The Government of the Republic of Serbia adopted the new Electronic Communications Development Strategy until 2027. This document, developed by the Ministry of Information and Telecommunications in collaboration with numerous partners, establishes a new strategic framework aimed at building a secure, reliable, and accessible electronic communications infrastructure. The Strategy aims to fully align the field of electronic communications with the growing needs for services in this area. Integral to this document is an Action Plan outlining measures and activities essential for the successful achievement of its objectives. A primary focus of the Strategy is to bridge the digital divide between […]
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Gecić Law is proud to announce its participation in the latest edition of the Chambers Global Practice Guides: Doing Business In… Our team contributed to the “Trends and Developments” sections for Serbia. Our esteemed partners Bogdan Gecić and Hristina Kosec offered their insights into the jurisdictions dynamic business and regulatory environment. They highlighted key trends, challenges, and opportunities shaping the country’s economic and legal landscapes. The authors highlight Serbia’s rapid growth, driven by information technology, agriculture, and manufacturing. This undoubtedly contributes to its status as one of the most attractive investment destinations globally. In addition, Serbia’s favorable business environment, strategic […]
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In June 2023, the Serbian bid to organize EXPO 2027 prevailed over the United States, Thailand, Spain and Argentina. Belgrade has embraced the concept of “Play for Humanity – Sport and Music for All” for its international exhibition. To realize this vision, Belgrade is committed to constructing a state-of-the-art exhibition center, necessitating substantial investment. What is the EXPO and Why Does it Matter? The Universal Exhibition, commonly known as “EXPO,” is a prestigious global event enabling participating nations to showcase themselves to the world. It also serves as a platform to exhibit cutting-edge technological and scientific advancements, cultural milestones, and […]
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JFE Shoji’s Investment in Serbia Gecić Law is delighted to announce its successful role as the legal counsel supporting JFE Shoji Corporation and its Serbian affiliate (“JFE Shoji”) in a significant greenfield investment in Serbia. This involved the acquisition of a 10-hectare land plot in the prime industrial zone of Indjija. The investor will construct a cutting-edge production plant in this location to produce motor cores. The location will also serve as the headquarters for JFE Shoji’s European operations. The foundation stone laying ceremony for this ambitious Japanese investment took place on March 18, 2024. With an investment of 50 […]
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Serbia is opening its doors wider to foreign workers due to several factors. The qualified labor shortages, technological and economic growth, and the effects of globalization have made it essential to simplify and facilitate the residence and work procedures for foreigners in Serbia. Recognizing this need, last winter Serbia began drafting amendments to three foundational immigration laws: the Foreigners Act, the Foreigners’ Employment Act, and the Citizenship Act. Two of these, he amendments to the Foreigners Act and the Foreigners’ Employment Act, have been adopted by the National Assembly. These changes aim to provide a more streamlined and appealing environment […]
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Continuing our series on opportunities for investment in Serbia, we discuss the real estate sector. Historically, countries have been reluctant to allow foreigners to acquire real estate. In the past, real estate (primarily lands) symbolized its owners’ power, and today apartments, buildings, houses, properties, mines, and fields have significant worth. Nevertheless, globalization has increased the dynamics of “international” real estate trade. Real estate has thus become an important segment in international investment, both as a secondary part of the project (leasing or even buying space for the investors’ regular business operations) and as the very purpose of the investment (real […]
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As part of our series on investment opportunities in Serbia, this time we delve into the pharmaceutical industry. The coronavirus pandemic demonstrated that Serbia has significant potential in the sector that is still running strong. Unlike other industries, the pharmaceutical industry has been showing unprecedented growth. The high demand for medicines, supplements, basic hygiene products and disinfectants, and other medications has shown that there is a strong need for businesses and institutions that will meet this demand. In that sense, Serbia’s pharmaceutical industry showed high efficiency and managed to establish and maintain regular supply, stable production, and unhindered imports as […]
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The Global Gateway initiative was unveiled on December 1, 2021, as a strategy of the European Union (“EU”) to support sustainable infrastructure development around the world. The EU is planning to invest EUR 300 billion over five years. The European Commission pitched the Global Gateway as a template for how Europe aims to build more resilient connections across the globe. The Global Gateway is about increasing investment, promoting values and high standards, good governance and transparency, partnerships based on equality, green, clean, secure infrastructure, but also catalyzing and supporting private sector investment in new markets as part of the Global […]
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For several years in a row, Serbia is ranked among the leading destinations for foreign investors. According to the Greenfield FDI Performance Index, in 2019 Serbia was ranked first among 105 states observed by the index. A similar status was maintained throughout the subsequent years as Serbia ranked fifth in 2020, and sixth in 2021. According to the World Bank Doing Business rankings, Serbia is ranked among business-friendly jurisdictions, whose ease of doing business index grows regularly. The willingness to invest raises concerns regarding the legal and institutional framework of the host economy. Bilateral investment treaties (“BIT”) have been presented […]
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The end of 2021 was marked by changes in the legislation of the Republic of Serbia, which included the adoption of a new Capital Market Act (“Act”) that entered into force on January 5 this year. The objective of the Act is to introduce greater transparency and responsibility in business, the introduction and development of financial instruments offered on the Serbian capital market, creating a more attractive environment for both domestic and foreign investors. It was adopted following the government’s Capital Market Development Strategy 2021-2026, and the Action Plan for its implementation. The law will start to apply after one […]
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Our Energy practice team has repeatedly demonstrated its credibility by devising unique opportunities for greenfield and brownfield investments for our clients. We provide comprehensive solutions related to privatization, regulatory compliance and due diligence in cooperation with eminent regulatory, corporate and financial experts. Counsel to Norwegian NBT AS on Wind Farms Project in Serbia Our latest accomplishment in the energy sector is providing counsel to NBT AS, Norway, a utility-scale wind power developer (exceeding 100 KW of power), in partnering with WV International (formerly Windvision). WV International has been developing wind farm projects in Serbia since 2010 and has been active […]
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The public debate on the Draft of Amendments of the Companies Act, suggested and prepared by the Ministry of Economy in April, will take place in Belgrade on 4th October 2017. As part of the drafting procedure, the Ministry tried to identify and address business sector`s concerns regarding the Companies Act and identify areas where amendments to current regulatory framework might be needed. In order to facilitate the above-mentioned, the working group also included representatives of the Chamber of Commerce and Industry of Serbia, with more than 60% of the comments submitted by the companies to the Ministry, being adopted. […]
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To create a more favorable business environment for domestic and foreign companies wishing to invest in Serbia, and to enhance the national economy, a new Decree on the Conditions and the Manner of Attracting Investments1 (Decree), announced by the Act on Investments2, has been enacted on 11 March 2016. Relying on the Serbia Investment and Export Promotion Agency’s (SIEPA) 2015 Decree on the Conditions and Manner of Attracting Direct Investments3 (SIEPA Decree), the new Decree provides for incentives in the form of grants or, under certain conditions, exemption from customs duties, both for the investments in new production facilities (greenfield […]
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A race to the bottom is a socio-economic phrase used to describe a situation in which countries or companies try to compete in order to attract and retain economic activity and the latest data from the Center for Economic Analysis (CEA) in Macedonia suggests that the country is pushing the envelope on its regional counterparts. CEA recently published that seven companies doing business within Macedonian technological industrial development zones have have been granted a total of 56 million euros in state aid. In certain cases, the state aid granted amounted up to 47% of overall value of the investment. Vesna Garvanlieva, CEA […]
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On 29 December 2015 Serbian Parliament amendments to the Agricultural Land Act (the “Act”) and with the changes effective as of 7 January 2016. The amendments primarily focus on introducing new ways in which to manage and dispose of state-owned agricultural land. The key changes are: revision of the conditions for exercising the right of first refusal, establishment of the right of priority lease of agricultural land, modifications regarding lease and use rights, use without reimbursement, and disposal of state-owned agricultural land. 1. The right of first refusal can be exercised as part of the specific procedure, which local self […]
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We are pleased to announce that our partner Bogdan Gecić together with Dr. Tatjana Jovanić, an associate professor at the University of Belgrade Faculty of Law, co-authored the Serbian chapter for Legal Aspects of Doing Business in Europe – Second Edition. The chapter provides a comprehensive overview of most important legal aspects for both domestic and foreign investors and businesses in Serbia. The chapter provides an in-depth analysis of the following topics: Enterprises: Establishment, Acquisition & Bankruptcy Customs Regulation Investment Incentives and Currency Regulation Competition and Market Regulation Intellectual Property Employment Banking The edition is published by Juris Publishing, Inc., a full-service […]
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