Our strength lies in our members, who unselfishly share their latest knowledge and experience from other economic milieus, as well as initiating practical proposals to speed up Serbia’s development
The Foreign Investors Council has been a reliable partner for more than twenty years – not only to its members, but also to the wider community, including Serbia’s state authorities at all levels, says FIC Executive Director Aleksandar Ljubić.
This role has come to the fore particularly during the greatest challenges of the last ten years, such as the Covid-19 pandemic or the economic crisis resulting from the Russian-Ukrainian conflict, resulting in serious supply chain disruptions, but also inflationary pressures on the Serbian economy.
“The FIC is given strength by its members, which are renowned global companies that unselfishly share their latest knowledge and experience, especially in an organisational and technological sense, that they bring from other economic milieus, as well as providing practical proposals on overcoming specific challenges,” says Ljubić.
Among the FIC’s numerous contributions to overcoming the challenges confronting Serbia is the establishment and functioning of so-called green corridors in cooperation with the European Commission and EU delegation, which enabled the simplifying of border crossing procedures with the minimum required waiting time, which was vital under the conditions of the pandemic, particularly during the first weeks and months.
“The FIC has continued advocating their expansion to Western Balkan countries, with the aim of protecting supply chains and ensuring that both goods and transport workers can travel wherever needed without delay,” says Ljubić.
How has the FIC adapted its strategies in order to support member companies during times of economic uncertainty?
— Times that are characterised by economic uncertainty represent a genuine opportunity, first and foremost for members, to enjoy the advantages provided by our business association. This not only includes the spirit of community, but also the practice of sharing knowledge and experience, as well as the strengthening of mutual trust that’s crucial to all stakeholders emerging from such challenging times unscathed, but also strengthened.
How does the FIC utilise its knowhow and experience to contribute to advancing the Serbian market and improving citizens’ living standards?
— Our members have been doing business with domestic companies, primarily small and medium-sized enterprises that serve as their key suppliers, for more than 20 years. These partnerships enable Serbian companies to join global supply chains and thus integrate into European and global economic flows. Moreover, through cooperation with global companies, Serbian SMEs also have an opportunity to gain insight into the latest technological solutions, as well as applying technological trends in their operations thanks to the aforementioned partnerships.
Times that are characterised by economic uncertainty represent a genuine opportunity, first and foremost for members, to enjoy the advantages provided by our business association
The corporate culture is equally important, as are the various organisational solutions that are brought by our members and serve to boost the competitiveness of Serbia’s SME sector, consequently impacting citizens’ standard of living. We often emphasise the fact that our member companies are already present in Serbia and have not only recognised Serbia as a good place to invest, but also have a vital interest in the Serbian economy growing and in Serbian society progressing as a whole.
What are the key priorities that the FIC has identified when it comes to building a better economic milieu in Serbia and how are those priorities implemented?
— At the FIC, we are acutely aware of the fact that the Serbian economy is deeply integrated into the EU, despite Serbia having only membership candidate status and not being institutionally integrated into the EU. This is precisely why we have to emphasise that our expectations remain unchanged. The key priority is the intensification of Serbia’s accession negotiations with the EU, as well as the harmonising of national regulations with European standards.
Alongside this, the FIC’s priorities also encompass improvements in nine priority areas: taxes, labour rights relations, inspection oversight and food safety, improving overall infrastructure and the real estate market, digitalisation, the pharmaceutical industry, environmental regulations, the law of foreign currency transactions, as well as tourism and hospitality.
How does the FIC use the White Book in cooperating with national players and encouraging a more competitive environment for doing business in Serbia?
— The White Book is a key project of the Foreign Investors Council and is unique in that it is authored by the members themselves, based on their vast professional knowhow, practical experience and commitment. Moreover, the White Book is also our basic platform for dialogue with the state and the community when it comes to improving regulations, or advancing the business and investment climate in the Republic of Serbia, which has become a key input for the economic section of the European Commission’s annual report on Serbia’s progress in the EU integration process.
The FIC has developed a unique, objective methodology for measuring progress and the fulfilling of members’ recommendations presented in the annual White Book. The White Book Index compares and ranks progress on all topics that are in the focus of the White Book.
DIRECT DIALOGUE
The FIC is the only business association that has an institutional framework for cooperation with the Government of the Republic of Serbia, through the Working Group for the Implementation of the Recommendations contained in the FIC White Book. We also believe strongly that we will achieve good cooperation with the new Government of the Republic of Serbia and an open dialogue on issues that are crucial to Serbia’s continuing economic growth and the further improvement of living standards
Likewise, the FIC is the only organisation or business association that has an institutional framework for cooperation with the Government of the Republic of Serbia, through the Working Group for the Implementation of the Recommendations contained in the FIC White Book, the work of which is presided over by the Prime Minister.
This idea emerged in January 2017, based on the initiative of then Prime Minister Aleksandar Vučić, who recognised the importance of the channelled experiences of global companies and their recommendations on the direction of work aimed at making Serbia an even better place to invest. Last year’s record-breaking FDI results certainly testify to the claim that efforts exerted to date have paid off and that the business climate in Serbia has improved significantly.
We at the FIC also believe strongly that we will achieve good cooperation and open dialogue with the new Government of the Republic of Serbia, and that we will continue developing partnership relations through the institutional framework of the Working Group, with the aim of continuing Serbia’s economic growth and further improving the living standards of its citizens.
| WELFARE Our member companies have already recognised Serbia as a good place to invest and have a vital interest in the Serbian economy growing and in Serbian society progressing as a whole | EXPECTATIONS We are acutely aware of the fact that the Serbian economy is deeply integrated into the EU, which is why our expectations remain unchanged when it comes to accelerating the integration process | AIM The FIC has continued advocating the expansion of “green corridors” to the Western Balkans, with the aim of protecting supply chains and ensuring both goods and transport workers can travel wherever needed |
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