The Serbian Investment and Promotion Agency (SIEPA) and the Regional Development Agency for Eastern Serbia (RARIS) signed a Memorandum of Understanding in order to create better conditions for attracting investment and promoting exports in eastern Serbia.

The SIEPA stated that RARIS will allow access to databases of investment projects and local suppliers and provide support during the analysis, presentation and implementation of investment projects.

This cooperation will contribute to establishing a connection between local governments and the business sector in eastern Serbia, in the municipalities of Majdanpek, Kladovo, Negotin, Bor, Boljevac, Sokobanja, Knjazevac and Zajecar.

SIEPA and RARIS will work together to promote the economy of eastern Serbia, facilitate the participation of companies in business meetings abroad and arrange business meetings with representatives of foreign companies.

It is a joint assessment that local self-governments in Eastern Serbia require more assistance, which is also affirmed by the fact that only two instances of investment have been realised in these municipalities after ten cycles of SIEPA’s programme of incentives to investors.

The first company to have received an incentive was BTR Exp from Boljevac, a charcoal producer, which received €102,000 for an investment worth €2.1 million and the 51 new jobs it created.

The second company is Almag, which received an incentive of €175,000 for the construction of a factory for metal products in Kladovo, worth over €1.5 million, which in turn enabled it to hire 70 new labourers.

SIEPA has so far closed similar agreements with the Standing Conference of Towns and Municipalities and agencies for attracting foreign investment from Macedonia, Croatia and Bosnia-Herzegovina.

SIEPA also cooperates with the Agency for the Development of Central Serbia and the Vojvodina Investment Promotion Fund.