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The Government of the Republic of Serbia

In the service of citizens

SME sector basis of Serbian economic development

Belgrade, 13 August 2008

State Secretary at the Ministry of Economy and Regional Development Dejan Jovanovic stated that there are 318,745 enterprises operating in Serbia, of which 102,042 are companies and 216,703 entrepreneurs.

Dejan Jovanovic, left, and Igor Brkanovic

Jovanovic told a press conference that the sector of small and medium-sized enterprises (SME) is the basis of Serbian economic development as it accounts for 50% of exports, 58.8% of profits and employs two-thirds of employees in Serbia.

The SME sector accounts for 99.7% of the total number of enterprises, he said noting that in 2007 alone the numbers of SMEs increased by 30,000 while the volume of their operations rose by 7.2%.

SMEs generated exports of RSD 226 billion and imports worth RSD 651 billion last year, he said and added that SMEs need to increase their export capacity.

This sector imports energy sources, computer equipment and cars, while the most exported products include metal products, he said.

Jovanovic announced that Serbia is to adopt a law on regional development by the end of the year and that a public debate on this should start in late September.

The implementation of that law should prepare Serbia for the use of pre-accession IPA funds.

Assistant Minister of Economy and Regional Development Igor Brkanovic said that the goal of his ministry is to balance the development of SMEs in the regions of Serbia and to apply recommendations of the European Commission on the development of this sector.