SIEPA: Foreign investments in 2013 at around EUR 1 billion, much more needed

Director of the Serbian Investment and Export Promotion Agency (SIEPA) Bozidar Laganin said that foreign direct investments in Serbia in 2013 were expected to reach the same level as last year - around EUR 1 billion, which he said was not enough.

- I expect that we will achieve the same results as last year, but we are not satisfied with them as the amount of FDI has to be much bigger - Laganin told Tanjug news agency.

According to him, Serbia requires about EUR 1.5 billion FDI per year, that is, about 5 percent of GDP, to restart economic activity.

- It is a minimum we need to put things in motion, but we should keep trying to exceed that amount - said Laganin.

He added that SIEPA was actively working on new projects, saying he was sure that the year 2013 would be marked by the arrival of new companies.

- The automotive industry still attracts the most interest, but companies from other industries also ask questions about the country's potential - he noted.

Laganin expects government measures for improving the investment environment to give results in the nearest future, thus making it possible for all projects to be implemented in a quicker and a more efficient fashion.

When asked what should be changed in the business environment as soon as possible to encourage investors to come and invest in our country, Laganin pointed to well-known "bottlenecks" in legislation - the Law on Planning and Construction and the Labor Law.