Serbia looks to East for investments, reveals minister

VIENNA Serbian Economy Minister Mladjan Dinkic urged "a complete change in the model for bolstering economic growth" as he took part in a conference in Vienna. Dinkic noted that Serbia had decided to look for investments not only in the West, but also in other regions, especially in the East. Serbia looks to East for investments, reveals minister At an annual Europmoney conference , he voiced opinion that this decade is different from the previous, and thus requires different answers. "We in the EU candidate countries should take different steps, the strategy being to try to find investors from the East, not only from the West, "Dinkic said at a panel discussion entitled “Crisis and Response”, which marked the beginning of the two-day conference. He added that more emphasis should be placed on cooperation with Russia, China, Turkey, the United Arab Emirates, adding that these countries possess great potential in terms of capital. The Chinese investment amounting to USD 1.2 billion for road construction in Serbia has been agreed, Dinkic said, adding that the Serbia had excellent cooperation with China on the construction of a bridge in Belgrade. The European banks have not been so active during the crisis. They even reduced their activities, he added, underscoring that is the very reason why it had been decided to attract Russian banks. He announced that the largest bank in the Arab world, from the United Arab Emirates, would establish its first bank in the region - in Serbia. “We want to attract capital from all sides and mobilize national resources by investing in infrastructure,” he said. Dinkic noted that the last year was an election year in Serbia, so the deficit hit a record high. As many other countries, Serbia also adopted the fiscal reform program, the plan being to significantly curb the deficit this year, he said. After taking certain measures, Serbia is now stable, and has secured the finances for the coming period, he added. Speaking about foreign direct investments, Dinkic said that the car industry is a priority, noting that Fiat had managed to create a model that is being sold in the world. Now, Serbia intends to put a greater emphasis on the IT sector, the minister underlined. As announced, Minister Dinkic is due to meet President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti during the conference. The conference in Vienna (Beta) Tanjug

Serbia looks to East for investments, reveals minister

At an annual Europmoney conference , he voiced opinion that this decade is different from the previous, and thus requires different answers.

"We in the EU candidate countries should take different steps, the strategy being to try to find investors from the East, not only from the West, "Dinkić said at a panel discussion entitled “Crisis and Response”, which marked the beginning of the two-day conference.

He added that more emphasis should be placed on cooperation with Russia, China, Turkey, the United Arab Emirates, adding that these countries possess great potential in terms of capital.

The Chinese investment amounting to USD 1.2 billion for road construction in Serbia has been agreed, Dinkić said, adding that the Serbia had excellent cooperation with China on the construction of a bridge in Belgrade.

The European banks have not been so active during the crisis. They even reduced their activities, he added, underscoring that is the very reason why it had been decided to attract Russian banks.

He announced that the largest bank in the Arab world, from the United Arab Emirates, would establish its first bank in the region - in Serbia.

“We want to attract capital from all sides and mobilize national resources by investing in infrastructure,” he said.

Dinkić noted that the last year was an election year in Serbia, so the deficit hit a record high.

As many other countries, Serbia also adopted the fiscal reform program, the plan being to significantly curb the deficit this year, he said.

After taking certain measures, Serbia is now stable, and has secured the finances for the coming period, he added.

Speaking about foreign direct investments, Dinkić said that the car industry is a priority, noting that Fiat had managed to create a model that is being sold in the world.

Now, Serbia intends to put a greater emphasis on the IT sector, the minister underlined.

As announced, Minister Dinkić is due to meet President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti during the conference.