Industrial Policy as a Precondition for Dynamic and Sustainable Development of Serbia

Milena Lutovac Đaković – Faculty of Economics, University of Belgrade, Kamenicka 6, Belgrade, Serbia

7th International Scientific-Business Conference – LIMEN 2021 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – CONFERENCE PROCEEDINGS, Online/virtual, December 16, 2021, published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-54-7, ISSN 2683-6149, DOI: https://doi.org/10.31410/LIMEN.2021

Abstract

Industrial policy refers to the policy of industrial development, where the term “industry” encompasses the organization and strategic man­agement of human and material resources. The aim of this policy is primarily to stimulate and secure the tracking of structural adjustments and restruc­turing of companies in order to empower them to grasp the changes within the business environment and to face the economic challenges and increased competition on a global scale. Inclusive and sustainable industrial develop­ment means that all parts of society have equal benefits from industrial pro­gress, which, in addition, enables the satisfaction of basic social and human needs. Such industrial development enables a continuous increase in the living standard for all people and new technological solutions for environ­mentally friendly industrialization. Successful implementation of inclusive and sustainable industrial development in the age of globalization requires approaches that use globally available knowledge, technology, innovation and capital. The determination of the Republic of Serbia to join the EU entails the obligation to respect inclusive and sustainable industrial development.

In order to achieve sustainable industrial development in the Republic of Serbia, it is necessary to promote the circular economy and educate business entities. Business entities must be introduced to the importance of more effi­cient use of material resources and possible savings in industrial processes, through the organization of promotional and educational gatherings and the use of services of centers that are active in this sector.

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