CORPORATE
Synergy of ICT The Republic of Serbia recognizes that ICT is crucial field for investments, which is strongly reflected in the latest changes to the Companies Act that introduced a new financial instrument - the right to acquire an equity share issued by a limited liability company
ZORAN NAUMOVIĆ
Managing Partner Naumović &Partneri
N
aumović & Partners is a medium size Law Office which gathers professionals and legal experts from various areas of law. They are recognized as one of the leading full-service medium sized Law Offices in Serbia. They have earned the privilege to work on the most fascinating and complex legal issues in Serbia, starting from 1995 to the present.
What is the current status of ICT industry in Serbia? — The field of ICT in Serbia has recorded the greatest growth in the last decade. According to the latest studies, the Government of the Republic of Serbia has heretofore devoted approximately 79 million dollars to evolve the necessary technical infrastructure with an aim to support development of startups. The core sub-areas of ICT startup ecosystem in Serbia are blockchain, since Serbia is one of the top-five countries in the world by the number of blockchain developers, as well as the gaming industry. There are 200-400 ICT startups in Belgrade and Novi Sad, which estimated value is 303 million dollars. It is expected that this industry in Serbia will continue to grow, considering the incentives as low corporate income tax for ICT companies, as well as high-quality engineering workforce. As Naumović & Partners is one of the leading law offices in Serbia in ICT law, what is your overview of the current legal aspects in this field? — Such fast-growing industry sets a demand for law to be harmonized with the day-to-
day innovations in the subject area, which has proven to be a major challenge in legal practice. In 2019, Germany was the first EU country to release official blockchain strategy, showing its commitment to support the use of the technology. As the members of Serbian Blockchain Initiative, we observe that Serbia should move in that direction as well. In respect of IPR which is inextricably linked to ICT, Serbia has the firm legislation that is mostly harmonized with EU laws. Accordingly, the fullest protection of patents, trademarks, copyright and other IPR is com-
DIRECTION As the members of Serbian Blockchain Initiative, we observe that Serbia should move in that direction as well pletely enforceable. On the other hand, the Law on Contracts and Torts of the Republic of Serbia has been amended for the last time in 2003, i.e. before major changes in ICT, so that certain improvements in this area are needed to ensure better applicability. However, the fact that courts often do not have specific knowledge to successfully resolve ICT disputes cannot be neglected. Accordingly, it is our strong recommendation for ICT providers to be sure that they have concluded contracts which are sustainable, adequately regulated to the smallest
detail and aligned with best business practice in the subject area, in order that any dispute may be resolved by applying contractual provisions, rather than by the court interpretation.
Are there any innovations applicable to the ICT in Serbian legislation? — The Republic of Serbia recognizes that ICT is crucial field for investments, which is strongly reflected in the latest changes to the Companies Act that introduced a new financial instrument - the right to acquire an equity share issued by a limited liability company. Such right should be an impulsion to further development of startups, which initially have financing challenges but have organic development and growth. In your opinion, what are the binding points for Serbia and Italy regarding ICT? — The optimal business results and solutions are achieved through the synergy of ICT and various industries. As Italy has strongly developed automotive industry, while Serbia offers talented and innovative ICT workforce, it is possible to imagine fascinating results in this area, as mobility, including related technologies as Augmented Reality, Artificial intelligence, Machine Learning, Image Recognition, 5G. Such collaboration is also cost-effective, given the geographical proximity of the two countries. The further cooperation between the countries may be achieved in the field of agriculture, healthcare industry, manufacturing, digitalization of SME sector and fintech as well.
CONFINDUSTRIA SERBIA
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