Date: 23/11/2010

Investors demand faster regulatory change

American Chamber of Commerce in Serbia put forward a series of concrete proposals for improvement of the investment climate

Belgrade, November 23, 2010 – The Government should be more concrete and efficient in the implementation of regulatory change, and encourage open dialogue with the private sector, especially until full economic recovery, concluded members of the Board of Governors of American Chamber of Commerce in Serbia (AmCham) at meeting with media representatives, conveying recommendations for improvement of the current business environment. Click here for photo gallery.

Representatives of the largest foreign investors and domestic companies summarized key issues which need to be improved in order to enhance the investment climate.

„The Government must cultivate modern labor relations, eliminate unnecessary bureaucracy, and improve implementation of new construction regulations. In order to improve the healthcare sector, higher procedural transparency and creation of framework for Public-Private Partnership are needed. For better business climate, government officials must speed up the regulatory reform,”stated Skip Bornhuetter, President of AmCham.

In addition, AmCham companies are advocating stopping of proliferation of “earmarked taxes” and hike in local charges, stating that this can significantly decrease predictability and transparency of otherwise favorable tax system in Serbia. Investors say that it is necessary to express firm political will to ensure respect of intellectual property, appealing to the implementation of a stricter penalty policy against those who breach intellectual rights, consistent enforcement of the existing laws and adoption of the Law on Optical Discs.

Finally, AmCham’s Members of Board of Governors reiterated appeal for faster implementation of the Guillotine of Regulations project and measures of the National Competitiveness Council, and underlined necessity to adopt the Law on Capital Markets and finalize the Draft of the Foreign Exchange Law.