Serbia: Despite the political difficulties, the Serbian government is hoping to attract foreign investors through a wave of privatisations. According to Luka Andric, the Serbian secretary of state for the economy, 750 public companies that are still state controlled could be sold off before the end of next year and many stock market flotations are planned. Purchase offers can now be submitted for the Zastava car manufacturer, as well as for the Genex conglomerate (tourism, transport, chemicals, agriculture, engineering). Serbia is also soon expected to sell off the telephone exchange Telekom Srbija and the Galenkia pharmaceuticals group. Icelandair and its rival Aeroflot are particularly interested in JAT Airways. Serbia is struggling to attract western investors who have turned cool after the political instability in the region. The main investors in the former Yugoslav republic come from Croatia and Slovenia. Over the last eight years, the country has only received $11bn in direct investment from abroad (DIA), a modest figure compared to the $20bn invested in neighbouring Croatia. This is despite the 2000 public companies sold off since the fall of Slobodan Milosevic in 2000, the capital of which was almost exclusively sold to company employees and public funds.