Innovations and new technologies are now viewed in Serbia as an investment, while the business community and the state are jointly establishing long-term sustainable development and inclusive growth strategies
Despite huge challenges, Serbia has succeeded in preserving its economic links with all traditional economic partners, regardless of divisions that are not waning. The Serbian economy recorded positive trends in the first half of this year, as demonstrated by the country’s economic growth, slowing inflation, and high FDI inflows. Measures connected to the opening up of the labour market will help ensure the continued competitiveness of business operations in Serbia. According to Foreign Investors Council Vice President and Spokesperson Ana Govedarica, monetary stability increases business predictability, while the preserving of supply chains enables operational continuity.
“It is very significant that we see a lot of understanding among decision-makers when it comes to innovation and new technologies in almost all areas, but also that they are viewed ever-less as an expense and increasingly seen as an investment that will ‘return more than invested’,” says Govedarica. “A good example is investment in healthcare innovations, through the securing of innovative medicines and diagnostics, as well as the increasingly powerful digitalisation, which is already improving treatment outcomes and healthcare system efficiency significantly. Investing in healthcare innovation is crucial because it improves the quality of treatment and increases efficiency. When viewing all health and social aspects as a whole, investing in innovation actually reduces costs. Innovations spur economic growth, but also boost health sector competitiveness,” says our interviewee.
Based on your experience and FIC practice, what are the most successful ways for the business community and the government to cooperate on achieving effective and productive solutions for the economy and society?
— Through the implementation of an entire series of cooperation programmes, the government and the business community can work jointly on the creation of an economic and social environment that’s efficient, productive, and sustainable. Public-private partnerships are already yielding excellent results, particularly in terms of infrastructure projects, innovations, and new technologies. Likewise, the forming of advisory bodies that gather together representatives of the government, the business sector, and the academic community, with the aim of jointly solving economic challenges, represents a good foundation for the advancement of the domestic economy.
Including the business community in the process of creating and reforming regulations is important to ensuring that laws and regulations support economic growth and innovation. Training and education programmes that meet the needs of the labour market and improve the skills of the workforce should be developed jointly.
When it comes to avoiding corruption and nepotism, it is equally important to work together to ensure the transparency of public procurement and operations. We should also work simultaneously to promote the principles of corporate social responsibility, through which companies contribute actively to the local community and the environment.
Investing in innovative medicines, diagnostics and digitalisation are crucial to improving the quality of treatment and the efficiency of the healthcare system
Everyone will benefit from the development of long-term strategies and goals that include both the business community and the state and are focused on sustainable development and inclusive growth. Finally, it is also important to measure the effectiveness of these activities by setting clear goals and performance indicators that monitor the progress and success of joint initiatives.
What are the strategic initiatives in the focus of the FIC that are aimed at improving regulations and increasing legal certainty for investors in Serbia?
— Committees form the backbone of the FIC’s work, representing a platform where members exchange ideas, share best practices, and jointly formulate recommendations on ways to overcome existing regulatory obstacles and improve operations. There are nine committees currently working within the scope of the Council, which best illustrates the understanding within the FIC that the economy can only be improved through simultaneous work on multiple fronts.
WE UNIFY THE BUSINESS COMMUNITY
The FIC is the only organisation that brings together bilateral and foreign chambers of commerce, and thus represents the interests of the wider business community in Serbia with the aim of making the country an even better place to do business and invest, for the benefit of all citizens
Operational transparency, the struggle against illicit trade, improving financial services, infrastructure and construction, human resources, legislation, tax policy, healthcare and pharmaceuticals, telecommunications, digitalisation, tourism and hospitality are all in the focus of these committees, but also the association as a whole.
How does the FIC work with stakeholders to promote sustainable business practices?
— The FIC constantly exchanges knowledge, experiences, and information, maintains an open dialogue, and organises thematic conferences and meetings, as well as engaging in joint work in various bodies. The FIC is the only organisation and business association that brings together bilateral and foreign chambers of commerce, and it can thus be said that the FIC represents the interests of the wider business community in the Republic of Serbia, which has the common and unique goal of making Serbia an even better place to do business and invest, for the benefit of all citizens. The FIC has an institutional framework for cooperation with the Government of the Republic of Serbia through the Working Group for the Implementation of the Recommendations of the FIC White Book, the work of which is presided over by the Prime Minister.
How does the FIC convey the key conclusions of its annual White Book to the general public?
— The presentation and launch event for the White Book has been the country’s largest economic and political event for the last 20-plus years, attended by top representatives of the Government of the Republic of Serbia, the business sector and social community, as well as representatives of the diplomatic corps. Conclusions are always presented in a concise and understandable way, and are always based on data gleaned from comprehensive analyses.
| DIALOGUE The FIC constantly exchanges knowledge, experiences and information, maintains an open dialogue and organises thematic conferences and meetings, as well as engaging in joint work in various bodies | EXPERTISE The White Book presentation is Serbia’s largest economic and political event, attended by top government and business sector representatives, with conclusions that are always clear and based on comprehensive analyses | COOPERATION By implementing public-private partnerships and forming advisory bodies, the government and the business community can create an efficient, productive and sustainable economic and social environment |
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