AmCham: Business climate in Serbia rated 2.6 out of a maximum of five

The business climate in Serbia was rated 2.6 on a scale of one to five, according to a survey conducted by the American Chamber of Commerce (AmCham) among companies operating in our country. AmCham Deputy Executive Director Amalija Pavic stated that companies believed that reducing corruption, strengthening the rule of law and the efficiency of the judiciary were key reforms that needed to be implemented, as they represented the basis for further business development.

AmCham in Serbia, which brings together more than 270 American, international and domestic companies, has conducted a survey on the business climate in our country and investor confidence for the thirteenth time. These companies have invested more than EUR 14 billion in Serbia and employ almost 120,000 of our citizens.

Amalija Pavic told RTS that the satisfaction of business companies in Serbia had been influenced by global and local factors.

– The combination of global and local factors contributed to the decline in satisfaction. The global factor is the unpredictability of trade policies, which has affected our main export market, which is the EU.

When it comes to local factors, it is the socio-political instability since the beginning of the year.

– Caution is the main word that our companies use – she said.

More than half of the members plan to increase their business, while a third plan to hire new employees. When it comes to micro and small companies, almost a third expect business growth, and slightly more than a fifth new employees.

– According to our research, 50 percent of AmCham members and 27 percent of small and micro companies plan additional investments – she emphasized.

However, the research was conducted before the sanctions against NIS came into force.

What are the priorities now for improving the business climate in Serbia, how much has the list of key recommendations for the Government of Serbia changed?

– The list of key recommendations has not changed much in the last seven years, when we had 7% growth, the pandemic, the Ukrainian crisis and high inflation – she added.

The first two reforms are always reducing corruption and increasing the rule of law and the efficiency of the judiciary. Companies consider these to be the basis for development, and the European Union requires them as a condition for joining.

The challenges of artificial intelligence

More than 70% of AmCham members believe that the biggest challenge in the coming period will be educating employees to automate processes and use artificial intelligence to increase work productivity.

Additional investment in education, which has been recognized as one of the priorities, should help to keep pace with the world in this field.

Američka privredna komora u Srbiji AmCham Serbia

American Chamber of Commerce

AmCham

Amalija Pavić

business climate in Serbia

artificial intelligence

fighting corruption

rule of law