The Republic of Serbia is a country in Central Europe.
Its neighbors include Croatia, Hungary, and Bosnia. The official language is Serbian. Further, the Serbs are the most common group within the country. Hungarians are another major ethnic group, and so are Bosniaks and Roma. Eastern Orthodox Christians form the largest religious group, followed by Catholics, Muslims, and Protestants. The currency used is the Serbian dinar (RSD).
The country has a service-based, middle-income, free-market economy. The key industries of Serbia are agriculture, coupled with automotives, mining, and energy. The country’s leading exports are vehicles, tires, base metals, chemicals, furniture, clothing, processed food, and sugar. By the same token, trading plays an important role in the nation. The state trades with at least five major markets: Russia, Germany, China, Italy, and the Balkan countries.
The land is bountiful. In fact, one-fifth of Serbia’s sales in the world market are from agri exports. For example, they are the supplier of frozen fruits to the French market and EU. The country is also a big producer of corn and wheat. It produces other agri products, for instance sunflowers, sugar beets, soybeans, potatoes, apples, pork, beef, poultry, and dairy products.
Belgrade is the largest, most populated, and capital city of Serbia and it claims the title “the city that never sleeps.” The city is one of the oldest in Europe but it’s filled with life. In addition, its rivers have floating clubs that have great parties.
Novi Sad is the second city most populous city. This city has the title ‘the Liberal City of Music, Art, and Fun.”
Serbia has a high number of Internet users. It has also increased the number of social media users. However, mobile connections in the country have decreased.
If your company is offering food, the Serbian staples are bread, meat, fruit, veggies, and dairy products. Bread is a huge part of the country’s cuisine. Most religions use it in their services. In the country, it is normal for the people to give bread and salt to guests. Serbia offers many other foods, including fish and meat dishes.
The increase in fuel prices has affected the agricultural sector more than any other. Together with other factors, it has led to the rise in the prices of products such as wheat, soybeans, and corn. This increase came after the government had already raised the prices of corn, wheat, and other grains to support the agri sector, which was affected by the green market ban.
In the past few decades, reliance on general trade and trade within the global value chain (GVC) is not a problem in itself. Like many other economies, Serbia has few exports and high imports.
Benefits and strengths of the market
Serbia has many natural resources (coal, bauxite, copper, zinc, gold) and plenty of food. Also there is a stable agreement with the EU, which allows 93% of the country’s products to enter the Euro-zone customs-free. Another key point is government reforms, which are in place with the IMF and the EU. Moreover, there has been an increase in automotive exports. Additionally, the process of accession to the EU is in progress.
Reasons to grow your business in the market.
The nation has top schools, including those for higher learning, and is well known around the world for its teaching quality. It provides teaching at all levels in multiple languages.
Belgrade, Serbia, is the commercial and banking center of Southeast Europe. Many refer to it as the “Switzerland of the Balkans.”
The workforce is well-educated, but wages are low. Thus, companies get quality labor for cheap prices.
Serbia is part of Europe, but it is not yet a member of the EU. You get to enjoy both worlds.
Serbia’s visa and residence permit policies are easy to navigate and the country welcomes all types of investors.
About Market Research in Serbia
If you are interested in starting a business in Serbia, our research services are the best bet for you. As a matter of fact, we have formed Focus Groups for some of the companies in Serbia. Similarly, we can conduct Quantitative, Qualitative, and Strategic Research for your company. So, you can choose the best industry to start a business. We can also gather records for you and your business.