Selaković presented economic successes of Serbia and the conditions for investment to Chicago entrepreneurs

06. Jan 2022.
The Minister of Foreign Affairs of Serbia Nikola Selaković met today in Chicago with the representatives of some of the largest companies from that city and presented the economic potential of our country, primarily the benefits and opportunities provided to investors.

Selaković stated that Serbia has had the fastest growing economy in Europe in the past two years, that, despite the pandemic, it has remained stable in terms of public debt and that it is convincingly the first in the region when it comes to foreign investments level.

As he explained, the progress of the Serbian economy is the result of numerous reforms initiated at the time when the incumbent President Aleksandar Vučić was at the head of the government, primarily fiscal consolidation but also extensive changes in the education system.

Selakovic said that Serbia offers excellent conditions for business development in many areas, especially in the IT sector which has achieved impressive growth in the last five years and continues to grow.

According to him, the fact that German companies in our country employed around 17,500 workers only a few years ago speaks of the attractiveness of Serbia as an investment destination, and that today about 74,000 people work in German companies in Serbia.

Minister Selaković explained that Serbia offers excellent benefits to investors from the USA, favorable tax conditions but also fewer administrative obstacles than EU countries, adding that companies such as Microsoft and Amazon already operate in our country, and that NCR employs as many as seven thousand people.

He also pointed out the importance of infrastructure development in Serbia, emphasizing that ten highways are currently being built, which will completely change the way and quality of life and business doing in our country.

He added that Serbia is also unique with regard to the fact that every potential investor is received by the president or prime minister and that an efficient system of protection of investments against corruption has been created, while the comparative advantage of our country is numerous free trade agreements.

Minister Selaković also informed his interlocutors about the epidemiological situation and the measures that Serbia is taking in the fight against the corona virus, emphasizing that, through concrete assistance, we have expressed solidarity with our neighbors and many countries worldwide.

The Director of the World Business Chicago Michael Fassnacht said that the citizens of Chicago were proud of the fact that the city was home to the largest Serbian emigrant community in the United States as well as of the established partnership with the twin city of Belgrade.

Representatives of Chicago companies had a number of questions about the specific conditions for investing in Serbia.

Minister Selaković also had the opportunity to visit the DRW Holdings where he learned in more detail about the economic potential of Chicago, primarily about the financial sector.

Minister Selaković arrived in Chicago, together with the Director of the Directorate for Cooperation with the Diaspora and Serbs in the region Arnaud Gouillon, to spend Christmas with the Serbian emigrant community. The delegation of the Ministry of Foreign Affairs also includes Assistant Minister for Economic Diplomacy Miroslav Knezevic.