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The Government of the Republic of Serbia

In the service of citizens

7th International entrepreneurship fair opens

Belgrade, 28 November 2008

Serbian Minister of Economy and Regional Development Mladjan Dinkic today opened the 7th international entrepreneurship fair, Business Base and the youth entrepreneurship fair.

Speaking at the opening ceremony, Dinkic said that young people in Serbia who wish to establish their own businesses will have access to training programmes as well as start-up loans.

He said that two years ago Serbia began to implement a start-up loans programme, adding that 12,000 new jobs were created by the programme.

The Minister said that 3,000 start-up loans will be approved annually, explaining that these are the best type of loans because anyone can access funds and establish their own business, while the state is ready to shoulder most of the responsibility if the business fails.

He said that through this programme young people can get loans of up to €15,000 over five years, with a one year grace period and an annual interest rate of only 1%.

Dinkic said that the programme will be continued next year despite the global financial crisis, adding that funds have been set aside from the budget for this purpose.

He said that besides financial assistance, education is also required and the Ministry of Youth and Sport has announced a competition for all schools and municipalities in Serbia that wish to take part in the youth entrepreneurship programme.

The competition will be open until December 5, 2008, said Dinkic adding that the Ministry of Youth and Sport wants to help young people who are potential candidates for start-up loans.

He stressed that the Serbian government will help small and medium-sized enterprises (SMEs) to obtain cross-border loans. He said that the government is considering a suitable guarantees system for businesses that are eligible for these loans.

He said that the aim is to provide state guarantees and to lower interest rates for these loans, adding that the plan should be ready by next week.

Dinkic said that SMEs will have state support despite the global financial crisis because Serbia’s development depends on this sector.

Serbian Minister of Youth and Sport Snezana Samardzic-Markovic, who opened the one-day youth entrepreneurship fair together with Dinkic, said that statistics show that every third young person in Serbia sees their future in beginning their own business and stressed that this is a huge potential.

She said that statistics also reveal that 80% of all young employed persons in Serbia work for somebody else, adding that it is high time that this trend changes and young people become employers instead of employees.

She said that the national youth strategy envisages a system for addressing the needs of young people through education, encouragement and financial support, adding that this is the policy being implemented by the Serbian government.

She said that young people are Serbia’s biggest resource and promoters of the most important goal of the Serbian people and government, joining the EU.