FIC: Reforms on right track, key steps still ahead

FIC: Reforms on right track, key steps still ahead

All government steps are leading to the right direction, but we believe that a lot of work still remains to be done, Coin said at the presentation of the FIC 2014 White Book in the Hyatt Regency Hotel.

He said that over the past year, the government has accomplished only 37 percent of the recommendations from the 2013 White Book, but he noted that an aggravating factor for the work of the incumbent government is embodied in the floods and elections.

FIC welcomed the significant improvements in the laws on labour and bankruptcy which adopted a majority of propositions from the White Book and which should considerably improve Serbia's competitiveness.

FIC calls on the government to use its strong political mandate and continue the implementation of long-term measures which include privatization, corporatization of public enterprises and public administration reform so as to create a sustainable public sector and improve the conditions for the development of the private sector, Coin said.

He voiced several FIC key expectations from the government which cover implementation of fiscal consolidation and improvement of macroeconomic stability, implementation and adequate execution of adopted laws.

As another important point, Vuen listed the continuation of improvement of regulations with the EU and reduction of administrative obstacles by urgent constitution of a team for support to investors within the prime minister's cabinet.

The 2014 White Book states that the considerable progress has also been achieved in the consumer protection area, transport, energy, environmental protection regulations, telecommunications, oil and gas.

The lowest degree of progress was achieved in real estate and construction industry, payment terms, product safety, personal data protection and insurance, pharmaceutical products and household cleaning products.

Since 2003, FIC has been releasing the White Book on an annual basis and the publication presents a comprehensive image of the business climate in Serbia with tangible recommendations for improvement.

"Engine"

Foreign investors are the engine of the Serbian economy and we will be counting on them in the future, Serbian Finance Minister Dušan Vujović said on Wednesday.

One third of the 500 companies that are operating in Serbia are a result of foreign investments - we are counting on them and we would like to make action plans and strategies with them for improving the business environment, Vujović said at the presentation of the 2014 White Paper of the Foreign Investors Council at the Hyatt Regency hotel.

Vujović said that 37 percent of advice from the previous White Paper - which represents recommendations from foreign investors for improving the business environment in Serbia - have been adopted, adding that he would like to see the percentage rise further.

Addressing foreign investors, Vujović said that the government is close to tabling the law on construction and planning to the parliament to expedite the issuance of construction permits and facilitate investments in Serbia.

The most problematic area is related to the tax administration reform and tax collection, the minister said.

Addressing the participants of the conference, Vujović said that he expects the talks with the International Monetary Fund (IMF), scheduled to end on Thursday, to come to a successful conclusion.

"We have agreed with the IMF on the content of the measures, and what remains to be done is reach an agreement on their scale and scope," he said.

The finance minister said that he is confident that the IMF will recognize the government's efforts in implementing reforms.