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The Government of the Republic of Serbia

In the service of citizens

Increasing exports is most significant fiscal policy of government

5 July 2005

Novi Sad, July 5, 2005- Minister of Finance Mladjan Dinkic stated today that the Serbian government ranks at the top of its economic policies the increase of exports and that the government will make efforts to encourage exports now and in the future.

Mladjan Dinkic

Dinkic said at the business conference of exporters called ‘Treasury of Serbia’, organised by the Interart Agency from Novi Sad that, in the first five months of this year foreign deficit fell 27 percent against the same period last year.

He stressed that the plan to increase this year’s export will certainly be fulfilled and explained that such an ambitious export increase will enable our country to considerably decrease the persistent foreign deficit, and create a good foundation for long-term macroeconomic stability.

Dinkic recalled that in that sense, three very crucial things have been done, and that is the lifting of sanctions on sugar exports, duty-free textile exports in the EU from July 1, and the receiving of the most privileged nation status in commerce with the US, from which it is expected that exports to that country could increase threefold.

The minister pointed out that one of the most important measures of the Serbian government to incite export is the passing of the Bill on the Agency for Export Insurance and Crediting, which should be adopted soon, and announced that this Agency will receive €25 million.

Not only will the Agency insure exports, Dinkic explained, it will approve credits to the largest exporters with an annual interest rate of 3-4 percent, noting that the terms are extremely competitive worldwide.

Dinkic went on to explain that the government has also recently enacted a policy allowing for the import of equipment valued up to €2 million with only a one percent import duty, saying that this would further raise the technological level of domestic industry and competitiveness of exports abroad.