Investors seek quicker regulatory reforms - US Chamber of Commerce gave proposals for investment climate improvement

(Skip Bornhuetter)

The Government should be more concrete and efficient in regulatory reforms and, therefore, stimulate an open dialogue with the private sector, especially in the period leading to the full economic recovery of the country - members of the Managing Board of the U.S. Chamber of Commerce in Serbia (AmCham) concluded at the yesterday's meeting with the media representatives, presenting the recommendations for improvement of the current business environment.

The representatives of the largest American, international and domestic companies summed up the key areas that should be improved in order to enhance the investment climate.

- The Government must advocate modern labor relations, cancel unnecessary bureaucracy, and improve the application of real estate regulations. For the improvement of situation in the health sector, a greater procedural transparency and creation of a framework for cooperation between public and private sectors are necessary. In order for a better business climate to be created, the Government must accelerate regulatory reforms - said AmCham President Skip Bornhuetter.

The companies members of AmCham also advocate prevention of growing number of additional taxes and contributions and growth of local fees, citing that such situation may significantly reduce predictability and transparency of the favorable tax system in Serbia. Investors are of the opinion that it is necessary that the state shows a strong political will when it comes to respecting of the intellectual property rights by conducting a stricter penalty policy against those who don't respect such rights, as well as by insisting on consistent application of the laws in force and adoption of the Law on optical discs.

Members of the AmCham Managing Board reiterated their appeal for quicker application of the Guillotine of Regulations project and the measures of the National Competition Council, and they also pointed to the need for adoption of the Law on capital market and finalization of the Draft Law on foreign currency operations.