EU funds 3 million eur project to support Serbian SME sector
The EU funded Project Improved SME Competitiveness and Innovation (ICIP) was presented at the Business Base Fair. The Project is funded by the EU to a value of EUR 3 million and implemented together with the Ministry of Economy and Regional Development, the National Agency for Regional Development through a consortium led by GFA Consulting Group. ICIP is supporting the development and competitiveness of the SME sector for both existing and new Serbian business.\r\nSmall and Medium-sized Enterprises (SMEs) employ a million people in Serbia accounting for 98.8% of the total number of enterprises and nearly 70 percent of the employment. SMEs also represent 66.6% of turnover, 33% of the gross domestic product and 50.5% export, 60.9% of import and 58.7% of investments. They are the backbone of development in market economies and countries in transition. SMEs, with their capacity for rapid adaptation to changes in the market contribute to the increase in GDP, exports, a dynamic economy and its competitiveness. The SME sector has a particularly important role as a steady source of new employment and contributes significantly to the balance of regional economic development.