New government’s strategy for industrial development

Serbia has made a great progress in economic reforms, while the New Industrial Strategy should significantly boost investments, employment and export – the government says, adding that the new strategy is already being worked on. The new Serbian industrial policy is now almost completely harmonized with that in the EU, as stipulated in the chapter 20, as well as chapters 1 and 6.

The world has already embarked on the fourth industrial revolution which requires a smart digital technology. Serbia needs to catch up to the rest of the world hence the government’s decision to improve the strategic document on industrial development from 2011.

“What is important to demonstrate is readiness and ability for Serbia to build its long-term competitiveness on innovation (or brain potential) rather than on cheap workforce because this has been an ongoing trend and the only opportunity for the EU economy to remain competitive in the global environment”, says Katarina Jovanovic Obradovic, an assistant to the Serbian economy minister.

With the help of the World Bank, Serbia has selected several industrial branches that should be improved as a matter of priority.

The new industrial strategy should remove all the flaws that slow down or hinder the development and the needs of the Serbian economy. It will cover four key economic branches – food sector, wood processing and furniture industry, rubber & plastics industry and the machine & equipment building sector.

What will further boost industrial development is the fact that Serbia is already applying 97% of standards and 75% of the EU’s technical regulation. This is yet another confirmation that the Chapter 1 in the Action Plan, which stipulates free movement of goods, is being implemented. “There is a good reason why this chapter takes priority in the EU negotiation chapters. This is the principle that got the EU together in the first place because the member states have recognized the mutual interest in it and the opportunity for their respective economies to grow if the goods can freely move from one EU country to another without additional obstacles”, Jovan Petrovic, acting assistant economy minister in charge of infrastructure and quality, says.

The Economy Ministry says that the EU has underlined that the Serbian industrial strategy should follow closely the national needs.

(RTS, 06.11.2016)

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