REGIONAL COOPERATION AND ECONOMIC INTEGRATION

PART II:
Table 6: Countries of Western Balkans and major countries by FDI origin and most
attractive activities for investment
FDI
destination
country
Top 3 countries by FDI
origin
Top 3 activity
Croatia 1 Financial intermediation, except insurance and
Austria (29.8%)
pension funds (41.7%)
Manufacture of coke, refined petroleum
Netherlands (17.7%)
products (8.1%)
Hungary (12.1%) Real estate activities (7.4%)
Serbia 2 Financial intermediation, except insurance and
Austria (21.4%)
pension funding (30.8%) 3
Postal service activities and
Greece (13.7%)
telecommunications (15.8%) 3
Norway (12.6%) Wholesale trade and mediation (9.2%) 3
Financial intermediation, except insurance and
Austria (32.9%)
Bosnia and
pension funding (38.1%)
Serbia (and
Herzegovina 4 Post and telecommunications (19.9%)
Montenegro) (21.7%)
Slovenia (9.9%) Manufacture of basic metals (5.8%)
Montenegro 5 Hungary (11.2%) Real estate (41.7%)
Russia (13.4%) Banks and companies (46.3%)
Great Britain (9.3%) Intercompany debt (11.5%)
Austria (16.1%) Total services (55.4%)
Macedonia,
Greece (9.9%) Manufacturing (27.4%)
FYR 6
Slovenia (8.8%) Financial intermediation (23.8%)
Transportation, storage and communication
(36.8%)
Greece (54.2%)
Albania 7 Italy (11.7%) Monetary and financial intermediation (29.7%)
Austria (7.7%) Manufacturing industry (15.9%)
Source: Croatian National Bank, National Bank of Serbia, Central Bank of Bosnia and Herzegovina, National
Bank of the Republic of Macedonia, Central Bank of Montenegro, Bank of Albania.
Note: 1 2000-2008, million EUR;
2
2000-2008, million USD; Classification by country of payment and not country of investment;
3
2004-2008;
4
2004-2008 (I-IIIQ), million KM;
5
2001-2008 (I-IX), million EUR;
6
2003-2008, million EUR;
7
2004-2007, FDI stock by country of origin and by sector (as a share of total FDI stock)
The main message to potential investors is that SEE’s 2 improved competitiveness within
key target sectors, including automotive, agribusiness, business support services and ICT,
coincides with the acute pressures on labor availability within the leading recipients of FDI
in Central Europe. This convergence enhances the prospects for SEE to increase its share
of European FDI (FIAS, The Multi-donor Investment Climate Advisory Service of the
World Bank Group, 2007, pp. 4).
2 South East Europe: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Moldova, Montenegro,
Romania and Serbia.
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