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The Government of the Republic of Serbia

In the service of citizens

Serbia to draw $4bln in foreign investments by end-year

Belgrade, 30 September 2008

Serbian Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic said today that Serbia will draw approximately $4.2 billion in foreign direct investments before the end of the year, and added that Serbia will need between $6 billion and $8 billion in the upcoming years.

From left: Cameron Munter, Veroljub Stevanovic and Mladjan Dinkic

Author: Fonet

At a ceremony for awarding certificates for business friendly environment to Indjija, Kragujevac and Loznica municipalities, Dinkic expressed expectation that favourable business conditions in local self-governments will contribute to drawing more investments and making Serbia a medium-developed country.

After granting certificates of the National Alliance for Local Economic Development to the presidents of the three municipalities, Dinkic said that Serbia is currently in the second and last phase of transition, in which greenfield investments will prevail, while it is necessary that as many municipalities as possible create a favourable business environment for drawing foreign direct investments.

He pointed to the example set by Indjija that became a role model for other Serbian cities as well as the case of Kragujevac that signed a deal with Fiat yesterday paving the way for a successful future.

Loznica simply applied the model used by Indjija to achieve the same level of success, Dinkic said, and noted that over 20 municipalities in Serbia are successfully implementing reforms.

US Ambassador to Serbia Cameron Munter said that investors who came to municipalities that were awarded certificates faced no obstacles.

Munter said that these municipalities showed their capability to meet demands made by the investors, and should serve as example to other local self-governments in Serbia.

He recalled that during the previous years a lot was done to improve local economic development in Serbia, and expressed support for municipalities and Serbia in the EU integration process.

Indjija municipal president Goran Jesic said that there is a large number of very good municipalities in Serbia, which is also shown by the fact that e-administration has been introduced in 50 municipalities.

Mayor of Kragujevac Veroljub Stevanovic said that the certificate is a major commendation for the city that was gained through a lot of hard work, in which the Ministry of Economy and Regional Development was particularly supportive.

Loznica municipal president Vidoje Petrovic said that the certificate is a great encouragement and an incentive for the municipality to continue working in the best interest of its residents.