to become a full member by the end of the year. Parivodic said that Serbia must pay special attention to protection of foreign investors because they decided to invest their capital here.

The seventh economic summit of Serbia themed "Consolidating stability-challenges, visions and solutions" gathers Serbian officials, foreign diplomats, businessmen from the country and abroad and representatives of international organisations.