Over 80 businessmen were greeted by HE Ambassador Dejan Popovic, as well as BSCC's Marie Kingston and Milos Stefanovic. Potential investors had an opportunity to hear about the climate for foreign investments in Serbia, and to exchange experiences with those already doing business in Serbia.

HE Ambassador Dejan Popovic's speech

I endorsed the initiative of the British-Serbian Chamber of Commerce and opened the Embassy’s doors for this reception fully aware that in our globalized world, given the first indications that the recession has hit the bottom, we should not miss any opportunity to develop strategies for the years of recovery. As an emerging market, Serbia provides such opportunities and through the mutual contacts, today and later, you would be able to achieve a comprehensive insight into them.

It is my belief that as potential investors you are in position to benefit from the continuing improvements in Serbia’s business climate that have occurred over the last decade, ensuring smooth, long term and profitable investment opportunities in Serbia. Serbia has developed into a stable democratic country with a fast growing market economy. Until the present global recession hit us earlier this year, we were realizing annual growth rates between 5% and 6%. The Serbian government is shaping attractive environment for doing business, while legislative activities are intensely bringing the legal framework in line with the EU regulations. The country progress is fully supported by leading international development institutions, such as the IMF, WB, EBRD, while the process of the EU accession is irreversibly under way. It was in May 2008 when majority of voters gave support both at presidential and parliamentary elections to strongly pro-European agenda of President Boris Tadiæ. Even the most sensitive issue of unilateral declaration of independence by the Albanian authorities in Priština Serbia was able to handle in a peaceful, diplomatic and exclusively legalistic manner. Supported by the majority of UN member states, we asked the International Court of Justice for the advisory opinion on the legality of such declaration.

I would like to encourage UK investors to open eyes on Serbia, to evaluate all the benefits and unique opportunities and to make the right decision. The engagement of the British-Serbian Chamber of Commerce in promoting Serbia’s market and its advantages are of great importance. Let me just mention the fact that Serbia is centrally located at the crossroads of SEE and has duty free access to a one billion consumer market – EU, Russia, Belarus, Turkey. Our country has the second lowest corporate profits tax rate in Europe (10%), extensive tax-treaty network, with 5% withholding tax rate on dividends stipulated with the UK, as well as a wide range of tax holidays for new investments. We also tend to boast with high quality of trained and linguistically skilled work force. The government of Serbia is continuing to update and upgrade the business climate and gives full support to UK and all other international companies in realizing their investment ambitions in Serbia.

We at the Embassy of the Republic of Serbia, here in London, look forward to working with you. Sharing with us interests in exploiting business opportunities you will in the best possible manner get introduced to a new, smiling face of Serbia.

Tasting of Serbian wines provided by Ivanovic & McHardy company was held in the Embassy of Serbia in London.

The event was hosted by the Serbian Charge d’Affaires, Mr Dragan Zupanjevac, and the BBC television presenter, John Inverdale, with the rugby players Lawrence Dallaglio, Peter Winterbottom and some others as special guests. The legendary chef and wine expert, Keith Floyd, also took part in the event. During the evening, more than 200 guests – representatives of businesses, potential distributors and suppliers, wine tasters, ambassadors and diplomats enjoyed in excellent Serbian wines. They all praised the wines’ quality and expressed their wish to see the wines in the British sophisticated and highly competitive market. This enjoyable event was also a good opportunity for presentation of the Serbian cuisine and Serbia’s tourist and cultural potentials.

Dr Slobodan Korac, the vice president of the Belgrade Chamber of Commerce and Peter Bishop the Deputy president of the London Chamber of Commerce and Industry signed a memorandum of cooperation between the two Chambers on January 30 2007.

The memorandum would facilitate contacts and cooperation between companies and businesses in Belgrade and London. Plans were also discussed for a visit of a London trade delegation to Belgrade which would explore possibilities of enhancing business ties.

Serbia's budget surplus will top CSD 40 billion and consolidated surplus will reach about CSD 5 billion by the end of the year, Tanjug reported yesterday, quoting Finance Minister Mladjan Dinkic.

In January-September, budget revenues stood at CSD 364.2 billion and spending at CSD 333.9 billion, Dinkic said, adding that Serbia expects to increase budget revenues by CSD 14.5 billion and reduce outlays by CSD 10.5 billion by the end of the year.

A tender to award the third mobile license is expected to pour at least a further EUR 320 million into state coffers in November, the minister said. By the end of the year, the government will make an early USD 410 million repayment of its 2007, 2008, and 2009 debt to the World Bank and repay a CSD 8.7 billion pension debt, he went on to say, noting that Serbia will report a record USD 4.1 billion in foreign direct investment this year.

The London Chamber of Commerce together with the Embassy of Serbia in London organised a seminar "Discover the Business Possibilities in Serbia", at London Chamber of Commerce and Industry on 6 September 2006. More than thirty firms from different lines of business, interested in investing in Serbia, took part in it.

The review of markets was given by Velimir Gavrilovic, Assistant Minister in the Ministry of International Economic Relations of the Republic of Serbia, and Slobodan Korac, Vice-President of the Belgrade Chamber of Commerce.

The issue of export and investment possibilities was reported on by David Webb, Consultant and ex-Head of Trade Sector in the British Embassy in Belgrade.

Legal aspects of business management were given by Marie Kingston, lawyer in Simmons & Simmons, renowned solicitor firm dealing with the Balkans, and Sonja Lucic, legal representative of the Price Waterhouse Coopers.

The seminar also included two successful cases of investment business with Serbia – Mihailo Crnobrnja, Special Advisor to the Board of Directors for South-Eastern Europe, explained the example of the British American Tobacco while Milan Novkovic, General Director of the Q-Sphere Technologies, company dealing with software export from Serbia to Great Britain and the sponsor of this event, presented their breakthrough to foreign markets.

The participants were particularly interested, among other, in legislation and Serbia’s prospective accession to the EU. The networking followed the seminar.

Having found the Seminar very informative and well attended, the representatives of the London Chamber of Commerce and Industry are planning a visit of British investors to Serbia in 2007.