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Pursuing Sustainable Growth Serbia's Investment Perspectives

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Pursuing Sustainable Growth Serbia's Investment Perspectives 20th Annual meeting of the EBRD Board of Governors EBRD Business Forum Pursuing sustainable growth Serbia’s investment perspectives Vesna Arsić State Secretary for International Economic Relations Government of the Republic of Serbia Ministry of Economy and Regional Development PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Key country data Ministry of Economy and Regional Development Official Name: Republic of Serbia Area: 88,361 km2 Population: 9.5 million Official Language: Serbian State Form: Democratic Republic Capital: Belgrade (1.6 million) Currency: Serbian Dinar (RSD) PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. GDP growth rate and GDP per capita (EUR) Ministry of Economy and Regional Development PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Inflation (CPI) Ministry of Economy and Regional Development PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. First recovery in the region Ministry of Economy and Regional Development Average GDP growth GDP growth rate rate 2001-2008 2009 2010 2011* Bulgaria 5,6 -4,9 0,4 2,6 Romania 6,2 -7,1 -1,9 1,1 Hungary 3,4 -6,7 1,3 2,0 Serbia 5,4 -3,1 2,0 3,0 Croatia 4,5 -5,8 -1,3 2,0 Slovenia 4,4 -8,1 1,0 1,7 *Source: EBRD, January 19, 2011 PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. The basis for sustainable growth Ministry of Economy and Regional Development • Pro-investment and export-oriented economy • Reindustrialization • Completion of strategic public infrastructure projects • Starting an intensive investment cycle in energy sector • EU and WTO accession, integrated regional growth PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Targeting export growth and elimination of foreign trade deficit Ministry of Economy and Regional Development In 2010 exports rose by 24% to 7,4 bn EUR PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Targeting export growth and elimination of foreign trade deficit Ministry of Economy and Regional Development Export-import coverage ratio rising from 32,8% in 2004 to 58,6% in 2010 PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Trade by economic groupings in 2010 Ministry of Economy and Regional Development PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Top export destinations 2008-2010 Ministry of Economy and Regional Development in mn EUR PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. FDI stocks in SEE 2006 - 2009 Ministry of Economy and Regional Development Source: UNCTAD – World investment report July 2010 PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. FDI origin by country and sector 2000 - 2010 Ministry of Economy and Regional Development PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Investments in transportation infrastructure – Corridor X Ministry of Economy and Regional Development • A major part of the Corridor X highway already built, but some sections missing: • towards FYR Macedonia and Greece • towards Bulgaria • towards Hungary • Belgrade bypass PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. National Roads Strategy 2010/11 Ministry of Economy and Regional Development • Infrastructure is crucial for equal regional development opportunities; • The National Roads Strategy envisaging further upgrade of the road network; PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Investments in energy sector Ministry of Economy and Regional Development • The South Stream gas pipeline • The high capacity underground gas storage • Construction of thermal power plants Kolubara B TENT B 3 TE TO Novi Sad • Capacity expansion of existing TPP • Construction of hydro power plants Djerdap 3 Great Morava Upper Drina (with Republika Srpska) PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Serbia’s Free Trade Agreements Ministry of Economy and Regional Development European Union EFTA Russia Kazakhstan CEFTA Turkey Belorussia USA preferential trade PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Free Zones in Serbia Ministry of Economy and Regional Development • Fiscal benefits (exemptions from any tax burden for FDI, VAT, company profit tax, property tax, income tax, etc.) • Free of customs duties for goods, equipment, raw and construction material • Efficient administration, (one stop shop) • Simple and fast customs procedures • Local subsides for using the infrastructure Providing a set of services to users under preferential terms PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Supportive investment regime Ministry of Economy and Regional Development • National treatment of foreign companies; • Free transfer of financial and other assets, including profits and dividends; • No industry restrictions on foreign investment; • Business legislation reforms in line with the EU legal framework; PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Favorable tax regime Ministry of Economy and Regional Development PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Financial incentives overview Ministry of Economy and Regional Development Large-Scale Projects Standard-Scale Projects Manufacturing and Export- Export-Related Manufacturing Related Services Services Eligible Projects in Projects Projects Realized Automotive, Capital and Labour- in Devastated Electronics, IT Labour- Projects Realized Projects Realized Intensive Regions and Industries Intensive in Other Regions in Any Region Projects Regions of Special Realized in Projects State Interest Regions of Special State Interest Up to 25% of Up to 20% of €4,000-10,000 per €5,000-10,000 €2,000-5,000 €2,000-10,000 Grant Amount the total the total job created per job created per job created per job created investment investment Minimum Investment €200 mn €50 mn €0.5 mn €0.5 mn €1 mn €0.5 mn Amount Minimum Number of 1,000 300 50 50 50 10 New Jobs PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Investment incentives in different regions Ministry of Economy and Regional Development In the municipalities of special interest for regional development: • Incentives from 5,000 to 10,000 EUR for every new job created In the most underdeveloped municipalities • Incentives from 4,000 to 10,000 EUR / every new job created In other municipalities • Incentives from 2,000 to 10,000 EUR / every new job created PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Human resources Ministry of Economy and Regional Development • 27,000 university and 2-year college graduates, and 75,000 high school graduates yearly • Top quality technical education at both high school and university level • A wide availability of highly qualified staff • Strong command of the English language “This initiative demonstrates our confidence and trust in Serbia, its industry , management competence, and the skil of its workers.” Sergio Marchionne, CEO PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Technical education Ministry of Economy and Regional Development Faculty of Mechanical Engineering Faculty of Technical Sciences Faculty of Electrical Engineering Faculty of Traffic and Transport Engineering Faculty of Technology and Metallurgy • 11 technical faculties for white collar workers • 71 technical schools for blue collar workers PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. Success story: FIAT in Serbia Ministry of Economy and Regional Development PRESENTATION RIGHTS RESERVED. COPYRIGHT MINISTRY OF ECONOMY AND REGIONAL DEVELOPMENT. YEAR 2011. FDIs in 2010/11 – New comers Ministry of Economy and Regional Development Name Country Sector Municipality Value € million Jobs Maxim BG Slovenia Metallurgy & Metalworking Inđija 21 200 Credy banka Slovenia Financial Kragujevac 20 PepsiCo Marbo United States Food & Beverage, Agriculture Bački Petrovac 20 100 Tigar Tyres Michelin France Automotive industry Pirot 16 220 Yura Corporation - Nis South Korea Automotive industry Niš 15 1500 Koteks Viscofan Spain Packaging Novi Sad 14 165 Dytech F&F Italy Automotive industry Niš 13 403 Vossloch-Schwabe (Panasonic) Germany Electrical & Electronics Svilajnac 13 400 Calzedonia / Fiorano Italy Clothing Sombor 13 400 Gorenje Tiki Slovenia Electrical & Electronics Stara Pazova 12 250 NORMA Group Germany Automotive industry Subotica 11 500 FALKE Germany Clothing Leskovac 10 600 Tatravagonka Slovakia Machinery & Equipment Subotica 8.4 Farmina Pet Foods Italy Food & Beverage, Agriculture Inđija 8 50 Yura Corporation - Raca South Korea Automotive industry Rača 8 1000 Valy Golden Lady Italy Clothing Loznica 6.4 200 Harder Digital Sova Germany Electrical & Electronics Niš 6.3 70 Bauerhin – IGB Automotive Germany Automotive industry Inđija 5 750 Metech Belgium Metallurgy & Metalworking
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