THE IMPORTANCE OF INNOVATION POLICY FOR SUSTAINABLE TRANSFORMATION OF AGRICULTURE IN SERBIA

Abstract

Innovation in agriculture is increasingly recognized as a critical driver of sustainable economic growth, particularly in developing countries like Serbia. The agricultural sector in Serbia plays a vital role in the national economy, necessitating a shift towards sustainable agricultural practices that leverage innovation and technology. Government support is essential for fostering an innovative agricultural environment. Effective policies that promote agricultural extension services and provide financial assistance are crucial for encouraging farmers to adopt new technologies and practices. Given the centralized system of innovation support, Serbian government has a pivotal role in creating a conducive regulatory framework that not only facilitates innovation but also addresses the unique challenges faced by the agricultural sector, such as land management and environmental sustainability. This paper examines specific ways in which public support for innovation in agricultural sector is carried out in Serbia, mainly through analyzing the activities of the Innovation Fund of Serbia.