FOREIGN INVESTMENTS NECESSARY FOR DEVELOPMENT OF S-E EUROPE

VIENNA, July 11 (Hina) - Foreign investments are necessary for the economic development of southeastern Europe, and Austria has invested three billion dollars in the region, being one of the largest investors in Croatia, it was said at a ministerial conference on foreign investments in Vienna on Thursday. The conference, hosted by the Austrian Economy Ministry under the title "Investments and the Promotion of a Business Climate", was held as part of the Second Working Table of the Stability Pact on the economy. "Southeastern Europe is finally on the road to recovery. All the states are preparing for the European Union, depending on their achievements," Austrian Economy and Labour Minister Martin Bartenstein said. The special coordinator of the Stability Pact, Erhard Busek, said it was necessary to create a joint strategy in order to draw foreign investments. He said that obstacles to foreign investors should be removed. Concluding that "investors are clearly looking at the region as a whole," Busek suggested the creation of a free trade zone in the region. The Croatian Assistant Economy Minister, Krunoslav Placko, said that the improved Law on Investment Stimulation would provide additional facilities to all investors who increase the number of employees. Croatia's priority is to adjust its legislation to European criteria as soon as possible and accept "technical standards and standards of quality," Placko said. He added that Croatia had adjusted more than 5,000 out of about 18,000 technical standards of the EU and would adjust the rest in the next two years. (hina) vm sb