Foreign Investors Council organizes 4th Reality Check conference in Belgrade

The Foreign Investors Council organized today its fourth "Reality Check" Conference with the aim to discuss with the new Government how to create sustainable business framework conductive to growth. In an open dialogue with the Serbian Prime Minister Aleksandar Vucic and ministers, representatives of the Foreign Investors Council discussed status of reforms and ways towards obtaining sustainable business environment.

- Now more than ever, after a big tragedy that hit Serbia, Government needs to conduct and execute deep reforms, because current environment is not sustainable for anyone. Recent disaster should be a trigger to accelerate reforms, not stall them down. Because reforms are the only way to create functional framework to support economic growth and facilitate the needs of the society - FIC President Frederic Coin said in his introductory speech.

He underlined that the Government should create level playing field through privatization and make efficient public sector, improve regulations and in particular their enforcement.

- Priorities lay in 5 areas: to make fully EU-harmonized and coherent legal framework, bring consistency in the tax system, create more flexible labour market, streamline real-estate regulations and establish efficient market surveillance system - the FIC president noted.

- We all need to work together to build a better environment. FIC offers its knowledge and experience how to navigate through economic transition and current crisis and we are willing to put it to use for greater benefit of Serbian market - he concluded.

In overview of past half-a-year, Coin noted that some changes have been made but there was no critical improvement of the business climate. Poor implementation of the laws remains the key problem in the business environment in Serbia. Some progress is marked in the areas of overall legal framework, tax, illicit trade, telecommunications and IT, food & agriculture, leasing and insurance; while almost no progress is marked in the areas of human resources and real-estate. At the same time, FIC acknowledges existing Government activities on bankruptcy, labour and real estate regulations and notes that current draft Labour Law responds to 65% of FIC White Book recommendations.

The conference achieved its goal to enable exchange of views on how to overcome current economic situation and create sustainable business environment conducive to growth. The Reality Check Conference brings together chief executives of FIC member companies and high Government officials to discuss business climate issues, with selected group of diplomats as guests. The conference consists of parallel working sessions on specific business climate topics followed by plenary session with high Government officials.

FIC-Savet stranih investitora

Vlada Republike Srbije

Reality Check

Aleksandar Vucic

Frederik Coin

Labor Law

FIC White Book