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The Government of the Republic of Serbia

In the service of citizens

Japanese companies interested in investing in Serbia

Belgrade/Tokyo, 12 October 2012

Minister of Finance and Economy Mladjan Dinkic and Governor of the National Bank of Serbia (NBS) Jorgovanka Tabakovic talked with IMF Deputy Managing Director Nemat Shafik in Japan today, to whom they presented the Serbian government’s fiscal consolidation plan and a programme of medium-term structural reforms.

Tokyo

Dinkic, who is attending the annual meeting of the IMF Boards of Governors and the World Bank Group in Tokyo, together with the NBS Governor, stressed that the fiscal consolidation programme was also presented, adding that its purpose is to bring the budget deficit down to 3.5% of GDP next year.

At the meeting it was also noted that the Serbian government is in the final stage of drafting a three-year fiscal consolidation and structural reforms plan, the Minister added.

He said that the draft fiscal strategy for 2013 with projections for 2014 and 2015 has been completed and made available at the relevant Ministry’s website for comments and suggestions.

Dinkic observed that this document should be adopted together with the Bill on the budget for 2013.

The Minister remarked that the government is ready for the IMF mission as the Bill on the 2013 budget has been completed.

The Serbian delegation attended an Investment Conference in Tokyo with 250 investors from Japan and the entire Asia, who showed considerable interest in new emissions of Eurobonds.

Dinkic underlined that a large number of investment banks were interested to know when Serbia will continue issuing bonds, voicing his belief that since the demand for the bonds is huge, the next time they are issued they will be sold at lower prices and under more favourable conditions for Serbia.

The Minister held bilateral talks with directors of large Japanese companies such as Mitsubishi, Mitsui, JTI, Itochu and others, all of which are interested in investing in Serbia’s energy and economy.

While in Tokyo, Dinkic met with Director the European Commission’s International economic and financial relations Peter Bekx.

He also met with Deputy Prime Minister of Kazakhstan Yerbol Orynbaev with whom he agreed on the formation of a joint intergovernmental commission for economic cooperation in order to boost the economic ties with Kazakhstan, a country that is experiencing an economic rise and with whom Serbia has already signed a free trade agreement.

The Serbian delegation will tomorrow meet with IMF Director of the European Department Reza Moghadam, World Bank Vice President Philippe Le Houerou and Vice President of the International Financial Corporation Dimitris Tsitsiragos.