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The Government of the Republic of Serbia

In the service of citizens

Annual Diaspora remittances to Serbia $3.5 billion

Belgrade, 18 April 2008

Serbian Minister of Diaspora Milica Cubrilo said today that Diaspora remittances bring nearly $3.5 billion yearly to Serbia, of which some 80% arrives through informal channels.

Speaking at a press conference, Cubrilo said that the problem is that the money is rarely used for the economic development of the country or for creating new jobs, and pointed to the fact that most often this is in effect “dead capital”, or is intended to help families of those working abroad.

The Minister said that the biggest problem facing Diaspora Serbs who wish to invest in Serbia is the inadequate level of professionalism in local self-governments.

She said that the aim of the new set of laws on local-self government is to make them professional.

According to Cubrilo, administrative employees frequently block good initiatives and potential investors due to party interests.

We are convinced that we can, together with the Diaspora, in their interest and the interest of Serbia, direct the money they are sending through remittances into development projects that will enable their families to have better living standards and new jobs, the minister explained. Cubrilo recalled that the Ministry opened centres for diaspora at regional chambers of commerce in order to assist companies founded by those who returned to Serbia to overcome difficulties they encounter at local level, which can be solved by local authorities and proper ministries. She said that in the past nine months the Ministry has opened 16 centres for diaspora in the regional chambers of commerce, with which it works on collecting and exchanging information, projects and programme activities of economic cooperation with the diaspora. According to her, the Ministry holds with representatives of those centres regular consultations, organises meetings and events in the aim of working jointly on increasing the share of diaspora in the economic development of the country.