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The Government of the Republic of Serbia

In the service of citizens

NBS holds panel on Serbia's competitiveness

Belgrade, 13 March 2004

A long-term, sustainable growth calls for a permanent bolstering of competitiveness, increased investment, new technologies, and strengthening a legal framework for future growth, according to a panel on the competitiveness of Serbia's economy held at the National Bank of Serbia (NBS) yesterday.

A statement from the NBS following the panel said the debate was based on a study of the competitiveness of the Serbian economy, conducted by New York's East West Institute, at the request of the NBS.

According to the study, a long-term, sustainable growth calls for a permanent bolstering of competitiveness, increased investment, new technologies, and strengthening a legal framework for future growth.

Serbian Deputy Prime Minister Miroljub Labus told the panel that Serbia must boost exports in order to improve its balance of payments and he pointed to the importance of efforts to encourage investment.

He said that Serbia's budget must contain development-oriented sections and added that the government will endorse a two-way communication with businesses and business associations as well as with experts, so as to improve the country's macro economic policy.

NBS Governor Radovan Jelasic said the stability of the country's financial system is essential and announced that the central bank will organise a separate panel to discuss its further development.

Jelasic also said that interest rates in commercial banks are still too high, and announced that a feasibility study will be carried out on Serbia's external debt, according to the statement.