Serbia’s Foreign Direct Investment (FDI) Landscape in 2023

According to the central bank, Serbia recorded a net foreign direct investment (FDI) of 2.99 billion euros ($3.25 billion) in the first three quarters of 2023. The highest FDI inflow during this period, totalling 933 million euros, was directed towards the manufacturing sector. Construction followed with 500 million euros, mining with 359 million euros, and financial and insurance services with 301 million euros, as per figures published on the central bank’s website.

Although the central bank’s latest report did not provide comparative annual figures, earlier data indicated that Serbia’s net FDI inflow was 2.78 billion euros in the same period of January-September 2022.

In the first three quarters of 2023, European Union (EU) countries accounted for the largest share of net FDI to Serbia, totalling 1.61 billion euros. Among EU states, the Netherlands emerged as the top net investor with 631 million euros, followed by Austria with 210 million euros, Romania with 151 million euros, and Germany with 144 million euros.

Beyond the EU, China stood out as the single largest investor, contributing 817 million euros of net FDI to Serbia in the first nine months of the previous year.

The report reflects Serbia’s ongoing attractiveness for foreign investors, building on the momentum of the previous year when the country attracted 4.33 billion euros in net FDI in 2022, surpassing the 2011 figure of 3.66 billion euros.