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Why Invest in Serbia

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Why Invest in Serbia Serbian Development Agency Serbian Development Agency Razvojna agencija Srbije Razvojna agencija Srbije Why Invest in Serbia Development Agency of Serbia Welcome to Serbia! I have been nothing but impressed by” Serbia - a hidden gem to the business world. Jeff McCroskey, VP Services, Europe, NCR 88,499km2 Serbia has continued its path toward EU membership: EU negotiation process officially started, ready for accession by 2020. 7.19 million* Serbia has regained its position as the top investment destination country in the world, measured by the number Belgrade of jobs relative to the size of the population.* (capital, 1,660,000) *According to IBM Global Location Trends 2014 report, IBM Institute for Business Value Nis Novi Sad Serbia is the only country outside of the Commonwealth (above 250,000) (above 341,000) of Independent States that has a Free Trade Agreement Kragujevac with Russian Federation. (180,000) On WB Doing Business List, Serbia moved up by 44 places over the past 2 years, and is now ranked 47th globally. GMT +01:00 (Central European Time) Belgrade was named a City of the Future in Southern Europe. by Financial Times The business environment is stable, and it offers transparent market conditions, which creates a good starting point” for our business growth in a long run. * Data does not include Kosovo and Metohija Marco Aspesi, VP Corporate Transformation at SR Technics Group 3 Join the Pool of the Successful Serbia has taken important steps to implement the reforms necessary for attracting foreign and domestic” investors. We are pleased to be further strengthening the investment climate and enhancing governance. Given Serbia’s strong potential, such positive changes in what is the largest economy in the Western Balkans will have a wider impact throughout the region. Sir Suma Chakrabarti, EBRD President (2015) €21 FDI Ranking per Sector FDI Ranking by billion by No. of Projects No. of Projects of FDI inflow since 2007** Automotive industry Italy 15.7% 13.5% Italy 15.9% Food, Beverage & Agriculture Germany 13.6% 11.8% US 11.6% Textile & Clothing 9.1% Key investors Austria 10.3% 11.7% Austria Construction Slovenia 7.4% 8.5% Norway 5.6% Electrical & Electronics France 5.2% 8.0% Greece 5.6% US 5.0% Machinery & Equipment 5.2% 7.2% Germany Source: RAS* , January 2017 Financial Greece 3.9% 5.0% France 4.1% FDI Ranking by Value Source: RAS*, January 2017 * RAS database includes almost 400 foreign investment projects and tracks all investment types in the manufacturing and service sector, excluding portfolio investments. Data are based on the 4 research that was done according to the country of origin of the investor company. 5 fiat 500l, proudly made in serbia Why Invest in Serbia? The attractiveness of the location, logistics advantages, availability of skilled We saw Serbia as a country with good strategic position, adequate infrastructure and workforce, and a very good support of ”the Government of the Republic of Serbia and great human resource potential. Being” at a unique position in the European market, the local community are the main reasons why the Bosch Group decided to invest in Serbia offers diverse possibilities and, above all, high quality workmanship. the municipality of Pecinci and the Republic of Serbia. Mrs. Silvia Vernetti - Blina, Director FCA Serbia Mrs. Jovanka Jovanovic, General Manager of Robert Bosch Serbia 1 2 3 4 5 6 Availability of Competitive Customs Free Political and Financial Optimal High Quality Operating Cost Access to 1.1bn Economic Benefits and Geographic Labor Consumers Stability Incentives Location 6 7 1 Availability of High Quality Labor Our decision (to invest in Serbia) was based on a high confidence to find a very motivated and skilled workforce, to” have optimal logistics conditions from and to the other European countries, to develop an intense cooperation with technical high schools and universities and to build a strong partnership with the national and local authorities. This initiative demonstrates our confidence and trust in Serbia, its industry, management competence” and the skill of its workers. Mr. Laurent Cardon, General Manager Operations Europe, Johnson Electric Mr. Sergio Marchionne, CEO, FCA University Centers across the Country 12% GERMAN RUSSIAN 94,706 86% 6% Other FRENCH ENGLISH 16% 43% SPANISH Unemployment Unemployment Rate** 4% ITALIAN Rate* (under 30 years old) 241,054 Language Proficiency Source: *Statistical Office of the Republic of Serbia, Labor Force Survey, I-IX 2016, Active **National Employment Agency students Source: InfoStud, indication of knowledge of languages, based on 100K+ The Structure of Unemployed by Level of Education Serbia was ranked th out of 26,298 4 the 76 countries in Business Mathematics, IT 21.6% English proficiency by BEI*. 120,481 University and College and Computing *Business English Index, 61.4% 79,878 40,172 Global English Corporation, 2012 357,693 Social Sciences, Engineering and High School 14.1% Business and Law Manufacturing 2014/15 of Serbia, of the Republic Office Statistical Source: 78,843 Elementary School Source: Statistical Office of the Republic of Serbia, Survey on Labor Force 2015 506 High Schools across the Country Economics, Law 10,034 6,959 Trade and Tourism and Administration Schneider Electric recognized the knowledge, innovation and experience of young engineers in Serbia and invested resources” in the DMS from Novi Sad, which is now a Mechanics and 73,457 Agriculture and Electronics 14,254 4,118 Food Production global center of Schneider Electric research, development and production of software for Graduates optimal management of electricity distribution. Gymnasium 16,611 21,481 Other 8 Mr. Dragoljub Damljanovic, General Manager, Schneider Electric Serbia 9 Source: Statistical Office of the Republic of Serbia / School Year 2014/2015 2 Competitive Operating Costs Average Net Salary by Regions (EUR) According to EUROSTAT, Serbia has the lowest costs of electricity, 500 gas, other fuels and landline telephony among 37 European states. 450 400 Average Gross Monthly Salary Corporate Profit Tax (EUR) 350 Serbia 506 Serbia 15% 300 Romania 568 Romania 16% Hungary Czech R. 250 799 19% I-XI 2011 2012 2013 2014 2015 Slovakia 880 Poland 19% 2016 Poland 927 Hungary 19% Belgrade South and East Serbia Region Czech R. 971 Croatia 20% Vojvodina Sumadija and West Serbia Region Croatia 1,058 Slovakia 22% Source: The Vienna Institute for International Economic Studies, 2015 Source: Statistical Office of the Republic of Serbia Cost Savings vs EU-28 Average Old Build 2 Industrial Facility 1-2.5€/m New Build 3-5€/m2 Lease Cost Labor Electricity, Gas and Other Fuels 2 84% 58% 200-400€/m Average Building Cost savings savings Transport Services Office Space Rental 43% 32% savings savings RAS Source: 3 3 10 CBRE, 2015 EUROSTAT, Source: 0.067 €/kWh 0.6-1.3 €/m 0.38-0.42 €/m 11 3 Customs Free Access to 1.1bn Consumers 4 Political and Economic Stability Over the past 4 years Serbia took steps to further improve political and economic stability. In order to reverse the Serbia`s trend of economic growth driven by import and consumption, and put the country on a dynamic and sustainable growth path, led The existence of educated and skilled workforce, incentives to investors, and by investments and exports, it was necessary to carry out economic reforms consisting the free trade agreements with the” Russian Federation and Turkey, as well as of macroeconomic stabilization and improving the business climate.. developed infrastructure and favorable geographical position were the key factors Since 2014, the Government of the Republic of Serbia has taken steps towards for Grundfos investment to Serbia. reducing the government debt, including greater fiscal responsibility, reform of the public administration, reform of the state-owned enterprises and an overall increase Jim Toft Nielsen, General Manager, Grundfos Serbia of the productivity in the public sector. GDP Growth (%) Source: National Bank of Serbia, Statistical Office and Ministry of Finance of the R.Serbia, IMF EU 3.0 % 2.7% 506.8mn 3% Consumers 2% 66% of Total Exports 1.0% 0.8% 1.8% EFTA 1% Planned 13.6mn 0% Consumers Actual 0.9% of -1% Total Exports -0.5% -2% -1.8% Total: Estimated for Forecast for 2014 2015 2016 2017 US Budget Deficit (%GDP) 321.4mn 1.1bn Consumers consumers Russia, Source: Ministry of Finance and Fiscal Council of the Republic of Serbia 7.4% 1.9% of Kazakhstan, Total Exports Belarus 171.1mn 5.8% CEFTA Turkey Consumers 6.6% 5.9% of 4.0% 20.1mn 76.7mn Total Exports Planned Consumers Consumers 3.8% 18.6% of 1.9% of Actual Total Exports Total Exports 1.7% 2.0% Source: Statistical Office of the Republic of Serbia, 2015 12 2014 2015 Estimated for Forecast for 13 2016 2017 5 Financial Benefits and Incentives Cash Grants Free Trade Zones To offset initial capital investments and ease the start-up of business endeavors, the Government of Serbia offers financial support for Greenfield and Brownfield projects in manufacturing, and the services sector which may be subject to international trade. Free Trade Zones Construction Land Transfer Subsidy Government or the local municipality can sell construction land at a price which is lower than the market price in support of an investment project that is of national 14 importance (if the land is owned by the government) or an investment projects that promotes local economic development (if the land is owned by the local municipality). 20% of total Subotica Apatin more than Multinational Serbian Novi Sad Zrenjanin 200 companies Corporate Income Tax Relief exports Belgrade Sabac Smederevo A 10-year Corporate Profit Tax Holiday is available for investors who hire more than 100 Svilajnac Kragujevac employees and invest more than 8.5 million euros (1 billion RSD).
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