In 2024, Serbia achieved a record $5.1 billion in foreign direct investments (FDI), with significant contributions from both European Union (EU) countries (37.2%) and Asian countries (34%). Notably, China emerged as the largest foreign investor in Serbia, surpassing the Netherlands as the leading investor in the first three quarters of 2024. This marks a shift in investment patterns, reflecting Serbia’s efforts to diversify its economic partnerships amid geopolitical challenges.
Jagoda Lazarević, Serbia’s Assistant Minister of Foreign Affairs for Economic Diplomacy, explained that this growing share of Asian investments, particularly from China, is a part of Serbia’s broader strategy to find stable markets outside of the EU. She emphasized that, while the EU remains Serbia’s most important economic partner, diversification is necessary due to the volatility in global markets.
Trade with China has been expanding, with Serbian exports surpassing the previous year’s record levels in the first 11 months of 2024. The main exports to China are copper ores and concentrates, but Serbia aims to further diversify the range of goods for the Chinese market.
Lazarević also highlighted Serbia’s growing cooperation with Japan and South Korea, especially in the automotive sector, which is a major driver of employment, with around 45,000 people employed in the industry. Serbia is working on a free trade agreement with South Korea, which will be broader in scope than the one signed with China, covering financial and digital services, areas of particular interest for both countries.
As part of her career development, Lazarević has been nominated as the new Minister of Foreign and Internal Trade, and if appointed, she intends to continue her focus on attracting new investments, expanding trade with key markets, and carefully negotiating agreements that protect Serbia’s national economic interests.
