With Serbia experiencing exponential levels of growth across its various industries, many businesses are keen to source prosperity and profit in untapped international markets.
For many years, Serbia has been investing in multiple domestic industries, further pushing them to the forefront of economic prosperity. This high level of improvement has been seen in sectors such as IT and transport. Zoran Đorđević, the Director of The Post of Serbia, explains how they are, “Continuously monitoring and applying contemporary solutions, regarding automation processes and the digitalization of postal services, meaning we additionally modernize existing services and implement new ones.” Serbia has also built advancements in its intuitive transport sector, allowing the country to become more accessible. Zafiris Lampadaridis from Hyatt Regency believes that, “The Serbian government is investing in transportation, in railroads, and the region. It has the best road network. It is the only country where you have a highway to everywhere.”
GDP has been on the rise since 2014, creating more stability within the country’s most recent economic ventures. In turn, the Serbian government has implemented multiple strategies to ensure that the country continues to experience incredible levels of growth. Minister Siniša Mali from the Ministry of Finance describes Serbia 2025, as “A program that stipulates that the average salary by the end of 2025 will be €900, and the average pension will be above €400.” As the people of Serbia begin to see income rise, many of the citizens are now looking toward a brighter future, particularly in their education. Aleksandar Vratonjić Gligorijević, the CMO of Telegroup, explains, “We have a lot of initiatives regarding education, getting young people to realize the importance of opportunities that are in front of them.”
Alongside the growth of the IT sector, the government itself has been working on modernizing an array of its most vital services. Đorđević states, “This is why our goal is to make the lives of our citizens easier by expanding the network of our postal offices to reach the most remote and underdeveloped locations to provide new jobs and equal economic development throughout the territory of our country.” Many businesses also praise the government’s commitment to growth, even during the troubling times of the Coronavirus pandemic. Lampadaridis explains, “The thing that helped the industry stay afloat is the financial measures that the government took to help our industry. That was significant and helped us a lot. The country is expected to have quite impressive positive growth this year.”
After implementing various economic reforms, Serbia has also seen a large increase in FDI, helping to make the country more competitive across the world. Explaining that the Post of Serbia has created an impregnable bond with the UAE, Đorđević says, “By doing this, we wanted to honor the strong, long-lasting, and most importantly, friendly relations and collaborations between these two people; which have especially intensified within the fields of businesses and culture from 2012”.
Many Serbian businesses have also built strong relationships with their European counterparts. Gligorijević describes how Telegroup aims, “to go one step higher and see what services we can provide to business-end customers and consumers in Germany and having a partner like Deutsche Telekom is a great opportunity, as it provides access to the market.” These reforms were also commended for their ability to reinforce economic recovery across a wide range of industries. Đorđević believes that “These reforms were necessary and were the only way for us to help our economy recover; to place it on healthy, sustainable, and prosperous foundations. This resulted in the annual growth of our GDP.” As Serbia continues to revel in profitable growth across all major sectors, many businesses are looking to expand their horizons across new markets.
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