The Ministry of Economy and Regional Development announced today that after long negotiations and several international arbitrations, a long-standing dispute between the Serbian Privatisation Agency and the US company Uniworld Holdings owned by American businessman of Serbian origin Srba Ilic has been resolved.
At the initiative of the Ministry of Economy and Regional Development, the Serbian government adopted the conclusion presenting the decision of the arbitration council of the International Court of Arbitration, based on which Srbijaturist is returned to the US company Uniworld Holdings.
Uniworld Holdings is obliged to invest an additional $3.4 million in Srbijaturist in order to meet higher standards for its classification.
The result of the final agreement of the two sides in the dispute is the decision of the Overseas Private Investment Corporation (OPIC) to renew its investment activities in Serbia, due to the fact that the conditions for normalising relations have been created.
According to announcements, approximately $600 million of US investments will be invested in Serbia in the upcoming period.
At the same time, this will improve the economic cooperation between the two countries, which due to the dispute over Srbijaturist, had been at a standstill, the statement added.
Source Serbia Gov.
