Q:
A:
Serbia expects small and medium sized business boom
Belgrade,
30 November 2004
Serbian Minister of Economy Predrag Bubalo said today that Serbia will see an expansion of small and medium sized business given that the country is entering the second stage of transition and that social welfare programmes have been implemented in a large number of socially-owned companies.
Following the opening ceremony of a national conference on small and medium sized enterprises, Bubalo stressed that SMEs are key to sustainable development and that Serbia will create institutional framework for cheaper and faster starting up of businesses in 2005.
The minister recalled that the agency for business registers will start operations in January 2005 and that it will enable the start up of a business in 5-10 days and reduce the required initial capital from the current €5,000 to €500. It will also provide financial and credit support to new firms, he added.
According to Bubalo, the government aims to help create a healthy SME sector, with firms that will be able to generate profits, expand operations, create jobs, and be competitive in international markets.
He recalled that entrepreneurship accounts for around 40 percent of Serbia’s GDP.
Head of the European Commission Delegation to Serbia-Montenegro Josep Lloveras said that the implementation of the European Charter on Small and Medium Sized Enterprises is making good progress in the Western Balkans and that the best quality is achieved in Serbia.
Lloveras pointed out that the government has a lot of work to do in order to ensure the development of SMEs and help them to fulfil their role as the driving force of the country’s economic growth.
Assistant Minister of Economy Petar Pavlovic said that 68,220 SMEs were registered in Serbia in 2003 and that they employ 54 percent of the country’s total work force. They own 33 percent of total fixed assets of the Serbian economy and 32 percent of the capital. He added that they generate 51 percent of total revenues and account for 40 percent of Serbia’s exports and that they account for 46 percent of total profits.
He also announced the adoption of the government’s action plan to help the development of SMEs.
The minister recalled that the agency for business registers will start operations in January 2005 and that it will enable the start up of a business in 5-10 days and reduce the required initial capital from the current €5,000 to €500. It will also provide financial and credit support to new firms, he added.
According to Bubalo, the government aims to help create a healthy SME sector, with firms that will be able to generate profits, expand operations, create jobs, and be competitive in international markets.
He recalled that entrepreneurship accounts for around 40 percent of Serbia’s GDP.
Head of the European Commission Delegation to Serbia-Montenegro Josep Lloveras said that the implementation of the European Charter on Small and Medium Sized Enterprises is making good progress in the Western Balkans and that the best quality is achieved in Serbia.
Lloveras pointed out that the government has a lot of work to do in order to ensure the development of SMEs and help them to fulfil their role as the driving force of the country’s economic growth.
Assistant Minister of Economy Petar Pavlovic said that 68,220 SMEs were registered in Serbia in 2003 and that they employ 54 percent of the country’s total work force. They own 33 percent of total fixed assets of the Serbian economy and 32 percent of the capital. He added that they generate 51 percent of total revenues and account for 40 percent of Serbia’s exports and that they account for 46 percent of total profits.
He also announced the adoption of the government’s action plan to help the development of SMEs.
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