The Serbian government is working to promote agricultural investment in the country as it is set to join the World Trade Organization (WTO) this year, notes an article in the Christian Science Monitor online.
It has been common knowledge for some time that once Serbia is a WTO member, trade barriers will be significantly reduced with the other 159 member countries and prospects for exports should be stronger.
Serbian agricultural production totaled about $5.3 billion in 2013 with approximately $2 billion from exports, according to press reports, and it is estimated that these figures could climb to exceed $13.5 billion by 2020. Investors have been reluctant to invest in the country because successive governments have been repeatedly changing national policy upon election, and because of difficulty in accessing credit.
Currently the government is working on a long-term, ten-year agricultural strategy, but implementation could prove to be a problem, according to outsiders. The government is trying to attract agricultural investment though tax policy and incentives, and foreign investors that form partnerships with Serbian entities making products that are made with at least 51 percent Serbian content.
The potential success of long-term Serbian intentions have already resulted in attention of companies from France and United Arab Emirates, reported a Christian Science Monitor reporter.