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The Government of the Republic of Serbia

In the service of citizens

American companies interested in investing in Serbia

Belgrade/Washington, 15 December 2011

Minister of Economy and Regional Development Nebojsa Ciric said today that American companies are interested in investing in Serbia and boosting foreign trade between the two countries, which now stands at $320 million.

File photo of Nebojsa Ciric

Author: Tanjug

Ciric, who leads a Serbian delegation on the five-day visit to the United States, said that in order to achieve this it is necessary to resolve issues like the case of American company Uniworld, which after terminating the contract on the privatisation of Serbian travel company Putnik won a dispute with Serbia before the Arbitration Court of the International Chamber of Commerce in Paris.

He stressed that the Serbian government began addressing the issue of Uniworld and added that the decision of the international arbitration must be executed, according to which Serbia must pay to this company everything it paid and invested in the purchase of Putnik, plus the interest and court costs.

The Minister said that during a meeting at the US Overseas Private Investment Corporation (OPIC), which insured Uniworld’s investment in Putnik, this matter was discussed and it was agreed that the resolution of this case is of great importance because it burdens Serbia’s relations with American companies and Serbia is perceived as a country with serious political risk.

Ciric said that a business forum Serbia-United States was held in Washington, which was attended by approximately thirty representatives of American companies, including Motorola and Boeing.

An investment conference is scheduled to be held in Chicago today, at which Serbia will be presented as an investment destination.

The Minister said that the Serbian delegation had a meeting at the American Chamber of Commerce during which it was agreed that this chamber’s delegation should visit Serbia next year. He said that the Serbian delegation met with representatives of the State Department, noting that the meetings were attended by US Ambassador to Belgrade Mary Warlick.

Some of the issues addressed during these meetings were the agreement on avoidance of double taxation, as well as Serbia's accession to the World Trade Organisation (WTO).