Turkey to boost investments in Serbia
06/02/2013
Economic co-operation and investment projects were the focus of a meeting this week. Also in business news: Croatia's government bond rating was cut and the grey economy is decreasing in Bulgaria.
 Turkish President Abdullah Gul (right) welcomes his Serbian counterpart Tomislav Nikolic at Cankaya Palace in Ankara on Monday (February 4th). [AFP] |
Turkish President Abdullah Gul and his Serbian counterpart Tomislav Nikolic predicted a "real boom of Turkish investments in Serbia," the two leaders said at a meeting in Ankara on Monday (February 4th). Also discussed were economic co-operation and Turkey's involvement in infrastructure projects in Serbia.
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Workers in Kosovo get the lowest wages in the Balkans at an average of 300 euros a month, according to a study published by Skopje-based Nova Makedonija on Friday (February 1st). In Macedonia the average monthly pay stands at 340 euros, while in Albania it is 380 euros. Bulgaria's average stands at 400 euros and Serbia at 420 euros. In Bosnia and Herzegovina, a worker receives an average of 425 euros a month, while in Montenegro the sum is 487 euros. The monthly wage in Croatia is 750 euros, and in Greece it is 1,000 euros.
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Rating agency Moody's Investor Services on Friday (February 1st) cut Croatia's government bond rating to Ba1 from Baa3. The move, which brings the country's rating down to junk level, was made due to stalled recovery, lack of budget discipline and vulnerability to external shocks.
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The EU and Albania's Agriculture Ministry will implement a 500,000-euro programme aimed to stimulate rural development in 2013. About 75 percent of the sum will come from EU financing and the rest will be secured by the government. The money will go to wine producers and fruit growers in the Elbasan region.
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The Greek government announced Monday (February 4th) that it has managed to cut its budget deficit to the target of 6.5 percent of GDP in 2012, down from 9.4 percent in 2011. The achievement was attributed to the austerity measures implemented in the country.
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Two Turkish companies are planning to invest in Macedonia, Visar Fida, CEO of the Agency for Foreign Investments and Export Promotion in Macedonia, announced on Monday (February 4th). Aydin Plastik will invest 15 million euros in a plant for plastic automobile parts in Stip, and Istem Medikal will build a 20 million-euro factory for medical supplies in Skopje. Work on the two facilities is expected to start in March.
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Grey economy is gradually diminishing in scale in Bulgaria and currently accounts for about 33-34 percent of GDP, according to a study by Sofia-based Centre for the Study of Democracy, published on January 31st. According to the report, undeclared economic activity has been shrinking due to tighter EU funding rules and strict regulation.
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The Bank of Cyprus announced on Friday (February 1st) that 229 of its employees left their jobs in January, bringing its total staff down by 6.4 percent. The cuts are expected to help the institution save 8.5 percent of its annual payroll costs. The bank asked for a state bailout in June last year, needing 500,000 euros to boost its regulatory capital in line with EU standards.
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Turkey is ready to grant citizenship to any Czech entrepreneur willing to launch a business in the country, Turkish Prime Minister Recep Tayyip Erdogan told a Czech-Turkish business forum in Prague on Monday (February 4th). He praised existing co-operation between the two countries in the energy field and stressed the potential for further promotion of trade and investment.
(Various sources -- 30/01/13-06/02/13)
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Human rights violations continue in the region, according to a recent report by Amnesty International.
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