Small and medium-sized enterprises in Serbia will get a new opportunity for development by participating in the Single Market Program of the European Union.

The Minister of Finance in the Government of Serbia, Siniša Mali, signed this Agreement today in an online conference with the respective service of the European Commission in Brussels, which will enable continued successful work for small and medium sized enterprises, bearing in mind the long-term and continuous support of the European Union.

Numerous programs and projects, funded by the EU, have so far empowered EU and Serbian companies to advance internationally through a combination of networking opportunities, tailored advice, and the establishment of new reliable business partnerships as well as through a programme which provides equipment to businesses.

When it comes to the Single Market Program, the success of participation depends on the proactivity of Serbian businessmen to apply for invitations by sending quality proposals.

Specifically, the agreement will allow Serbian entrepreneurs to apply to the EU’s call for proposals for projects under the “Single Market Program” on this website, and if the proposals are evaluated as successful, Serbian companies will be able to participate, along with other companies in the EU and more broadly, in several EU-funded initiatives.

Among the most interesting are the European Enterprise Network (EEN) and Erasmus for Young Entrepreneurs (EIE). These cross-border initiatives will enable European and Serbian entrepreneurs to expand their business, grow and gain stability by establishing solid and reliable commercial cross-border partnerships.

EEN is the world’s largest support network for small and medium-sized enterprises on the international market. It consists of more than 450 organizations, including national and local chambers of commerce, innovation agencies, regional development agencies.

It offers a mix of services ranging from advice on single market rules, assistance in accessing finance, innovation support, networking, and meetings across Europe and beyond to find investors and commercial partners beyond national territories.

EEN supports start-ups, small businesses, and entrepreneurs from a wide range of sectors: from agriculture to artificial intelligence, from textiles to aerospace, from maritime to creative industries.

Erasmus for Young Entrepreneurs (EYE) is a business exchange program that helps start-ups acquire the skills necessary to start and/or successfully run a business: new entrepreneurs exchange knowledge and business ideas with experienced entrepreneurs, with whom they stay abroad and collaborate in the country for a period of one to six months.

What is the Single Market Programme?

The Single Market Program (SMP) is an EU funding program that helps the Single Market reach its full potential and ensures Europe’s recovery from the COVID-19 pandemic.

With EUR 4.2 billion in the period 2021-2027, an integrated package is provided to support and strengthen the management of the single market.

The single market has been at the centre of the EU for almost three decades and enables citizens to live, work and travel wherever they want, while providing consumers with protection and a greater choice of high-quality products and services at lower prices. Thanks to legal certainty, access to markets and financial services, investment opportunities and access to finance, the single market is also a driving force for businesses.

However, the pandemic has shown that the single market has yet to be achieved in several areas and can be improved in others, and that a well-functioning single market is key to the resilience of our economy.

The single market program consolidates key activities financed under several previous programs. It will provide a more aligned and agile funding framework to support the following key objectives.

You can find more about the European Union’s support for Serbian economic development at this link.