Serbia, Uzbekistan Lay Groundwork for New Economic Ties

Tashkent, Uzbekistan (UzDaily.uz) — Serbia and Uzbekistan have laid the groundwork for a new stage of economic cooperation, with the two countries identifying priority areas for collaboration at the first meeting of the Joint Serbian-Uzbek Commission on Economic Cooperation in Belgrade. Commission co-chairs Nenad Popovic and Laziz Kudratov signed a protocol outlining the agreed priorities and follow-up measures. Serbian media reported on the meeting.

The talks focused on increasing bilateral trade and investment, establishing closer links between companies and implementing joint projects in areas of mutual interest.

Popovic said trade turnover between Serbia and Uzbekistan reached a record US$41.9 million in 2025. The Serbian minister described Uzbekistan as an important economic partner and highlighted its potential as a large and growing Central Asian market.

“Our task is to transform this strong political momentum into concrete results — increased trade volumes, new investments, joint projects and a broader presence of Serbian companies in the Uzbek market,” Popovic said.

The countries identified a broad range of promising areas for cooperation, including agriculture and food processing, seed production, machinery and electrical engineering, pharmaceuticals and textiles, construction, information technology, robotics, artificial intelligence, digitalisation, innovation, transport, logistics and tourism.

Particular attention was given to agriculture. Popovic said Serbian exports of agricultural and food products to Uzbekistan increased by 54.1% from January to July 2026. Serbia also sees additional opportunities to expand supplies of seeds and planting material, agricultural machinery and food-processing equipment.

According to the Serbian Chamber of Commerce and Industry, bilateral foreign trade turnover amounted to US$41.8 million in 2025, compared with US$32.9 million a year earlier. Serbian exports reached US$26.39 million, while imports of goods from Uzbekistan amounted to US$15.46 million.

Serbian exports to Uzbekistan were dominated by motor oils, aluminium foil containers, hydraulic systems, barrels, paper and cardboard. Machinery and equipment for the food and agricultural sectors also accounted for a significant share of supplies.

The largest individual export item was machinery for preparing fruit, nuts and vegetables, valued at US$1.33 million. According to the chamber, food-processing equipment accounted for almost one-third of Serbian supplies to the Uzbek market.

Serbia primarily imported undershirts and cotton T-shirts, men's shirts, trousers and shorts from Uzbekistan.

Other major import items included mineral fertilisers, textile raw materials and products, as well as dried fruit.

Urea with a nitrogen content of more than 45% accounted for 37% of total imports from Uzbekistan.

The countries agreed that the Joint Commission would serve as the central institutional mechanism for monitoring the implementation of agreements reached, launching new initiatives and further developing economic ties. Following the meeting, Popovic and Kudratov signed a protocol defining priority areas of cooperation and further measures.

Innovation and IT are another area of cooperation. Serbia's Innovation Fund and IT Park Uzbekistan signed a memorandum of understanding establishing a framework for cooperation between the two countries' innovation ecosystems.

The document was signed by Saša Lazović, director of Serbia's Innovation Fund, and Abdulakhad Kuchkarov, adviser to the director general of IT Park Uzbekistan.

The cooperation envisages support for the development and internationalisation of startups, innovative small and medium-sized enterprises and technology companies from Serbia and Uzbekistan. The parties also intend to exchange knowledge and practices in venture capital and the investment environment.

The cooperation may include conferences, seminars, study visits and institutional exchanges.

Representatives of both sides also presented their approaches to supporting innovative companies, technology entrepreneurship and the development of related ecosystems.

Cooperation in agriculture is also progressing. Serbia and Uzbekistan are considering opportunities for joint investment, technology exchange and expanded trade in agricultural and food products. Potential areas include livestock farming, meat processing, fruit growing, seed production and water-resource management.

Transport remains an important part of the economic dialogue. The countries are considering infrastructure and logistics links as one of the tools for increasing trade and attracting investment.

Serbia and Uzbekistan are also discussing preparations for the start of negotiations on a free trade agreement. No such agreement currently exists between the two countries.

According to Serbian business registration authorities, seven active business entities in Serbia are owned by Uzbek citizens or legal entities registered in Uzbekistan.

Net investment by Uzbek residents in Serbia amounted to €0.2 million in 2017-2025.

The Serbian side also considers the planned opening of Serbia's embassy in Tashkent an important development in bilateral relations. Uzbekistan's ambassador to Serbia, Oybek Shakhavdinov, said he expected relations between the two countries to be elevated to a strategic level.

He said that more than 20 documents are planned to be signed during the current visit. The diplomat said this should create an institutional basis for developing strategic dialogue at the level of the heads of state, ministers and other government bodies.

As part of Uzbek President Shavkat Mirziyoyev's visit to Serbia, a meeting with President Aleksandar Vučić is planned. A business forum involving representatives of the two countries' business communities is also scheduled.

The two sides regard the development of economic ties as one of the key areas for further rapprochement. Cooperation is gradually expanding beyond trade and investment to agriculture, transport, digital technologies, innovation, artificial intelligence and other fields.