In the period of ten years from 2001 to 2011, Serbia had the total of EUR 17 billion of foreign direct investments, EUR 15.1 billion of which are net investments, it was underlined Friday at the promotion of an edition on foreign investments in Serbia.

Serbian Minister of Economy Nebojsa Ciric noted that with EUR 2.2 billion in 2011 Serbia was the leader in the region, adding that this level of foreign investments is also expected in 2012.

Ciric underlined that in the 2001-2008 period, the most money came from privatization, adding that these funds were used for financing of public expenditures, rather than development projects.

Since 2008, as Ciric explained, the investments have been mainly directed at the export-oriented production, whose goal is economic growth and opening of new jobs.

Ciric underlined that Serbia has done a lot to promote investment climate, but added that there is still much to be done, including facilitation of procedures and reduction of taxes on labor.

He said that the next government should keep the current system of investment incentives, and that one of Serbia's chief advantages as an investment destination is qualified and high-quality rather than cheap workforce.

According to the edition entitled 'Foreign Direct Investments in Serbia from 2001 to 2011' released by Business Info Group, out of the total investment in Serbia in the respective period, around 15 percent were Greenfield investments, while the remaining percentage came from privatization.

Germany takes the first place with around EUR 1.5 billion investments, excluding the purchase of domestic mobile operators by Norwegian Telenor and Austrian Vip.

The foreign direct investments coming from socialist countries were insignificant, and mainly related to moot cases, until Russian Gazprom bought Naftna Industrija Srbije late in 2008.