Clear legislation necessary for GE to invest

General Electric is prepared to invest more in Serbia, but regulation should be amended, said Gaetano Massara, the company’s Southeastern Europe unit’s chief executive. Many significant projects have been put on hold in the country, including wind power, he said at the General Electric Sourcing Day, an event held at the building of the National Assembly of Serbia. The gathering was organized by the parliament’s economic caucus, the Serbian Chamber of Commerce and Industry and the National Alliance for Local Economic Development – Naled.

„We wish to invest in the development of infrastructure, but we need a stable business environment and a clear legislation framework. Serbia has the opportunity to develop 500 MW in wind farms, which would bring investments of EUR 1 billion and create more than 500 jobs during the construction. This will occur when all necessary by-laws are adopted“, said Massara, as quoted on Naled’s website.

The government is ready to subsidize GE’s and other international companies’ suppliers, Serbian prime minister Aleksandar Vučić said. Incentives may cover investments, equipment and new jobs, and consulting services in partnership with international organizations such as German GIZ and American USAID, he said. The state is ready to pay grants for certificates, he said at the event.