Mali: Serbia has received 15.9 bln euros of FDI since 2020

BELGRADE - Serbia has attracted a total of 15.9 bln euros of FDI since 2020, Finance Minister Sinisa Mali said at a meeting with global investors from the US on Friday.

Following a Serbian delegation's visit to Washington for the IMF/World Bank Group Spring Meetings, the investors came to Serbia to get better acquainted with all economic parameters in the country.

"We are talking about crisis years, when the European economy was in an on-off recession and the pandemic was followed, in succession, by an energy crisis, supply chain disruptions and war conflicts in Ukraine and Gaza," Mali told the investors.

"We see no difference between domestic and foreign investors. I hope you will find projects and opportunities in Serbia that will get you interested in investing," he said.

He said Serbia had registered 2.5 pct GDP growth last year and 3.8 pct growth in Q4 2023 alone, and that February 2024 growth had reached 5.9 pct and was based on exports and investments.

He said official statistics showed that all sectors were seeing growth.

"We have unveiled the Serbia 2027 programme and then the EXPO, both of which will make Serbia the biggest construction site in Europe. Investments in Serbia across all sectors will total around 18 bln euros," Mali said.

He noted this would bring further growth, boost the quality of life and infrastructure quality, with nine motorways and roads currently under construction.

Mali added there was a plan to build a high-speed rail line to Nis, North Macedonia and the Bulgarian border.

"All that is attracting investors and giving us the desired results, so we have reduced the unemployment rate from 25.9 pct to 9.1 pct, we have record-high gold reserves and a stable exchange rate," he said.

He noted that Serbia had a stable public debt amounting to 47.6 pct of GDP, compared to a global public debt of 93 pct and a eurozone average debt-to-GDP ratio of 89 pct.

He said Serbia's budget deficit stood at 2.2 pct - down from the initially projected 3.3 pct - and that Serbia was attracting as much as 63 pct of FDI in the region.

"That is a big buffer for us that shows us how responsibly we are managing public finances. We are being conservative in these years of crisis, which gives us the necessary caution and, overall, produces these results for us," Mali concluded.