Kosovo struggles to boost economy

PRISTINA, Kosovo, March 5 (UPI) -- The elation in shops and cafes in Kosovo following its declaration of independence hides a crumbling economy and an uncertain future, The New York Times said.

Decades of civil and regional war dilapidated the economy in Kosovo to the point that it has to import goods such as meat and milk. The anti-corruption watchdog Transparency International puts Kosovo near the bottom of its list of the world's most corrupt economies, the Times said.

Kosovo depends on foreign aid, security and political guidance from Western and European nations, analysts say, noting it could take a decade for Kosovo to be able to sustain itself, the Times said Wednesday.

With Kosovo relying on scrap metal as its primary export, a lack of universal recognition of its independence and a 50 percent unemployment rate, its ability to even establish significant trade relations remains dire.

But many look at Kosovo's vast mineral resources as a source of a profitable industry. It has 14 billion tons of lignite coal reserves, deposits of nickel and gold. The crumbling mining industry may be a significant source for foreign investment.

The business attraction of Kosovo is that we are starting at zero and need everything," one entrepreneur told the Times. "Exporters, importers, retailers, you name it."