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The Government of the Republic of Serbia

In the service of citizens

Netherlands to finance investment projects in Serbia

Belgrade, 31 March 2004

Serbian Minister of International Economic Relations Predrag Bubalo and Deputy Minister of Foreign Trade in the Dutch Ministry of Economic Relations Kees Beemsterboer signed today a Memorandum of Understanding that will launch the implementation of a Dutch programme of economic cooperation with Serbia (PSO) for 2004 and 2005. The PSO will allow for realisation of concrete investment projects in the field of agricultural production, food industry and other sectors of industry.

Predrag Bubalo

Bubalo told a press conference today that the Memorandum only extends an agreement signed in 2001 by the government of the Federal Republic of Yugoslavia and the Dutch government.

Minister Bubalo said that the Dutch government will allocate nonrepayable aid for the realisation of concrete programmes in Serbia through the "business to business" system. Bubalo said that 22 projects worth almost €14 million have been realised so far. These funds were usually used for the purchase of equipment necessary for the opening of firms or improvement of their business activities.

According to the Memorandum, the first step in the programme will be to find a Serbian and a Dutch partner. The ministries of the two countries are not obliged to establish partnerships, but the partners have to do that on their own - through the Internet, direct contact and in other ways. The partners will then prepare a project, which the Dutch partner will submit to the Dutch Ministry of Economic Relations. The projects will be examined by a team of experts of the Dutch Ministry, and the Serbian Ministry of International Economic Relations and the Dutch Embassy to Serbia-Montenegro. The Dutch government will finance the best projects elected at tenders twice a year.

Minister Bubalo called on all entrepreneurs and owners of small and medium-sized enterprises in Serbia to make good projects and compete for the Dutch financial aid, especially because the funds are not limited and there is a realistic chance that a large number of good projects be financed this way.

Minister Beemsterboer said that he is very satisfied with the realisation of the project so far.

The strengthening of cooperation of Serbian and Dutch firms through realisation of concrete projects will contribute to development of domestic agricultural and industrial production, and their promotion at the local and international market.