o:28328 Expansion of direct investment and resilience of Serbian labour market: A regional and sectoral perspective Ekspanzija direktnih investicija i otpornost srpskog tržišta rada sa regionalnog i sektorskog aspekta en Abstract: In recent years, Serbia has established itself as a leading destination for FDI thanks to its generous policy aimed at attracting direct investment. In this paper we look at the labour market effects of the policy of incentivised direct investment, first from a sectoral and regional perspective, and then by taking a holistic view at its impact on the overall labour market and economic development. We find that this policy has contributed to overall sectoral rebalancing of the labour market by increasing manufacturing jobs. It has also contributed to regional labour market rebalancing, most notably in improving the quality of employment in less developed regions and in stabilizing the shares of regional wage funds. Still, labour market, educational and infrastructure cleavages between regions remain very large. The transformational potential of Serbian labour market is far from being fully exploited, and Serbia still needs to sustain high level of investment in manufacturing jobs while at the same time supporting the gradual shift toward high-technology investment. Sažetak: Zahvaljujući politici velikodušnih podsticaja usmerenih ka privlačenju direktnih investicija, Srbija je poslednjih godina postala jedna od vodećih destinacija za SDI. U ovom radu bavimo se efektima koje je politika podsticaja direktnih investicija imala na tržište rada, najpre sa sektorskog i regionalnog aspekta, a zatim i sagledavanjem celine njenog uticaja na tržište rada i na ekonomski razvoj. Naši rezultati pokazuju da je politika podsticaja doprinela ukupnom sektorskom rebalansiranju tržišta rada povećanjem zaposlenosti u proizvodnji. Takođe, ova politika doprinela je rebalansiranju regionalnih tržišta rada, naročito poboljšanju kvaliteta zaposlenosti u manje razvijenim regionima i u stabilizaciji udela regionalnih platnih fondova. Ipak, međuregionalne obrazovne i infrastrukturne razlike, kao i razlike u tržištima rada, i dalje ostaju veoma velike. Transformacioni potencijal srpskog tržišta rada još uvek nije u potpunosti iskorišćen, zbog čega Srbija i dalje treba da zadrži visok nivo investicija u radna mesta u industriji, istovremeno podržavajući postepeno okretanje ka visokotehnološkim investicijama. Keywords: direct investment, FDI, labour market, regional differences, manufacturing, incentives Ključne reči: direktne investicije, SDI, tržište rada, regionalne razlike, industrija, podsticaji 1552099 10.5937/EKOPRE2103203A 2023-03-21T13:24:09.009Z 44 no 46 Mihail Arandarenko Univerzitet u Beogradu Ekonomski fakultet 12616807 0000-0002-9608-2164 Dragan Aleksić Univerzitet u Beogradu Ekonomski fakultet person 54567433 0000-0001-9927-7031 Dragan Lončar Univerzitet u Beogradu Ekonomski fakultet person 12931431 0000-0002-7883-6567 application/pdf 437564 https://phaidrabg.bg.ac.rs/o:28328 no yes 1 70 92000001 11A03 Ekonomika preduzeća 69 3-4 203 216 2021