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Country Outlook: Serbia

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Economy !Serbia is considered an upper-middle income economy by the World Bank. GDP (official ex-change rate) for 2012 is $37.4 billion ($10,600 per capita PPP), GDP (purchasing power parity) is $80.02 billion. Since the political reforms of 2000, the country has experienced fast econo-mic growth and has been preparing for membership in the European Union.!Over the past ten years of extensive political and economic reforms, Serbia has developed into a stable democratic country with a fast growing market economy. As a member of the In-ternational Monetary Fund, Serbia exercises a sound and consistent economic policy resulting in a strong economic growth and rapid export expansion. The country’s progress is fully sup-ported by leading international development institutions, such as the World Bank and the Eu-ropean Bank for Reconstruction and Development, while the processes of the European Union and the World Trade Organization accession are under way.!Since January 2001, Serbia has shown a strong commitment to establishing a modern market economy and re-entering European and global markets. Substantial reforms have been initia-ted to that end, particularly in creating a business-friendly environment. These include legal and economic reforms in all areas, aimed at ensuring legal security and harmonization with EU legislation and economic policies. The harmonization of local legal and regulatory framework with acquis communautaire, will remain a fundamental factor driving Serbia’s stability and economic growth, which is expected to accelerate to some 3.9% by year 2015. Steps toward accession into the EU should lead to market improvements in the business environment of the country, enabling greater access to the export markets of EU member states and other countries.!In January 2014 Serbia has officially started the EU membership negotiations. It is well proven as one of the leading investment locations in CEE with key strengths in highly capable human capital and customs free access to the 15% of the world market.!In 2011, Serbia was the leader in CEE in attracting FDI with €2.2 billion of inbound investmen-ts. Success continued according to the Ernst & Young’s Attractiveness Survey report for 2013 and Serbia was one of the countries with the greatest capacity to attract large job-intensive projects, both in terms of number of projects and number of jobs created.!!!!

!The Republic of Serbia is a country located at the crossroads of Central and Southeast Europe, covering the southern part of the Pannonian Plain and the central Balkans. A landlocked country in relative proximity to the Mediterranean, Serbia bor-ders Hungary to the north; Romania and Bulgaria to the east; Macedonia to the south; and Croatia, Bosnia, and Montenegro to the west; it also borders Albania through the disputed terri-tory of Kosovo. The capital of Serbia, Belgrade, is among Europe's oldest cities and one of the largest in Southeast Europe. The province of Kosovo unilaterally declared independence from Serbia on 17 February 2008. The declaration of independence has sparked varied responses from the international community, some wel-coming it, while others condemn the unilateral move.

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Capital: Belgrade

Currency: Republic Serbian Dinar (RSD)

Population: 7.24 million (2012)

Government system: Parliamentary republic. National Assembly (250 members) names executive authority – prime minister

Main industry sectors: Metal, food, electronics, clothing, pharmaceutical and automotive

Foreign direct investments: USD 3,125 (year 2011) source: NBS

Major trading partners 2012: Germany, B&H, I ta ly, Russian Federation

VAT rates: 20%/10% (reduced rate for basic foods and etc.)

Corporate/individual tax: 15%/10-15%

International organisations Member in more than 50 of them, such as UN, Interpol, EBRD, UNHCR, WTO (observer status)

In 2011, Serbia was the leader in CEE in attracting FDI with €2.2 billion of inbound investments. Success continued according to the Ernst & Young’s Attractiveness Survey report for 2013 and Serbia was one of the countries with the greatest capacity to attract large job-intensive projects, both in terms of number of projects and number of jobs created.!With a unique combination of high-quality and low-cost skill-sets, the Serbian workforce is widely regarded as a strong business performance driver.!Highly qualified staff in Serbia is widely available. The number of engineers, managers, and other specialists is sufficient to meet the growing demand of international companies. Yearly, the labor supply increases by approximately 43,000 university and 2-year college graduates and 75,000 high school graduates. In addition, there are also a significant number of Serbian experts, who return to the country after gaining top-quality expertise in international companies around the globe.The labor market in Serbia has become truly vibrant as a rising number of international investors have opened their businesses in the country. International as well as local head-hunting agencies operate in major Serbian cities, offering a full range of consulting services, including executive search, staff training, and salary surveys.!Serbia was a home to the biggest Greenfield projects in South East Europe for three consecutive years (2004-2006), as awarded by the OECD. Nowadays, some of the biggest names across the board are successfully doing business in Serbia - FIAT, Microsoft, Siemens, Schneider Electric, NCR, STADA, BOSCH, Michelin, Telenor, and more than 500 companies from around the globe.Starting a business in Serbia provides for an opportunity for customs-free export to a market of 1 billion people. In addition to benefiting from free trade with EU, Serbia is the only country outside of the Commonwealth of Independent States that enjoys a free trade agreement with Russia and is an endorsee of FT agreements with Turkey, EFTA, Belarus and Kazakhstan. It is also a member of the regional FTA (CEFTA) with 29 million people and one of the biggest markets in the region.!Serbia’s capital, Belgrade, was named the City of the Future for Southern Europe by fDi Magazine in 2007 based on its economic potential, cost effectiveness, human resources, IT and telecommu-nications, transport, quality of life, and FDI promotion. In the following years the success was con-tinued by many regions and cities that were praised for their attractiveness for FDI. In 2014, Vojvo-dina took the fourth place in the overall Cost Effectiveness category and first place in the same ca-tegory for mid-sized European regions. Zajecar and Vranje have also made it to the list of 10 micro cities for FDI strategy.

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Sumadija and Pomoravlje region Sumadija and Pomoravlje region consists of two districts: Šumadija, to which appertain town Kragujevac and municipalities Arandjelovac, Topola, Knic, Raca, Batocina and Lapovo and Po-moravlje, that consists of municipalities Jagodina, Paracin, Cuprija, Despotovac, Svilajnac and Rekovac.This region is located in Central Serbia, and is being crossed by river Velika Morava and Traffic Corridor X. Surface of this area is approx. 5000 km2, that makes 5.6% of Serbian territory. Here live approx. 530.000 citizens, from which 60% in towns. This territory was populated from the early ages. That confirm many archeological excavations, and traces of human life and material culture can be followed through every epoch of prehistory. City of Kragujevac, where main office of Regional Chamber of Commerce and Industry Kraguje-vac is, today is important business and university center with eleven faculties and two institutes. Also is one of mostimportant health and cultural centers in Serbia. In economy of region Šumadija and Pomoravlje, approx. 3560 enterprises of all ownership's structures and over 17000 stores does business. From the viewpoint of activities, most of these enterprises work in field of trade and industry. In structure of National Income, dominant places take industry, agriculture and trade. Installed capacities for production of cars, cables, trucks, sports- and hunting guns, gall chains, electro equipment, tools, machines, non-metals, chamotte, construction material, wear, knitted goods, shoes, furniture, food products, mineral water, alcohol drinks, as well as capacities in field of primary agricultural production, besides satisfying needs of domestic market also enable production for export. Economy of this region has long tradition of cooperation with the world. Amount of total foreign trade reached 5,2 billion $ in 2013. ( increased four times compared to 2012.). In 2013. a surplus was 303 million dollars, which is more than double compared to 2012. The largest share of foreign trade of Sumadija and Pomoravlje region is realized with the Euro-pean Union, with the most frequent countries: Italy, Slovakia, Germany, Russia, Romania, Po-land. It is very important to point out that volume of physical production increased by 47.7% in 2013.!Advantages of Sumadija and Pomoravlje region are: Strategic position; University center; Rea-sonably priced industrial sites and commercial real estate; Institutional FDI support!With geographic position at the doorstep of European Union, Central Serbia represents ideal place for development business activities.Via international corridors 10 – Highway and 7 – Danube, Central Serbia links Western Europe and the Middle East, which makes the region attractive to the companies willing to operate ou-tside the European Union and, also, have access to market of certain countries, under special custom conditions, thanks to signed Free Trade Agreements.Kragujevac, the central town of Central Serbia is located near two international airports:

- Nikola Tesla (Belgrade) – 160 km - Constantin the Great (Nis) – 140 km !

On the territory of Central Serbia there is wide range of 'Ready to Sell'/ 'Ready to Rent' real esta-te as: Industrial zones, Greenfield locations, Brownfield locations, Warehouses, Business offices and other commercial real estate.If the most significant investment destinations in Serbia are compared, territory of Central Serbia offers very competitive investment terms.!Here find more info: http://s.shr.lc/1hJ4iV3

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Swot analysisC

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Strenght !Stable, well-capitalized and very competi-tive banking sector Willingness of government to simplify time consuming bureaucratic procedures and attract foreign investments Government strategy for innovations Multisectoral presence of business Educational system at high level

Weakness !Low GDP growth rate in spite of the low base Inflation in the double-digit territory, among the highest in Europe State owned enterprises in need of qua-lified corporate governance and true reforms Slow bureaucratic reforms and complex legal environment for investment Belgrade Stock Exchange - low turno-ver, low interest from investors Para-fiscal surcharges and fees

Opportunities !Apparent willingness of the government to undertake necessary all-level reforms Commercial bank lending practices do not favor typically asset light SMEs Well-educated and recognized human capital base in tech sector Untapped small and mid- market compa-nies !

Threats !Relatively low level of entrepreneurs awareness for financial side of the bu-siness Low liquidity in the economy, generally accepted slow and late payments Heavy supervision of the banking sec-tor and reservation policies by the Na-tional Bank lead to costly loans and less opportunity to leverage on equity investments Grey economy

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Main economic sectors and clusters

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Serbian industry today represents a diversified mix of focus on agriculturally fruitful land and expe-rience in manufacturing industry. Traditionally based on cooperation with Western European compa-nies key sectors in Serbia are base metal, food, electronics, clothing, pharmaceutical and automoti-ve industry. An overview of key trade partners of Serbia reflects both its geographical position bet-ween east and west as well as the openness to cooperation with all countries. Key markets for Ser-bian products today are Italy, Bosnia and Herzegovina Germany, Montenegro and Romania, while Serbia mainly imports products from Russia, Germany, Italy, China and Hungary. Serbian economy suffers from constant trade deficit which is the reason why Serbian Government is strongly suppor-ting the further industrial development of the country, especially on export oriented sectors. In this sense the three sectors declared as the sectors of special importance for development of Serbia are automotive, electronics and ICT industry. !Automotive Industry Sector Highlights: Top technical education at all levels means the wide availability of highly-qualified staff; The perfect geographic location for efficiently serving EU, SEE and Middle Eastern custome; Sufficient capacity for even larger volumes of production. Sector Overview The Serbian automotive industry has a tradition of more than 70 years, dating back to 1939 in the city of Kragujevac, where Zastava, the Serbian producer of motor vehicles, produced automobiles under the license of Fiat. Zastava's suppliers manufactured under strict, high-quality production standards that enabled them to work with other western car manufacturers such as Mercedes, Ford, PSA and Opel. Today, the automotive industry is one of the most prominent sectors in Serbia, accounting for almost 10% of the entire FDI stock in Serbia since 2000. 27 international investors have invested almost €1.5 billion in the sector, creating more than 19.000 jobs. The Serbian automotive industry supplies almost all major European and some Asian car manufacturers. The manufacturing of vehicle chassis system parts, especially tires and suspension parts is the most prominent activity in the industry. Electrical system components are another dominant product group with car batteries and wiring installations as the most important products. Also, the production of en-gine components, mostly casted, is very significant, along with forged and machined parts like cam-shafts, brake discs, valves and flywheels. The largest and the most important investment in the sector is the FIAT project, not only because of the high investment amount, but also because it has helped to attract a number car parts producers to Serbia. It is arguably the most important investment project of the past 20 years and a future engi-ne of growth of the Serbian economy. Once the production capacity increases to an expected level of 200,000 units, this plant alone will generate annual exports worth €1.5-2 billion.

Electronics Industry Sector Highlights: Significant investment track record - previous investors include Siemens, Pana-sonic, Gorenje, Elrad, ATB, Gruner and Eaton; Manufacturing tradition and skillset in place; Sector of high priority - investors are entitled to more favorable investment incentive packages. Sector Overview Serbia is home to a rich tradition in the electronics industry that dates back to the days of Nikola Te-sla, one of the greatest pioneers and inventors in the field of electricity. This industry had its peak in the 1980s, when Yugoslavia's electronics industry was a $1 billion sec-tor that employed around 100,000 people. Although the sector today is still only a fraction of what it was back then, recent foreign direct investment into the industry and various state-driven initiatives suggest that this sector has strong potential for future growth.

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!From 2001 onwards, this industry has witnessed a steady revival primarily driven by a continual in-flow of foreign direct investment, totaling roughly €168 million. This, coupled with the upcoming opening of several IT-electronics parks, illustrates that the best is yet to come for companies in Ser-bia's electronics sector. Some key investments already in place are those of Austrian giant ATB Gruppe, Slovenian home appliance company Gorenje (which has invested a total of €50 million in three separate locations), Siemens and Panasonic's €13 million facility in central Serbia.

The Serbian electronics industry is a thriving, export-oriented sector that only figures to grow with the recent influx of foreign direct investment. Relative to 2008 and 2009, exports from the industry in 2010 grew by 15% and 44%, respectively. The 2009 economic crisis gap was surpassed swiftly in 2010 and, with new export-oriented projects such as the first Panasonic factory in Serbia, ex-ports are expected to flourish further. Between 15 and 20 electronics companies each export more than €1 million per year. The government of Serbia is actively promoting the growth of this sector: Along with the automotive and ICT industries, the electronics sector has been designated as one of the priority sectors in Ser-bia's National Development Strategy. This allows investors in this sector to receive more favorable investment incentive packages. Companies in this industry have taken advantage of this fact: in-vestments in the electronics industry are third when it comes to the number of projects which have been approved for funding and the fourth highest in terms of all investments in Serbia since 2000. Numerous initiatives, including the promotion of IT and Research and Development parks throu-ghout the country and the founding of an electronic systems cluster, will propel the sector even fur-ther. !ICT IndustrySector Highlights: Serbia is a home to 1,600 innovative IT Companies employing more than 14,000 people; Microsoft’s 4th development center in the world opened in Serbia, evolving over time into an innovation center; Expertise in custom, high-end IT development services including web de-sign, hardware, and software solutions Sector Overview As the world market for ICT continues to evolve towards outsourced software engineering, offshore systems design and integration, Serbia is well-placed both geographically and structurally to provi-de a cost-effective, reliable alternative to more established markets. An outstanding pool of intellec-tual capital, attractive labor costs, excellent skills, good communications networks and a high fluen-cy in English are just some of the key competitive advantages that persuade international ICT com-panies to expand their businesses to Serbia. Engineering education in Serbia is particularly strong, with approximately 33% of university gradua-tes coming from technical schools. The industry employs a highly-skilled workforce, of which 70% has completed a university degree. The cost-competitiveness of engineers is another advantage of doing business in Serbia. Compared to salaries in the country, IT specialists earn more than the average, but compared to their European colleagues, the situation is quite different. Net salaries range from €600 to €1,200 per month for highly-qualified, university-educated personnel, while gross salaries range from €1,000 to €2,000 per month. A large number of Serbian ICT companies offer very strong technical skills that have attracted part-nerships with international firms and won them a place in high-value market niches. Serbian industry today represents a diversified mix of focus on agriculturally fruitful land and expe-rience in manufacturing industry. Traditionally based on cooperation with Western European com-panies key sectors in Serbia are base metal, food, electronics, clothing, pharmaceutical and au-tomotive industry. An overview of key trade partners of Serbia reflects both its geographical posi-tion between east and west as well as the openness to cooperation with all countries. Key marke-ts for Serbian products today are Italy, Bosnia and Herzegovina Germany, Montenegro and Roma-nia, while Serbia mainly imports products from Russia, Germany, Italy, China and Hungary. Serbian economy suffers from constant trade deficit which is the reason why Serbian Government is stron-gly supporting the further industrial development of the country, especially on export oriented sec-tors. In this sense the three sectors declared as the sectors of special importance for development of Serbia are automotive, electronics and ICT industry.

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Main dataC

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Population (Mn) 7.3

GDP (US $ Bn) 37.4

GDP per capita (US $) 4.943

The global competitiveness index 2010 - 2011 2013-2014

Rank 88/139

Score Rank Score

Infrastructures 93 3.4 90 3.5

Macro economic environment 109 4.0 136 3.4

Higher education and training 74 4.0 83 4.0

Financial market development 94 3.8 115 3.5

Labor market efficiency 102 4.1 119 3.9

Technological readiness 80 3.4 60 3.9

Market size 72 3.6 69 3.7

Innovation 107 3.0 112 2.9

Business sophistication 125 3.2 137 3.2

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Finance and innovationC

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Private equity and venture capital market in Serbia Serbia's SME enterprises have traditionally financed their operations through commercial bank lending. The Government has not historically been eager to provide financial support, whilst the bank landing, due to the typical lack of collateral by the SMEs, has been limited in both the size and general availability. The presence of private equity funds in the country has been very limited, mainly due to the small size of the market for large private equity funds investments, a lack of the local market knowledge, and an unstable political and economic situation during the last two decades. Accordingly, there have been untapped mar-ket opportunities capable of providing significant investment returns, which have been overlooked by the other risk capital providers.

Start-up Scene and SME sector in Serbia Compared to some other countries in region – Hungary, Romania and Bulgaria, Serbian startup ecosy-stem is still in it’s early stage of development. Out of three university centers – Novi Sad, Belgrade and Niš, only capital city has a significantly developed start-up ecosystem, while in Novi Sad is in early stages and in Niš almost nonexistent, but it’s growing. Being without adequate institutional and any other support, young people more often tend to seek an employment within state-owned companies, with secure sala-ries, than to take a risk and plunge into uncertain waters of entrepreneurship. Nevertheless, Serbia can be proud of a number of successful startups and the main reason for that is talent.

Educational system is traditionally at a high level when it comes to theoretical knowledge and as a result we have really educated young population. But, regarding practical experience, educational institutions doesn’t provide students with it to a sufficient extent so it’s usually gained after studies. What is most im-portant, unfortunately none of the universities are fostering entrepreneurial spirit. So students usually come out of the universities without any corporate or entrepreneurial culture. Governmental support is rather de-clarative. One can easily start a company, even at no big cost, but when it comes to financial support, tax incentives and legislation Serbia still has a lot to improve. For example, Serbian laws still do not recognize stock option pool and other legal definitions commonly used in funding contracts and that is keeping inve-stors away. Intellectual property rights protection laws are also yet to be harmonized with the European standards. There is a small number of business incubators in larger cities throughout the country but, at the moment, only Business technology incubator in Belgrade offers a significant support.

Capital present in Serbia is usually coming from out of the country. Just few months ago a first Serbian/USA accelerator and seed fund - StartLabs started operating in Serbia and so far it invested in two star-tups - Business Exchange and CaseTrek. Regarding Angel capital, there is an organization of Serbian bu-siness Angels - SBAN. From individual Angel investors, well known and actively present in start-up com-munity, but not yet known for investing in any startup, is Balaji Bal (Bal Lab). Innovative startups may also apply for funding by state through Innovation fund but procedure is quite complicated and conditions are very strict so just a small number of highly innovative startups may count on their support. So, there is de-finitely a lack of seed capital but, fortunately, some seed funds and accelerators from the regional coun-tries, like LauncHUB, Eleven from Bulgaria and global ones like SeedCamp, recognized a great potential of Serbian startups and already invested in some of them - CaseTrek, TruckTrack, Vet Cloud, Wobeek, Da-taMaid and Yanado.

Mentors, if domestic, usually come from other, more experienced, domestic startups, but event organizers are always putting an effort to bring some of them, so startups can learn how it is being done in more ad-vanced environment. First long-term mentorship and informal education concept has been introduced to local community by SEEICT who established Startup Academy and brought a number of well-known and recognized mentors and investors who have been teaching startups about essentials of product develop-ment, pitching, consumer acquisition and other skills needed for success.

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Start-up events are slowly becoming more frequent and more attended as a result of constant and persi-stent effort by several organizations and entrepreneurs - SEEICT: Startup Standup, regular meetups; e-Front: STARTUP Live, Pioneers Unplugged and other; Dafed and Crown Prince Alexander II Foundation for educa-tion: Startup Weekend; Prelovac Media and Belgrade Venture Forum. These are usually events where star-tups can gain a significant knowledge, valuable feedback and pitch to investors in a short time.

As in the case of Croatia, good accelerator and investor readiness programs are needed. The first accelera-tor, StartLabs was just launched in January of this year.

The further course of the Serbian integration into the European Union will be primarily determinate by the development of the SME sector. The SME sector in the Serbian economy accounts for the largest part of total number of active companies, GDP, total export and import and for the majority of employment. Due to the fact that the world financial crisis has worsen the already vulnerable SME sector in Serbia, the govern-ment, by setting the adequate policy framework in which SMEs can operate, has provided economic benefi-ts through the selection of business support instruments, the problems they address and the way they are delivered. Even though the importance of the role SMEs play is even more emphasized in times of crisis, these enterprises are facing significant problems when providing necessary financial resources and maintai-ning liquidity.

Market Players Serbian Innovation Fund - is a state operated fund, established in 2011 in order to provide funding for inno-vations, particularly through cooperation with international financial institutions, organizations, donors and the private sector. The objective of the Fund is defined “as to promote innovation in priority areas of science and technology and to support commercialization of technology transfer thus enabling new technologies to reach the market“. The total fund size is 8.4 million, provided by the EU and the World Bank.

The fund comprised of the two distribution programs: mini grants and matching grants. The purpose of the mini grants program support is to stimulate creation of innovative enterprises based on knowledge via priva-te sector start-ups or via spin-offs by providing financing for market oriented innovative technologies and services with high commercialization potential. The mini grant projects are to be designed for completion within twelve months and can comprise any fields of science and technology in all industrial sectors. The typical size of the mini grants provided was in the vicinity of 80,000 EUR.

The matching grants program is designed to help companies struggling to address the significant financial investment associated with the development cycle and the high cost of translating research into a commer-cially viable product. This program provides up to 300,000 EUR by the sponsor, and also demands the counterparty to provide a portion of the project cost. Private Equity and Venture Capital Players – Aside from the recently announced Serbian Innovation Fund, no venture capital firms have established significant pre-sence on the Serbian market. On the other hand, a handful of the private equity deals were executed, main-ly in the field of property development (several PE property funds from Israel), and investments in strategic industries, such as cable television providers (i.e. Mid-Europa) and dairies (i.e. Salford).

As per data available, the up-to-date total PE deal size is in the vicinity of 180 million EUR. Having in mind the sector distribution, most of deals were closed in the food and beverage industry, followed by IT, tele-communications and financial intermediaries. The typical venture capital deals have been sporadic and not adverted in the full capacity, hence it is difficult to estimate the size of the deals closed.

Exit  market  As in the case of Croatia, exit opportunities in Serbia are essentially determined by the possibility to put the venture public at some later stage by:

• Initial public offering (IPO) through the Belgrade Stock Exchang

• Selling shares on the corporate (M&A) market

• Other exit routes include management buy-out (MBO) and secondary sale

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Stakeholders

Next partners Regional Economic Deve-lopment Agency for Suma-dua and Pomorovlje - Kra-gujevac

Nenad Popovic, nenad.popo-vic@redasp.rs - +381 34 302702

Regional Economic Deve-lopment Agency for Suma-dua and Pomorovlje - Kra-gujevac

Radmila Rodanovic, officekg@redasp.rs - +381 34 302701

Regional Economic Deve-lopment Agency for Suma-dua and Pomorovlje - Kra-gujevac

Jasminka Ludovic Jaglicic, offi-cekg@redasp.rs - +381 34 302702(Director)

Public

Universities

University of Kragujevac • Faculty of Economics !• Faculty of Engineering !• Faculty of Science !• Faculty of Philology and

Arts !Polytechnical School

!Ljiljana Maksimovic, ekfak@kg.ac.rs Miroslav Zivkovic, kontakt@fink.rs Dragoslav Nikezic nikezic@kg.ac.rs Ivan Kolaric filum@kg.ac.rs !Sinisa Kojic pomocnik@politehnicka.kg.edu.rs pomocnick@politechnika.kg.edu.rs

Research

Centers

Center for bio-engineering Nenad Filipovic,kontakt@fink.rs

Local

Government

City of Kragujevac

Local

Institutions

Business Startup Center !Business Innovation Center !Business Startup Center !National Agency for Regional development Serbia Investment and Export Promotion Agency (SIEPA) Innovation Fund

Dusan Puaca, puaca@rpk.kg.co.rs Vojislav Veljkovic office@bickg.rs Marija Stojadinovic info@bsckragujevac.rs Milos Ignjatovic office@narr.gov.rs Milica Tomic office@siepa Vladimir Vojvodic office@inovacionifond.rs

!Filipovic Mladen, privreda@kg.org.rs

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Central

Government

Ministry of Regional Development and Local Self-Government Ministry of Economy

kabinet@mmrris.gov.rs !!kabinet@privreda.gov.rs

Industry Regional Automotive Cluster of Central Serbia !Construction Cluster Sumadija and Promoravlje !Regional Kluster IKT

Sasa Circic autoclusterCS@rpk.kg.co.rs !Jelena Bojovic info@gradjevinskiklaster.com !Srdjan Atanasijevicsrdjan.atanasijevic@comtradecom Milorad Novakovic mnovakovic@rpk.kg.co.rs

Agencies Regional Development Agency !Regional Agency for Spatial and Economic Development of Raska and Morava District Regional Agency for Develop-ment of Kolubara District

Slavko Lukic office@rrazlatibor.rs Radojca Savic office@kv-rda.org !Bojan Boskovic arrokolajkovac@gmail.com

Financial

Bodies

Serbian Innovation Fund http://www.innovationfund.rs

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Repository ref.: LP_B9_Serbia_Country_Outlook_31_03_2014_WP5.1

This document has been produced with the financial assistance of the IPA Adriatic Cross-Border Cooperation Programme. The contents of this document are the sole responsibility of provider contracted by Marche Region and can under no circumstances be regarded as reflecting the po-sition of the IPA Adriatic Cross-Border Cooperation Programme Authorities

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