With its liberal foreign direct investment legislation passed in 1998, a stimulative tax system (with a 25% tax on profits Slovenia has one of the lowest corporate tax rates in Europe), relatively high purchasing power, growth potential of the small local market, high export orientation, relatively high management and technical expertise, traditional industrial environment, low transport costs, established trade links with other parts of the former Yugoslavia and a positive attitude towards foreign investment, Slovenia successfully compates with other economies in transition. According to a survey conducted by Center for International Cooperation and Development, 46% of foreign investors consider their entities in Slovenia slightly more successful than their subsidiaries/joint ventures in most of the other non-EU countries. According to estimates based on the balance of payments in 1996 and in the first half of 1997, total foreign direct investments in Slovenia amounted to approximately US$ 2 billion at the end of 1996. This figure reached US$ 2.3 billion at the end of first half of 1997 and was as high as US$ 2.5 billion at the end of 1997. The value of portfolio investments is estimated at US$ 180 million at the end of second quarter of 1997.