The Serbian Chamber of Commerce (PKS) has been instrumental in shaping Serbia’s modern economic diplomacy by focusing on regional cooperation, economic integration and promoting Serbia’s business environment. Over the past few years, the chamber has implemented several initiatives aimed at strengthening Serbia’s presence in the regional and global markets. The chamber’s approach to economic diplomacy has evolved significantly to include a broader network of partnerships, greater emphasis on regional cooperation, and innovative ways of promoting business opportunities for Serbian enterprises. Below is an analysis of these regional initiatives and how the economic diplomacy approach has been transformed.
1. Focus on regional economic integration
• Open Balkan initiative: The Serbian Chamber of Commerce has been a key player in supporting the Open Balkan initiative (formerly known as Mini-Schengen), which aims to create a free movement zone for goods, services, capital and people across Serbia, Albania and North Macedonia. This initiative is a significant step towards regional economic integration and is designed to foster trade and investment within the Western Balkans, helping to reduce bureaucratic barriers and enhance cooperation.
• Western Balkans Six cooperation: Another regional initiative includes cooperation within the Western Balkans Six (WB6), which includes Serbia, Montenegro, North Macedonia, Bosnia and Herzegovina, Albania and Kosovo. The PKS has been active in promoting common markets and business-friendly policies that enhance trade relations, improve cross-border investments and support infrastructure development in these countries.
Reinventing economic diplomacy through regional cooperation
• Trade facilitation and free trade agreements: The Serbian Chamber of Commerce has helped facilitate a range of free trade agreements (FTAs), not only within the region but also with the EU, the Eurasian Economic Union, and other countries. These agreements are crucial in opening new markets for Serbian businesses while reducing tariffs and regulatory barriers . The chamber’s role includes promoting these opportunities to local businesses and helping them navigate the complexities of international trade agreements.
• Joint projects and investments: The PKS promotes regional cooperation through joint projects in key sectors such as infrastructure, energy, tourism and agriculture. By creating strategic partnerships with neighboring chambers of commerce, the PKS encourages cross-border investments and joint ventures, positioning Serbia as a central economic player in the region.
2. Digital transformation of economic diplomacy
• Digital platforms and services for businesses: The Serbian Chamber of Commerce has embraced digitalization as a key pillar of its reformed economic diplomacy. Through its online platforms, the PKS offers Serbian companies digital services that support international trade, export development, and market analysis. These digital tools include access to databases, digital export certifications, and online trade fairs, allowing Serbian companies to engage more easily with international markets.
• Promotion of E-commerce and IT: The PKS has recognized the potential of Serbia’s growing IT sector, which has become one of the fastest-growing industries in the country. By promoting e-commerce and providing support to tech startups, the chamber is driving innovation and helping Serbian businesses compete in the global digital economy.
3. Bilateral chambers and global outreach
• Bilateral chambers and international networks: To enhance economic diplomacy, the Serbian Chamber of Commerce has strengthened its global network of bilateral chambers of commerce and international partnerships. These partnerships promote trade and investment opportunities in key markets such as Germany, Russia, China, and the United States. The chamber actively engages in organizing business forums, trade missions, and B2B meetings, bringing Serbian businesses together with foreign investors and entrepreneurs.
• Strengthening diplomatic and economic relations: The PKS has become more integrated with Serbia’s foreign policy by collaborating with embassies, foreign ministries, and international organizations. This partnership enhances Serbia’s visibility on the international stage and allows Serbian companies to leverage diplomatic channels to gain market access and resolve trade disputes.
4. Training and capacity building
• Education for business leaders: The PKS offers training programs designed to help Serbian businesses understand international markets, export procedures, and global business trends. These programs include courses on economic diplomacy, focusing on how companies can engage with foreign markets and navigate complex international trade environments.
• Support for small and medium enterprises (SMEs): A major focus of the PKS is supporting SMEs through export-oriented programs, which include funding, advisory services, and access to international business networks. This approach not only helps smaller companies but also boosts Serbia’s overall export capacity.
Reformation of economic diplomacy
The Serbian Chamber of Commerce has reinvented the country’s economic diplomacy by embracing regional integration, promoting digital transformation, and fostering global outreach. The focus on initiatives like the Open Balkan and the Western Balkans Six has strengthened Serbia’s economic ties with its neighbors, making the country a key player in regional trade. Moreover, through its digital platforms, international networks and capacity-building programs, the PKS has modernized Serbia’s approach to global economic diplomacy, making it easier for Serbian companies to enter new markets and compete globally.
This reformed approach has not only positioned Serbia as a growing economic hub in Southeast Europe but has also helped local businesses to expand beyond the region, ensuring that Serbia remains competitive in an increasingly interconnected global economy.
