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

Author(s): Milena Lutovac Đaković
Subject(s): Social Sciences, Economy
Published by: Udruženje ekonomista i menadžera Balkana
Summary/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 benefts 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 environ mentally 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 effcient 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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