Prishtina, 17 September, 2024
Organized by the Ministry of Industry, Entrepreneurship and Trade, today was held the ceremony of signing agreements for financial support of 167 local businesses, beneficiaries of the financial support scheme for micro, small and medium enterprises, for the purchase of production and processing machinery . This important event was attended by the Prime Minister of the Republic of Kosovo, Albin Kurti, together with the Minister of Industry, Entrepreneurship and Trade, Rozeta Hajdari.
With a value of 4.4 million euros, of which 167 manufacturing businesses have been selected as beneficiaries, Prime Minister Kurti said that we are offering direct support for the purchase of machinery and equipment, which will help enterprises develop, modernize and contribute to further development. of the economy of our country.
In his introductory speech, Prime Minister Kurti emphasized that with the vision for good democratic governance, sustainable economic development, well-being with security and equality, the creation of a favorable environment for doing business and increasing the competitiveness of our enterprises remain priorities of unchanged.
In order to transform the field of industry in our country, the Government of Kosovo, for the first time since the post-war period, has approved the Industrial Policy 2030, which aims to transform Kosovo’s industry into an industry that is globally integrated , which produces products with high added value, rising quality and dignified employment for citizens.
In this event, the prime minister also mentioned the support for the manufacturing industry, which in terms of export potential has grown significantly in recent years, first of all he mentioned the support to the Kosovo Credit Guarantee Fund with 36 million euros, from the Government of Kosovo. Further, he added that financial instruments have been created to guarantee the investments of our compatriots, this has been achieved through the Diaspora Investment Window. Also, in the last three years alone, including this year, 706 micro, small and medium-sized enterprises have been given financial support to increase competition in the amount of over 20 million euros, through the Investment and Support Agency Enterprises (KIESA).
Meanwhile, on the other hand, based on the latest reports of the Central Bank of Kosovo, estimates for the year 2024 have shown that Kosovo has had an economic growth of 3.9% in Kosovo, as well as a decrease in inflation, which of course is against imports, which affects negatively in the gross domestic product. Meanwhile, as far as international reports from the World Bank, the International Monetary Fund, and the Organization for Economic Cooperation and Development are concerned, it is predicted that the industrial sector in our country will grow by 3.6%, with constant basic prices for 2024, since the industrial sector constitutes about 13.2% of GDP.
“Kosovo has seen rapid development and growth, recording an average annual GDP growth rate of 6.2% on an annual basis over the last three years on average. From the year 2021 to this year 2024, the gross domestic product of our country or the economy of Kosovo has increased by 33%”, emphasized Prime Minister Kurti in front of the audience.
In conclusion, the Prime Minister stated that in order to support the private sector and the reforms created show that the Government is engaged and committed to the maximum in creating new employment opportunities and through the contribution and work in their enterprises to reveal their potential of enterprises in Kosovo as the main driver for sustainable economic, social and environmental development.
In connection with this event, the Minister of Industry, Entrepreneurship and Trade, Rozeta Hajdari said that today is indeed a special and important event for us as we have completed the publication of the final list of 167 manufacturing businesses that will benefit from the support of the grant for purchase of production and processing machines. “Congratulations to everyone on this special event,” she said.
Prime Minister Kurti’s complete speech:
Dear Ms. Rozeta Hajdari, Minister of Industry, Entrepreneurship and Trade,
Honorable Mr. Resul Makreshi, Deputy Minister in the Ministry of Industry, Entrepreneurship and Trade,
Honorable Mr. Zef Dedaj, Acting General Director of KIESA,
Dear Members of the Assembly of Kosovo,
Dear business representatives from the manufacturing and processing industry in our country
Dear attendees,
Ladies and gentlemen,
It is a special pleasure to be here today, at the ceremony of signing agreements for financial support of 167 local businesses, beneficiaries of the financial support scheme for micro, small and medium enterprises, for the purchase of production and processing machinery.
With the financial support of over 4.4 million euros, we are offering direct support for the purchase of machinery and equipment. They will help enterprises develop, modernize and contribute to the further development of our overall local economy, but also to the growth of individual businesses.
With our vision for good democratic governance, sustainable economic development, welfare with security and equality, creating a favorable environment for doing business and increasing the competitiveness of our enterprises remain unchanged priorities.
For the first time since the post-war period, the Government of the Republic of Kosovo has approved the Industrial Policy 2030. This is in order to transform Kosovo’s industry into a globally integrated industry that produces products with added value high, of increasing quality and with dignified employment for citizens.
With our development policies, we are increasing the country’s economy and we are supporting citizens and entrepreneurs of the growing manufacturing industry as never before. During the last three years, the support for the manufacturing industry with export potential has increased significantly and I will mention some of the main actions:
First, the Government of the Republic of Kosovo has supported the Kosovo Credit Guarantee Fund with 36 million euros throughout the year 2023 and this year 2024 in which we are. From this Fund, 1,222 loans of 1,074 businesses have been guaranteed, in the amount of 82 million euros, loans disbursed by the guarantee from this Fund, supported only by the capital given by the Government to this Fund, during these last two years. From these loans, 2,230 jobs have been added.
Secondly, through the Diaspora Investment Window and the diaspora investment guarantee, we have created financial instruments to guarantee the investments of our compatriots. Through this window, it is possible to guarantee investment loans up to 3 million euros, while the entire window is expected to reach up to 100 million euros. Compatriots from all over the world have the opportunity to invest in Kosovo.
Thirdly, through the Investment and Enterprise Support Agency (KIESA), during the last three years including this year, we have provided financial support to increase the competitiveness of 706 micro, small and medium enterprises, in the amount of over 20 million euros . We have distributed this support through grant schemes for the advancement of technology, with the aim of increasing production and increasing the export of local products, product certification, training, digitization of enterprises, as well as financial support for artisans, with the aim of creating, developing and further strengthening of crafts.
For the internationalization of our enterprises and the increase of exports, which have doubled in these three years, we have supported about 400 local businesses for the participation in over 50 international fairs for goods, services and tourism activities, promoting over 1500 products worth 3.2 million euros.
With good governance, high reliability and satisfaction of citizens, economic reforms, fiscal responsibility, investment support through loan guarantees, and the creation of grant schemes for the business sector, Kosovo is becoming more and more a country that ensures prosperity economic and welfare for all.
Therefore, it is not surprising that just as exports have doubled, foreign direct investments have also doubled through the investments of companies that come from abroad, and in this way they have benefited for themselves because we are a profitable place to invest, but there is also helped to increase our employment, which has also increased significantly during these three years.
Kosovo has seen rapid development and growth, marking an average annual GDP growth rate of 6.2% on an annual basis during the last three years on average. From 2021 to this year 2024, the gross domestic product of our country or the economy of Kosovo has increased by 33%.
With an inflation rate of only 1.4% for the month of August, i.e. the month we left behind this year. Kosovo also had the lowest total debt compared to the Western Balkan countries, with only 17.3% in 2022.
The latest reports of the Central Bank of Kosovo estimate for the year 2024 an economic growth of 3.9% in Kosovo, as well as a decrease in inflation, which of course is against imports, which negatively affects the gross domestic product.
Important international reports, including those from the World Bank, the International Monetary Fund, and the Organization for Economic Cooperation and Development, predict the growth of the industrial sector in our country by 3.6%, with constant basic prices for 2024. The industrial sector constitutes about 13.2% of GDP -‘s.
All these reforms, and progress in support of the private sector, show that we are dedicated and committed to you as a business, as well as the creation of new employment opportunities.
By helping businesses we also help our society since you bear the main burden of employment in our country. And for this we are thankful and grateful because the citizens of our Republic, by becoming workers in your enterprises, contribute to those enterprises and the country’s economy, but also elevate themselves individually and as a family.
With the cooperation and dedication of everyone, both the Government and the private sector, I am convinced that we will unfold the potential of your enterprises and ours in Kosovo as the main driver for sustainable economic, social and environmental development.
Thank you.
Last modified: September 18, 2024