The Foreign Investors Council has presented the White Book 2007, the fifth in a row, which continues the tradition in reporting the reactions and recommendations of the foreign business community to the reform process in Serbia.

By welcoming the positive changes that have taken place, and by suggesting further improvements when and where they are needed, the FIC feels that is assisting the Government in the difficult task of making the Serbian market more competitive to other markets, particularly those in the European Union.

Despite high unemployment and a wide trade gap, Serbia’s overall business climate is good, FIC President Budimir Kostic said in his opening word, noting that none of the foreign investors has left Serbia after arriving in the market.

A key recommendation, and expectation of the FIC, is to move much faster and more energetically toward the implementation of laws. Legislation that have been passed, but not implemented, do not improve the business environment. In order to create better investment climate, the Government should complete privatization process by the end of 2007, press for further economic restructuring, and aim for low inflation, FIC Managing Board Member Mihailo Crnobrnja said, noting that a market-based dinar exchange rate, prudent public spending and a fiscal surplus are also among the 140 recommendations in White Book 2007.

The FIC, which gathers around 110 foreign investors in Serbia, also urges the enforcement of regulations and the adoption of laws to support the new Constitution, stressing the importance of the Law on Foreign Investment, issues regarding the land titles, the Law on Securities, and the Labor Law.

This edition was for the first time made in cooperation with Serbian Chamber of Commerce whose former President Mr Slobodan Milosavljevic, and present Minister of Agriculture, addressed the audience.