Vienna, 3 December 2009 Press release

Spindelegger: „A state under the rule of law is a prerequisite for the sustainable development of South Eastern Europe“

Conference in Vienna supports the creation of transparent financial structures for South Eastern European companies

Vienna, 3 December 2009 - „Transparent accounting, independent auditing, and legal certainty create confidence between business partners. These are important requirements for investments and for a sustainable economic development in South Eastern Europe. This will benefit not only the people in the region, but also Austrian companies, which continue to be the top investors in the region", said Foreign Minister Michael Spindelegger during a conference of finance ministers from the South Eastern European partner countries of the Austrian Development Cooperation Bosnia and Herzegovina, Macedonia, Kosovo, Moldova, Montenegro, Serbia, and Albania.

The conference is held as part of the REPARIS program ("The Road to Europe: Program of Accounting Reform and Institutional Strengthening"). REPARIS provides decision-makers from the region with expertise in the areas of accounting and auditing. The objective is to support the countries of South Eastern Europe in the development of a transparent and efficient set of rules for companies in accordance with international standards. REPARIS is a programme of the Vienna-based "Centre for Financial Reporting Reform" (CFRR) of the World Bank and is substantially promoted by the Austrian Development Cooperation.

The State Secretary in the Ministry of Finance, Reinhold Lopatka, participated in the conference as representative of the Austrian Federal Government: "Stable, transparent legal relationships, and a reinforcement of the players in the private sector in South Eastern  Europe will reduce the risk for potential investors. As a result, Austrian companies can intensify existing business relationships and foster new ones. By tapping into new markets, they strengthen their own competitiveness and the economic performance of the partner countries", said the State Secretary.

„REPARIS is creating a win-win situation: economic development improves the living conditions of the population and creates new jobs in the region. Moreover, it promotes the business relations of Austrian companies in South Eastern Europe. This brings economic growth, additional security for Austria, and guarantees jobs at home“, said Foreign Minister Spindelegger.


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