Serbia's Market

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About Serbia

Located in the heart of South East Europe, at the doorstep of European Union, Serbia lies on traditional road that has for centuries connected Europe with the Middle East. It borders by Bulgaria in the east, Romania in the north-east, Hungary in the north, Croatia & Bosnia and Herzegovina in the west, Montenegro in the southwest and Albania & Macedonia in the south. The total area of Serbia is 88,361 square kilometers and its population is around 9.5 million.

Serbia comprises two autonomous provinces which are Vojvodina and Kosovo-Metohija. Belgrade is the capital of Serbia. It is the administrative, economic and cultural centre of the country. The official language of Serbia is Serbian.

Serbia's Economy

In the period between 2004 and 2008, Serbia was one of the Europe's fastest growing economies. Economic growth averaged 6.3% annually, while GDP per capita almost doubled to more than €4,500. Strong GDP performance was largely driven by service sectors such as telecommunications, retail, and banking. In addition, local food, beverage, and construction industries expanded rapidly.

Externally, Serbia can serve as a manufacturing hub for duty-free exports to a market of 1 billion people. It includes the European Union, the United States of America, the Russian Federation, Kazakhstan, Turkey, South East Europe, the European Free Trade Agreement members, and Belarus. Internally, with 9.5 million people, the Serbian domestic market is the 2nd largest in South East Europe.

Advantages of Doing Business in Serbia

• Favorable geographic position (connected Europe with the Middle East)
• Skilled and competitive workers
• Signed Central European Free Trade Agreement (CEFTA) comprising of a free trade area with 29 million people
• The only country outside of the Commonwealth of Independent States (CIS) that enjoys a Free Trade Agreement (FTA) with Russia
• Restructured and stable financial system
• Simple procedures for setting up a company and registration
• Simple procedure in foreign trade and foreign investments
• Favorable tax regime
• Investment incentives

Serbia's Investment Envirnoment

Adopted in 2002 Serbia Law on Foreign Investments equalizes the rights and obligations of both foreign and domestic investors in Serbia. The combination of legal framework and simulative tax and customs regime are ensuring that foreign capital enjoys security and prosperity in Serbia.

Serbia has grown into one of the premier investment locations in Central and Eastern Europe. The leading investment sectors are financial, telecommunication, oil, retail and manufacturing.

References
1. Serbia Investment and Export Promotion Agency - www.siepa.gov.rs
2. Serbian Chamber of Commerce - www.pks.rs

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