Business program

Serbia has come a long way in the process of economic transformation so that future growth will be based on new technologies, digitalization, innovation, creativity and knowledge. In that sense, the information and communication technology industry is strategically important because, among other things, it has already become the largest net export activity and the fastest growing branch of industry in the country. Investors in this branch of industry are companies engaged in research and development, software development and other IT services such as Shared services, Business process outsourcing, IT consulting, etc. Very good results in this sector have been achieved thanks to the domestic ICT sector which has shown outstanding quality as a result of which some of the domestic companies have been acquired by the world's largest ICT companies, as well as thanks to direct investments of foreign companies, world leaders in their fields. Total acquisitions in Serbia's ICT sector with the participation of some of the world's largest companies such as Take-Two Interactive, Epic Games, Nutanix, GoDaddy, etc., are worth over $ 878 million. Microsoft, NCR, Levi9, Endava, ZF, Continental, Schneider Electric, Asecco, Clarivate and BlackRock are just some of the renowned names from the high technology sector present in Serbia with their ICT, research, development and other centers.

Another strategically important branch is composed of the so-called BIO4 areas: biomedicine, biotechnology, bioinformatics and biodiversity, which are still developing but already having the potential to surpass today's digital revolution in their impact on the economy, health, ecology and other areas of life. Serbia will start a large cycle of investments and expects great developments in this area in the coming years.

The third area, which permeates the previous two, is artificial intelligence, and Serbia directs its development in a strategic way, following the already adopted development strategy, a key part of which is the establishment of a modern Institute for Artificial Intelligence.

The state's assistance to the knowledge economy is reflected in several key aspects: education, infrastructure and the improvement of the tax and legal environment. The education for the digital age has introduced teaching programming in primary schools and special programs in secondary schools and colleges, which will ensure that, with their knowledge and skills, the aspiring generations are ready to join even the most advanced companies.

Infrastructure is being developed through the construction of new educational and scientific capacities, but also through the formation of four science and technology parks and a large number of startup centers throughout Serbia, as well as the establishment of a modern data center with AI platform and national supercomputer, while constant efforts are made towards perfecting the internet infrastructure.

Automotive industry in Serbia is the number one sector when it comes to foreign direct investments. With a turnover of 4 billion euros in 2019, 69,000 employees and a tradition in the production of motor vehicles of more than 80 years, today Serbia is ready to enter a new era in the automotive industry and provide great opportunities for investment.

The already established network of suppliers and OEM factories will gain a new dimension owing to the largest natural lithium resources in Europe. Serbia's plan is to establish an entire production chain that starts from the lithium ore itself, through its processing to the production of batteries and, ultimately, electric vehicles. Given the knowledge and experience in the conventional automotive industry, quality and educated workforce, competitive operating costs and state support, the growth of foreign direct investment in the e-mobility segment in Serbia is evident and, indeed, e-mobility represents the greatest potential for further investment. Focusing on research and development, industry trends of turning to autonomous driving and e-propulsion, Serbia is an ideal environment for companies thinking about the future and protecting the entire planet.

Serbia has a developed food production industry relying on 5 million hectares of agricultural land in excellent climatic conditions, which makes Serbia a self-sustaining country that produces and exports raw materials & ingredients and finished food products to the region and the world. We are world leaders in the export of frozen raspberries, and in 2019, the export of frozen berries from Serbia accounted for one third of the total global exports of this type of fruit.

The quality and constant improvement of the industry is contributed by 16 specialized research institutes, based on whose expertise this sector constantly strives for technologically advanced production, ensuring high quality products and environmentally oriented production. In addition, Serbia has great potential in the segment of organic production, having in mind the available natural resources. There are currently 6,300 certified organic food producers, and the number of businesses dedicated to organic production has grown rapidly in the last decade.

Serbia is the proud host of the European Center of Excellence for ICT Solutions in Agriculture (BioSense Institute).

Serbian mixed real estate market is transforming its cities and urban districts with technological innovations and smart city solutions, Belgrade Waterfront (built by Eagle Hills, UAE) being the most inspiring result of this trend.

Serbia, with 50 spas and climate resorts and more than 1,000 natural water wells and springs crisscrossing the country enriched with minerals (Na, S, Ca, K, Mg), with water temperatures reaching 110°C, has a great potential for health tourism just waiting to be developed. The importance of Serbian spas is also evidenced by the rich history and tradition, i.e., the spa infrastructure and baths that both the ancient Romans and the Turks built in these areas. Bearing in mind that 87% of the total number of tourists in spas are domestic, the potential for the development of international tourism is exceptionally large, given the fact that spas are the most visited tourist destinations in Serbia, more visited than Belgrade, and that in recent years, with the state's support, spas have experienced a remarkable growth in terms of hotel and accommodation capacity.

One of the most important aspects for the development of international tourism in the areas of spas and climate resorts is the visa-free regime that Serbia has with the largest economies and countries, such as the USA, EU, Russia, China, India, etc., which makes Serbia a tourist destination 3.6 billion people can visit without a visa. Air traffic and direct flights to every major city in Europe, the Middle East and Asia, as well as direct flights to the United States via New York, place Serbia as a focal point of international traffic in the region, which is a fantastic basis for further development of tourist traffic.

With over 60 years long production tradition in the chemical industry, a base of over 2,200 existing companies in the sector and a value chain of chemical raw materials, Serbia recognizes the importance and potential for growth of the chemical industry and takes new steps to encourage industry development by creating the country's first industrial and chemical park. The construction of Prahovo Industrial and Chemical Park is underway at an attractive location in Prahovo, on the banks of the Danube, and it will provide ideal support to investors in the form of infrastructure and other necessary conditions, work within a wider production base, while companies can fully focus on their core businesses and investments including investments in plants.

The machinery and equipment sector in Serbia has the potential to become one of the drivers of socio-economic and technological development of the country. This sector is characterized by successful small and medium-sized companies, strong export orientation and diversified production program, with significant potential for innovation and space for new companies to grow.