Serbia is the most popular investment destination in South-East Europe. The United States and Asia—China, Japan, and South Korea—contribute considerably to foreign direct investment (FDI), although Europe’s member states—Germany, Italy, and Austria—make up the majority of FDI. “The country’s strategic location, well-educated and English-speaking labour force, competitive labour costs, generous investment incentives, and free-trade agreements with the EU and other key markets” are highlighted in the US State Department’s Bureau of Economic and Business Affairs’ Serbia 2023 Investment Climate Statement. We have also made significant investments from India, mainly in the real estate and tractor industries. However, we would like to see a lot more of it from Indians living abroad in addition to from India. Our current ambassador to the United States, Mr. Marko Djuric, is also the longstanding vice president of the ruling Serbian Progressive Party. One of his main goals is to strengthen overall economic cooperation and boost investments between Serbia and the United States. Over the past three years, our Embassy in Washington has made significant progress under Ambassador Djuric’s leadership, but we think that business leaders in the Indian American community could help us achieve even greater success.
Why would they pick Serbia over comparable locations? In summary, over the past few years, Serbia’s economy has not only grown at the fastest rate in our region but has also ranked among the top three in all of Europe. Compared to most EU members, the public debt to GDP ratio of roughly 53% indicates how stable the public finances are. Serbia was named the world leader in 2020 for the fourth consecutive year in the IBM Global Location Trends report in terms of the proportion of FDI-related jobs created to the country’s population. ICT and biotechnology are two industries that have drawn the attention of foreign investors more and more. ICT has tripled in size since 2017 to rank as Serbia’s top export sector in recent years. Software development, shared services/BPO, and hi-tech and R&D are the subsectors that have done especially well. Our educational system, which includes mandatory coding classes in elementary schools as early as the fifth grade and Serbian universities being the first in our region to offer a master’s degree in gaming, is one of the reasons for this success. In terms of biotechnology, Serbia is currently developing a new strategic initiative known as BIO4, which is a campus that will function in the domains of biodiversity, biotechnology, biomedicine, and bioinformatics. Universities, research institutes, and a startup hub will all be located on the campus. We would be delighted to have international businesses, as well as educational and research institutions, involved in this project.
Remember that Belgrade was awarded the right to host the specialised international exhibition EXPO2027. According to the Bureau International des Expositions, Serbia is regarded as the meeting place of Eastern and Western civilizations because of its strategic location. Because of this, Serbia not only has easy access to the economies of the Western Balkans and the larger regions of Central and Southeast Europe, but it also has established trade and cultural ties with the Middle East, Africa, and Asia.” This worldwide mega event, which will take place in the Serbian capital in 2027, offers enormous opportunities for businesses from all over the world, whether they are in ICT and biotech, trade, infrastructure, or hospitality. Up to 18 billion dollars are expected to be invested in connection with the EXPO over the course of the next few years.
More importantly, my family and I will be in constant contact with the people of India for the rest of our lives. My wife and I were posted in New Delhi when our two lovely boys were born, and it is India that has blessed us. They spoke in Hindi for the first time! While we were there, we made an effort to show our gratitude to India by participating in various social initiatives. And we keep in touch with old and make new Indian friends everywhere we go. Our new friends at Indiaspora were very kind to provide me with this opportunity to share some information about my country with their esteemed members. We will from our side also support Indiaspora whenever we can. In that context, Serbian Ambassadors to France and The Netherlands will attend the upcoming Indiaspora European inaugural events in Paris and The Hague. We will together continue to build on the historical friendship between our two countries and peoples. And Serbia will continue to be a close and loyal friend to India and Indians!
