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<!--BeginDoc 62506134--> <PRE> <table class="text" bordercolor="#000066" cellspacing="1" cellpadding="2" width="95%" align="left" bgcolor="#ffffff" border="1"><tbody><tr><td valign="top" colspan="8"><p align="center"><span class="htmla_titolo"></span></p><p align="center"><span class="htmla_titolo"><img hspace="5" src="http://www.informest.it/images/loghi/informest/logo_informest_215x38.gif" align="baseline" vspace="5" border="0" /></span></p><p align="center"><span class="htmla_titolo"><font color="#003366">UNION OF SERBIA and MONTENEGRO <br /></font></span></p></td></tr><tr><td valign="top" width="135" rowspan="8"><p><font color="#003366"><b>GENERAL DATA</b> </font></p></td><td valign="top"><p><font color="#003366">Form of Government:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">Parliamentary (with direct election of the President of the Republic by the people)</font></p></td></tr><tr><td valign="top"><p><font color="#003366">Capital:</font></p></td><td valign="top" colspan="6"><p><city w:st="on" /><place w:st="on" /><font color="#003366">Belgrade</place /></city />, pop: 1.280.639 (2002) </font></p></td></tr><tr><td valign="top"><p><font color="#003366">Area:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">102,350 sq km</font></p></td></tr><tr><td valign="top"><p><font color="#003366">Population:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">10,829,175 (July 2005 est.) </font></p></td></tr><tr><td valign="top"><p><font color="#003366">Population growth rate:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">0.03% (2005 est.) </font></p></td></tr><tr><td valign="top"><p><font color="#003366">Life expectancy at birth:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">Male: 72.15 years; female: 77.51 years (2005 est.) </font></p></td></tr><tr><td valign="top"><p><font color="#003366">Currency:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">Dinar YUN * (1 EUR = 82,7075 YUN; 1 USD = 69,4963 YUN) - 2005</font></p></td></tr><tr><td valign="top" colspan="7"><p><font color="#003366">*In Montenegro the euro is legal tender; in Kosovo both the euro and the Yugoslav dinar are legal. </font></p></td></tr><tr><td valign="top" width="135" rowspan="9"><p><font color="#003366"><b>MAIN ECONOMIC INDICATORS</b> </font></p></td><td valign="top" colspan="2"><p /></td><td valign="top" width="123"><p align="center"><font color="#003366"><b>2001</b> </font></p></td><td valign="top" width="123"><p align="center"><font color="#003366"><b>2002</b> </font></p></td><td valign="top" width="57"><p align="center"><font color="#003366"><b>2003</b> </font></p></td><td valign="top"><p align="center"><font color="#003366"><b>2004</b> </font></p></td><td valign="top" width="68"><p align="center"><font color="#003366"><b>2005</b> </font></p></td></tr><tr><td valign="top" colspan="2"><p><font color="#003366">GDP (real?- 1994 constant prices; mil dinars)</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">22.650</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">23.400</font></p></td><td valign="top" width="57"><p align="right"><font color="#003366">23.868</font></p></td><td valign="top"><p align="right"><font color="#003366">25.658<sup>1 </sup></font></p></td><td valign="top"><p align="right"><font color="#003366">n.a. </font></p></td></tr><tr><td valign="top" colspan="2"><p><font color="#003366">GDP per capita (USD)</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">2250</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">1831</font></p></td><td valign="top" width="57"><p align="right"><font color="#003366">2166</font></p></td><td valign="top"><p align="right"><font color="#003366">2400<sup>1 </sup></font></p></td><td valign="top"><p align="right"><font color="#003366">n.a. </font></p></td></tr><tr><td valign="top" colspan="2"><p><font color="#003366">Inflation rate (%)</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">93,3</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">21,3</font></p></td><td valign="top" width="57"><p align="right"><font color="#003366">11,2</font></p></td><td valign="top"><p align="right"><font color="#003366">8,5 </font></p></td><td valign="top"><p align="right"><font color="#003366">9,5<sup>2</sup> </font></p></td></tr><tr><td valign="top" colspan="2"><p><font color="#003366">Unemployment rate (%)</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">28,3</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">31,3</font></p></td><td valign="top" width="57"><p align="right"><font color="#003366">34,5</font></p></td><td valign="top"><p align="right"><font color="#003366">31,7 </font></p></td><td valign="top"><p align="right"><font color="#003366">33,4<sup>3</sup> </font></p></td></tr><tr><td valign="top" colspan="2"><p><font color="#003366">Trade balance (mil USD)</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">- 2934</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">- 4045</font></p></td><td valign="top" width="57"><p align="right"><font color="#003366">-4973,5</font></p></td><td valign="top" nowrap="true"><p align="right"><font color="#003366">-4963,8<sup>4</sup></font></p></td><td valign="top"><p align="right"><font color="#003366">- 1982,7<sup>5</sup> </font></p></td></tr><tr><td valign="top" colspan="2"><p><font color="#003366">Total imports (mil USD)</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">4837</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">6320</font></p></td><td valign="top" width="57"><p align="right"><font color="#003366">7510,0</font></p></td><td valign="top"><p align="right"><font color="#003366">7429,9<sup>4 </sup></font></p></td><td valign="top"><p align="right"><font color="#003366">- 3738,6<sup>5</sup> </font></p></td></tr><tr><td valign="top" colspan="2"><p><font color="#003366">Total exports (mil USD)</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">1903</font></p></td><td valign="top" width="123"><p align="right"><font color="#003366">2275</font></p></td><td valign="top" width="57"><p align="right"><font color="#003366">2536,5</font></p></td><td valign="top"><p align="right"><font color="#003366">2466,1<sup>4 </sup></font></p></td><td valign="top"><p align="right"><font color="#003366">1755,9<sup>5</sup> </font></p></td></tr><tr><td valign="top" colspan="7"><p><font color="#003366"><sup>1</sup> September est.; <sup>2 </sup>Forecasts;<sup> 3 </sup>May 2005; <sup>4 </sup>September; <sup>5 </sup>January-May 2005. </font></p></td></tr><tr><td valign="top" width="135" rowspan="3"><p><font color="#003366"><b>COUNTRY RISK</b> </font></p></td><td valign="top" width="197"><p align="center"><font color="#003366">Sace (cat OCSE)</font></p></td><td valign="top" width="143"><p align="center"><font color="#003366">Coface</font></p></td><td valign="top" colspan="2"><p align="center"><font color="#003366">Freedom House</font></p></td><td valign="top" colspan="2"><p align="center"><font color="#003366">Standard & Poor's</font></p></td><td valign="top"><p align="center"><font color="#003366">Fitch's</font></p></td></tr><tr><td valign="top" rowspan="2"><p align="center"><br /><br /><font color="#003366">7</font></p></td><td valign="top" rowspan="2"><p align="center"><br /><br /><font color="#003366">C</font></p></td><td valign="top"><p><font color="#003366">Serbia</font></p></td><td valign="top"><p><font color="#003366">Montenegro</font></p></td><td valign="top" colspan="2" rowspan="2"><p align="center"><br /><br /><font color="#003366">B+</font></p></td><td valign="top" rowspan="2"><p align="center"><br /><br /><font color="#003366">BB/stable</font></p></td></tr><tr><td valign="top"><p><font color="#003366">Civil <br />liberties:3,44</font></p><p><font color="#003366">Political <br />rights:4,62</font></p></td><td valign="top"><p><font color="#003366">Civil <br />liberties:3,37 </font></p><p><font color="#003366">Political <br />rights:4,75</font></p></td></tr><tr><td valign="top" width="135"><p><font color="#003366"><b>MAJOR PRODUCTION SECTORS</b> </font></p></td><td valign="top" colspan="7"><p><font color="#003366">Machine building (aircraft, trucks, and automobiles; tanks and weapons; electrical equipment; agricultural machinery); metallurgy (steel, aluminium, copper, lead, zinc, chromium, antimony, bismuth, cadmium); mining (coal, bauxite, non-ferrous ore, iron ore, limestone); consumer goods (textiles, footwear, foodstuffs, appliances); electronics, petroleum products, chemicals, and pharmaceuticals.</font></p></td></tr><tr><td valign="top" width="135"><p><font color="#003366"><b>INVESTMENTS</b> </font></p></td><td valign="top" colspan="7"><p><font color="#003366">In January - November 2004, Italian cash investments in <country-region w:st="on" />Serbia</country-region /> and <country-region w:st="on" />Montenegro</country-region /> amounted to 9,3 mil USD, placing <country-region w:st="on" /><place w:st="on" />Italy</place /></country-region /> at the 13<sup>th</sup> place among the investor countries. The principal Italian companies performing on the <placetype w:st="on" />territory</placetype /> of <placename w:st="on" />Serbia</placename /> and <country-region w:st="on" /><place w:st="on" />Montenegro</place /></country-region /> are: AGB Italia S.r.l.; Merloni Elettrodomestici, Iveco, Telecom Italia, Pompea Calze, Intesa BCI. </font></p></td></tr><tr><td valign="top" width="135" rowspan="5"><p><font color="#003366"><b>COMPANY REGIME</b> </font></p></td><td valign="top" colspan="7"><p><font color="#003366">The most favourable company legal forms in which invest are:</font></p></td></tr><tr><td valign="top" rowspan="2"><p><font color="#003366">Joint-stock company</font></p></td><td valign="top" colspan="6"><p><font color="#003366">Minimum Capital:</font></p><p><font color="#003366">10.000 USD simultaneous establishment</font></p><p><font color="#003366">20.000 USD following establishment</font></p></td></tr><tr><td valign="top" colspan="6"><p><font color="#003366">Minimum number of members: 1</font></p></td></tr><tr><td valign="top" rowspan="2"><p><font color="#003366">Limited liability company</font></p></td><td valign="top" colspan="6"><p><font color="#003366">Minimum Capital: 5.000 USD</font></p></td></tr><tr><td valign="top" colspan="6"><p><font color="#003366">Minimum number of members: 1</font></p></td></tr><tr><td valign="top" width="135" rowspan="3"><p><font color="#003366"><b>TAX REGIME</b> </font></p></td><td valign="top"><p><font color="#003366">VAT:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">18%</font></p></td></tr><tr><td valign="top"><p><font color="#003366">Corporate income tax:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">10% (Serbia); 15% (Montenegro) </font></p></td></tr><tr><td valign="top"><p><font color="#003366">Personal income tax:</font></p></td><td valign="top" colspan="6"><p><font color="#003366">25- 35% (Serbia); 24 - 40% (Montenegro) </font></p></td></tr><tr><td valign="top" width="135"><p><font color="#003366"><b>WORKING REGIME</b> </font></p></td><td valign="top" colspan="7"><p><font color="#003366">In April 2005, the average monthly gross earnings amounted to 25.153 dinars.</font></p></td></tr><tr><td valign="top" colspan="8"><p align="justify"><a class="a_cadses" href="http://www.informest.it/" target="_blank"><font color="#ff9900"><strong>INFORMEST</strong></font></a>, <font color="#003366">in the framework of its institutional activity, produces the "Business Guide", an informative tool containing economic, commercial and juridical information of Eastern European and Central Asiatic Countries.</font></p><p align="justify"><font color="#003366">Business Guide allows to assess the viability, convenience and costs of doing business in Eastern European and Central Asiatic Countries.</font></p><p align="justify" /><p /><p><span class="htmla_paragrafo">THE SERVICE</span></p><ul><li><font color="#003366">On the market since 1995</font> </li><li><font color="#003366">Provided on line since 2000</font> </li><li><font color="#003366">Constant increase of the subscribers </font></li><li><font color="#003366">26 Countries covered by the service</font></li></ul><p /><p><span class="htmla_paragrafo"></span></p><p><span class="htmla_paragrafo">COUNTRIES</span></p><p align="justify"><font color="#003366">The Countries at the moment covered (26):<br />Albania, Armenia, Azerbaijan, Belarus, Bosnia, Bulgaria, Czech Republic, China, Croatia, Estonia, Hungary, Latvia, Lithuania, Macedonia, Kazakhstan, Moldova, Mongolia, Poland, Romania, Russia, Slovak Republic, Serbia and Montenegro, Slovenia, Ukraine, Uzbekistan and Vietnam.</font></p><p><span class="htmla_paragrafo">CORRESPONDENTS</span></p><p align="justify"><font color="#003366">The monitoring of 26 Business Guide is constant thanks to the wide network of foreign correspondents with which INFORMEST maintains a daily dialogue.<br />The CORRESPONDENTS has been operating for several years in the Countries, possesses specific competence and reliability in the field object of the cooperation agreement and has got adequate information sources.</font></p><p><font color="#003366">Wide and reliable network, 26 Correspondents among:</font></p><ul><li><font color="#003366">Private Local Consultants</font> </li><li><font color="#003366">Local Development Agencies</font> </li><li><font color="#003366">Local Chamber of Commerce</font> </li><li><font color="#003366">Italian Institutions abroad</font></li></ul><p><font color="#003366">It is possible to <a href="http://www.informest.it/bg/" target="_blank"><font color="#ff6633">subscribe the BUSINESS GUIDE filling up the form on line</font></a>, according to which it is requested to specify the Country (or the Countries) of your interest.</font> </p></td></tr></tbody></table></PRE> <!--EndDoc 19639601--> <BR>
