Peter Stanovnik of the Institute of Economic Research highlighted access to loans, a poorly developed capital market, lack of foreign capital, small capacity for venture capital, government efficiency, business efficiency and institutional framework as the main problems hampering foreign investment.

But he was quick to point out that these were also the main complaints of domestic investors and businessmen.

On the other hand, in international competitiveness rankings Slovenia always ranks high in terms of educated labour force and good infrastructure.

Matija Rojec, an expert on foreign direct investment at the Faculty of Social Sciences, said Slovenia was not happy with the level of inward FDI, tough FDI stock more than doubled between 2005 and 2011.

Countering the perception that Slovenia is unfriendly to foreign investors, he pointed out that enterprises with foreign equity (strategic investors) were responsible for some 40% of exports and imports.

But almost half of all FDI comes from Austria, which shows FDI is more or less spontaneous process: neighbours know the situation better, know the risks and are more likely to venture here.

He claims the bad feeling stems from unsuccessful privatisation deals in the past, a perception further augmented by problems with red tape.

Noting how both domestic and foreign firms were unhappy with the business climate, Rojec said the easiest solution would be to set up special economic zones, using them as economic policy tools and to put pressure on administration in general to simplify procedures.

"Politics is the main problem in this country, it is the source of all the problems, but without political solutions nothing will happen," he said.

Rojec proposed that everything bar key infrastructure and public services companies should be privatised, starting with NLB bank. "That would send a good message and change people's thinking."

Simon Mastnak, an independent consultant and former executive at Ljubljana Stock Exchange, also called for privatisation.

Mastnak said he was a "huge fan of privatisation", but he noted that the financial market would not be very helpful, as there are very few listed companies and liquidity is poor.

"In Ljubljana there are only about ten shares that we call liquid, but if the whole market was one share, it would not be considered a liquid share by the EU's Markets in Financial Instruments Directive," he said.

Igor Plestenjak, director of the Public Agency for Entrepreneurship and Foreign Investment, was however more upbeat about the Slovenian market, noting that investors recognise Slovenia as a country with a loyal and business-oriented workforce, and good business links with neighbouring countries.

"Buy now, Slovenia will not be cheaper again," he said, urging potential investors to "don't listen to us, listen to satisfied investors from abroad; Slovenians are unhappy not because the situation is so bad, it is because they are so ambitious."

The panel was held on the final day of the Investo Expo conference, an event bringing together small shareholders from over 40 countries worldwide that was organised by the Pan-Slovenian Association of Small Shareholders (VZMD).

On the final day of the meeting, the assemblies of Euroshareholders and Eurofinues, two associations representing individual investors, decided to merge effective on 1 January, creating an organisation representing some four million shareholders from 40 European groupings.

"All in all I am an optimist about Europe; I can't believe we can have two euros, north and south. If one can't survive two cannot either," France Arhar, former central bank governor and current chairman of the Slovenian Bank Association, told a panel on the second day of the Investo Expo in Ljubljana.

But he pointed out that before eurobonds are issued, the member states need to figure out what to do with the 25 systemic banks in the eurozone, and how to implement common bank supervision and common deposit guarantees.

Another huge issue is trust. All panelists agreed that trust needed to be restored. But they stressed that the political will for a turnaround was still lacking.

Arhar said trust was also a principal reason why the yields on Slovenian bonds are high. Trust can be regained with positive expectations from politics, but the markets do not currently believe Slovenian development plans, he said.

Keith Miles, a financial consultant with strong ties to Slovenia, noted that saving the eurozone had been a series of frequent too-little-too-late measures that did not restore trust in the capital markets.

As for solidarity - who will be liable if things go wrong - Agnes Le Thiec of the Belgian CFA Institute said a poll her institution carried out among its 15,000 members showed a majority favouring joint and several liability (shared responsibility) for Eurobonds.

But Arhar said he found it difficult to believe that eurobonds would be based on solidarity. This is not in the interest of the major economies, in particular Germany.

Le Thiec also noted that joint eurobonds may be incentives for member states not to implement fiscal measures and fiscal reforms: weaker states would benefit from common insurance, but stronger states would end up paying for others.

Jean-Pierre Paelinck, the head of the World Federation of Investors, noted that eurobonds were a preeminently political project. But he called for greater consideration of social aspects.

"When very rich institutions with highly-paid delegates tell workers they should reduce their income, I don't think that was a good way to convince the people," he said in view of the EU and IMF imposing reforms in Greece.

Matjaž Gantar, the boss of investment firm KD Group, was quite pessimistic about the prospects for the euro, saying there was "too much talk without action", just as was the case before Yugoslavia fell apart.

"This behaviour is suicidal, nobody will kill us, we will kill ourselves," said Gantar, who recalled a Yugoslav-era joke that the doctor had a lot of great ideas but the patient died before he actually took action.

Both Gantar and Arhar also noted that lack of credit was stifling the economy, in particular in Slovenia.

"Wealth is generated with crediting," Gantar said regarding Arhar's remarks that Eastern European countries which have recorded credit growth were also seeing GDP growth, whereas Slovenia has negative credit growth and a stagnant economy.

Investors' Week is organised by the Pan-Slovenian Shareholders' Association (VZMD), a group specialising in representing small shareholders at annual general meetings, in conjunction with Eurofinuse and the World Federation of Investors.

As part of the conference, home appliances maker Gorenje received an award for model corporate governance in a multinational company for its liaisons with shareholders.

The event was opened on Wednesday evening with a reception featuring Finance Minister Janez Šušteršič and Constitutional Court President Ernest Petrič as guest speakers.

Proceedings at the three-day event will revolve around a conference discussing issues such as revitalisation of the European capital market, Eurobonds, financial reform, and business opportunities in Slovenia and the region.

At the outset of the conference the head of the Pan-Slovenian Shareholders' Association Kristjan Verbič said that the debates would tackle dilemmas facing investors in challenging economic times and promote Slovenia as an investment destination.

Foreign Ministry State Secretary Božo Cerar welcomed the participants by presenting opportunities for foreign investors in Slovenia.

Cerar said Slovenia was pursuing a policy for post-crisis recovery comprising of structural reforms and efforts to open up the economy.

"Slovenia's main goal is to strengthen its image among foreign investors," he said, adding that the country had great potential for investing in transport, logistics, IT and the green economy.

The opening was also addressed by chairman of the World Federation of Investors Roger Ganser and Jella Benner-Heinacher, president of Euroshareholders and Eurofinuse, who highlighted the importance of events bringing investors together.

Benner-Heinacher stressed that the conference was the biggest international meeting of investors' representatives, bringing together 40 national associations representing 4 million individual investors.

"Coming together is a beginning. Keeping together is progress. Working together is success," Benner-Heinacher said quoting industrialist Henry Ford as she called for joint efforts aimed at tackling the ongoing crisis.

On Thursday participants of the conference are due to debate ways to revive capital markets in the EU through pension and other reforms and ways to educate and protect users of financial services.

In the evening, an award for shareholder friendly company will be handed out to Slovenian drug maker Krka.

The debates on Friday will examine the future of the euro and obstacles facing small shareholders in becoming more active in decision-making.

A presentation of the Slovenian business environment and investment opportunities by the Public Agency of the Republic of Slovenia for Entrepreneurship and Foreign Investments (JAPTI) will wrap up the conference.

Running alongside the conference is an investors' convention, called InvestoExpo, aimed at presenting Slovenian and international industries, institutions, and products with the goal of forging new business ties and opportunities.

Investors' Week is organised by the Pan-Slovenian Shareholders' Association, a group specialising in representing small shareholders at annual general meetings, in conjunction with the European Federation of Financial Services Users and the World Federation of Investors.

Individual responsibility for pensions is set to increase over time, which calls for greater regulation and better information to savers, the panel titled "Revitalising EU Capital Markets (Through Pensions and Other Reforms)" held as part of the Investors' Week event was told on Thursday.

Tim Shakesby, a policy analyst at the European Commission's Directorate General for the Internal Market, highlighted the need for suitable public awareness about investing in pensions. If people need to take greater responsibility, they should also be provided with more information, he said.

This was echoed by Guillaume Prache of the European Federation of Financial Services Users (Eurofinuse), who said that pension funds often lacked transparency in their operations and left savers with a lack of precise information about their investment.

Klaus Struwe of the the Occupational Pensions Stakeholder Group of European Insurance and the Occupation Pensions Authority pointed to a lack of unbiased information about pension products, which is a major risk facing consumers when investing in pension products.

"It's like the drug company prescribing your medication," panel moderator Boris Cizelj, president of the Slovenian Business and Research Association, said in calling for measures to make the market more transparent.

Shakesby admitted that Europe had a very fragmented pension fund market, caused in great part by the significant differences in pension systems among member states, which hinders competition and impedes efficiency of fund operators.

President of the Age Platform Europe NGO Marjan Sedmak said that to increase investment in pension funds, efforts must be made to rebuild people's trust in investment products in general. People have often been victims of wrong advice in the recent past, which means that efforts must be made to increase the level of protection offered to them.

Protection of investors was also examined as part of the second panel of the day dedicated to education and protection of users of financial services, which heard that regulation and suitable system of education go hand in hand.

Just as motorists take to the road only after getting their license and have signs and regulations guiding their actions, so too users of financial services must have proper education and be provided with the proper safety mechanisms in the form of market regulation to make them safe, Breda Kutin of the Slovenian Consumers' Association said.

An average consumer cannot understand the documentation that is often provided in small print when investing and lacks the knowledge to make educated decisions on investments, Kutin said, adding that providers of such services need to take greater care of designing products friendly to the consumer.

This was echoed by Leif Vindervag of the Swedish Shareholders' Association Aktiespararna, who wondered why financial products, unlike material goods, come with no product guarantee.

Patrick Armstrong of the European Securities and Markets Authority said that the EU has been giving greater attention to ensuring that investors are properly educated. Progress in this area is showing already, he added.

According to him, the responsibility for providing financial education rests on regulatory bodies and government agencies, while shareholder associations and trading institutions also have a role to play in this.

The view was shared by head of the Pan-Slovenian Shareholders' Association (VZMD) Kristjan Verbič who said that education about financial services should begin in school.

Investors' Week is organised by the VZMD, a group specialising in representing small shareholders at annual general meetings, in conjunction with Eurofinuse and the World Federation of Investors.

Šušteršič, who attended the international investment fair organised by the Pan-Slovenian Shareholders' Association, added that the budget deficit would thus be in line with the promises given to the EU.

Also on hand was Constitutional Court president Ernest Petrič, who expressed concern over the slackening of the rule of law in Slovenia, pointing to the violations of contracts, payment defaults and the ineffectiveness of courts and the state administration.

While he was still able to say a few years ago that corruption was not a serious problem in Slovenia, he said he was no longer sure this was the case.

He moreover urged reforms, calling on politicians, business representatives and trade unions to act responsibly and prevent a disaster for Slovenia.

The Investo Expo, which will conclude on Friday, will see more than 100 guests from from 55 countries and provide an opportunity for domestic institutions, companies and individuals to establish ties with them, the organisers said.