Embassy of the Republic of Uzbekistan in Hungary

Uzbekistan and Serbia: Dynamics of Mutual Convergence and New Horizons of Partnership

Political Foundations and Diplomatic Context

Diplomatic relations between the Republic of Uzbekistan and the Republic of Serbia were established on January 18, 1995, following Belgrade’s recognition of Uzbekistan’s independence in late 1991. This laid the groundwork for a gradual development of political dialogue which, despite the geographical distance between the two nations, has been built upon mutual respect, support for sovereignty, and the principle of non-interference in internal affairs.

Over the past decades, cooperation between Uzbekistan and Serbia has evolved at a moderate yet steady pace. Political dialogue has consistently strengthened through working-level contacts and the expansion of the economic agenda. A landmark event in this context was the visit of the Minister for International Economic Cooperation of the Republic of Serbia, Nenad Popović, to Uzbekistan in October 2025, which underscored Serbia’s commitment to deepening practical cooperation and implementing large-scale joint projects.

Against this background, the convergence of approaches between Tashkent and Belgrade on key international issues - such as strengthening the role of the UN, maintaining regional balance, and respecting state sovereignty - creates a favorable foundation for expanding economic and investment cooperation. This visit marked a new stage in bilateral engagement and confirmed both sides’ readiness for more dynamic interaction.

Trade and Economic Cooperation: From Steady Exchange to Sustainable Growth

Trade Dynamics

In recent years, bilateral trade between Uzbekistan and Serbia has fluctuated but demonstrated an overall positive trajectory: it increased by 134% in 2022 and by 63% in 2024 compared to the previous year. This growth reflects the continued expansion of business activity and production-technology ties, while Serbian exports remain dominant in trade turnover.

Trade Structure

Uzbekistan’s exports to Serbia mainly consist of cotton and textile raw materials, inorganic chemicals (including fertilizers), grain crops, ceramics and construction materials, as well as ornamental plants. This structure reflects Uzbekistan’s current specialization in supplying raw and semi-processed goods, yet it also points to potential for expanding exports of finished, higher value-added products - such as textiles, fertilizers, food, and construction materials.

Imports from Serbia encompass a wide range of industrial goods: equipment and machinery, boilers and aggregates, hygiene and cosmetic products (soap, waxes, shampoos), paper and paper products, metals and metal items (including aluminum), as well as furniture and interior items. This demonstrates Uzbekistan’s growing interest in Serbian technologies and industrial products, confirming the competitiveness of Serbian goods in Central Asian markets in terms of quality and price.

Investment Cooperation and Business Activity

As of today, nine enterprises with Serbian capital are registered in Uzbekistan, including four joint ventures and five wholly foreign-owned companies. These firms operate primarily in construction materials, trade, services, mechanical engineering, furniture, and household goods manufacturing.

Although the number of such enterprises is still limited, their activities are significant: small and medium-sized enterprises form the foundation for larger investment projects in the future. A promising direction is the establishment of joint production facilities where Serbian technology and engineering expertise could be combined with Uzbekistan’s resources and strategic location. Particular potential exists in mechanical engineering, agrotechnology, woodworking, energy, and pharmaceuticals-sectors where Serbia holds strong competitive advantages.

Serbia’s Economic Potential: Opportunities for Partnership

Serbia is one of Southeast Europe’s dynamically developing economies, with a GDP of approximately USD 73.3 billion in 2024 and a per capita GDP of around USD 11,000. The country’s economy is balanced across sectors: services account for 52.9% of GDP, industry 26.8%, and agriculture 6.4%. Inflation stood at 5.3% in 2024, indicating relative macroeconomic stability.

Serbia’s leading industries include mechanical engineering, food processing, chemical and petrochemical production, metallurgy, electronics, textiles and apparel, construction materials, pharmaceuticals, energy, and agriculture.
For Uzbekistan, this offers a wide range of cooperation opportunities:

Mechanical engineering: creation of assembly facilities and technology exchange for agricultural, processing, and light industry equipment;
Food processing: joint production of juices, dairy, meat, and grain semi-finished products aimed at export to CIS and Middle Eastern markets;
Pharmaceuticals and chemistry: localization of Serbian brands and technologies in Uzbekistan’s industrial zones, particularly in Navoi and Angren FEZs;
Construction: participation of Serbian companies in producing ceramics, tiles, cement, furniture, and in major infrastructure projects;
Textiles: application of Serbian expertise in design and production management to promote Uzbek-made products in European markets.

New Formats of Interaction and Future Outlook

The current stage of Uzbekistan–Serbia relations is characterized by the transition from declarations to practical cooperation. Given Uzbekistan’s active engagement in regional and global economic initiatives - such as the WTO, SCO, and OTS - interest in partners from Eastern and Southern Europe is increasingly relevant.

For Serbia, Uzbekistan represents a promising market with a population approaching 40 million, growing domestic demand, favorable logistics, and access to Eurasian transport corridors.
An important next step could be the establishment of a Joint Intergovernmental Commission to coordinate economic projects, ensure investment protection, remove bureaucratic barriers, and stimulate private sector participation. The creation of an Uzbek–Serbian Business Council, along with regular business forums and trade-investment exhibitions, would further institutionalize cooperation.

Special attention should also be paid to education and innovation partnerships - including joint university programs, student exchanges, ICT integration, and industrial workforce training.

Conclusion: A Partnership Shaping the Future

Today, trade and economic relations between Uzbekistan and Serbia are still in the formative stage but demonstrate steady growth and strong mutual interest from the business communities of both nations. The dynamics, structure, and potential of bilateral cooperation point to significant long-term prospects.

A combination of factors - political understanding, shared economic priorities, sectoral complementarity, and openness to cooperation - creates the foundation for a sustainable strategic partnership.

If Tashkent and Belgrade continue to systematically strengthen economic dialogue, protect investments, and encourage business initiatives, the coming years may see a transition from quantitative trade growth to qualitative expansion of mutual investments and technology exchange.

Such a partnership will contribute not only to national economic development but also serve as an example of successful cooperation between geographically distant nations united by a common aspiration for sustainable growth and prosperity.