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SMEs to act as carriers of economic development
Belgrade,
27 October 2005
Serbian Minister of Economy Predrag Bubalo said today that in the current stage of transition it is necessary to foment the creation of as many small and medium-sized enterprises (SMEs) as possible, which will in turn be the carriers of Serbia's economic development.
Speaking at the third international conference on SMEs, which closes today in Belgrade, Bubalo presented a new plan from the Serbian government for encouraging SMEs development, with the goal of creating a more favourable environment for business activities and the elimination of obstacles to their development.
He said that so far this year, 8,600 new small and medium-sized enterprises have been registered, as compared to all of last year when the number was 4,600. The procedure for starting-up an enterprise has been made easier through the reduction of waiting time for registration from 70 days down to just under a week, and the equity amount from $5,000 to €500, the minister said.
According to Bubalo, the Development Fund has set aside 85 percent of its total funds for SMEs development. This year, the fund will earmark 4 billion dinars for their crediting, which will enable the creation of 14,000 new jobs.
Speaking about the activities of the Ministry of Economy, Bubalo listed the reform of the legal and institutional environment, efficient completion of privatisation, creation of an investment climate favourable for domestic and foreign companies, as well as for dynamic development of the SMEs sector.
Serbian Minister of Trade, Tourism and Services Bojan Dimitrijevic recalled that SMEs in the EU account for 60 percent of GDP, and employ 70 percent of the workforce.
With around 30,000 enterprises in Serbia, 90 percent are SMEs and they account for 40 percent of the total trade, Dimitrijevic said.
He said that tourism is expected to pull in $300 million in revenues this year, which is a growth of 40 percent over last year, and announced that a new law on trade is to be adopted soon. He added that laws on e-trade, commodity reserves and goods exchange are being prepared.
State Secretary at the Ministry of Science and Environmental Protection Dragan Povrenovic said that the legislation on science, research and innovation activities will encourage innovations and the use of private capital, as well as that from local self-governments, to form more innovative organisations.
He said that so far this year, 8,600 new small and medium-sized enterprises have been registered, as compared to all of last year when the number was 4,600. The procedure for starting-up an enterprise has been made easier through the reduction of waiting time for registration from 70 days down to just under a week, and the equity amount from $5,000 to €500, the minister said.
According to Bubalo, the Development Fund has set aside 85 percent of its total funds for SMEs development. This year, the fund will earmark 4 billion dinars for their crediting, which will enable the creation of 14,000 new jobs.
Speaking about the activities of the Ministry of Economy, Bubalo listed the reform of the legal and institutional environment, efficient completion of privatisation, creation of an investment climate favourable for domestic and foreign companies, as well as for dynamic development of the SMEs sector.
Serbian Minister of Trade, Tourism and Services Bojan Dimitrijevic recalled that SMEs in the EU account for 60 percent of GDP, and employ 70 percent of the workforce.
With around 30,000 enterprises in Serbia, 90 percent are SMEs and they account for 40 percent of the total trade, Dimitrijevic said.
He said that tourism is expected to pull in $300 million in revenues this year, which is a growth of 40 percent over last year, and announced that a new law on trade is to be adopted soon. He added that laws on e-trade, commodity reserves and goods exchange are being prepared.
State Secretary at the Ministry of Science and Environmental Protection Dragan Povrenovic said that the legislation on science, research and innovation activities will encourage innovations and the use of private capital, as well as that from local self-governments, to form more innovative organisations.
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