Business: Romania tops in Balkans on Forbes' Best Countries for Business list

04/07/2008

Romania holds the top spot among Southeast European countries on Forbes'Best Countries for Business list. Also in business news: Croatia rates stable with Standard & Poor and Bulgaria receives a $360m loan repayment from Iraq.

[Forbes]

Romania ranked the best, while Bosnia and Herzegovina (BiH) ranked the worst among Balkan countries on Forbes magazine's third Best Countries for Business list released last week. Romania occupied 40th place followed by Turkey (41) and Bulgaria (44). The other regional countries lag behind with Albania and Macedonia occupying 77th and 79th position. BiH was 101th. Serbia and Montenegro were not included in the ranking.

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Standard & Poor's affirmed Croatia's long-term foreign currency debt rating at BBB/A-3, and its local currency debt rating at BBB+/A-2, all with a stable outlook, according to an official release Tuesday (July 1st). Croatia's ratings are supported by the gradual consolidation of the public accounts, high per capita GDP, and the policy anchor provided by EU integration.

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Iraq's $360m debt to Bulgaria has been completely repaid, the Bulgarian finance ministry said on Wednesday (July 2nd). The total amount of outstanding debt and accumulated interest was calculated at $1.86 billion, but the two countries agreed to reduce the figure last year.

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Iran and Turkey started negotiations on construction of a new natural gas pipeline for transfer of natural gas to Europe via Turkey, Iranian Petroleum Minister Gholam Hossein Nozari said on Sunday (June 29th). The new pipeline would extend from the South Pars oilfields to the Turkish-Iranian border.

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Turkish Calik Group, owner of the National Commercial Bank (BKT) in Kosovo, announced on Monday (June 30th) that it will invest more in Kosovo's economy. The company opened a second BKT branch office in the southern town of Prizren. Calik Holding is the first Turkish investor in Kosovo with stakes in gas distribution, banking and textile sectors.

(Various sources – 27/06/08-04/07/08)