Serbia is planning to introduce a system of energy management in order to increase energy efficiency, Minister of Mining and Energy Petar Skundric said Friday.

The system will make it easier to monitor the implementation of energy efficiency projects, both in the private and public sector, which will help define future strategies, Skundric stated opening a workshop on energy management, held at the Serbian Chamber of Commerce.

According to Skundric, Serbia and Japan conducted a study on the system's introduction, which was used to put together a bill on rational use of energy.

The bill entails the creation of an energy efficiency fund, he added.

The draft law will allow subsidies and other forms of incentives for projects aiming to raise energy efficiency, the minister explained. It is also in accordance with EU regulations, the National Plan for EU Integration and the treaty establishing the Energy Community.

The study was funded by the Japanese government, using the Japan International Cooperation Agency, and it was started back in 2009, Skundric remarked.

Japanese Ambassador to Serbia Toshio Tsunozaki said Japan's energy efficiency was among the highest in the world, adding that Serbia's efficiency would gain significance as its industry developed.

Serbia could reduce energy consumption significantly, thereby raising its competitiveness, said Tsunozaki, who expects the two countries to continue fostering friendly relations.