STRONG PRESENCE, STRONGER PROSPECTS

Italy and Serbia have been historically linked through excellent bilateral political and economic relations. The two Countries celebrated two important anniversaries in 2019: 140 years of diplomatic relations between Rome and Belgrade; and 10 years of their strategic partnership

During the same year, Italy was again Serbia’s second largest trading partner, with a total trade exchange of 3.84 billion euros (2.07 billion in Italian exports to Serbia and 1.77 billion in Italian imports from Serbia). The main sectors of activity include the automotive, banking and insurance sectors, textiles, footwear, agriculture and, as of recently, energy. Several Italian companies are also involved in the construction sector in Serbia.

The database of the Development Agency of Serbia shows that, between 2007-2019, Italy was the leading investor in Serbia, both in terms of the number of projects implemented and absolute value. Italian companies have to date invested over three billion euros in Serbia and, according to a recent study that will be published soon by the Embassy of Italy and the Italian-Serbian Chamber of Commerce, employ a total of 39,000 workers. Considering indirect employment too, Ital

ian companies provide work for more than 50,000 workers in connections among local authorities, thanks to the existence Serbia, with around 1,600 registered companies having Italian of bilateral agreements between regions and provinces. An shares and generating 5.4% of Serbia’s GDP. example of that is the protocol signed in 2018 between Italy’s

Many Italian companies invested in Serbia long before Lombardia Region and Serbia’s Autonomous Province of Vojvo other international partners, developing a special relationship dina, while in 2020 the Veneto Region concluded an agreement with their local counterparts, built on mutual trust and thereby with the Republic of Serbia in the fields of the creative industry, gaining excellent economic results in terms of production and education and research & innovation. employment. Serbia has a lot to offer Italian companies: firstly, Italy has continuously shown its willingness to support Ser the geographic proximity and the country’s connection to the bia’s European integration process at the political and economic entire Balkan region; secondly, the links with other international levels. The visits to Belgrade of Prime Minister Giuseppe Conte, markets, both to the west and the east, finally the expertise in 2019, and Foreign Affairs and International Cooperation and knowledge of local workers, which helped Italian companies Minister Luigi Di Maio, at the beginning of this year, confirmed develop strong local management structures. At the same the importance that Italy attaches to its relationship with time, the Italian entrepreneurial spirit is highly appreciated in Serbia. During both visits, the Italian and Serbian authorities Serbia, because of the capacity of Italian businesses to bring recognised the importance of the two countries’ economic ties positive change in cultural and social terms all over the country. as being a fundamental component of our excellent bilateral

At the institutional level, Italy is present in Serbia with a very relations. Italy also encourages Belgrade to adopt and imple strong network, within the framework of the so-called “Sistema ment reforms in the interest of Serbian citizens and foreign Italia” (a group of institutions/associations working together investors, in order to further improve the business environment to support Italy’s economic presence in and the stability of the economy. the country). All together, the Embassy Between 2007-2019, Italy was Serbia has already successfully at of Italy, the Italian Foreign Trade Agency, the Italian-Serbian Chamber of Commerce the leading investor in Serbia, tracted Italian FDIs over past years and – with the completion of the privatisation and Confindustria Serbia work tirelessly both in terms of the number process, the advancement of the fiscal sec to promote Italian companies and their investments. “Sistema Italia” and Italian companies in Serbia are also focused of projects implemented and absolute value. Italian tor and the judiciary, and the efficiency of public administration in general – Serbia will become an even more interesting market on fostering collaboration with schools companies have to date for other Italian companies. and universities, through dual education programmes. As of today, many Italian invested over three billion Many Italian companies invested in the Serbian manufacturing sector in 2018 and companies in different Serbian towns and euros in Serbia and, according 2019, opening new factories or expanding cities are already training students. Italian institutions here traditionally en joy very good relations with the Chamber of to a recent study that will be published soon by the Embassy their production. The COVID-19 Pandemic has hit the Serbian economy in an asym metric way during 2020, impacting some Commerce & Industry of Serbia, thanks to of Italy and the Italian-Serbian sectors more than others, but surveys fruitful cooperation in the co-organisation of business events, such as B2B gatherings, Chamber of Commerce, employ show that Italian businesses have not lost their interest in the Serbian market, while country presentations and sector-specific a total of 39,000 workers many indicators prove that the propensity missions to and from Italy. Serbian and Ital to increase their presence again is clear. ian companies can also count on the Office of the Chamber of The Italian companies that already do business in Serbia are Commerce & Industry of Serbia in Trieste, which is constantly satisfied with the way the Government of Serbia responded working to promote bilateral projects. to the epidemiological crisis, which represented a harsh test

Economic ties are enhanced by scientific cooperation be for all the economies of the planet and showed the stability tween the two countries. Over the last 10 years, projects in the and resilience of the Serbian economy. Forecasts for 2021 are field of higher education, science, technology and innovation positive, and Italy will certainly contribute in terms of invest have been experiencing an extraordinary moment: more than ments, goods and technology. 60 cooperation agreements between Italian and Serbian uni There are great prospects for the further development of versities have been conducted during this period. Furthermore, economic collaboration in many sectors – from the more traditional with the 2012 creation of the Association of Italian and Serbian ones, like agriculture and infrastructures, to the emerging ones, Scientists and Scholars (AIS3), which brings together more like new technologies, renewable energies and the sustainable than 400 researchers and academics from the two countries, and smart economy. As for agribusinesses, the recent availability joint projects will continue to thrive in the future. of IPARD funds for rural development will allow more Serbian

Our mutual economic relations are also based on strong companies to purchase Italian agricultural technologies.