Serbia is a country that continues to undergo political changes. In 2006, Montenegro declared its independence from Serbia, changing the name of the country from Serbia and Montenegro to the Republic of Serbia, with the Republic of Montenegro becoming a separate state. On February 17, 2008 Kosovo declared its independence from Serbia.

Language
The predominant language is Serbian. Serbia uses the Cyrillic alphabet, although many signs in urban areas are in both Cyrillic and Latin script. Fortunately, many business people speak foreign languages, mostly English and German, some French and Italian. According to the U.S. Department of Commerce, Serbia has one of the highest English proficiency levels in the entire region. In the northwestern Vojvodina region of Serbia, many are fluent in Hungarian.

Business Climate
Over the past six years of extensive political and economic reforms, Serbia has developed into a stable democratic country with a fast-growing market economy. Western-oriented, Democratic political parties have a clear majority among the citizens, and the government exerts whole-hearted efforts to create a secure and attractive environment for conducting business.

Leading Exports to Serbia
U.S. Department of Commerce reports demand is estimated to be highest for airport and air traffic control equipment and related services. The other products representing the best prospects for firms exporting to Serbia include: passenger bridges, firefighting trucks, metal detectors, electronic sniffers, and baggage X-ray inspectors.

Business Customs
The area of ex-Yugoslavia was never part of the Eastern Block. Enterprises were "socially owned" and were run by an elaborate system of workers’ self-management. These enterprises engaged in significant foreign trade and had substantial contact with western companies. Private entrepreneurship was permitted on a small-scale basis and during the 1990’s private business increased substantially. As a result, business managers are quite familiar with western-style market economy philosophy, customs, and business practices. Management is typically concentrated at the level of the Managing Director (typically the key decision-maker).

According to the U.S. Department of Commerce, business relationships in Serbia are founded on trust with significant time and energy invested in developing relationships. However, it also notes that Serbia’s business people are quick to recognize opportunities and can just as suddenly move at an accelerated pace.

As is true in other European countries, summer holidays stretch throughout July and August and it is frequently difficult to reach company management during this period.

Find out more
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SOURCES:

US State Department

US Department of Commerce