The contribution to the making of the new industrial policy of Serbia

Abstract

This paper explores the economic and industrial development in Serbia, and the possibilities for their recovery based on the framework of the Fourth Industrial Revolution (4IR). The paper has two aims: first, to provide a brief review of the economic development in Serbia; and second, to give some recommendations for the re/neo-industrialization strategy or the Strategy Smart Specialization (S3) in accordance with the new European industrial policy (based on the 4IR and "research and innovation systems" - RISs). An analytical and conceptual framework has been applied for the understanding and improvement of a new industrial policy by S3. Research is based on the preliminary use of a data-driven approach in a multi-dimensional framework related to the 4IR. The future Serbian S3 should identify the strategic areas for intervention and promote the creation of innovative products and services in several domains. Some recommendations are also given for the preparation of S3 in line with the innovation-led growth. The new Serbian economy based on S3 should support sectoral modernization, competitiveness, and effective transformation in accordance with the requirements of the 4IR and the real possibilities for their implementation.