New economy minister announces three forms of support to private sector development

(Dusan Vujovic)

Attracting new investors and creating a good investment climate is the right way to create hundreds of thousands of new jobs, Economy Minister Dusan Vujovic told the national broadcasting corporation RTS.

In his guest appearance on RTS, Economy Minister Dusan Vujovic, a long time associate of the World Bank, said there were three ways to provide support to the development of private sector.

- It is necessary to first finish ongoing reforms, create an institutional framework for the development of private sector, meaning that state interventions must be reduced, and then prepare a series of laws to define many things that determine the business environment - Vujovic pointed out.

On the other hand, as he said, there will be numerous incentives that also existed before, but they should now be more efficient and focused on supporting potentially the most productive and the most innovative segments of the economy, the same as in the world's quickest-growing countries such as China, India...

- The third thing to do is to amend the regulations standing in the way of creating new jobs and attracting investments - said Vujovic.

The economy minister stressed that jobs in the world depend on the development of small and medium-sized business, and not a large business.

- Attracting new investors and creating a good investment climate is the right way to create hundreds of thousands of jobs that are necessary - Vujovic underlined.

Vujovic said that putting public enterprises under control is not an attempt at centralization, but at introducing management standards similar to those in the private sector.