The Foreign Investors Council held its Regular Annual Assembly

EU integration and bringing inflation back to the target corridor

will shape the business and investment climate in Serbia in the upcoming period

 

Belgrade, 11^th, December 2023 – The Foreign Investors Council (FIC) held the regular annual session of the Assembly, adopting the Annual and Financial Reports for 2023. In his opening address, the FIC President and CEO Yettel, Mr. Mike Michel, emphasized that the FIC in 2023 was more active and visible than in previous years, and many new topics important for the business and investment climate in Serbia were opened: “It has been an incredible team effort. We have opened a new milestone in our future work, and I am looking forward to what’s coming next in 2024” – concluded Michel. The FIC recommendations contained in the White Book 2023 refer to the biggest challenges for investments: Serbia’s the EU integration process, keeping inflation at the same time as interest rates rise, the increase in the tax burden and the sustainability of the public debt. In this sense, the intensification of negotiations with the EU on Serbia’s membership status remains a key priority in order to harmonize domestic regulations with European standards and reduce geopolitical risk for investments and foreign trade. Besides, it is necessary to bring inflation back within the target corridor, optimize the fiscal burden to encourage investments and economic growth, reduce public expenditures, and complete the restructuring of infrastructure companies, especially in the energy field, to sustain adequate level of fiscal deficit and public debt level. FIC Serbia continued intense dialogue with all the relevant stakeholders in Serbia, including the Government, the European Union, international financial organizations, the diplomatic corps, business associations, and other similar bodies. FIC initiated the regulatory initiatives in significant areas such as housing law, e-invoicing, consumer protection, tourism development strategy, private security law etc. Several professional conferences and education were organized, including the first FIC Financial Services Conference: Development of Financial Services: Challenges and Opportunities, and the first Regenerative Agriculture Conference: Accelerate your Regenerative Transition, Interest Rate Swaps (IRS) and the Legal Aspects of Hedging, Unlocking ESG, Safety and Health at Work. FIC members participated in the significant number of important events and conferences. More information in the FIC Annual Report for 2023 available for free download on the FIC website (www.fic.org.rs). The FIC Board of Directors consists of the following officials: Yettel d.o.o CEO Mike Michel, A1 Serbia & A1 Slovenija d.o.o. CEO Dejan Turk, Country Managing Partner for Serbia, Montenegro, and Bosnia & Herzegovina and Central Cluster Tax Leader Ernst&Young d.o.o. Ivan Rakic, G4S Secure Solutions d.o.o. Managing Director, Aleksander Dawid Sold, Belgrade airport d.o.o. CEO Francois Berisot, General Manager, Roche d.o.o. Serbia and Montenegro, Ana Govedarica, Nestlé Adriatic Hub South (Serbia, Montenegro, North Macedonia) Country Manager, Marjana Davidović, Director of Corporate Affairs and Communications for Adriatica Japan Tobacco Inc. and President of Japanese Business Alliance in Serbia, Goran Pekez, Raiffeisen banka a.d. Beograd Chairman of the Managing Board Zoran Petrović, General Manager SGS Beograd, Miljan Milević and President & CEO of Hemofarm and STADA Balkans Cluster, Ronald Seeliger.