Kosovo appeals for foreign investments (AFP)
Source: AFP World News/English Date: March 26, 2009 PRISTINA, March 26, 2009 (AFP) - Kosovo's government appealed Thursday for international companies to invest in it, promising favorable conditions for them in the Balkan territory. " Kosovo needs your investments. So you are welcome. You will enjoy my unsparing support," Prime Minister Hashim Thaci told a forum of foreign companies held in the capital Pristina. Thaci said his cabinet had "reduced further tariffs to make Kosovo even more attractive for foreign investors." According to Thaci, foreign-owned companies have enjoyed "equal status with local ones, unlimited use of revenues and a quick procedure for setting up their business in Kosovo which takes just a day." Kosovo's central bank said foreign direct investment in Kosovo in 2008 amounted to 350 million euros (470 million dollars), 16.9 percent less than in 2007. Earlier this month, officials said Kosovo's pension fund, which has invested heavily in international stock markets, has already lost 30 percent of its value due to the global economic crisis. The Kosovo government set aside 200 million euros as a precautionary measure in a bid to fight the impact of the crisis. However, Thaci said his government considers the energy and mineral industry as an opportunity for investors. He noted coal, lead, zinc, and nickel as the most attractive assets. Geological studies have shown that an estimated 15 billion tonnes of brown coal could be excavated from Kosovo, as well as 20 billion tonnes of lead and zinc and 15 billion tonnes of nickel. Kosovo declared independence from Serbia in February 2008. It remains among the poorest countries in Europe, with an unemployment rate of 45 percent. Although the independence has so far been recognised by 56 countries, among them the United States and most of the European Union, Serbia opposes the move and still considers Kosovo its southern province.
