The second day of the Belgrade Economic Forum continued with discussions about Serbia’s economy. Vladimir Arsenović, State Secretary in the Ministry of Economy, highlighted that obtaining a credit investment rating will primarily open doors for new foreign direct investments (FDI) in Serbia.
“Serbia leads the region in attracting foreign direct investments, which reached 4.4 to 4.5 billion euros over the past two years. In the first eight months of this year, they rose by 11.6 percent compared to the same period last year,” he noted. He also stressed that the influx of FDI means the introduction of new supply chains, benefiting not only Serbia but the entire region.
Arsenović emphasized that the reinvestment of some previous investors in Serbia is proof of the country’s economic stability.
“A credit rating is essential for creating a favorable environment for attracting foreign direct investments, which in turn lowers unemployment, boosts GDP and improves citizens’ living standards,” he stated.
Today’s forum includes six panels, with participation expected from Minister of Science, Technological Development, and Innovation, Jelena Begović, who will discuss the development of artificial intelligence.
Promoting analytical and creative thinking in education
Professor Nebojša Savić from the FEFA Faculty emphasized the need to foster analytical and creative thinking within the education system. During the panel titled “The Economy of Serbia Over the Years and Lessons Learned,” he discussed how this focus aligns with the labor market’s expectations of the education system.
“This requires a significant role for digital technology and artificial intelligence, as well as social components,” Savić explained. He urged for a reevaluation of how processes related to artificial intelligence and labor market changes are integrated into the education system.
While technological and technical disciplines are rapidly evolving, Savić noted that social sciences are lagging and called for an increased emphasis on them to ensure the humane development of artificial intelligence.
He warned that certain jobs, particularly in marketing, may be threatened as artificial intelligence becomes capable of performing these tasks, “perhaps not better, but certainly faster.”
Savić stressed that innovation is crucial for economic growth and should be linked with artificial intelligence and creativity. He raised concerns about the need to humanize artificial intelligence to mitigate the risks associated with its advancement.
“Technology has led to unprecedented prosperity, with individuals amassing wealth in a decade that was unimaginable 50 or 100 years ago. The pace of change has accelerated, raising the risk that technical progress could outstrip social development,” he warned.
Arsenović, speaking on the same panel, underscored the importance of state support for small and medium-sized enterprises and entrepreneurs to fully realize their potential, which is vital for economic progress.
He reiterated that the government is implementing measures to encourage these businesses and will continue to adapt to their needs in the future.
“Serbia and the Ministry of Economy are fully committed to providing ongoing support through various programs, with a focus on developing youth and promoting women’s entrepreneurship,” Arsenović added.
Professor Dejan Šoškić from the Faculty of Economics pointed out that sustaining competition is essential for a thriving market economy.
He noted that effective competition is achieved through well-regulated state institutions that promote it.
“The market economy delivers results when there are strong, impartial institutions staffed by competent individuals who make timely decisions in the public interest. This principle should characterize every institution in our country and those seeking to benefit from their market economies,” he stated.
Šoškić emphasized that strong educational systems and institutions are critical for a country’s economic growth.
“The key is human capital and education. This means not only increasing funding for education but also modifying the educational process to encourage creativity and problem-solving rather than rote memorization,” he explained.
Member of the Fiscal Council Nikola Altiparmakov highlighted the need to modernize the curriculum in Serbian schools, suggesting a rationalization of both subjects and the number of teachers in a socially responsible manner.
“By implementing appropriate programs, we can provide a modern education for children and create budget space to increase salaries for remaining teachers,” he stated.
Lev Ratnovski, the IMF’s permanent representative in Serbia, noted that addressing low wages should also involve optimizing resources.
