Published on and written by Cyril Jarnias
Away from the spotlight usually focused on Western Europe, Serbia is carving out a very serious place for itself on the map of investment destinations. Solid growth, record FDI flows, competitive taxation, free trade agreements providing access to over 1.3 billion consumers: the country ticks many of the boxes that entrepreneurs watch closely.
Several sectors offer opportunities for business success in Serbia: agriculture, automotive, information and communication technology (ICT), renewable energy, real estate, and tourism. Each of these economic drivers has its own dynamics, key figures, and specific challenges.
This article provides a detailed overview of the most promising sectors for a business in Serbia, based on economic data and structural trends identified by Serbian and international institutions.
An Economic Environment Attracting Investors
Serbia is today the largest and most prosperous economy in the Western Balkans. GDP reaches about $89 billion, with a per capita income of over $14,000. After the shocks of the 1990s and the financial crisis, the country embarked on a path of sustained growth, with a cumulative GDP increase of around 12% between 2020 and 2023.
Industry represents about 31% of GDP, illustrating the country’s economic diversification.
Foreign investors are not mistaken: since 2007, Serbia has attracted over €42–45 billion in FDI. In the 2020–2024 period alone, cumulative flows exceed €15.9 billion, with €4.5 billion in 2023, representing over 6% of GDP. As a sign of confidence, the S&P agency assigned Serbia an “investment grade” rating (BBB‑) in 2024, and Fitch improved its outlook to positive.
Corporate tax rate in Serbia, which can drop to 10% for certain investments.
Finally, Serbia offers a rare combination of trade agreements: free trade with the EU, CEFTA countries, Turkey, EFTA, Russia and the Eurasian Economic Union, China and the United Kingdom, supplemented by preferential regimes with the United States, Australia, or Japan. In total, over 1.3 billion consumers are accessible duty-free for a wide range of products.
It is within this framework that certain sectors stand out clearly as promising for a business in Serbia.
Agriculture and Agribusiness: The “Old” Sector Remains a Winning Bet
Agriculture is Serbia’s oldest economic pillar, but far from being a sector of the past. It remains one of the most robust segments of the economy and a national identity marker. The numbers speak for themselves.
Exceptional Natural Assets
Serbia has over 5.1 million hectares of agricultural land, of which about 60% is arable. Of this arable land, some 3.48 million hectares are actively cultivated, representing just over two-thirds of the total potential. Nearly 90% of these areas are in private hands, with the rest belonging to the state.
The province of Vojvodina, resting on the Pannonian Plain, alone accounts for 45% of plowed land and 84% of arable land. The southern valleys, along the Sava, Danube, or Velika Morava rivers, complement this with significant agricultural production. The country benefits from a climate particularly suited to a wide variety of fruits and vegetables, including indigenous varieties, and has abundant water resources.
Paradoxically, only 3 to 5% of agricultural land is currently irrigated, illustrating both a vulnerability to climate and a huge investment potential for those looking to modernize the sector.
Major Economic Weight
Agriculture carries significant weight in the Serbian economy:
| Indicator (reference year) | Value / Share |
|---|---|
| Share of agriculture in GDP (2016) | 11.9% |
| Agricultural GDP amount (2017) | €2.416 billion |
| Share of agri-food in exports (2016) | 19.4% |
| Agri-food trade surplus (2016) | $1.4 billion |
| Agri-food surplus (2019) | €1.3 billion |
| Fruit exports (2019) | €568.2 million |
| Agri-food trade balance surplus (Jan.–Oct. 2023) | $1.2 billion |
Even during shock periods like the COVID‑19 pandemic, the sector demonstrated remarkable resilience, continuing to post a trade surplus.
In 2016, about 680,000 people, or 21% of the workforce, were employed in agriculture.
Global-Scale Production
In certain segments, Serbia plays in the major leagues:
– Fruits: Serbia ranks among the world’s top producers of raspberries and plums. It is cited as the world’s leading producer of raspberries, with 127,011 tons in 2018, and about 430,000 tons of plums the same year. Nearly 183,000 hectares are dedicated to orchards.
– Frozen berries: Serbia is the world’s leading exporter of frozen raspberries, blackberries, white mulberries, and loganberries, accounting for 31.7% of global exports of this product group in 2019, or 148,000 tons and over $250 million. Between 90 and 95% of raspberry production is destined for export, most often as bulk frozen product.
– Cereals: nearly 60% of agricultural land is used for cereals. In 2018, Serbia produced over 6.15 million tons of corn (32nd globally) and 2.1 million tons of wheat (35th), as well as barley, oats, and rye. Cereal crops cover about 1.7 million hectares (over two-thirds of plowed land).
– Industrial crops: Serbia produces significant quantities of sunflower seeds (454,282 tons in 2018), soybeans, sugar beets (over 2.29 million tons), and rapeseed, allowing it to cover domestic demand and export.
– Vegetables: thanks to its climate, the country is the leading exporter and supplier of vegetables in Southeastern Europe, notably for paprika, cabbage, tomatoes, and potatoes.
– Wine: Serbia ranks 19th globally among wine producers, with over 21,000 hectares of vineyards (2018) and about 198,000 tons of grapes produced, more than 350 registered wineries, and a capacity of 70 million liters.
Overview of the main livestock populations and the value of animal production in the country.
23 million head recorded in 2018.
3.3 million head recorded in 2018.
881,000 head recorded in 2018.
1.8 million head recorded in 2018.
218,000 head recorded in 2018.
Represents 32.6% of total agricultural value, or €1.46 billion in 2018.
From Raw Production to Agro‑Industry
One of the major challenges – and one of the best opportunities for businesses – is the shift from a logic of exporting raw materials to one of high-value-added processing.
The food and beverage processing sector carries significant weight:
| Agri‑food industry segment (2019) | Number of producers | Jobs | Revenue | Exports |
|---|---|---|---|---|
| Food & Beverages (total) | 4,894 | 70,349 | €6.6 billion | €1.5 billion |
| Meat | 506 | 11,723 | €922.7 million | €67.8 million |
| Processed fruits & vegetables | 1,140 | 10,757 | €911.2 million | €388.5 million |
| Dairy products | 260 | 6,342 | €683.4 million | €101 million |
| Beverages | 613 | 7,312 | €939.6 million | €142.6 million |
| Animal feed | 202 | 3,412 | €641 million | €166 million |
Over 20,000 food companies operate in the country, nearly 90% of which are SMEs. In total, the agri-food sector employs over 120,000 people and represents about one-third of all Serbian processing industry.
For an entrepreneur, promising niches are numerous: fruit processing (jams, juices, packaged frozen products, healthy snacks), high-value-added dairy products (niche cheeses, milk powders, fermented products), processed meat (charcuterie, ready-to-eat products), animal feed, sunflower or soybean derivatives, not to mention national specialties (ajvar, plum jam, brandy, mountain charcuterie) eligible for origin protection labels (PGI, PDO).
The Rise of Organic and Agritech
The country strictly prohibits the production and trade of GMOs, which enhances the attractiveness of its organic offerings. Over 6,300 certified operators farm more than 21,000 hectares in organic agriculture, specializing in cereals, fruits, vegetables, and industrial crops – with wheat, raspberries, and sunflowers leading. In 2019, organic product exports reached nearly €30 million (of which €28.7 million for fruits and fruit products), almost exclusively to the EU (Germany, Netherlands, Italy, France, Poland).
Between 2015 and 2019, exports of Serbian organic products increased by €11 million. Meanwhile, organic livestock farming (poultry, bees, sheep, pigs) is experiencing strong growth. This dynamic creates opportunities for developing projects in organic farming and processing, specialized distribution, and “natural” brands targeting European markets.
In parallel, Serbia invests in agricultural research and digital agriculture, with sixteen specialized institutes and a leading institute, BioSense in Novi Sad, dedicated to digital agriculture (sensors, remote sensing, AI). The intersection of agricultural know-how and digital technologies gives rise to a promising field for local or foreign agritechs: soil sensors, farm management platforms, smart irrigation systems, crop monitoring solutions, spraying drones.
Market Access and Public Support
Thanks to its free trade agreements, Serbia is the only European country that can export food products duty-free to both the EU and the Eurasian Customs Union (Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan). It is the largest food exporter among CEFTA countries and the only net exporter in the group.
“Made in Serbia” products can be found on the shelves of Lidl, Tesco, Spar, Carrefour, Metro, Rewe, or Asda, as well as in more distant markets, from Japan to the United States. Authorities complement this with a substantial agricultural budget (about 4% of the state budget in 2017), subsidies for crops, dairy and livestock production, beekeeping, storage, organic farming, or genetic resource conservation, along with an active policy to support standards (mandatory HACCP, co‑financed private certifications).
For a company, opportunities go well beyond raw agricultural production: land consolidation, irrigation infrastructure, cold chain logistics, packaging, export brands, agritech, organic products, labeled specialties. It’s a historic sector, but far from being saturated.
Automotive Industry: An Export Ecosystem in Transition
Automotive is the other major industrial “backbone” of Serbia. It is the country’s leading export sector, a magnet for foreign investment, and a formidable playing field for suppliers, equipment manufacturers, subcontractors, and technical service providers.
A Key Sector for the Economy
The numbers give an idea of the sector’s weight:
| Indicator | Approximate Value / Share |
|---|---|
| Share of automotive in industrial production | ~15% |
| Share of automotive in total exports | ~18% |
| Share in total FDI stock | ≈ 10–14% |
| Number of factories created by foreign investors | > 110 |
| Total value of foreign investments | > €4 billion |
| Sector exports (2024) | ≈ €8 billion |
| Number of companies in the sector | ~130 (assembly & components), >200 in parts |
| Direct jobs | > 100,000 |
| Annual vehicle production capacity | ≈ 300,000 cars |
Historically, the Serbian automotive industry began in the early 20th century with Zastava, which produced under Fiat license and even exported “Yugo” cars to the United States. After the decline in the 1990s and the end of the Zastava brand, the torch was passed to major investors like Fiat (now Stellantis) in Kragujevac.
The FCA Srbija site – now within the Stellantis orbit – renovated with an investment of nearly €940 million, has been one of the country’s largest exporters (€714 million in exports in 2018), producing models like the Fiat 500L. Since 2024, it has been repositioning for an electric model, the Fiat Grande Panda, further anchoring Serbia in the new era of the electrified vehicle.
A Dense Network of Subcontractors
Beyond final assembly, Serbia has developed a dense network of component manufacturers: tires (Michelin, Toyo, Linglong), wiring harnesses (Leoni, Yura, Auto‑Kabel), windshield wiper systems (Bosch), chassis and suspension parts, engine components (foundries, forged parts, camshafts, brake discs, flywheels), plastic parts, seats, insulation, cabling, electronics.
The Serbian automotive sector, centered on major European and Asian manufacturers, is structuring itself into clusters, as evidenced by the Kragujevac “supplier park.” It regularly attracts new investments, particularly in electrification (electric motors, battery parts) and high-end components (turbochargers, foundries).
For an entrepreneur, there are niches at all levels of the value chain: precision mechanics subcontracting, technical plastics, embedded electronics, cabling, engineering services, testing, specialized logistics, maintenance and factory automation services.
A Sector in Full Technological Transition
Nevertheless, the sector faces headwinds: increased competition from new players (notably Chinese), weaker European automotive demand, margin pressures, declining competitiveness of some traditional producers (like wiring harness makers dedicated to traditional German brands). Add to this the structural shift towards electric and hybrid, advanced driver-assistance systems (ADAS), and the growing importance of electronics.
However, this transition is a source of opportunity for businesses positioned on:
– components for electric motors, inverters, converters;
– sensors (radar, optical) and embedded electronics;
– software related to connected vehicles;
– parts for batteries and storage systems;
– engineering and testing for new propulsion systems.
The Serbian government supports this transformation with targeted incentives, an aggressive FDI attraction policy, and support for training via a dense technical education system (14 technical faculties, 18 higher schools, 132 technical high schools, over 7,000 engineers trained annually).
The combination of a skilled workforce, moderate wage costs, advantageous trade agreements, and an already established value chain makes automotive one of the most structured and promising sectors for a business in Serbia, especially for component and engineering players.
Information and Communication Technology: The Star of Serbia’s New Economy
If agriculture and automotive represent “industrial” Serbia, the real phenomenon of recent years is undoubtedly the ICT sector boom. It is one of the most dynamic engines of the economy, with rapid export growth, startups raising tens of millions, and constant technological advancement.
A Sector in Hyper-Growth
In the span of a decade, the weight of ICT in the Serbian economy has literally shifted: its contribution to GDP grew from about 4.5% in 2018 to 6% in 2021, and some sources estimate that the broader digital ecosystem now represents up to 10% of GDP, making it one of the country’s top four export sectors.
Some key figures:
| ICT Indicator | Approximate Value |
|---|---|
| ICT market value (2016) | €1.73 billion |
| ICT market value (recent sources) | > €2 billion |
| ICT service exports (2012) | €375 million |
| ICT service exports (2017) | €900 million (+21.5%/year) |
| ICT service exports (2019) | €1.02 billion (2.4% of GDP) |
| ICT service exports (2023) | €3.44 billion |
| ICT exports (Q1 2024) | €917 million (+17%/year) |
| ICT export target 2024 | €4 billion |
| ICT export target 2027 | €10 billion |
The sector records annual growth close to 20–25%. Software and IT service exports now far exceed those of many traditional industrial branches. Computer programmers constitute one of the main “export products”: computer programming alone accounts for nearly €710 million in exports.
An Expanding Talent Pool
Serbia has an impressive pool of ICT talent. There are currently about 110,000 technology professionals (4.3% of the total workforce) and over 11,000 ICT companies. The number of IT companies grew from 2,300 in 2018 to over 3,500 in 2022, with estimates exceeding 4,000 tech startups that have collectively raised over $1.3 billion.
The average monthly salary of a software engineer, well above the national average of €420.
The education system follows the trend: more than 1,500 students graduate with IT degrees annually from 35 higher education institutions, and this number is growing (1,200 graduates in 2018, 1,800 in 2022). The government increased quotas in computer science programs by 20%, introduced programming from elementary school (“Digital World” in first grade, mandatory computer science from fifth grade), connected almost all schools to broadband, and launched retraining programs towards IT for more than 2,200 adults.
Major university centers – Belgrade, Novi Sad, Niš – fuel a dynamic local ecosystem, complemented by technology parks (NTP Belgrade, Niš, Novi Sad, Čačak), the BioSense institute, or the BIO4 campus dedicated to biotechnology and digital.
A Hub for Multinationals… and Startups
Serbia hosts a large number of development centers or regional support offices of global companies: Microsoft, Huawei, Intel, Dell, SAP, IBM, Siemens, Oracle, Cisco, Ericsson, Adobe, Google, as well as game publishers like Playrix, Sperasoft, or Wargaming. Microsoft’s development center in Belgrade was one of the first five such centers created worldwide.
A constellation of local startups making an international impact in varied sectors.
Creator of Top Eleven, acquired by Take‑Two, with over 100 million users.
Innovative startups in the field of health and remote care.
Technology solutions for precision agriculture and crop analysis.
Major players in the field of cryptocurrencies and blockchain infrastructure.
Technology platform dedicated to human resources and organizational analysis.
Online sales platform sometimes called the “Serbian eBay.”
Innovation in urban solar energy and public charging stations.
Significant acquisitions (AskGamblers acquired for €15 million, gaming companies bought by Epic Games, Playrix, or Take‑Two) show that the ecosystem is no longer just an outsourcing base but is starting to generate leading-edge technology assets.
Support infrastructure includes incubators and hubs (Startit, ICT Hub, Impact Hub, Business Incubator Novi Sad, Science Technology Park Belgrade), an Innovation Fund, a Science Fund, and initiatives like Digital Serbia Initiative. The government has also adopted a national AI strategy for 2030, funded with about €70 million (including €30 million for a supercomputer), and joined the international GPAI partnership.
An Export-Oriented Rather Than Domestic Market
However, it should be noted that the domestic market remains underdeveloped: Serbian companies on average spend only 0.7% of their revenue on IT, compared to 3.5% globally, and internal IT employment does not exceed 2% of the total, compared to over 5% in advanced economies. As a result: nearly 90% of Serbian IT companies work primarily for foreign clients, which offers immediate international anchoring but makes the sector sensitive to the global economic climate.
Serbia has a strong competitive advantage for export IT services, thanks to its international orientation and excellent English proficiency (ranked 18th globally). This benefits entrepreneurs looking to establish a structure targeting Europe, North America, or the Middle East.
Promising niches cover a broad spectrum: software development, mobile and web, video games, cybersecurity, cloud, AI, blockchain, fintech, edtech, healthtech, martech, but also digital marketing agencies, content creation studios, technical support services, business process outsourcing, freelance platforms, etc.
The incentive framework is also tailored: three-year income tax exemption for founders of innovative startups, up to 70% reduction in social contributions for hiring repatriates and qualified foreigners, favorable tax regimes for R&D (accelerated depreciation, additional deductions).
Renewable Energy: A Future Giant Market Already Under Construction
In the coming decade, renewable energy is shaping up to be one of the top promising sectors for a business in Serbia. Not only must the country modernize an energy system still largely dominated by coal, but it has committed, as part of its EU accession process, to align its trajectory with European climate goals.
An Energy Strategy Undergoing Major Overhaul
In 2021, Serbia adopted a new renewable energy law and an energy efficiency law, as part of its EU accession process and as a member of the Energy Community. It ratified the Paris Agreement and committed to the Green Agenda for the Western Balkans.
The electricity mix totals about 8,223 MW of installed capacity, of which 35% comes from renewable sources. The breakdown is as follows:
| Type of installation | Approximate share of total capacity |
|---|---|
| Thermal power plants (coal/gas) | 50% |
| Hydroelectricity | 38% (of which ~30% counted as renewable) |
| Thermal cogeneration | 6% |
| Wind | 5% |
| Solar | 0.13% |
| Biogas & biomass | 0.43% |
Fossil fuels still represent 87% of primary energy (2017), but the share of renewables in gross final consumption already reaches 26.3% (above the EU average of 22.1%), mainly thanks to hydroelectricity and biomass for heating.
The government has launched an investment plan on the order of €15 to €17 billion in electricity for the coming years. Various scenarios emphasize the need to install about 5,000 GWh of new renewable capacity per year, implying at least €3 billion in annual investments.
Solar: A Largely Untapped Potential
Serbia has a solar resource about 30% higher than Germany’s. Annual irradiation varies from 1,200 kWh/m² in the northwest to 1,550 kWh/m² in the southeast. Yet, installed solar power remains very modest, on the order of 11 MW spread across 135 power plants, mostly small rooftop installations.
Ongoing and planned projects are scaling up, requiring adaptation of management methods, allocated resources, and planning to meet new requirements and complexities.
– Utility-scale solar parks have been commissioned in Lapovo and Bač.
– The “Solar District Heating” program supports large-scale installations to supply urban heating to several cities, with the largest solar thermal power plant in the Balkans already in Pančevo.
– The Agrosolar Kula project, announced as Europe’s largest agro-energy project, combines agriculture and photovoltaics with a planned capacity of 660 MW, for an investment of about €340 million.
– Major private projects (Kima Solar & Solarina) in Sjenica and Zaječar plan over 200 MW combined.
– The state launched a call to find a strategic partner to install a 1 GW PV park with at least 200 MW of storage.
In the longer term, investment plans mention an economic potential of about 3.6 GW of solar by 2030 (and a technical potential close to 6.9 GW). Scenario studies estimate possible photovoltaic investments at nearly €20 billion (rooftops, mining wastelands, agro‑PV, floating installations, etc.), with a reduction of over 27 million tons of CO₂.
For companies, opportunities are very broad: development of solar parks, engineering, EPC, manufacturing or assembly of structures and inverters, installation of residential and commercial systems, maintenance services, battery storage solutions, integration into agritourism or hospitality projects.
Wind: An Already Visible Sector, Still Expanding
Serbian wind power is already more developed than solar, with about 8 to 9 operational parks representing nearly 400–430 MW of capacity, including the Čibuk 1 park (158 MW, €270 million investment) which powers over 110,000 households. However, studies show the potential is much greater, with an estimate of over 1.3 GW technically exploitable in the short term and a technical potential of nearly 30 GW.
Projects underway or announced include:
– Several parks under construction totaling about 300 MW.
– A dozen planned projects for nearly an additional 1.7 GW, potentially powering 1.5 million households and reducing emissions by 1.3 million tons of CO₂.
– The mega-project Maestrale Ring (678 MW, nearly €800 million) developed by Fintel Energija in Subotica.
– A 1 GW portfolio under joint development by Fintel and MK Group.
The best wind zones are southern Banat, some eastern regions, the Zlatibor massif, and the Pešter plateau. Industrial players like Flender (ex‑Siemens) already manufacture wind turbine components in Subotica.
Biomass, Biogas, Geothermal, Waste: Solid Niches
More than half of Serbia’s renewable potential lies in biomass, thanks to 55% arable land and 25% forest cover. Yet, this resource is very underutilized: there are barely over a hundred biogas plants (under construction or operational) for about 110 MW, and only one significant biomass power plant (2.4 MW electrical, 8.3 MW thermal).
Several public programs encourage the shift of urban district heating networks to wood energy or biogas, as in Priboj or Mali Zvornik, as well as the establishment of biomass heating plants for municipalities.
Serbia has over 500 exploitable geothermal mineral water springs.
Finally, waste treatment and energy recovery (waste‑to‑energy) are becoming strategic. The Vinča project, on the outskirts of Belgrade, illustrates this trend with a public‑private partnership of €370 million to transform waste into heat and electricity. Here too, engineering, operation, equipment, project management, and consulting services open doors.
Storage, Smart Grids, and District Heating
As the share of intermittent renewables increases, the need for storage and modernization of the power grid is exploding. National plans foresee:
– deployment of battery systems for load balancing and fast reserves;
– development of pumped‑storage hydroelectric plants (notably Djerdap III and Bistrica, for a potential capacity of up to 2,400 MW);
– digitalization of substations, installation of advanced management systems, sensors, analytics platforms, and AI for load prediction, integration of prosumers, and microgrids.
For batteries and grid storage alone, projections speak of €2.2 to €3.8 billion in possible investments between 2026 and 2032. Modernizing district heating networks (large heat pumps, waste heat recovery, coupling with solar and biomass) could mobilize €1 to €2.5 billion over the same period.
All these numbers outline a gigantic field of opportunity for project developers, engineering firms, equipment manufacturers, systems integrators, energy service operators, software providers, and control solutions (EMS, SCADA, VPP, etc.).
Real Estate, Construction, and Logistics: A Market in Rapid Reconfiguration
Beyond production and services, the construction, real estate, and logistics sectors in Serbia are undergoing a major transformation, driven by growth, urbanization, massive public investment, and preparation for Expo 2027.
A Wave of Structural Infrastructure
Highways, railways, airports, river ports, energy networks: Serbia is going through an unprecedented expansion phase of its infrastructure by 2035. Among the structuring projects:
– Highway A2 towards Montenegro, Niš–Merdare corridor (towards Pristina), Ruma–Šabac–Loznica, Zrenjanin–Belgrade and Požega–Boljare expressways;
– high‑speed rail lines between Belgrade, Novi Sad, Subotica and Budapest, modernization of the Niš–Dimitrovgrad and Niš–Preševo corridors;
– expansion of Belgrade, Niš, and Kraljevo airports;
– investments in Danube ports, flood defense, and irrigation systems;
– reinforcement of electrical and energy transmission infrastructure.
These programs will likely keep the construction sector at full capacity until the 2030s, even though rising material costs, labor tensions, and alignment with EU standards complicate the equation.
Residential: Sustained but Segmented Demand
With a homeownership rate of around 90%, Serbia remains a nation of owner‑occupiers. But behind this figure lie contrasting dynamics: internal migration to Belgrade and major cities, arrival of foreign workers (notably Russians, Ukrainians, Israelis since recent geopolitical crises), return of the diaspora, rise of young professionals (25–35 years old) in metropolitan areas, an aging population with specific needs for adapted housing.
Over 17,000 housing units were sold in Belgrade in 2024, with an average price around €2,600/m².
Demand is shifting towards smaller, well‑located, eco‑efficient units, integrating modern amenities (home automation, shared spaces, proximity services). The rental market is also expanding, driven by students (university enrollment rate over 73%), young professionals, and expatriates. “Build‑to‑rent” housing and specialized student residences remain undersupplied, making them a promising segment for investors.
Offices, Logistics, Retail: Still Young Markets
The office market is still concentrated in Belgrade, with about 1.4 million m² of modern office space, dominated by Novi Beograd. Demand comes mainly from IT, engineering, financial services companies, and multinationals. The rise of remote work and hybrid models is changing demand (flexible space, coworking, adaptable layouts, high‑tech offices), but the capital remains far from the densities seen in major EU metropolises, leaving significant room for growth.
The stock of modern logistics platforms in Serbia, estimated at over 6 million m², is growing strongly. Projections anticipate a doubling, or even tripling, by 2035. The most dynamic zones, located along major highway corridors (around Belgrade, Novi Sad, Niš, Čačak, Subotica), respond to growing demand from manufacturing, e‑commerce, distribution, and transport sectors.
Retail parks are multiplying in medium‑sized cities, becoming the dominant form of modern commerce outside hyper‑centers. Modern retail space in Belgrade exceeds 575,000 m² (GLA), with continuous expansion in urban and suburban areas.
For a company, these developments create opportunities in:
– development and management of logistics parks;
– construction and operation of next‑generation shopping centers;
– facility management, technical maintenance, security services;
– modular, prefabricated, and eco‑efficient construction solutions;
– flexible offices and coworking spaces.
Expo 2027: Project Catalyst
The organization of Expo 2027 in Belgrade is declared a project of national importance. The development plan “Leap into the Future – Serbia 2027” foresees about €17.8 billion in public and private investments related to this event: exhibition complexes, national stadium, housing, urban and inter‑urban transport, hospitals, schools, digital infrastructure, etc.
About 3 million visitors are expected for the Expo, with an overall economic impact estimated at €1.1 billion. For companies, whether in construction, real estate, services, logistics, technology, or hospitality, this deadline creates a considerable ripple effect.
Tourism, Health, and Wellness: A Strongly Growing Sector
While Croatia or Greece often monopolize attention for regional tourism, Serbia is quietly catching up. The number of foreign visitors has doubled since 2013, and growth has been in double digits for several consecutive years.
Still Under‑Exploited Assets
Belgrade has become a recognized urban destination for city‑breaks, events, and nightlife. Novi Sad has established itself on the map thanks to the EXIT music festival (over 200,000 visitors from 120 countries in 2023). Niš, Subotica, Danube cities, and numerous spa and mountain resorts (Kopaonik, Zlatibor, Tara, Stara Planina, Vrnjačka Banja, Sokobanja, etc.) complement the offering.
However, the country still lacks international‑standard accommodations in several segments: five‑star hotels are rare, even in Belgrade, high‑end mountain resorts are still few, and many spa towns require major modernization.
Growth in Hospitality and Wellness
Belgrade’s hospitality sector includes about 134 establishments, of which more than half are four‑star. The five‑star segment remains underdeveloped, leaving room for international brands or boutique‑hotel concepts. Occupancy rates are high during conference season (spring/autumn), and demand is growing for products mixing business, wellness, and urban tourism.
Mountain regions (Kopaonik, Zlatibor, Tara, Zlatar, Golija) attract a growing clientele for skiing, hiking, and ecotourism. To seize this potential, it is crucial to develop a sustainable lodging offer, including upscale chalets, glamping, and eco‑friendly lodges, which are currently insufficient. Meanwhile, spa towns with high therapeutic value (Vrnjačka Banja, Lukovska, Prolom, Koviljača) have the opportunity to reposition themselves by offering stays combining medical treatments and wellness.
In this context, companies can position themselves on: different market segments and consumer expectations.
Discover the main areas of intervention in the tourism and hospitality industry.
Construction and operation of hotels and resorts for traveler accommodation and stays.
Management of wellness centers, spas, and thermal clinics dedicated to relaxation and health.
Organization of leisure activities: nature sports, adventure parks, and themed stays.
Services for tourism operators: receptive agencies, transport, guides, digital solutions, and booking platforms.
Green Tourism and Clean Energy
The energy transition and the rise of tourism intersect in projects for “eco‑lodges”, mountain resorts, or spa complexes powered by renewable energy (solar, biomass, geothermal). Incentive programs already support energy renovations in residential buildings, and financing lines are being set up for “green” tourism projects (electric vehicles, charging stations, isolated micro‑grids, etc.).
Here again, the combination of a tourism sector in catch‑up mode, energy incentives, and regional trade agreements (notably with Montenegro, North Macedonia, and Albania via the Open Balkans initiative) creates interesting prospects.
Services, Education, Digital Economy, and Creative Industries
Beyond the “major” sectors of agriculture, industry, ICT, energy, and real estate, Serbia is seeing the emergence of a series of promising niches in business services, education, training, health, culture, and digital creation.
Education and Training: Filling a Premium Offer Deficit
Serbia has more than 260,000 university students, a higher education enrollment rate of over 73%, but the offer of private international education is still limited – only one such institution in Novi Sad, for example. Expatriate families and a growing segment of the local middle class seek international schools (IB, British, French, German programs, etc.), language centers, preparation programs for studying abroad, and edtech solutions.
Companies in the education sector can meet market needs by developing varied offerings: creation of international schools and campuses, launch of online training platforms, or opening professional training centers in high‑demand sectors like tech, construction, health, and energy.
Business Services and Outsourcing
With a service‑dominated economy and a fabric of over 240,000 companies, demand for B2B services is exploding: accounting, consulting, marketing, payroll management, business process outsourcing (BPO), design, web development, content management, translation, customer support, etc.
Serbia has already proven itself in outsourcing, notably for IT services and customer support, offering an interesting combination of controlled costs, good language skills (English, but also German, French, Italian, Russian), and cultural proximity to Europe.
Creative Industries and Digital Content
The creative industries represent about 7.4% of GDP, employ 127,000 people (over half university‑educated and aged 20 to 45), and experienced growth of over 60% in six years, with a cumulative export increase of 51%. Over 73,000 companies are active in the field.
The annual revenue of the video game sector in Serbia, in millions of euros, with 20% annual growth.
For creators, agencies, studios, and platforms, Serbia can serve both as a cost‑competitive production base and a testing market for new cultural or digital products.
Why Serbia Remains an Attractive Bet Despite Challenges
No country is exempt from difficulties, and Serbia is no exception. Investors and entrepreneurs must contend with:
– sometimes heavy bureaucracy, administrative delays, and public procurement practices in need of improvement;
– a justice system perceived as inefficient, particularly in contractual protection;
– regional disparities (strong concentration of activity in Belgrade and Vojvodina);
– persistent “brain drain,” especially in highly skilled professions;
– climate challenges for agriculture (droughts, floods, late frost);
– the need for rapid upskilling in energy, green construction, or AI.
But these weaknesses are partly offset by:
The country shows solid growth and improving macroeconomic fundamentals (decreasing inflation, public debt under control, comfortable foreign exchange reserves). Public policy is open to investors, with a well‑structured arsenal of financial and fiscal incentives. Serbia benefits from a unique system of free trade agreements in Europe, allowing production for the EU, CEFTA, Turkey, Russia, the EAEU, China, and the United Kingdom. The workforce is generally well‑trained, especially in technical disciplines, with competitive wage costs. A sustained FDI dynamic fuels an industrial upgrade (automotive, electronics, equipment, energy), within a clear transformation agenda focused on decarbonization, digitalization, infrastructure modernization, and industrial upgrading.
For a company seeking a foothold in Central and Eastern Europe, the question is no longer so much whether Serbia is interesting, but in which sector(s) it is most interesting.
Based on available data, five major clusters clearly stand out as “promising sectors” for a business in Serbia:
Overview of the main promising economic sectors, detailing their areas of application and specialties.
Production of fruits and vegetables, processing, niche products, organic, and agritech.
Components, subcontracting, and engineering for thermal and electric vehicles.
Software services, digital products, gaming, AI, cybersecurity, and BPO.
Solar, wind, biomass, storage, network modernization, and district heating.
Logistics parks, student housing, hospitality, resorts, B2B services, education, health, and creative industries.
Each of these clusters rests on solid numbers (growth, exports, FDI, employment) and explicit public strategies (energy plans, digital strategies, agricultural reforms, “Serbia 2027” plan, EU accession dossiers). For an entrepreneur capable of navigating the local regulatory framework – possibly with the support of a local partner – Serbia today offers a rarely so open field for expansion in the heart of the European continent.
A French business owner, around 50 years old, with a financial portfolio already well‑structured in Europe, wanted to diversify part of his capital into residential real estate in Serbia to seek rental yield and exposure to the Serbian dinar. Allocated budget: €400,000 to €600,000, without using credit.
After analyzing several markets (Belgrade, Novi Sad, Niš), the chosen strategy was to target an apartment or small residential building in a developing neighborhood of Belgrade or Novi Sad, combining a target gross rental yield close to 8–10% – keeping in mind that “the higher the yield, the greater the risk” – and medium‑term appreciation potential, with an overall ticket (acquisition + fees + possible renovations) of about €500,000. The mission included: market and neighborhood selection, connection with a local network (real estate agent, lawyer, tax specialist), choice of the most suitable investment structure, and definition of a diversification plan over time.
This type of support allows the investor to benefit from Serbian market opportunities while controlling legal, tax, and rental risks.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
