Sèrbia: Invertir a Sèrbia
FDI flows to Serbia have been positive since 2012. According to the World Investment Report 2024 by UNCTAD, FDI inflows totalled USD 4.87 billion in 2023, marking a 5.9% increase compared to the figure recorded one year earlier. At the end of the same period, the total stock of FDI stood at USD 60.46 billion, around 80.4% of the country’s GDP. According to the latest figures by the Central Bank, net FDI stood at EUR 4.6 billion (USD 4.827 billion) in 2024. The countries with the highest stock of FDI in Serbia as of the end of 2024 are China (31.3%), the Netherlands (19.4%), the United Kingdom (10.6%), Luxembourg (7.8%), and Switzerland (3.9%), with the EU accounting for 39.6% of the total stock. In terms of sectors, mining and quarrying is the ones receiving the most FDI, followed by construction, professional, scientific and technical activities, and manufacturing.
Serbia’s investment climate has improved in recent years, driven by macroeconomic reforms, financial stability, and fiscal discipline, and the Ministry of Economy plans to keep providing incentives to foreign investors in order to improve the business climate in the country. Factors favourable to FDI in Serbia include the economic reforms it is undergoing as part of its EU accession process and IMF agreements, its strategic location, a relatively inexpensive and skilled labour force, and free trade agreements with the EU, Russia, Turkey, and countries that are members of the Central European Free Trade Agreement, for which many investors see Serbia as an export platform rather than as a market in its own right. Moreover, Serbia has no investment screening or approval mechanisms for inbound foreign investment, although certain business activities require licenses, such as financial institutions, which must obtain approval from the National Bank of Serbia before registration. Licensing restrictions apply to both domestic and foreign companies in sectors including finance, energy, mining, pharmaceuticals, medical devices, tobacco, arms and military equipment, road transport, customs processing, land development, electronic communications, auditing, waste management, and hazardous chemicals production and trade. By contrast, the country’s main weaknesses are a massive and inefficient public sector, low productivity (excluding automotive), inadequate road and electricity transport infrastructure, and a large informal economy. Besides, the business environment remains hampered by red tape, corruption, and political interference. Overall, Serbia has a good business climate and ranks 52nd among the 133 economies on the Global Innovation Index 2024 and 64th out of 184 countries on the latest Index of Economic Freedom. It stands at the 105th position in the Corruption Perception Index 2024.
Foreign Direct Investment | 2020 | 2021 | 2022 |
FDI Inward Flow (million USD) | 3,469 | 4,590 | 4,646 |
FDI Stock (million USD) | 52,220 | 52,223 | 53,523 |
Number of Greenfield Investments* | 42 | 44 | 99 |
Value of Greenfield Investments (million USD) | 1,866 | 1,524 | 4,087 |
Source: UNCTAD, Latest available data
Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.
Country Comparison For the Protection of Investors | Serbia | Eastern Europe & Central Asia | United States | Germany |
Index of Transaction Transparency* | 6.0 | 7.5 | 7.0 | 5.0 |
Index of Manager’s Responsibility** | 6.0 | 5.0 | 9.0 | 5.0 |
Index of Shareholders’ Power*** | 5.0 | 6.8 | 9.0 | 5.0 |
Source: Doing Business, Latest available data
Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.
Serbia has these assets to attract FDI:
The main obstacles that may discourage foreign investors are:
Since the opening of the accession negotiations to the European Union in January 2014, the country has managed to recover the level of pre-crisis GDP, at USD 51.4 billion in 2019 (World Bank, latest data available). Similarly and in line with the program granted by the IMF, the government has implemented strong fiscal measures to reduce the public deficit and the weight of public enterprises. Of the 500 companies that the government has committed to privatising, nearly 330 were in liquidation or privatised by the end of 2016. These different measures and applications show that Serbia is above all seeking to create an attractive economic environment for foreign investors.
Some 15 free zones have been established in Serbia: in Apatin, Belgrade, two zones in Kragujevac, Krusevac, Novi Sad, Pirot, Priboj, Sabac, Smederevo, Svilajnac, Subotica, Uzice, Vranje, and Zrenjanin. These zones aim to attract investment by providing tax-free zones for business activities. Companies operating in these zones enjoy benefits such as unlimited duty-free imports and exports, preferential customs treatment and tax relief in the form of exemption from value-added tax (VAT).
Vols fer algun comentari sobre aquest contingut? Escriu-nos.
© eexpand, Tots els drets reservats.
Actualitzacions: May 2025