The candidate status for EU membership is a good signal for investors, as it confirms that the country is stable in political, economic and security terms, Serbian Minister of Economy Nebojsa Ciric said on Tuesday, adding that Italy greatly helped Serbia secure the status.

At the presentation of a new association of the Italian economy in Serbia 'Confindustria', Ciric said that Serbia is a great place for investments, and that in 2011, the country was a leader in the region as regards the worth of foreign investments.

He added that Italian investments in Serbia exceed EUR 1 billion, noting that around 400 Italian companies are running their
businesses in Serbia. They hire around 20, 000 workers and make an annual turnover of EUR 2.5 billion, the minister added.

Ciric said that the joint venture of Fiat and the state of Serbia is the most significant Italian investment, and announced
that a new Fiat factory will be opened in Kragujevac in April. Once it becomes fully operational, the factory will help increase the company's exports to EUR 1.3 billion.

He noted that Italian investors are present in nearly all branches of the Serbian economy, adding that they showed a great interest in the Serbian energy sector, rubber and furniture industries, metal sector, agriculture and food industry.

Ciric voiced expectation that new Italian investments will follow soon.

In terms of investments in Serbia, Italy holds the second position, after first-ranked Germany. In 2011, the overall trade with Italy reached EUR 2.2 billion.

Italian Ambassador to Serbia Armando Varricchio underlined that Serbia is the seat of the internalisation of the Italian production system, adding that Italian small, medium-sized, as well as multinational companies maintain a strong presence in Serbia.

He said that the improvement of the Serbian business environment is vital for EU integration, and stressed that Italy always supported Serbia on its EU road.

Varricchio expressed hope that the talks on Serbia's EU entry would start by the year's end.

The ambassador recalled that the delegation of the Italian government headed by the prime minister visited Serbia on March 8, thereby underlining the importance that Italy attaches to the cooperation with Serbia.