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Serbia: Doing business & staying in touch
Doing business in Serbia
Business culture in Serbia tends to combine formality in initial meetings with a more relaxed and personal approach once relationships have been established. Trust and personal rapport are valued, and business discussions often begin with informal conversation before moving to the main subject. Direct communication is common, though politeness and diplomacy remain important.
A firm handshake with eye contact is the standard greeting in professional settings. Titles and surnames are generally used during first meetings, particularly in more traditional industries or when meeting senior figures. Business cards are commonly exchanged, though the process is usually less formal than in some other parts of Europe.
Punctuality is expected for business meetings, especially in larger companies and international organisations, though meetings may occasionally begin slightly later than scheduled. Dress tends to be smart and conservative in corporate settings, particularly in Belgrade.
Business entertaining often takes place over long lunches, dinners or coffee, which play an important role in relationship-building. Hospitality is taken seriously, and refusing food or drink repeatedly may be viewed as impolite. Decision-making can sometimes be slower than expected, particularly in state-related sectors, where hierarchy and administrative procedures remain influential.
Serbia has one of the largest economies in the western Balkans, with industry, services, agriculture and manufacturing all playing important roles. Since the 2000s, the country has undergone significant economic restructuring following the collapse of Yugoslavia, international sanctions during the 1990s and the transition from a socialist to a market-based economy.
Manufacturing remains an important sector, particularly in the automotive, machinery, electronics and food-processing industries. Foreign investment has increased in recent years, especially from European Union countries and China, with industrial zones around Belgrade, Novi Sad and Kragujevac attracting international companies. Agriculture also remains significant, particularly in the fertile plains of Vojvodina, which produce wheat, maize, sunflower oil, sugar beet and fruit.
The services sector now accounts for the largest share of the economy, with Belgrade developing into a regional centre for information technology, finance and business services. Tourism has also grown steadily, driven by Belgrade’s nightlife, festivals, river cruises and the increasing popularity of Serbia’s mountain and spa regions.
Serbia maintains strong economic ties with the European Union, which is its largest trading partner, while also maintaining close relations with Russia and China. Although economic growth has improved infrastructure and living standards in many areas, regional disparities remain, and wages are generally lower than in Western Europe. Inflation and emigration of skilled workers continue to present economic challenges.
Automobiles and automotive components, machinery and electrical equipment, and agricultural products.
Machinery and transport equipment, petroleum and natural gas, chemicals, pharmaceuticals, and electronics.
Keeping in Touch in Serbia
There are public payphones in Serbia which accept telephone cards rather than cash. These can be bought at any newsagent or post office. Pre-paid Halo telephone cards costing 200-300 dinars allow both local and international calls, whilst a Halo Plus card allows only international calls at a cheaper rate.
Roaming agreements exist with most international mobile phone companies. Double-check with your phone company as to whether Serbia is included as part of Europe for data purposes, as some companies classify it outside of the European zone and will charge higher roaming rates. Coverage is good in the north and in Belgrade, but can be patchier in the south.
Internet cafés can be found in the main urban centres. Most hotels and self-catering apartments will have Wi-Fi but it may not be wholly reliable. In Belgrade, free Wi-Fi hotspots can be found within proximity of most Nestle ice-cream stands. You do not have to buy an ice-cream to use their Wi-Fi.
The Serbian postal service is reasonably good, with yellow post boxes found in most areas. Post to Western Europe takes from 3-4 days for delivery. Post to the USA and Australia is estimated to take from 5-9 days.
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