Promotion of business in free zones - cooperation between Administration for Free Zones and Chamber of Commerce of Serbia

(Vlada Gajić and Miloš Bugarin)

- The Chamber of Commerce of Serbia (PKS) and the Ministry of Finance's Administration for Free Zones signed the agreement on cooperation today (October 8, 2009) with the aim of promoting businesses in Serbia's free zones - PKS announced.

The purpose of this cooperation is attracting of potential foreign investors, improvement of business environment and overall economic development of Serbia. The Agreement was signed by Miloš Bugarin, the President of the Chamber of Commerce of Serbia, and Vlada Gajić, the CEO of the Administration for Free Zones within the Ministry of Finance.

- In this way, PKS will keep contributing to the idea of the need for better cooperation between expert institutions and the economy with the aim of better and simpler conducting of businesses - said Miloš Bugarin, the President of the Chamber of Commerce of Serbia, and added that PKS protected the interests of Serbian economy and represented strong factor in the process of economic development and changes in Serbia.

The advantages of conducting business in free zones are financial (direct foreign investments are freed from taxes) and indirect (the price of land is much more favorable than the price in open market). By operating in the regime of free zones, companies save up to 40% of their funds.

What is specific for the business operations in free zones is exterritoriality that gives them the advantage to achieve positive results without negative effects on the sovereignty and independence of the countries through: free flow of capital, goods, services and people. There are four free zones in Serbia: Subotica, Pirot, Zrenjanin and Novi Sad.