"Serbia important for its size, must not be left to itself"

"Serbia important for its size, must not be left to itself"

The German-Serbian Business Council was founded over 11 years ago, its goal being improvement in economic relations between the two countries.

Vučić said in an introductory address that Germany is Serbia's most significant economic and political partner, underscoring that the country will continue putting structural reforms in place, which will attract even more German businessmen.

Vučić noted that Serbia passed 16 laws that "for the first time in the Serbian history are creating the modern framework for the country's development“, such as the law on labor, bankruptcy proceedings, privatization, and that another five are yet to be passed, which will facilitate the issuance of building permits.

"We have initiated the most comprehensive fiscal consolidation program, which, apart from its scope, is significant because we are the only country on the continent, and without any doubt the only country in South-Eastern Europe which is at the moment taking severe austerity measures in the public sector under no one's ultimatum, because it believes that it is important to curb the fiscal deficit and trim the public debt," Vučić said.

The Serbian prime minister said he is glad that the ministers of economy will exchange official notes concerning the establishment of a German-Serbian chamber of commerce, underlining that Germany is Serbia's most significant economic and political partner.

"More than 370 companies under majority German ownership are operating in Serbia in all vital sectors of economy and providing jobs for more than 25,000 people. Germany is one of the leading foreign investors in Serbia with around EUR 1.8 billion invested to date in economy, mostly in manufacture, pharmaceutical, chemical, automotive, electronic, food and mechanical industry,” said Vučić.

The German vice-chancellor said that German investors are showing great interest in Serbia.

This indicates that Serbia has good economic reputation, which is encouraging, despite difficulties, said Gabriel, who also serves as the minister for economic affairs and energy.

Gabriel pointed out that Berlin supports Serbia on its European pathway and stressed that Serbia and the Western Balkans need the European Union, but that the EU needs Serbia and the Western Balkans just the same.

Serbia is particularly important because of its size, and it must not be left to itself, Gabriel said.

Chairman of the Committee on Eastern Economic Relations of the German Industry Eckhard Cordes commended the government of Serbia for its courage to take unpopular steps and cut public sector pensions and salaries, stressing that budget consolidation sends an important message to investors.

Chairman of the German-Serbian Business Association Ronald Seeliger said that German investors see Serbia as the third most attractive investment destination in Eastern and Central Europe, after EU members Poland and Estonia.

German companies are very happy with the well-trained and motivated workforce, he said, adding, however, that extensive and inefficient public administration is one of the biggest problems they face in Serbia.