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Vojvodina: Vojvodina: Exploring the Exploringeconomic the Economic Potential Potential

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Vojvodina: Vojvodina: Exploring the Exploringeconomic the Economic Potential Potential �������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� Vojvodina: Vojvodina: Exploring the ExploringEconomic the Economic Potential Potential �������������������������� �������������������������� ��������������������������������� 1 ���������������������������������1 Bratislava – Belgrade – Novi Sad Bratislava – Belgrade – Novi SadJune – December 2004 June – December 2004 Vojvodina: Exploring the Economic Potential Vojvodina: Exploring the Economic Potential Project of regional economic development of Vojvodina © Slovak Rating Agency Inc., Bratislava, Slovakia & Jefferson Institute, Belgrade, Serbia and Montenegro 2004 for The Executive Council of the Autonomous Province of Vojvodina Project of Slovak Official Development Assistance (Slovak Aid) implemented with the financial contribution of the Ministry of Foreign Affairs of the Slovak Republic through the Bratislava – Belgrade Fund. www.slovakaid.sk Vision and Strategic study of economic development potential - 2 - Vojvodina: Exploring the Economic Potential Contents ABOUT THIS PROJECT..................................................................................................................... 4 THE VISION ......................................................................................................................................... 7 1. MACROECONOMIC TRENDS................................................................................................. 9 1.1 BACKGROUND ............................................................................................................. 9 1.2 GROSS DOMESTIC PRODUCT...................................................................................... 10 1.3 BALANCE OF PAYMENTS ........................................................................................... 13 1.4 UNEMPLOYMENT....................................................................................................... 14 1.5 WAGES AND INFLATION ............................................................................................ 16 1.6 FISCAL POLICY .......................................................................................................... 17 1.7 MONETARY AND EXCHANGE RATE POLICY............................................................... 18 1.8 EXTERNAL DEBT ....................................................................................................... 20 2. LEGAL AND REGULATORY FRAMEWORK .................................................................... 21 2.1 CONSTITUTIONAL FRAMEWORK ................................................................................ 21 2.2 REPUBLIC OF SERBIA AND LOCAL SELF-GOVERNMENT ............................................. 23 2.3 COURT SYSTEM ......................................................................................................... 23 2.4 COMPANY LAW ......................................................................................................... 24 2.5 CONCESSIONS AND INVESTMENTS REGULATION ....................................................... 25 2.6 SECURITIES LAW ....................................................................................................... 30 2.7 INTELLECTUAL PROPERTY......................................................................................... 31 2.8 LABOUR LAW ............................................................................................................ 31 2.9 TAXATION ................................................................................................................. 33 2.10 LAND ISSUES ............................................................................................................. 44 2.11 INTERNATIONAL MARKET INTEGRATION................................................................... 46 2.12 DEVELOPMENT OF SMES .......................................................................................... 47 2.13 OBSTACLES TO BUSINESS .......................................................................................... 48 3. FOREIGN DIRECT INVESTMENTS ..................................................................................... 52 3.1 REGIONAL CONSIDERATIONS .................................................................................... 52 3.2 FDI IN SOUTHEAST EUROPE ...................................................................................... 54 3.3 FDI IN SERBIA........................................................................................................... 56 3.4 CREDIT RATING PROCESS IN SERBIA ......................................................................... 60 4. VOJVODINA: ECONOMIC OVERVIEW ............................................................................. 62 4.1 INTERNATIONAL CORRIDORS..................................................................................... 63 4.2 ECONOMY ................................................................................................................. 66 4.3 ENTERPRISE STRUCTURE ........................................................................................... 71 4.4 ECONOMIC SECTORS ................................................................................................. 74 4.5 FOREIGN TRADE ........................................................................................................ 81 4.6 POPULATION AND EMPLOYMENT............................................................................... 84 4.7 TRANSPORTATION IN VOJVODINA ............................................................................. 87 4.8 EDUCATION IN MULTIETHNIC VOJVODINA ................................................................ 92 ABBREVIATIONS ............................................................................................................................. 99 USED SOURCES .............................................................................................................................. 100 Vision and Strategic study of economic development potential - 3 - Vojvodina: Exploring the Economic Potential About this Project This Strategic study of economic development potential is a part of the Slovak official development assistance (Slovak Aid) project „Vojvodina: Exploring the Economic Potential” implemented by the Slovak Rating Agency Inc., Bratislava, Slovakia and the Jefferson Institute, Belgrade, Serbia and Montenegro in the partnership with the Executive Council of the Autonomous Province of Vojvodina. The aim of the project is to encourage economic growth in Vojvodina through three major objectives. The first objective is supporting the local governments in decision-making; the second is encouraging the local governments in activity towards increasing investments in the region and the third direction is creating a starting point for a business development facility (Business Incubator) that will directly increase entrepreneurial activity in the region. The purpose of the Strategic study is to provide local self-government representatives with a guidebook that will help in decision-making. The document uses data and information from various reliable sources in a structure designed to cover important information that municipalities need in strategic decision-making related to regional economic development. Special attention is given to information that will help municipal representatives answer questions of potential investors in the region of Vojvodina. About the Authors The Slovak Rating Agency Inc. (SRATM) is an independent analytic-consulting company with the major task of rating analyses – products with the aim of supporting transparency, security and efficiency of capital, financial and other transactions on the Slovak market. The SRATM is an affiliate partner of the European Rating Agency. The European Rating Agency is the first European rating agency analyzing transitional economies in the region of Central, Eastern and Southeast Europe. The total volume of assets monitored by SRATM achieved the value of 5 billion USD, which gives the agency the leading position in granting of ratings on the Slovak market. SRATM – the first local rating agency on the Slovak market – became not only the synonym of high quality analytic outputs, but also a significant independent opinion maker during the period of its operation on the Slovak market. Vision and Strategic study of economic development potential - 4 - Vojvodina: Exploring the Economic Potential The goal of the SRATM is to provide independent rating analyses of companies, projects and security issues, so that market participants have a wealth of independent information while adopting strategic decisions. Other analytical products include macroeconomic, sector and specially customized analyses. During its operation, SRATM produced tens of rating, special- focused financial, macroeconomic and sector analyses. In addition to analyses, SRATM provides consultancy services but only in cases there is not a conflict of interests. Consulting activities are focused primarily on evaluation of various strategic projects of the clients. SRATM is also active in the area of strategic partner selection, e.g. defining criteria of the selection process. Assistance in elaboration of proposals for projects co financed by pre-entry and post-entry European Union funds plays a significant role in our consulting activities. The clients of SRATM are individual
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