A draft Investment Act has been submitted by the Serbian Government to the Serbian Parliament on 2 October 2015. The aim of this piece of legislation is to formally equalize domestic and foreign investors and to guarantee the freedom of investment as well as the rights of domestic and foreign investors according to the best international investment standards.
The Draft Investment Act also introduces institutional framework for efficient support of the investors by governmental bodies.
The Draft Investment Act introduces:
-the establishment of the Council for Economic Development and Incorporation
-the work of the Serbian Development Agency
The introduction of the Development Agency aims to guarantee that same or similar activities are performed only by one state authority. Also, the new legal solution shall ensure that the activities of the state authorities are focused on the priority targets of the Republic of Serbia in the field of industrial and regional development.
According to the draft Investment Act, The Serbian Investment and Export Promotion Agency (SIEPA) and the National Agency for Regional Development (NARR) shall cease to exist. The Serbian Development Agency shall take over the competencies of the closed agencies and shall coordinate the activities of state authorities in the process of planning and realization of investments, promotion and realization of direct investments, promotion and increase of export and improvement of the competitiveness of Serbian companies and Serbia’s investment image in general.
The Serbian Government has identified a number of issues during the realization of investments. Therefore, by introducing the Council for Economic Development and Incorporation and the Development Agency, as well as by classifying investments according to their importance, the Serbian Government intends to create a favorable environment for a more efficient completion of investments and achievement of multiple economic and financial effects.
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