VUJOVIC: Turning point for Serbia in mid-October

(Dusan Vujovic)

The Minister of Economy, Dusan Vujovic, said that by mid October, the institutional package for economic recovery of Serbia will be complete.

- We are pretty low compared where we could be but we will most likely have to bear additional costs to make a turn. The lowest turnover point is yet to come – he said in his interview for Novi magazine published today.

Vujovic outlined that the Government of Serbia is trying to create good business environment through adoption of system laws.

The Minister of Economy also said that without the new Law on planning and construction cannot move forward and that it should be adopted before September because it is very important for the investors.

As he announced, by the end of July, the Law on privatization and bankruptcy and then in September the latest, laws on public companies and subsidies for investors should be adopted.

He outlined that the essence of the law on subsidies for investors is to correct the existing market limitations and provide basics for rational state interventions.

Vujovic said that the governmental subsidies now total some 6% of GDP while in Europe the figure goes between 1-2% and added that Serbia will have to decrease it to that number within five years.

- Serbia has plenty of reserves but not in natural resources, oil, gold or similar. Our solution is to stop regret the past, whether good or bad, and start thinking how to solve things today and in the future- Vujovic said.