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The Government of the Republic of Serbia

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A-Tec pays $150m for RTB Bor

Belgrade, 29 February 2008

Serbian Minister of Economy and Regional Development Mladjan Dinkic confirmed that Austrian A-Tec has today paid $150 million, which is part of the sale price for mining and metallurgical complex RTB Bor.

Dinkic told a press conference that the Ministry received proof of payment to the amount of $150 million.

The Minister said that if this sum had not been paid, A-Tec would have lost a $10 million surety for the unsettled contract.

He stressed that it is quite certain now that the Austrian company will pay the rest of the price on April 4.

Dinkic noted that Serbia at the moment has greater economic sovereignty in the parts of Kosovo-Metohija inhabited by Serbs than in the past ten years.

He recalled that none of the socially-owned companies from Kosovo were subsidised before February 17 nor did they have economic programmes.

Asked whether the government survives only because of the Kosovo issue, Dinkic said that the government will work until it yields good results and until it works in the interest of Serbian citizens.

We will see what the upcoming months will bring, he added and noted that at the least there must be unity at this time.

The Minister said that all government members agree that it is necessary to support Kosovo Serbs.

Dinkic said that there was a justified fear last week because of riots on the streets of Belgrade so many investors wondered whether it is safe to invest in Serbia.

Unless those incidents reoccur, they will be forgotten, said Dinkic and explained that this is why some negotiations with foreign investors were cancelled, but added there are indications that after March 10 investors will return.

He said that Serbia can be the leading country in southeast Europe, but in order to do so it has to accelerate its EU entry and try to join the European family together with Croatia.

According to him, if Serbia is offered to sign the Stabilisation and Association Agreement, the document should be signed this April at the latest.

At the conference, which also concerned the fact that Indjija has been announced the town of the future, the best destination for foreign investments in Serbia and one of the best 25 municipalities in Europe, as announced by the Financial Times and FDI magazine, Indjija municipal president Goran Jesic said that due to the current political situation in Serbia, investors have halted investments in this municipality.

According to him, certain investors, with whom talks had already begun, now postpone meetings and prolong the talks. The same kind of ebb in investor interest has been recorded before and it last took place between December 5 and the presidential election of February 3.

He stressed that investors will return as soon as the situation is stable again and added he expects that there will be enough political responsibility in Serbia to prevent any cessation of investments and the EU integration process.

Jesic said that once Indjija is on the list of best investment targets, a message will be sent out and the situation will improve.

Dinkic concluded that Indjija’s success may be attributed to its administration which simplified the red tape, and added that this is an example all other municipalities in Serbia should follow.

He announced that in the third week of March the relevant ministry will address the Council for Regulatory Reform and suggest they begin the project titled "The Guillotine for Red Tape in Serbia" to help remove overregulation of the economy and achieve a higher investment level.