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Foreign capital dominance: The growing presence of international companies in Serbia’s IT sector

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In Serbia, the IT sector is witnessing a surge in interest from foreign investors, with approximately 2,000 out of 7,700 IT companies being predominantly owned by international capital, according to data from the Serbian Chamber of Commerce. Bojan Stanić, assistant director of the sector for strategic analysis, services, and internationalization, predicts that this trend will likely persist in the foreseeable future.

Stanić points to the recent Ukrainian crisis as a testament to Serbia’s attractiveness for IT professionals, noting that many experts from Russia and Ukraine have chosen Serbia as their new base of operations. Last year, the export of IT services reached 3.4 billion euros, and economists anticipate that 2024 will set a new record in this regard.

Currently, Serbia hosts a total of 21,000 entrepreneurs engaged in IT activities. Among the IT companies majority-owned by foreign capital, those from the Russian Federation take the lead with 428 companies, followed by the USA (170), Germany (121), Switzerland (112), and Great Britain (88). Stanić emphasizes that the significant presence of Russian-capital companies, constituting around one-fifth of the IT industry, underscores their substantial influence in the sector.

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