Belgrade, 19 November 2025 – The Foreign Investors Council (FIC) today presented its White Book 2025, a key annual overview of the business climate in the Republic of Serbia, accompanied by recommendations for improving the country’s regulatory framework. Prepared by FIC member companies, the publication, for over two decades, has served as a platform for dialogue with Government institutions and partners, with the aim of fostering economic growth, attracting investment, and strengthening the long-term predictability and stability of the business environment in the country.
This year’s White Book was presented to the Prime Minister of the Government Republic of Serbia, Prof. Đuro Macut, PhD and the Ambassador of the European Union to Serbia, H.E. Andreas von Beckerath, in the presence of representatives of the Government, diplomatic community, international organizations, and the business sector.
In his opening address, dr. Ronald Seeliger, President of the FIC and CEO of Hemofarm Group, emphasized that investors are fully aware of the challenges Serbian Government is facing due to current geopolitical situation.“However, in order to tackle those challenges Serbia needs to intensify and accelerate negotiations with the EU on membership and fully harmonize domestic regulations with European standards while reducing the risks for investments and foreign trade,” Ronald Seeliger pointed out and said that FIC is willing to provide full support to authorities in that sense.
According to the findings of the White Book 2025, the Foreign Investors Council observed progress in areas such as digitalization, telecommunications and energy, while certain topics of tax policy, such as corporate income tax and parafiscal charges, as well as topics related to labour regulations remain fields where further reforms are needed.
The overall FIC Index for 2025 stands at 1.32, showing that 5% of recommendations have been fully implemented, 21% partially, while 74% of areas remain without progress. Nevertheless, the report highlights a trend of modernization of the regulatory framework, particularly through digital transformation of public administration and the introduction of new regulations in the fields of artificial intelligence, information security, and electronic business.
In his address, the Prime Minister of the Government of Republic of Serbia, Prof. Đuro Macut, PhD, emphasized: “The White Book provides a clear picture of where progress has been made and where faster action is needed. I thank the Foreign Investors Council for its partnership and open dialogue, which contribute to a more stable, predictable, and competitive business environment in Serbia. The Government remains committed to reforms in the key areas identified – from the tax system and labor legislation to reducing administrative barriers. I am confident that, through our joint efforts, we will continue strengthening institutions, improving regulations, and creating conditions in which investments and Serbia’s economy can grow.”
“Today’s White Book once again shows that Serbia’s economic future is already being built by the companies and innovators driving its growth. The EU’s new Growth Plan and openings to key parts of the Single Market offer Serbia an unprecedented opportunity to accelerate its integration and prosperity. But to turn this momentum into lasting results, predictability, fair competition and accelerated reforms in the area of the rule of law remain essential. The EU stands ready to support Serbia every step of the way, as its largest investor, closest partner, and committed ally on its path towards EU-membership”, as emphasized by the EU Ambassador to Serbia H.E. Andreas von Beckerath.
A special section of the publication is devoted to the FIC Index, a unique methodology developed by the Foreign Investors Council to measure progress in implementing recommendations from previous editions of the White Book. The Editor-in-Chief of the 2025 edition is Professor Dr. Nebojša Savić, also provided a macroeconomic overview and assessment of developments in each sector, together with key recommendations for further alignment with European standards.
The Editor-in-Chief of this year’s White Book emphasizes that global growth in 2025 is slowing down, with the projected average growth of the world economy around 3% over the next five years, significantly lower than the pre-pandemic level of 3.7%. The main causes are protectionism, fragmentation, and long-term low productivity since the 2008 crisis. In Serbia, GDP growth is also decelerating, but inflation has returned to the targeted corridor and macroeconomic stability has been preserved. Under the new global circumstances, three key priorities emerge for Serbia: SMART industrial policies, development of digital and energy infrastructure, and accelerated adoption of artificial intelligence, which requires massive expansion of data centers.
White Book 2025 once again identifies key priority areas for further development of the business environment in the Republic of Serbia. These include taxation, labour legislation, digitalization, real estate and construction, combating illicit trade, food and agriculture, environmental protection, foreign exchange operations, the pharmaceutical industry, and tourism.
The White Book remains one of the most important instruments of dialogue between the private sector and the Government. The Foreign Investors Council reaffirms its commitment to actively contributing – through partnership and open communication – to the development of a predictable, transparent, and competitive business environment in Serbia.
The “White Book 2025” publication is available for download on the FIC website: www.fic.org.rs.
_______________________________________________________________________________________________
About FIC: From an independent business association created by 14 companies, we stayed faithful to our principles and grew to gather more than 120 companies from all around the globe who have invested over EUR 48 billion and directly employ more than 116,000 people in Serbia compared to EUR 150 million of investments and 3.160 employees in 2003! FIC main goal is to influence the improvement of business climate in Serbia by making concrete reform proposals and building a business portal for communication with the authorities in Serbia. FIC is also focusing on promoting solid business ethics and high corporate governance principles within the organization and towards local companies, the Government, and other external stakeholders. Through support and active engagement of membership, FIC has proven to be a strict guardian of the business community interests and at the same time a reliable partner to the Government of Serbia and other relevant stakeholders.
