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Foreign investment critical for economic development

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First Deputy Prime Minister and Minister of the Interior Ivica Dacic stated in Kragujevac that Serbia is committed to economic development because this way Serbia can become a state of social justice.

Addressing a counselling session of Italian and Serbian businesspeople, dedicated to the development of cooperation between Italian businesses and Kragujevac, with an emphasis on the car industry, Dacic said that in this sense, foreign investment is vital to Serbia.

As part of the meeting, a protocol on understanding between the Kragujevac Chamber of Commerce and the Ipalmo Institute from Italy was signed.

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Following the signing, Dacic declared that Fiat’s investment will give an important incentive to Serbia’s economic development.

The second part of the investment will concern the development of SMEs which are part of the car industry. These enterprises will be partners to Fiat, but also other large car companies, he observed.

Having stressed his pleasure at the signing of the protocol with the Ipalmo Institute, headed by Gianni De Michelis, Dacic said he expects concrete activities which will lead to the development of overall relations between Serbia and Italy.

Serbia and Italy intend to compose an agreement on strategic partnership, and a joint session of the two governments was held in Rome, he recalled, adding that another such session will take place in Belgrade this year.

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The protocol on understanding defines the partnership between the two institutions and ways to expand economic cooperation between companies and entrepreneurs, especially in the car industry.

It was signed by President of the Kragujevac Chamber of Commerce Dusan Puaca and Head of the Ipalmo Institute Gianni De Michelis. The document envisages strengthening the existing and establishing new ties.

Italian Ambassador to Belgrade Paolo Toschi and Director of Fiat Automobili Srbija Giovanni de Filippis also attended the signing.

Toschi observed that such events denote a continuation of cooperation between Serbia and Italy, adding that along with economic development, Serbia has to reform its institutions.

De Filippis stressed that the presence of Fiat and its suppliers is crucial to Kragujevac.

The relations between Fiat and Zastava go a long way back and during all these years, we managed to revive the production in Kragujevac, he recalled, adding that the car factory will be very important not only for Kragujevac, but also for the entire region.



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