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FOREIGN DIRECT INVESTMENT A GENERAL OVERVIEW AND ITS RELEVANCE TO SERBIA.

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Presentation on theme: "FOREIGN DIRECT INVESTMENT A GENERAL OVERVIEW AND ITS RELEVANCE TO SERBIA."— Presentation transcript:

1 FOREIGN DIRECT INVESTMENT A GENERAL OVERVIEW AND ITS RELEVANCE TO SERBIA

2 FOREIGN DIRECT INVESTMENT The international movement of capital takes place in three major forms: 1. International mobility of credit capital. 2. Portfolio investments. 3. Foreign direct investments. (FDI) FDI is considered as the most desirable form of international capital. As a result, corporations and national states compete in the international arena against each other for the inflow of FDI. FDI is considered as the most desirable form of international capital. As a result, corporations and national states compete in the international arena against each other for the inflow of FDI. FDI basically means the expansion of existing and establishment of new economic organizations of the so call parent company. FDI is a long term investment of corporate capital abroad. FDI basically means the expansion of existing and establishment of new economic organizations of the so call parent company. FDI is a long term investment of corporate capital abroad. Under the current economic and financial crisis, FDI has become scarcer as the profitability of enterprises declined. Under the current economic and financial crisis, FDI has become scarcer as the profitability of enterprises declined.

3 FOREIGN DIRECT INVESTMENT FDI plays a major role in the economic development: For the exporting countries (outflow of FDI), export of capital allows for an increased use of capacities, expansion of markets, new technology development and of course higher return on investment capital. For the exporting countries (outflow of FDI), export of capital allows for an increased use of capacities, expansion of markets, new technology development and of course higher return on investment capital. For the importing countries (inflow of FDI), the benefits stem not only from the inflow of capital but also from the inflow of new technologies and know- how without need to purchase a license or significant amounts of capital in R&D. It also means higher exports, the ability to finance new investments which affects the growth of employment, income and labor productivity. For the importing countries (inflow of FDI), the benefits stem not only from the inflow of capital but also from the inflow of new technologies and know- how without need to purchase a license or significant amounts of capital in R&D. It also means higher exports, the ability to finance new investments which affects the growth of employment, income and labor productivity.

4 FOREIGN DIRECT INVESTMENT Defining FDI: FDI can be defined as an investment made by a resident of one economy in another economy. FDI can be defined as an investment made by a resident of one economy in another economy. The investment has to be of “lasting interest”. The investment has to be of “lasting interest”. The investor has a “significant degree of influence” on the management of the enterprise. The investor has a “significant degree of influence” on the management of the enterprise. The IMF defined the degree of influence of the investor as follows: For operational purposes, 10% of the voting shares or voting power is the level necessary for the direct investment interest to exist (IMF, 1993, paragraph 362) The IMF defined the degree of influence of the investor as follows: For operational purposes, 10% of the voting shares or voting power is the level necessary for the direct investment interest to exist (IMF, 1993, paragraph 362)

5 FOREIGN DIRECT INVESTMENT There are two types of FDI used for market entry purposes: 1. Greenfield FDI 2. Mergers and acquisitions (M&As). 1. Greenfield FDI: relates to investment projects that entail the establishment of new entities and the setting up of relates to investment projects that entail the establishment of new entities and the setting up of offices, buildings, plants and factories from scratch. Its is a kind of working capital. Under this form of FDI, a direct investor provides resources to a direct investment enterprise in exchange for a claim on the entity. offices, buildings, plants and factories from scratch. Its is a kind of working capital. Under this form of FDI, a direct investor provides resources to a direct investment enterprise in exchange for a claim on the entity.

6 FOREIGN DIRECT INVESTMENT Greenfield FDI (continued). Greenfield FDI involves capital used for the purchase of fixed assets, materials, goods and services, and to hire workers in the host country. Greenfield FDI involves capital used for the purchase of fixed assets, materials, goods and services, and to hire workers in the host country. This form of FDI contributes directly to capital formation and helps generate employment in the host country. This form of FDI contributes directly to capital formation and helps generate employment in the host country. It adds to the productive capacity of the host country through investment expenditures by the direct investment enterprise. It adds to the productive capacity of the host country through investment expenditures by the direct investment enterprise. The direct investment enterprise established through Greenfield FDI can be a branch, an unincorporated enterprise or an incorporated enterprise (that is, a separate unit maintaining its own accounting books). The direct investment enterprise established through Greenfield FDI can be a branch, an unincorporated enterprise or an incorporated enterprise (that is, a separate unit maintaining its own accounting books).

7 FOREIGN DIRECT INVESTMENT 2. Mergers and acquisitions: The second mode of entry of FDI is an M&A transaction. This entails the taking over or merging of capital, assets and liabilities of existing enterprises. The second mode of entry of FDI is an M&A transaction. This entails the taking over or merging of capital, assets and liabilities of existing enterprises. Cross-border M&A’s have been a major driver of FDI flows for the past few years, particularly among and in developed countries, but also in some developing countries (UNCTAD, 200). Cross-border M&A’s have been a major driver of FDI flows for the past few years, particularly among and in developed countries, but also in some developing countries (UNCTAD, 200). Under M&A’s the target company that is being sold and acquired is affected in that there is a change in its ownership. Under M&A’s the target company that is being sold and acquired is affected in that there is a change in its ownership. Usually M&A’s combine an increase in share capital of the target company and further dilution of the previous owners. Usually M&A’s combine an increase in share capital of the target company and further dilution of the previous owners.

8 FOREIGN DIRECT INVESTMENT FDI in the long term: Over the long term there is little difference between Greenfield investments and M&A’s in terms on their impact on an economy. (UNCTAD) Over the long term there is little difference between Greenfield investments and M&A’s in terms on their impact on an economy. (UNCTAD) Over the long term FDI helps in establishing an equilibrium to market conditions through the efficient allocation of productive assets. FDI helps improve international competitiveness and foster a healthy competition in a globalize international sphere. Over the long term FDI helps in establishing an equilibrium to market conditions through the efficient allocation of productive assets. FDI helps improve international competitiveness and foster a healthy competition in a globalize international sphere. FDI entails the highest business risk amongst all other methods of investment. It also entails (in most of the cases) direct involvement in the management and corporate strategy of the target company by the investor ( parent company). Its is proven that FDI yields the highest returns when compared to all other modes of investment. FDI entails the highest business risk amongst all other methods of investment. It also entails (in most of the cases) direct involvement in the management and corporate strategy of the target company by the investor ( parent company). Its is proven that FDI yields the highest returns when compared to all other modes of investment.

9 FOREIGN DIRECT INVESTMENT Global FDI: Foreign direct investments have become the major economic driver of globalization, accounting for over half of all cross-border investments. Foreign direct investments have become the major economic driver of globalization, accounting for over half of all cross-border investments. The most profound effect has been seen in developing countries, where yearly FDI flows have increased from an average (per developing nation) of less than $10 billion in the 1970s to a yearly average of less than $20 billion the 1980s. From 1998 to 1999 itself, FDI towrds the developing nations grew from $179 billion to $208 billion and now comprise a large portion of global FDI. The most profound effect has been seen in developing countries, where yearly FDI flows have increased from an average (per developing nation) of less than $10 billion in the 1970s to a yearly average of less than $20 billion the 1980s. From 1998 to 1999 itself, FDI towrds the developing nations grew from $179 billion to $208 billion and now comprise a large portion of global FDI. Although most of the FDI flows from developed cpountries to developed countries, still the inflows to developing nations are significant and constitute a major force in economic growth. Although most of the FDI flows from developed cpountries to developed countries, still the inflows to developing nations are significant and constitute a major force in economic growth.

10 FOREIGN DIRECT INVESTMENT Global FDI(continued) China is at the forefront of FDI growth, followed by Russia, Brazil and Mexico. China is at the forefront of FDI growth, followed by Russia, Brazil and Mexico. The "Asian Tiger" economies such as China, South Korea, Singapore and the Philippines benefitted tremendously and experienced high levels of economic growth at the onset of foreign direct investment into their economies. The "Asian Tiger" economies such as China, South Korea, Singapore and the Philippines benefitted tremendously and experienced high levels of economic growth at the onset of foreign direct investment into their economies. With the advent and growth of the internet, many traditional cases of FDI which required huge amount of capital and physical investments are slowly becoming obsolete, especially for developed countries. With the advent and growth of the internet, many traditional cases of FDI which required huge amount of capital and physical investments are slowly becoming obsolete, especially for developed countries. The rise of small startups that require less research and development investment and the shift towards knowledge based economies, where the emphasis is placed on human capital rather than manual labour, has altered the playing field for FDIs. The rise of small startups that require less research and development investment and the shift towards knowledge based economies, where the emphasis is placed on human capital rather than manual labour, has altered the playing field for FDIs.

11 FOREIGN DIRECT INVESTMENT Global FDI trends: Historically, FDI has been directed at developing nations as firms from advanced economies invested in other markets, with the US capturing most of the FDI inflows. While developed countries still account for the largest share of FDI inflows, data shows that the stock and flow of FDI has increased and is moving towards developing nations, especially in the emerging economies around the world. Historically, FDI has been directed at developing nations as firms from advanced economies invested in other markets, with the US capturing most of the FDI inflows. While developed countries still account for the largest share of FDI inflows, data shows that the stock and flow of FDI has increased and is moving towards developing nations, especially in the emerging economies around the world. Aside from using FDIs as investment channel and a method to reduce operating costs, many companies and organizations are now looking at FDI as a way to internationalize. FDIs allow companies to avoid governmental pressure on local production and cope with protectionist measures by circumventing trade barriers. The move into local markets also ensures that companies are closer to their consumer market, especially if companies set up locally-based (national) sales offices. Aside from using FDIs as investment channel and a method to reduce operating costs, many companies and organizations are now looking at FDI as a way to internationalize. FDIs allow companies to avoid governmental pressure on local production and cope with protectionist measures by circumventing trade barriers. The move into local markets also ensures that companies are closer to their consumer market, especially if companies set up locally-based (national) sales offices.

12 FOREIGN DIRECT INVESTMENT So, who invests? FDI outflows declined from over 600 billion US$ in 2007 to arounf 400 billion US$ by last year. This is a decline of 33% over a period of 4 years!! FDI outflows declined from over 600 billion US$ in 2007 to arounf 400 billion US$ by last year. This is a decline of 33% over a period of 4 years!! The bigest outflow of FDI comes from the OECD countries (an international economic organization of 34 economically advanced countries founded in 1961 to stimulate economic progress and advance world trade). The bigest outflow of FDI comes from the OECD countries (an international economic organization of 34 economically advanced countries founded in 1961 to stimulate economic progress and advance world trade). The second highest outflow comes from the G-20 economies (a group of 19 economically strong countries plus the EU). The second highest outflow comes from the G-20 economies (a group of 19 economically strong countries plus the EU). The third highest outflow comes from the EU. The third highest outflow comes from the EU.

13 FOREIGN DIRECT INVESTMENT So, who invests (continued):?:

14 FOREIGN DIRECT INVESTMENT And who gets the funds? There is a change of trend over the past 2 years with the advanced economies of the G-20 getting most of the funds. Prior to 2007 the OECD’s used to absorbe most of the funds. Europe is and was the last. There is a change of trend over the past 2 years with the advanced economies of the G-20 getting most of the funds. Prior to 2007 the OECD’s used to absorbe most of the funds. Europe is and was the last.

15 FOREIGN DIRECT INVESTMENT And in which area the funds flow? According to the World Bank FDI flows in the following general areas: Investments that require natural resourses such as minerals, raw materials and agricultural products. Investments that require natural resourses such as minerals, raw materials and agricultural products. Investments that require cheaper or skilled and specialized labor. Investments that require cheaper or skilled and specialized labor. Investments that require new markets for sales. Investments that require new markets for sales. Investments that require increase of production productivity aiming at reducing costs. Investments that require increase of production productivity aiming at reducing costs. Investments that require existing capacities in order to maintain and promote long-term goals and financial targets of their companies. Investments that require existing capacities in order to maintain and promote long-term goals and financial targets of their companies.

16 FOREIGN DIRECT INVESTMENT FDI and Serbia. Since year 2001, Serbia has attracted over $20 billion of inward foreign direct investment. Since year 2001, Serbia has attracted over $20 billion of inward foreign direct investment. Since the onset of economic reforms, Serbia has grown into one of the premier investment locations in Central and Eastern Europe. A list of leading foreign investors is topped by world-class companies and banks such as FIAT, Telenor, Stada, US Steel, Michelin, Gazprom, Siemens, Intesa Sanpaolo and many others. Since the onset of economic reforms, Serbia has grown into one of the premier investment locations in Central and Eastern Europe. A list of leading foreign investors is topped by world-class companies and banks such as FIAT, Telenor, Stada, US Steel, Michelin, Gazprom, Siemens, Intesa Sanpaolo and many others. Serbia's strong FDI track-record is substantiated by internationally recognized awards for local Greenfield investors. Between 2004 and 2006, Greenfield projects in Serbia were awarded by OECD as the largest investments of this type in South East Europe. The first Award was presented to Ball Packaging Europe (headquartered in USA), followed by METRO Cash & Carry (Germany), and Israeli Africa-Israel Corporation/Tidhar Group for their Airport City Belgrade real estate project Serbia's strong FDI track-record is substantiated by internationally recognized awards for local Greenfield investors. Between 2004 and 2006, Greenfield projects in Serbia were awarded by OECD as the largest investments of this type in South East Europe. The first Award was presented to Ball Packaging Europe (headquartered in USA), followed by METRO Cash & Carry (Germany), and Israeli Africa-Israel Corporation/Tidhar Group for their Airport City Belgrade real estate project

17 FOREIGN DIRECT INVESTMENT FDI and Serbia (continued). In year 2011, Serbia attaracted FDI inflow of 2 billion ($US). Prime Minister Mirko Cvetkovic in an interview at Serbia Times on 1/3/2012, underlined the importance of FDI for Serbia although he expresed his fears that FDI might be in 2013 the same as in 2012, if the crisis in the Eurozone continues. In year 2011, Serbia attaracted FDI inflow of 2 billion ($US). Prime Minister Mirko Cvetkovic in an interview at Serbia Times on 1/3/2012, underlined the importance of FDI for Serbia although he expresed his fears that FDI might be in 2013 the same as in 2012, if the crisis in the Eurozone continues.

18 FOREIGN DIRECT INVESTMENT FDI and Serbia (continued). Serbia has a long history of international commerce, even under communism, and it once attracted a sizeable foreign company presence, mainly due to its access to Comecon, and Non-Aligned Movement markets. Serbia has a long history of international commerce, even under communism, and it once attracted a sizeable foreign company presence, mainly due to its access to Comecon, and Non-Aligned Movement markets. The record braking level of FDI in 2006 was due to the sale of Mobtel. The record braking level of FDI in 2006 was due to the sale of Mobtel. Leading investor nations in Serbia over a period of 10 years: Austria ($2.68bn), Greece ($1.62bn), Norway ($1.55bn), Germany ($1.30bn) and Italy ($0.95bn). Leading investor nations in Serbia over a period of 10 years: Austria ($2.68bn), Greece ($1.62bn), Norway ($1.55bn), Germany ($1.30bn) and Italy ($0.95bn). In a recent poll for investors, conducted by the German Chamber of Commerce, Serbia came on top as an investment destination in South-Eastern Europe, with 97% of companies being pleased with business In a recent poll for investors, conducted by the German Chamber of Commerce, Serbia came on top as an investment destination in South-Eastern Europe, with 97% of companies being pleased with business

19 FOREIGN DIRECT INVESTMENT FDI and Serbia (continued). Although most investments in previous years came primarily from the EU, greater interest is being shown from countries like India and Russia. China is following in the game with interests in infrastructure and other investments. Although most investments in previous years came primarily from the EU, greater interest is being shown from countries like India and Russia. China is following in the game with interests in infrastructure and other investments. On September 25, 2007, the Government of Serbia and Indian firm Embassy Group signed a memorandum of understanding on the information technology park construction in the town of Indjija near Belgrade. The five year plan predicts building a business area of 250,000 square meters and employing around 25,000 people. This is planned as the largest Greenfield investment in Serbia, accounting for a minimum of $600 million. On September 25, 2007, the Government of Serbia and Indian firm Embassy Group signed a memorandum of understanding on the information technology park construction in the town of Indjija near Belgrade. The five year plan predicts building a business area of 250,000 square meters and employing around 25,000 people. This is planned as the largest Greenfield investment in Serbia, accounting for a minimum of $600 million.

20 FOREIGN DIRECT INVESTMENT FDI and Serbia (continued). On December 24, 2008, presidents of Serbia and Russia, Boris Tadic and Dmitry Medvedev have signed oil and natural gas deal under which Gazprom‘s oil arm Gazprom Neft gets a 51% stake in state-owned Petroleum Industry of Serbia for 400 million euros in cash and 550 million euros in investments. As a part of the deal, a 400 km (250 mi) leg of the South Stream gas pipeline will be built through Serbia, an investment valued at another 2 billion euros. On December 24, 2008, presidents of Serbia and Russia, Boris Tadic and Dmitry Medvedev have signed oil and natural gas deal under which Gazprom‘s oil arm Gazprom Neft gets a 51% stake in state-owned Petroleum Industry of Serbia for 400 million euros in cash and 550 million euros in investments. As a part of the deal, a 400 km (250 mi) leg of the South Stream gas pipeline will be built through Serbia, an investment valued at another 2 billion euros.

21 FOREIGN DIRECT INVESTMENT FDI and Serbia (continued). Blue-chip corporations making investments in Serbia include: US Steel, Philip Morris, Microsoft, Fiat, Coca- Cola, Lafarge, Siemens, Carlsberg and others. Blue-chip corporations making investments in Serbia include: US Steel, Philip Morris, Microsoft, Fiat, Coca- Cola, Lafarge, Siemens, Carlsberg and others. In the energy sector, Russian energy giants, Lukoil and Gazprom have made large investments. In the energy sector, Russian energy giants, Lukoil and Gazprom have made large investments. The banking sector has attracted investments from Banca Intesa (Italy), Crédit Agricole and Société Générale (France), HVB Bank (Germany), Erste Bank, Raiffeisen Zentralbank and Hypo Group Alpe Adria (Austria), Eurobank EFG and Piraeus Bank (Greece), and others. United States based Citibank, opened a representative office in Belgrade. The banking sector has attracted investments from Banca Intesa (Italy), Crédit Agricole and Société Générale (France), HVB Bank (Germany), Erste Bank, Raiffeisen Zentralbank and Hypo Group Alpe Adria (Austria), Eurobank EFG and Piraeus Bank (Greece), and others. United States based Citibank, opened a representative office in Belgrade. In the trade sector, biggest foreign investors are France's Intermarché, German Metro Cash and Carry, Greek Veropoulos, and Slovenian Mercator. In the trade sector, biggest foreign investors are France's Intermarché, German Metro Cash and Carry, Greek Veropoulos, and Slovenian Mercator.

22 FOREIGN DIRECT INVESTMENT FDI by Industries in Serbia: Over the past six years, service sectors have proven to be the most attractive to international investors. Banking and insurance recorded the largest FDI inflow of $5.8 billion. Manufacturing industries held the 2nd spot with $3.9 billion, followed by real estate and renting, transport and telecommunications and trade. Over the past six years, service sectors have proven to be the most attractive to international investors. Banking and insurance recorded the largest FDI inflow of $5.8 billion. Manufacturing industries held the 2nd spot with $3.9 billion, followed by real estate and renting, transport and telecommunications and trade.

23 FOREIGN DIRECT INVESTMENT FDI inflow incentives in Serbia: State Grants A new investment package has been prepared for investors into Serbia. State grants are offered for Greenfield and Brownfield projects in all industries, except for primary agriculture, the hospitality industry, retail, and the production of synthetic fibers and coal. A new investment package has been prepared for investors into Serbia. State grants are offered for Greenfield and Brownfield projects in all industries, except for primary agriculture, the hospitality industry, retail, and the production of synthetic fibers and coal. For standard-scale Greenfield and Brownfield projects in the manufacturing, export-related services sector and tourism, non-refundable state funds are offered in the range between €2,000 and €10,000 per new job created within three years. For standard-scale Greenfield and Brownfield projects in the manufacturing, export-related services sector and tourism, non-refundable state funds are offered in the range between €2,000 and €10,000 per new job created within three years. For large investors, a special financial package is available. If a project's value exceeds €200 million, with the minimum of 1,000 new jobs created within 3 years, the state may cover 20% of the investment. Investments of over €50 million that create the minimum of 300 new jobs within 3 years, can be subsidized up to 20% of the project's value. For large investors, a special financial package is available. If a project's value exceeds €200 million, with the minimum of 1,000 new jobs created within 3 years, the state may cover 20% of the investment. Investments of over €50 million that create the minimum of 300 new jobs within 3 years, can be subsidized up to 20% of the project's value.

24 FOREIGN DIRECT INVESTMENT FDI inflow incentives in Serbia (continued): For large-scale projects, the amount of grants is determined by the government, depending on the investment's importance, value, and term. For large-scale projects, the amount of grants is determined by the government, depending on the investment's importance, value, and term. In case of standard-scale projects, state funds are awarded upon the validation based on the following criteria: In case of standard-scale projects, state funds are awarded upon the validation based on the following criteria: 1. Investor's references. 2. Participation of domestic suppliers in the final product and the investment effect on local companies. 3. Investment sustainability. 4. Effects related to R&D. 5. Effects on human resources. 6. Environmental impact. 7. The value of international turnover for investments in the services sector. 8. Imports substitution. 9. Effects on the development of the local community.

25 FOREIGN DIRECT INVESTMENT FDI inflow incentives in Serbia. Taxation: Serbia provides the second lowest corporate income tax in Europe, together with other favorable taxes and costs. Taxation is considerred an important element for FDI inflows. Serbia provides the second lowest corporate income tax in Europe, together with other favorable taxes and costs. Taxation is considerred an important element for FDI inflows.

26 FOREIGN DIRECT INVESTMENT So, how is Serbia doing in FDI comparred to other countries in the region?. FDI net Inflows in billions of U$. Source: World Bank, May 2010 Country Serbia Croatia Bulgaria Romania

27 FOREIGN DIRECT INVESTMENT So, how is Serbia doing in FDI comparred to other countries in the region? (continued). Serbia could definatelly do better. Serbia could definatelly do better. In the past 5 years Croatia surpassed Serbia in FDI inflows. In the past 5 years Croatia surpassed Serbia in FDI inflows. Serbia is fourth in the region. Serbia is fourth in the region. Serbia and Croatia combinned, are lower than inflows of FDI to Bulgaria. Serbia and Croatia combinned, are lower than inflows of FDI to Bulgaria. Same of course applies when comparred to Romania that is the number one country in the region in terms of FDI inflows. Same of course applies when comparred to Romania that is the number one country in the region in terms of FDI inflows. It is evident that political and ecomomic stability combinned with an EU mebership (and perhaps a NATO membership) makes the difference. It is evident that political and ecomomic stability combinned with an EU mebership (and perhaps a NATO membership) makes the difference.

28 FOREIGN DIRECT INVESTMENT So, what Serbia should do in order to attaract higher levels of FDI inflow? Stronger and clearer legal system especially caterred to FDI (today the legal franmework for FDI is governed by the Constitution and the Privitization law). Stronger and clearer legal system especially caterred to FDI (today the legal franmework for FDI is governed by the Constitution and the Privitization law). Investing in stronger economic structure and moving away from a monopolistic economy. Investing in stronger economic structure and moving away from a monopolistic economy. Fostering healthy competition in major industries. Fostering healthy competition in major industries. Clear government policy and strategy in attracting FDI in specific sectors, especially in the Green Energy sector. Clear government policy and strategy in attracting FDI in specific sectors, especially in the Green Energy sector. Sustain growth of GDP. ( In 2012 it is expected that economic growth is not going to reach the targets of 1.5% but rather 0.5%) Sustain growth of GDP. ( In 2012 it is expected that economic growth is not going to reach the targets of 1.5% but rather 0.5%) Reduce unemployment in order to increase domestic spending power. Reduce unemployment in order to increase domestic spending power.

29 FOREIGN DIRECT INVESTMENT So, what Serbia should do in order to attaract higher levels of FDI inflow?(continued) Improve accouting and financial reporting system. Improve accouting and financial reporting system. Fight corruption and create transparency when it comes to institutions and procedures. Fight corruption and create transparency when it comes to institutions and procedures. Fight administration barriers. Fight administration barriers. Better use of available human recourses. Better use of available human recourses. Improve labor flexibility and adaptation to new industries through government sponsored training. Improve labor flexibility and adaptation to new industries through government sponsored training. Accelerate transition period and processes leading towards EU entry. Accelerate transition period and processes leading towards EU entry. Create more political stability. Create more political stability. Invest in infrustructure. Invest in infrustructure. Keep reinvestments at high levels and preferably within Serbia. Keep reinvestments at high levels and preferably within Serbia.

30 FOREIGN DIRECT INVESTMENT So, what Serbia should do in order to attaract higher levels of FDI inflow?(continued) AND MOST IMPORTANTLY: THINK GLOBALLY!!!!! Thank you for your attention.


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