The U.S. Overseas Private Investment Corporation (OPIC) decided to renew its investment activities in Serbia since the dispute between the Republic of Serbia and the U.S. company Uniworld Holdings has been resolved, the Serbian Ministry of Economy and Regional Development released.

According to U.S. announcements, the company will invest USD 600 million in the forthcoming period.

At the same time, the two countries' total economic cooperation should improve after a lengthy standstill brought about by the dispute as regards the Nis-based tourist agency Srbija Turist.

After extensive talks and several international arbitrations, the several years' long dispute between the Republic of Serbia Privatisation Agency and U.S. company Uniworld Holdings owned by U.S. businessman of Serbian origin Srba Ilic, the release specifies.

At the initiative of the Ministry of Economy and Regional Development, the government adopted the decision to introduce the decision of the arbitration council of the International Arbitration Court on the basis of which Srbija Turist company would be restored to U.S. company Uniworld.

The arbitration also envisages that the Uniworld is obliged to invest additional USD 3.4 million so as to meet the standards for its highest categorization.

In this way, conditions have been created for the normalization of relations and winning the support for realization of direct U.S. investments in the Serbian market.

In 2003, Uniworld purchased the Nis-based agency Srbija Turist and prepared a three-year investment programme worth USD 9 million, but the Privatisation Agency cancelled the project in 2006 for non-abidance by obligations.