Serbia, Agency for Insurance and Export Financing to be formed, headquarters in Jubmes banka - € 30m

Minister of Finance, Mlađan Dinkić, announced forming of Agency for Insurance and Export Financing.
Export Stimulation Agency should be put into operation at the beginning of summer 2005 and the decision was made that their export stimulation will last for three years. Starting capital of the Agency, which will be located in Jubmes banka, will amount to € 30m, € 25m of which will be provided from the republic budget, whereas remaining € 5m will be provided by Jubmes banka. The Agency will not deal only with insurance and financing of export operations, but also with diplomatic activities, i.e. promotion of our export-oriented production in neighboring countries.

State will be giving guarantees for the first 100 most famous export-oriented products, such as sugar, tires, steel, white sheet metal, floor covers, medicines, which make 57% of total export realized in 2004.

Besides tax benefits, which will be enabled to exporters through change of taxes on profit and property, Ministry of Finance will ask from European Union to raise customs fees for products that reach our market from these countries and are competitive on our market. Besides, Ministry will ask for permission to raise customs fees for import of products from Euro-Asian countries.