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Serbia to let foreigners own 49% stake in defense companies - Serbia Business

Serbia to let foreigners own 49% stake in defense companies

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The Ministry of Defense has drafted legal changes that will allow foreign companies to own a stake of up to 49 percent in Serbia’s defense industry companies.

This has been announced by Serbian President Aleksandar Vucic, Beta is reporting on Tuesday.

Speaking at the opening of the Partner 2017 weapons and military equipment fair in Belgrade, Vucic said that this would enable the arrival of foreign know-how and money, and ensure that the defense industry of Serbia becomes the main engine of development of the economy and significantly participate in GDP growth.

He said that this will be “an important step forward” and that the government of Serbia has for this reason invested 126 million euros from 2014 to 2016 in improving defense industry’s existing capacities, and also in buidling new factories and facilities.

Speaking about the fair, Vucic said it was “a prestigious event that is gathering more and more foreign exhibitors and can now be held each year, instead of once in two years.”

“This is an opportunity for significant business partnerships, important business contacts and the promotion of not only ours but also the economies of other countries. Today, the defense industry serves not only to help defend its country, but also as a way and means for improving the economy and achieving a better standard of living for all citizens,” Vucic said.

The president announced that the new missile system Sumadija, with a range of 285 kilometers, will be presented at the fair, along with a new version of the Nora howitzer and numerous other systems.