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Serbia attracts USD 2 bil in foreign investments

24. February 2012. | 01:31

Source: Emg.rs, Tanjug

Serbian Prime Minister Mirko Cvetkovic said Thursday that Serbia was the regional leader in the amount of direct foreign investments last year, which exceeded USD 2 billion.

Serbian Prime Minister Mirko Cvetkovic said Thursday that Serbia was the regional leader in the amount of direct foreign investments last year, which exceeded USD 2 billion.

At the opening of a conference entitled South East Europe - region with a favorable business environment, Cvetkovic said "many of these investments will show effects this year in higher production, export and employment."

He expressed conviction countries in South East Europe will overcome the challenges facing them this year by continuing reforms aimed at building more competitive economies, which will make the region even more attractive to investors.

The prime minister said the government has set aside considerable budget funds for incentives to investors, with the goal of enabling unimpeded financing of ongoing projects and attracting new investments.

According to Cvetkovic, the key to attracting investments is a complete regulatory framework and a favorable business environment.

He added Serbia has made a great legislative effort and adopted over 700 laws between July 2008 and December 2011.

Cvetkovic noted that an adequate legal framework and incentives are not the only prerequisites for attracting investments, and that local administrations play a large role in the process, because eliminating corruption, trimming bureacratic procedures and an efficient administration are are often crucial when investors choose a location.

"I think the municipality certification project is extremely important, because by passing recommendations aimed at improving the economic environemnt, local administrations become more competitive and offer a guarantee to investors that they will get the needed conditions to efficiently realize the planned investments," said the prime minister.

Cvetkovic stressed that only cooperation among countries in the region can ensure longterm stability and prosperity in South East Europe, and noted that the region is a good place to invest, as confirmed by interest from major investors from Germany, Italy, South Korea, the United States and other countries, in the face of the crisis.

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