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Tempus Zbornik09.Pdf Part I. CONFERENCE ADDRESSES AND SPEECHES 9 10 BUSINESS OPPORTUNITIES IN SERBIA: The Case of the Italian Business Sector and the Role of Management Education Prof. Hasan HANIĆ Dean, Belgrade Banking Academy Your Excellency, Vice-Prime Minister, distinguished colleagues, ladies and gentlemen, it is my honor and great pleasure to welcome you on behalf of the Belgrade Banking Academy, which is one of the organizers of today’s international conference “Business Opportunities in Serbia: The Case of Italian Business Sector and the Role of Management Education”. Also, I would like to thank you all for ac- cepting our invitation to participate in the Conference. The Conference is organized as to mark the successful completion of the Tempus Program, which was organized by the Belgrade Banking Academy – Union University, the University of Turin Business School and the Seville University Law School. I would particularly like to greet the Vice-Prime Minis- ter of the Republic of Serbia, Mr. Mladjan Dinkic, who, as the Minister of Economy and Regional Development, has contributed substantially to attracting foreign investments to Serbia; Prof. Dukiandi- jev, the International Coordinator of the Tempus Program; Prof. Cantino, the Dean of the Faculty of Management (SAA), University of Turin; Prof. Dutto from the Faculty of Management (SAA), Uni- versity of Turin and Tempus Program Coordinator; Prof. Adame from the Seville University Law School; Prof. Besim Culahovic from the Sarajevo Faculty of Economy, who was one of the consul- tants in this Program; Dr. Botzios, the First Secretary of the Italian Embassy in Belgrade; Dr. Corsi, Director of the Italian Institute for Foreign Trade in Belgrade; Ing. De Filippis, CEO Fiat Group Au- tomobiles, (FGA) Serbia; Dr. Miranda, Deputy President of the Executive Board, COO Banca Intesa ad Beograd; Dr. Neu, Deputy General Manager of the Fondiaria - SAI group; Mr. Rossi, CEO of Pro- getti; Dr. Canteri, Global Marketing Manager, Piemonte Agency: Centro Estero Internazionalizza- zione Piemonte. I would also like to greet the media representatives. One of the main results of the project “Business University of the New Age in Serbia: the BBA” is the development of master and MBA programs of the Belgrade Banking Academy, banking, financial and business management programs, which were devised by the Belgrade Banking Academy and the Fa- culty of Management (SAA), University of Turin. I am sure that the initiation of this mutual master program represents a good example of a successful cooperation between Serbian and Italian organiza- tions, and that the implementation of this program, that is, the education of young professionals ac- cording to the highest EU standards, will contribute to further strengthening of this cooperation, as well as result in Serbia being even more attractive to foreign investors. Prof. Dutto will present our Tempus Program in more details. Right now, I would like to ask Minister Dinkic to open the Conference officially. 11 BUSINESS OPPORTUNITIES IN SERBIA: The Case of the Italian Business Sector and the Role of Management Education MSc Mlađan DINKIĆ Deputy Prime Minister and Minister of Economy and Regional Development Dear Mr. Hanic, ladies and gentlemen, I would like to thank you for giving me the honor to open the Conference and thanks to the Belgrade Banking Academy for this extraordinary meeting. Why is this meeting so important? It is important because the practice proved that foreign direct investments make significant contribution to economic development of small countries, such as Serbia, and especially of countries that are dependent both on import and export. Practice proved that $1.0 of foreign direct investment generates on average $3.0 of economic growth, while one new job in foreign company generates 1.5 to 2 new jobs in supplier companies and services, that is, in domestic companies supply- ing these foreign companies. Additionally, foreign direct investments are the biggest generator of ex- port as evidenced by the present situation. You know that financial crises has also hit Serbia and the export dropped the most in multinational foreign companies leading to drop of Serbia’s total export. In terms of Serbia’s attractiveness for foreign investments, we can talk about three different periods: period before the crises, present period and forecasts on what will happen after the present crisis is over. As regards to the Government’s strategy of foreign direct investment attraction before the crises broke out, we have focused ourselves on several segments. We have realized that we are a small coun- try, with only 8 million inhabitants, that we are a small market and not many people will come here with major investments just because of the 8 million population market. We have identified our chance in being the only country in Europe with numerous free trade agreements i.e. customs free export to other markets. Therefore, we have concluded the agreements with the European Union, then, with the Russian Federation, and we are the only country in Europe which has signed the free trade agreement with both the European Union and the Russian Federation. Companies producing in Serbia can ex- ecute custom free export of their products to these markets. Another very important agreement is the regional agreement CEFTA, also on free trade, that allowed production and customs free export to all countries of the region. Serbia has signed another two free trade agreements, with Byelorussia, in this April, and with Turkey in May. We are now the country with open relations with all these countries, and companies having production in Serbia can execute custom free export to all of these markets. That is one of the strength we believe will be the mid-term strength of Serbia in regard to attraction of foreign investments. The second, naturally, is related to improvement of the business environment. In 2005, significant tax reforms were carried out. We have realized that the previous tax system was based on high tax rates which were not paid because nobody wanted to pay taxes. Then, we decided to reverse the logic, and to lower the tax rates on production, on one side, and to generate key revenues from taxing the sales. This is how we have created the current system. We have reduced the profit tax rate to only 10%, we have exempted all investors that create more that 100 new jobs and invest more than 10 million Euros from profit tax for a period of ten years and we have taken a direction of wage tax reduction. As re- gards to other measures, many new laws were adopted. However, I think that there is a lot to do in that 13 BUSINESS OPPORTUNITIES IN SERBIA: The Case of the Italian Business Sector and the Role of Management Education sphere in order to improve the business environment. We have established four customs free zones: Pirot, Zrenjanin, Subotica and Novi Sad. We have planned for the coming period to establish customs free zones in Kragujevac and Nis, and later in some other cities, too. It turned out that Serbia was not using the strengths of customs free zones in the best way. However, the fact that Fiat indicated that one of the strengths of coming to Serbia is the ability to work from the customs free zone in Kraguje- vac, is significant for the coming period. Why? If you work from the customs free zone, you do not pay VAT for imported goods, you do not pay customs fee for imported goods and that way you im- prove significantly the solvency of your company. Of course, this is related to export oriented compa- nies. Also, in order to encourage foreign direct investments, we have adopted relevant decrees to es- tablish the Serbian Investment and Export Promotion Agency and encourage foreign direct invest- ments by providing 2,000 to 10,000 Euros incentives for each new job. We have intentionally focused ourselves in this development stage on labor intensive industries; we have intentionally set the number of new jobs as the basic criterion because, as in all transition countries, Serbia has initially had unem- ployment rate growth. Unemployment rate reached its peak in 2006. Afterwards, the unemployment rate in Serbia started to drop, because in 2006 we had 28.1% unemployment rate, and the end last year rate was 14.7%. That has happened in all transition countries. All transition countries had unemploy- ment rate growth during the first 5 or 6 years as a consequence of the privatization, and then, as a con- sequence of foreign direct investments, before all greenfield investments, the rate started to drop. In some countries, such as Poland, rate drop was very fast. In Poland unemployment rate was halved in five years comparing to the inherited situation. In regard to Italian investors, they will speak about the plans for the crises and the plans for after the crises. We are very satisfied with the investments and companies. According to data I have, total 800 million Euros of Italian investments have been implemented in Serbia so far. Italy is among first five investors in Serbia, and the good thing about it is that we have the trend of growth one year through another. Initially, Italian investments were mostly focused on the financial sector. You all know that we have Banca Intesa on our market, than, UniCredit and finally, Findomestic. Meanwhile, Sao Paolo merged with Banca Intesa. Share of Italian banks on Serbian market currently is 25%. In present crises, Banca Intesa proved to be, let’s say, the most solvent as within the Serbian Government’s loan subsidy program for economic activity improvement, Banca Intesa only has disbursed in the last three and a half months around 160 million of loans to businesses out of total 410 million given to all banks in Serbia.
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