Dacic: Serbia is the most promising and dynamic economy of the Western Balkans

Dačić SAD privrednici delegacija obraćanje
Source: Ministarstvo spoljnih poslova Srbije

Serbia's economic results were the result of strategic planning and courageous reform processes, but also the fact that we had worked methodically for years on political stability in order to valorize our favorable geographical position, and today Serbia was the most promising and dynamic economy of the Western Balkans and the engine of regional development, the Deputy Prime Minister and Minister of Foreign Affairs of Serbia, Ivica Dacic said.

Addressing the representatives of the American-Central European Business Association, Dacic said that last year had been a record year for the inflow of foreign direct investments and that with 4.4 billion euros of FDI in 2022, the result from 2021 had been exceeded by 13.6 percent.

As announced by the Ministry of Foreign Affairs of Serbia, Dacic indicated that the Serbian economy was not immune to the crisis, but it was resilient and had good defense mechanisms against shocks, which included adequate foreign exchange reserves, a moderate level of external and public debt, a well-capitalized and liquid banking system, as well as the proven ability to proactively react to various shocks from the international environment.

He added that according to preliminary estimates, the growth of the gross domestic product in 2022 had been 2.3 percent.

"Today, information and communication technologies (ICT) are the largest net export branch of Serbia, and our country is among the 50 largest software exporters in the world. This year, it is expected that the export of ICT services will exceed 2.6 billion euros, which is an increase of about 40 percent compared to the previous year, and the surplus will be more than 1.5 billion euros," Dacic said and called on American businessmen to additionally invest in Serbia.

He said that the economic cooperation between Serbia and the US was developing intensively, led by the increasing inflow of investments from American companies, the growing trade exchange of both goods and services, and traditionally significant financial support through various development aid programs, the value of which had so far exceeded one billion dollars.

"Serbia has a strong interest in raising its relations with the US to the level of a strategic partnership, one of the key pillars of which would be the economic cooperation between the two countries as an engine for further strengthening our economic and overall ties," Dacic noted.

He also stated that today the US was among Serbia's leading foreign trade partners and that last year trade in goods and services had exceeded 2.4 billion dollars, while Serbian exports of goods and services to the US had been slightly higher than 1.5 billion dollars.

Dacic stated that, despite numerous growing global challenges in the past period, the economic relations between Serbia and the US had not weakened, but, on the contrary, economic cooperation was developing very dynamically and in different spheres.

He also stated that American companies in Serbia employed about 32,000 workers, half of whom were in the auto industry, a sector that had strategic importance for the further economic prosperity of Serbia, the growth of the industrial base and exports to the world, and even greater integration of Serbian companies into European and global supply chains.

Dacic also mentioned that the US and Serbia had recently celebrated 140 years since the establishment of diplomatic relations, which had been an opportunity to rationally recapitulate the history of that cooperation.

He also pointed out that full membership in the European Union remained Serbia's central foreign policy commitment, but that the building of political and economic cooperation with the US would be a no less important strategic goal.

"Serbia is and will be a country where both Americans and American capital are welcome, and we will provide all conditions for investors from the US to have the most favorable possible business environment here. That these are not empty marketing messages can be confirmed by numerous American business systems that have been operating in Serbia for years and that, I am convinced, will share authentic impressions and be the most convincing promoters of my country," Dacic said.

He added that American companies brought with them not only jobs but also modern business models without which no country could count on success in our economically integrated world.