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The Government of the Republic of Serbia

In the service of citizens

Serbia to create legal framework by end-year to protect investors

Belgrade, 29 October 2004

Serbian Deputy Minister of International Economic Relations Ljubisa Jovanovic said that Serbia is due to create a legal framework by the end of the year to provide for full safety of foreign investors.

Ljubisa Jovanovic

Attending a conference on trade relations between Germany and Serbia in Belgrade today, Jovanovic noted that Serbia has already introduced measures for tax relief for foreign investors, including a ten-year tax exemption for investments exceeding $10 million and creating 100 jobs.

He added that Serbia's free trade agreement with Russia is also beneficial to foreign investors.

Jovanovic went on to say that the state will put order in standardisation and certification to encourage exports, adding that the government is due to establish domestic certificates in a month's time.

Officials of German chambers of commerce said that a German bilateral chamber of commerce is due to be opened in Serbia in two or three years.

Noting that Serbia's imports from Germany are three times higher than its exports to the country, German officials urged Serbia to boost its exports to Germany.

According to figures released by the Serbian Chamber of Commerce (PKS), Serbia exported $214.8 million in goods and services to Germany in the first six months of the year, while importing $793.4 million.

Representatives of Serbian and German chambers of commerce, as well as officials from small and medium-sized enterprises from Serbia are attending the conference.