Serbia is one of the most attractive countries in the emerging markets to build and expand a business but cutting red tape and reforming land and labour laws are essential to drawing in more foreign direct investment.

Speaking exclusively to IBTimes UK in Belgrade, Telenor chief corporate affairs officer said that while Serbia's government is working towards creating a better business environment, the coalition party must continue to press on with reforms to a number of laws that may be off-putting for bumper Western investment.

"There are many reasons for Telenor expanding in Serbia and the skilled workforce and the 15% corporate tax rates are obviously major advantages," said Goran Vasic.

"However, significant red tape can slow down business expansion. For example, we needed 20 to 30 permits from the council to refurbish one store."

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