The jubilee 25th Belgrade Economic Forum was held in Belgrade on 17 December. This Forum is one of the most important regional gatherings dedicated to economics, investment and development policies.
This year, it brought together representatives of the state, international institutions, the business sector and the academic community across eight panels, with the aim of offering answers to the key challenges of growth and competitiveness for Serbia and the region.
Reshaping the global map
The first panel of the 25th Belgrade Economic Forum opened a discussion on the transition towards a multipolar world and Serbia’s role in a complex international environment. The focus was on balancing the interests of major powers, investment potential and Serbia’s strategic priorities. The panel was moderated by Jelica Minić, a member of the Executive Board of the European Movement in Serbia, and the participants were Dušan Kozarev, Gordana Delić, Vuk Velebit and Igor Novaković.
Gordana Delić, Director of the Balkan Trust for Democracy at the German Marshall Fund of the United States, highlighted the strategic importance of the region and the growing interest of the EU and the US.
“An increased inflow of investment into infrastructure, logistics and the defence industry can stimulate economic growth and job creation, but long-term convergence depends on the development of human capital. Investment in knowledge and skills should be the central theme of the region’s development,” Delić said.
Vuk Velebit, President of the Pupin Initiative, emphasised that Serbia must come forward with clear messages regarding its foreign and economic policy. He particularly stressed the importance of strengthening relations with European Union member states, which account for the largest share of investment and innovation, while interaction with Moscow and other global actors should be strategically adjusted.
Velebit assessed that there is continuity in the American approach to the Balkans across different administrations, with a significantly more positive view of Serbia in Washington than fifteen years ago.
Serbia’s energy independence was another key topic: “Serbia must not depend on a single energy source. Diversification of energy supplies is crucial for strategic stability and the country’s long-term development,” Velebit said.
Dušan Kozarev, Secretary General of the Ministry of Foreign Affairs of Serbia, stressed that the country remains committed to EU membership, while also maintaining traditional partnerships.
“We remain strategically committed to the EU, but we are not abandoning friendships from the time of the Non-Aligned Movement. We are opening new horizons in Africa, Asia and Latin America, which brings good market and investment opportunities,” Kozarev said.
He also confirmed commitment to initiatives such as the Berlin Process and the Open Balkan, underlining the importance of the free movement of people, goods and capital.
European financing: a boost to the development of the Western Balkans
The panel dedicated to the role of European financial institutions in the development of the region brought together Damijan Sorel, Head of the Regional Hub of the European Investment Bank for the Western Balkans, Ioannis Kyrkinezis, Vice President and Managing Director for the Balkans at Hill International, Danijela Gačević from the Regional Cooperation Council, and Tomislav Knežević from GIZ Serbia, while the discussion was moderated by Dejan Šoškić, Professor at the Faculty of Economics in Belgrade.
Sorel pointed out that the EU Growth Plan “no longer leaves membership in the realm of abstract promises”, stressing that “six billion euros represents a concrete opportunity for accelerated reforms and gradual entry into the EU single market”, with the message that strong institutions and the rule of law are a prerequisite for sustainable development.
Regional cooperation as a pillar of growth
Speaking on the same panel, Danijela Gačević, Head of the Programmes Department at the Regional Cooperation Council, highlighted the importance of the Common Regional Market, assessing that “regional cooperation is not a political phrase, but a proven instrument for economic growth”.
“The Action Plan for the Common Regional Market has the potential to attract private capital and accelerate the green transition, especially through the WB6 Green Force standard,” Gačević said.
Serbia and the EU: a long process, but a strategic choice
At the panel dedicated to Serbia’s European integration, the speakers were Plamena Halacheva, Deputy Head of the EU Delegation to Serbia, and Pernille Dahler Kardel, Ambassador of Denmark, with the panel moderated by Toplica Spasojević.
“The pace of enlargement corresponds to the level of implemented reforms – responsibility lies both with candidate countries and with member states,” Halacheva said, adding that “the question is no longer whether the EU wants Serbia, but whether Serbia will seize the opportunities offered to it”.
The Ambassador of Denmark noted that the war in Ukraine has brought enlargement back high on the EU’s list of priorities, assessing that “the question is not whether new enlargements will happen, but when”.
Brain drain – an economic and social risk
Tatjana Matić, Director of the Development Fund of Serbia, Jasmina Knežević, consultant and founder of Belmedic, Nikola Pontara from the World Bank, and Lev Ratnovski from the IMF, with moderation by Professor Nikola Makojević, spoke at the panel dedicated to retaining the workforce.
“The problem of labour outflow cannot be solved in a single move – it requires a combination of stable policies, development and a clear strategy,” said Tatjana Matić, while Knežević warned that “every departure of a doctor or nurse represents a serious blow to the healthcare system”.
Investment strategy and a new growth model
The panel “Encouraging growth: how Serbia’s investment strategy drives economic transformation” featured Vladimir Jumić, Mihailo Vesović of the Chamber of Commerce and Industry of Serbia, Oliver Lepori of JBAS, and Nikola Altiparmakov from the Fiscal Council, with moderation by Aleksandar Ljubić from FIC.
Altiparmakov assessed that the “growth model based on the quantity of investments has been exhausted”, stressing that Serbia must move towards “qualitative growth based on innovation and high added value”.
Energy security and transition
The panel on energy sources brought together speakers from several fields: Miloš Colić from Renewable Energy Sources Serbia, Miroslav Gligorijević from TITAN Cement Plant Kosjerić, Tomislav Mićović from the Association of Oil Companies of Serbia, and Dragan Milošević from GRAS, with moderation by Milan Parivodić.
“Long-term planning and diversification of energy sources are not a choice, but a necessity,” Mićović said, while Colić pointed out that Serbia has “made a serious step forward in renewable energy sources, with competitive energy prices”.
Infrastructure and the real estate market
The panel focusing on infrastructure featured Zoran Blagojević from Wiener Städtische Insurance, Stylianos Tsoktouridis from Alumil, and Pavle Skerović from EXPO 2027, with moderation by Dr Danilo Furundžić.
“Insurance today is becoming a key pillar of the investment cycle, because risks are no longer the exception, but the rule,” Blagojević said.
Innovation and technological development
The final panel on digitalisation and the start-up ecosystem brought together experts Saša Lazović, Director of the Innovation Fund, Jelena Begović from the Institute for Molecular Genetics, Anđela Terzić from the Belgrade Science and Technology Park, and Vladimir Mrkajić from InoSens, with Vladimir Vasić as the moderator.
“Young people often solve a technical problem, but without business knowledge that is not enough for success,” said Anđela Terzić, underlining that business knowledge is precisely “the biggest challenge for start-ups in Serbia”.
The EUpravo Zato initiative, which contributes to understanding, building trust and strengthening partnerships between Serbia, the Western Balkans and the European Union, was the media partner of the 25th Belgrade Economic Forum.