EBRD on Serbia’s economic potential

Serbia has great potential for economic development, EBRD Chief Economist Peter Sanfey said.

Izvor: Beta

Tuesday, 19.06.2007.

17:27

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EBRD on Serbia’s economic potential

Sanfey said at a meeting between Serbian and Swiss entrepreneurs that strong points of the Serbian economy were a high annual growth rate of six percent, macroeconomic stability, continuing reforms, a large foreign direct investment (FDI) inflow, the signing of the Central European Free Trade Agreement (CEFTA) and progress towards the EU.

“The problems are political uncertainty and the issue of cooperation with the Hague Tribunal which has to be resolved”, he said.

Sanfey added that the Law on Bankruptcy, the Law on Competitiveness and infrastructural reforms also need to be improved.

Serbia has to further develop financial institutions, since, although the banking sector was developing well, insurance, capital markets and leasing were still lagging behind, he said.

Sanfey said most of the investment was coming into Serbia through privatization and that the level of Greenfield investment and the number of new companies were still low, due to reluctance caused by political risk and the business climate.

The biggest problem that international companies face when coming to Serbia is red tape, corruption, procedures for acquiring permits and limited cross-border trade, Sanfey said.

He announced the EBRD would continue their project in Serbia supporting the process of privatization and post-privatization, the Fund for Local Enterprises, and will also assist major infrastructure projects.

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