AFP. 17 January 2002. Yugoslavia adopts new foreign investment law.
BELGRADE -- The Yugoslav parliament adopted on Thursday a foreign investment law aimed at attracting desperately needed funds to revive the economy. The law facilitates foreign companies' operations in Yugoslavia, giving them additional guarantees for their investments in the country. During the parliamentary debate, Yugoslav Deputy Prime Minister Miroljub Labus said that Belgrade expected foreign investments to double this year, promising that the new law would be "more liberal" and was designed to "stimulate foreign investors," Tanjug news agency reported. Labus said that in 2001, since reformers took over from Milosevic, 1,319 foreign companies with a total capital of 595 million German marks (304 million euros, 268 million dollars) started operations in the country. The new law is a part of a package of economic reforms aimed at liberalisation of the economy. The parliament of Serbia, the dominant republic of Yugoslavia, has already adopted privatisation and labour law under a reform drive. Following the reformers rise to power in October 2000, the country's total foreign debt has reached 12 billion dollars. This amount represents almost 140 percent of the gross domestic product (GDP), a debt of more than 1,200 US dollars per citizen. Last November, the Paris Club of creditor nations decided to write off 66 percent of almost 4.5 billion dollars in Yugoslavia's debt. Belgrade's package of reforms has won support within the international community, and the first donors conference for Yugoslavia last June attracted 1.3 billion dollars, of which 62 percent was in the form of donations. . . . . . . . . . . . . . . . . . . . . . . . Barry Stoller http://groups.yahoo.com/group/ProletarianNews
