The Government of Serbia advances economic stimulus and investment with new memorandum and support programs

The Government of Serbia, in its recent session, adopted several significant measures aimed at bolstering the country’s economy and fostering development:

1. Memorandum of Understanding with MINTH Holdings Limited: Serbia will collaborate with MINTH Holdings Limited to establish a new production plant in Indjija. This facility will cater to automotive industries, produce electric vehicles and bicycles, manufacture photovoltaic parts, construction materials, and develop a supplier chain. The investment over a decade is projected at 870 million euros, creating 2,220 job opportunities.
2. Allocation of funds from criminal prosecution postponement: A total of 500 million dinars will be dedicated to humanitarian and public purposes, funding 200 projects in health, education, social protection, culture, and humanitarian fields.
3. Support program for small and medium-sized enterprises: The government introduced six decrees to support SMEs, including ten programs to stimulate the economy in 2024. These initiatives will provide 2 billion dinars in grants through the Ministry of Economy, with a total economic incentive reaching 4 billion dinars when combined with credit funds.
4. Specific programs adopted:
   • Development chance program for the processing industry: Grants totaling 600 million dinars in cooperation with the Development Agency of Serbia (RAS) and banks.
   • Stimulation of processing capacities in specific sectors: Including hunting, fishing, wine, beer, and strong alcoholic beverages, with grants amounting to 160 million dinars.
   • Support for old and artistic crafts: 10 million dinars allocated.
   • Entrepreneurship development programs: 100 million dinars each for women entrepreneurs and single parents, and the same amount for business beginners.
   • Dual education capacity strengthening: Employers involved in dual education will receive 50 million dinars in grants.
   • Support for rural women’s entrepreneurship: A program allocated 30 million dinars to develop rural women’s entrepreneurship.

These measures aim to stimulate economic growth, support entrepreneurship, and enhance various sectors crucial to Serbia’s development.