Serbia attracted approximately €24.4 billion in foreign direct investment between 2020 and 2025, with almost 60% of the capital directed towards tradable sectors and around €6.3 billion invested in manufacturing, according to figures highlighted by the National Bank of Serbia (NBS).
The composition of investment is increasingly focused on activities capable of generating export revenues, including manufacturing, logistics, information and communication technology (ICT), engineering and professional services. The NBS has also identified growing investment in scientific, technical and innovation activities.
Export-Oriented Investment and Trade Performance
Investment in industries serving international markets can strengthen Serbia’s external balance by generating foreign-currency earnings after the initial investment phase. The importance of this capacity is reflected in recent trade performance: Serbia’s goods exports increased by more than 9% during the first eight months of 2026, despite weaker demand in European markets.
Foreign investment is also becoming more geographically diversified. Investors from the European Union remain dominant, while investment from Asian countries has increased.
Technology Transfer and Domestic Supplier Integration
Assessing investment increasingly requires examining its contribution beyond total capital inflows or the number of factories established. Relevant factors include technology transfer, integration of local suppliers, productivity, energy efficiency and export contribution.
Projects relying primarily on low labour costs or subsidies may have a different economic impact from investments that develop domestic capabilities and establish stronger links with Serbian companies.
The long-term contribution of foreign capital will depend in part on how effectively it combines with Serbian engineering expertise, service providers and domestic supplier networks, generating recurring export revenues after construction and initial investment have been completed.
