BAKU, Azerbaijan, January 20. As Central Asia’s
role in global politics continues to grow, Uzbekistan is actively
expanding cooperation with European countries, placing a strong
emphasis on practical engagement and the launch of joint economic
projects. In this context, dialogue with Serbia is gaining
increasing importance, as bilateral relations have intensified
markedly in recent years.
A key milestone in the development of bilateral ties was the
official visit of Serbian President Aleksandar Vučić to Uzbekistan,
which took place on October 28-31, 2025. This was the first visit
by a Serbian head of state to the country and demonstrated the
parties’ readiness to move from political dialogue toward closer
economic cooperation.
During the visit, in the presence of the leaders of both
countries, agreements were signed on the promotion and protection
of investments, the development of economic cooperation, as well as
collaboration in engineering, advanced technologies, and artificial
intelligence. In addition, a cooperation program between the
foreign ministries for 2026–2027 was agreed upon, and partnership
relations were established between Tashkent and Belgrade. These
arrangements created clear and stable conditions for business and
laid the groundwork for the implementation of joint projects.
The agreements reached will be followed by the Uzbekistan–Serbia
Business Forum, scheduled to take place on January 23 in Tashkent.
The forum is expected to deliver tangible outcomes, primarily by
establishing direct contacts between companies from both countries
and discussing potential joint projects. The event is viewed as a
practical platform where businesses can directly address
cooperation conditions and investment opportunities.
It is expected that the forum will focus on sectors such as
mechanical engineering, agriculture and agri-processing,
pharmaceuticals, the chemical industry, construction materials
production, textiles and light industry, as well as information
technology. The Uzbek side plans to present opportunities to
Serbian businesses in production localization, the creation of
joint ventures, and participation in industrial and infrastructure
projects.
Particular interest is attached to the use of Uzbekistan as a
production and logistics base for Serbian companies seeking access
to Central Asian markets. In turn, the Serbian side views
Uzbekistan as a promising market with growing domestic demand and a
favorable investment climate. The forum is expected to help
identify priority sectors where cooperation can be launched in the
near term.
Economic cooperation between the two countries remains limited
in volume but shows positive dynamics. Over recent years, bilateral
trade turnover has demonstrated steady growth: it increased by 134%
in 2022 and rose by 63% in 2024 compared to the previous year. From
January through September 2025, bilateral trade expanded by a
further 2.5%.
Currently, 9 enterprises with Serbian capital are registered in
Uzbekistan, including 4 joint ventures and 5 companies with 100%
foreign ownership. These firms mainly operate in construction
materials, trade, services, and mechanical engineering, as well as
furniture and household goods production.
Serbia exports construction and finishing materials, furniture,
chemical products, marble, and agricultural goods to Uzbekistan.
Uzbekistan supplies Serbia with cotton yarn, textiles, and
leguminous crops. Despite relatively modest trade volumes so far,
both sides note significant untapped potential.
“We see great opportunities for expanding partnership in the
economic sphere and are ready to give it a practical character,”
said Uzbekistan’s Foreign Minister Bakhtiyor Saidov during a phone
conversation with Serbia’s First Deputy Prime Minister and Minister
of Foreign Affairs.
Going forward, the parties plan to strengthen the institutional
framework of cooperation, including the establishment of an
intergovernmental commission on economic cooperation. This format
would allow for systematic project support, investment protection,
and the reduction of administrative barriers. The development of
transport routes along the “Central Asia–Balkans” axis is also
under discussion, which could further support trade and
investment.
Uzbek–Serbian relations are moving to a practical level. The
signed agreements have created a clear legal framework for
business, while the business forum in Tashkent is expected to
facilitate the transition to the implementation of concrete
projects.
For Uzbekistan, this means attracting investment, technologies,
and expertise from Serbian companies, as well as expanding
cooperation with Europe. For Serbia, Uzbekistan is becoming a
promising market and a gateway to the countries of Central
Asia.