reasons to invest in serbia and wb
TRANSCRIPT
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Prospering Foreign Investments
The Reasons to Invest in Serbia & Western Balkans
List of Content Key Country Data- Serbia 3
Executive Summary 4
Foreign Direct Investments 6
Investment Incentives 7
Favorable Tax Regime
Skilled and Competitive Workforce
Free Trade Zones in Serbia
Road Network 11
Rail Network 12
Danube- Strategy and Importance 13
Energy 14
Unique Export Potential- Preferential Trade Agreements 15
Western Balkans Overview 16
Case Study 18
Key Country Data- Republic of Serbia Area: 88,361 km2
Population: 7.24 million
Official Language: Serbian
State Form: Parliamentary
Republic
Capital: Belgrade (1.6 million)
Currency: Serbian Dinar (RSD)
Biggest cities: Belgrade (1.57
mill), Novi Sad (0.3 mill), Niš
(0.25 mill)
2 autonomous provinces, 25
districts
Independency since 1878
EU negotiation since 2005
Member of CE, IMF, OSCE,
CEFTA, EFTA, UN, etc.
GDP per cap. EUR 4,116
(2011)
Avg. (net) salary EUR 373
(2011)3
Executive Summary 1/2
Due to high unemployment rate of 26%, there is large supply of any kind of
labor. There is more than 750 thousand of unemployed.
There is existence or rental labor. This practice started recently, however well-
known international recruitment agencies that offer their services in this field are
present on the market.
There is huge investment in highway construction nowadays and it is expected
to continue. At the moment 573km of highways and 1,197km of new highways.
Planned investment in construction and reconstruction of roads until 2020 is 8.7
billion.
There are 2 international cargo airports available.
Delivery time to Munich from Belgrade with truck is 1.5-2 days. Cost for delivering
goods range from 0.8 €/km up to1 €/km depending on the market- current export and
import volume with the country.
In-house customs is possible in Serbia. This practice started recently.
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Executive Summary 2/2
Generally, customs procedures are easy and fast.
Duty free imports and exports to a market of more than1 billion people. Free
trade agreements with: European Union; CEFTA; EFTA; Russia, Belarus and
Kazakhstan; Turkey and United States of America (Generalized System of
Preferences).
There are 11 free zones and even more free zones are planned to be open in the
future.
Numerous incentives from the State for capital and labor intensive projects.
National employment service grants. Numerous tax incentives. Municipalities
give additional incentives and most of them give land for free for labor intensive
projects.
State offers tailor-made incentives for strategic investors.
For labor intensive projects State can cover up to 100% of investment value as
there is no limit for grant amount.
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Foreign Direct Investments Since year 2001, Serbia has attracted over
$25 billion of inward foreign direct
investment.
Investors from the European Union top the
list. The leading spot on the country list is
held by Austria, followed by the
Netherlands, Greece, Germany,
Luxembourg and Norway, while major
investor countries also include Italy, the
Russian Federation, Slovenia, France and
Switzerland.
The actual amount of U.S. investment is
significantly higher than the official figure
due to their companies investing primarily
through European affiliates. This also holds
for Belgium, Denmark, Israel, and a number
of other countries.
IndustryInvestment
Value (mill USD)
Financial intermediation 6,339
Manufacturing 4,521
Wholesale, retail and repairs 3,673
Real estate activities 3,189
Transport, storage and communication 2,949
Mining and quarrying 666
Construction 540
Other utility, social and personal services 185
Agriculture, forestry and fishing 176
Accomodation and food service activities 121
Public administration and social insurance 101
Electricity, gas and water 58
Professional, scientific and technical activities 41
Administrative and support service activities 26
Education 4
6
Investment Incentives 1/4• In the municipalities that are considered the most
underdeveloped in Serbia:
– Min. investment: 0.5 million EUR
– Min. new jobs created: 50
– Incentives from 4,000 to 10,000 EUR/ every new job
created.
• In the municipalities of special interest for regional
development:
– Niš, Zaječar, Kraljevo and Novi Pazar
– Min. investment: 0.5 million EUR
– Min. new jobs created: 50
– Incentives from 5,000 to 10,000 EUR or every new
job created.
• In all municipalities for Large-Scale Investment
Projects:
– For projects with investment value of over 50 million
EUR and creating 300 new jobs the Government will
provide up to 20% of total investment
– For projects with investment value of over 200
million EUR and creating 1,000 new jobs the
Government will provide up to 25% of total
investment
Financial Incentives
Eligible projectsInvestments
of special importance
Large investment projectsMid-sized
investment projects
Amount of funding (EUR)
Up to 17% of the total
investment
Up to 17% of the total investment
Up to 17% of the total investment
Up to 10% of the total
investment
Minimum investment amount
200 mill EUR> 100 mill
EUR50-100 mill
EUR50 mill EUR
Minimum number of new jobs created
1,000 300 150
Financial Incentives
Eligible projects
Direct investments
Manufacturing sectorInternationally-
marketable services
Strategic projects
for tourism
4th group and devastated
regions
1st, 2nd and 3rd groups
The entire territory of
Serbia
The entire territory of
Serbia
Amount of funding (EUR)
4,000-10,000 for each new job created
4,000-10,000 for each new
job created
4,000-10,000 for each new job created
4,000-10,000 for each new
job created
Minimum investment amount
500,000 EUR1,000,000
EUR500,000 EUR 5 mill EUR
Minimum number of new jobs created
50 50 10 50
Investment Incentives- Favorable Tax Regime 2/4
CountryCorporate Income Tax
Personal Income Tax
Bulgaria 10% 20%
Croatia 20% 15%
Czech Republic 19% 15%
Hungary 16% 16%
Poland 19% 18%
Romania 16% 16%
Serbia 10% 12%
Slovakia 19% 19%
Albania BIH
Bulgaria
Croati
a
Czech Rep
ublic
Hungary
Maced
onia
Monteneg
roSe
rbia
Slova
k Rep
ublic0%
5%
10%
15%
20%
25%
30%
35%
40%
Corporate tax
Individual income tax
Tax Rates
Value Added Tax (VAT)Standard rate- 18%Reduced rate- 8%
Social Security Contributions
Pension and disability insurance- 11%Health insurance- 6.15%Unemployment insurance- 0.75%
For Legal Entities
Corporate Profit Tax 10%
Taxes on dividends, shares in profits, royalties, interest and capital gains
20%
Personal Income Tax
Capital gains, income from agriculture and forestry, self-employment, capital and personal insurance
10%
Salary tax 12%
Copyright, property, profits from gambling and other types of income
20%
Annual Income Tax 10/15%
Investment Incentives- Skilled Workforce3/4
Serbia's labor force combines exceptional working efficiency with sizable labor
supply. With a unique combination of high-quality and low costs, it is one of
the key factors in reaching a strong business performance.
Technical education is particularly strong as high school students are among the
best performers at world contests in natural sciences, while Serbian engineers
are well-known for their expertise.
In addition, Serbia boasts the highest English speaking proficiency in
Eastern Europe. Management education has also been accelerated by the
introduction of joint graduate and post-graduate courses organized by local
universities and renowned Western business schools.
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Investment Incentives- Free Trade Zones 4/4
• Fiscal benefits (exemptions from any tax burden for FDI,
VAT and specific local taxes).
• Free of custom duties on import of goods, equipment and
raw material used in exporting production and construction
material for building of infrastructure.
• Financial benefits (free cash flow).
• Efficient administration (one stop shop).
• Simple and fast customs procedures (each zone has a
Customs Administration Office).
• Local subsidies for using free zone infrastructure
(Community offers low prices and service cost).
• A set of services is available to users under preferential
terms (transportation, loading, reloading, freight forwarding
services, insurance and banking services).
Road Network• 40,845km length of roads
• Investment in highway construction is one of the
priorities of Serbian Government
• Highway Corridor X is expected to be finished until
2015
• Loans from: WB, EBRD, EIB and HiPERB
(Hellenic Plan for the Economic
Reconstruction of the Balkans)
Route Length (km)
Costs (mill. €)
3 (E-75 Grabovnica- FYRM) 98 605
4 (E-80 Niš- Dimitrovgrad) 83 650
5 M1.1 Kragujevac- Batočina 25 75
6 (E-763 Beograd- Požega) 145 850
7 E-70 Beograd- Pančevo- Vršac 92 570
8 E-761 Pojate- Preljina 110 413
9 E-761 Požega- Užice- BIH 60 480
10 E-761 BUL- Zaječar- Paraćin 95 670
11 E-763 Požega- MNE 110 2,000
12 M-21, M-19 Novi Sad- Ruma- Šabac (public road)
120 200
13 M-24 HUN- Kikinda- Pančevo- Kovin (public road)
204 220
Total new construction 1,142 6,733
Rehabilitation and reconstruction of existing road network
4,305 1,722
TOTAL INVESTMENT 5,447 8,455
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Rail Network• Rail network needs huge investment.
• Priority is construction of second track on some parts,
reconstruction and modernization of railway Corridor
X.
• 3,809km of rail lines. Out of that 32.7% electrified.
• Speed limit of 50% of railroads is up to 60km/h due to
bad quality of rail lines.
• For rehabilitation of railway Corridor X investment of 730€ mill is needed.
• Modernization, electrification and construction of second track on
Corridor X will require 2.6€ billion.
• Total investment in railways up to 2027- expected to be more than 5€
bill
• Russian Government loan of 800€ million mainly for new locomotives,
reconstruction or railway infrastructure and construction of new
railways.
• WB, EBRD, EIB loans.Minimum Scenario km mill. €
Reconstruction and modernization of route Batajnica- Golubinci (project already under way)
25.3 33
Reconstruction and modernization of route Ćele kula- Staničenje
58.3 35.4
New double-track railroad with bridges on route Gilje- Ćuprija- Paraćin
8 43.4
Total 91.6 111.8
• Montenegro: Railroad Bar- Serbian border (part of Bar- Beograd)
needs investment in reconstruction from both Serbian and
Montenegrin side. Very important line connecting Belgrade with port
of Bar, length of 476km. Investment in railroad would open
investment in Bar port by consortium of Serbian companies backed
up by Serbian Government. Investment around 300€ mill.
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• Length of Danube is 588km through Serbia.
• 26 cities and municipalities in Serbia having access to Danube.
• Project involves transport development, energy development, port modernization, waste water management,
environment protection, tourism, etc.
• Large investments will be needed in implementation of all segments of Danube Strategy.
• EU initiated project.
• Financing from: EU funds, IPA
funds, EIB, etc.
• Master plan involves 29 projects
of 240€ million value.
• Danube Strategy is part of
Europe 2020 strategy.
Danube- Strategy and Importance
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Energy
• Electric power transmission is carried out through 400 and 220 kV voltage levels transmission lines 9,808.5 km long, which
also includes 95 high voltage transmission stations, with 182 transformers with the total installed capacity of 17,758 MVA.
• Centralized supply in heat energy exists in 50 towns of Serbia whereby total installed heat boiler capacity is 6,587 MWt, out
of which 82% within the framework of residential heating and 18% within the framework of business heating.
• Oil and gas production is carried out on 59 oil and gas fields, with 144 reservoirs in Serbia, and one concession in Angola
• Exploitation reserves of crude oil have been estimated on the level of 20 Mtoe (million tons equivalent of oil).
• Oil refining is carried out in two oil refineries: Oil refinery Pančevo and Oil Refinery Novi Sad, with the total capacity of 7.3
million tons of primary processing per year.
• Gas pipeline system in Novi Sad comprises a main gas pipeline 400 km long, running from Horgoš to the Bulgarian border,
with the developed distribution network and underground gas storage in ‘Banatski dvor’, with the current capacity of about 470
million m3, and the projected capacity of about 800 million m3 of gas which is under construction.
• Total geological coal reserves are estimated at 24.5 bill tons, out of which 68% accounts for balance and 32% for off-balance
coal reserves.
• Total energy potential of renewable sources of energy is estimated at more than 3.38 Mtoe annually, as follows: biomass
2.40 Mtoe; wind 0.19 Mtoe; SHP 0.40 Mtoe; solar 0.64 Mtoe and geothermal 0.20 Mtoe.
• The “South stream” gas pipeline (see the picture) with a total capacity of
more than 10 billion m3/year.
• Electric power is generated in 8 thermal power plants with 25 power
blocks (total installed capacity of 5,171 MW), 9 hydro power plants with 50
power generators (total installed capacity of 2,831 MW) and 3 thermal-
heating power plants comprising 6 power blocks (total installed capacity of
353 MW).
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Unique Export Potential- Preferential Trade Agreements
Market Trade Regime
Inhabitants
European Union
Preferential trade regime
494,070,000
USAGeneralized system of preferences
302,558,000
Russia, Belarus and Kakhstan
Free trade agreement
168,640,000
Turkey Free trade agreement
75,000,000
EFTA Free trade agreement
13,000,000
CEFTA Free trade agreement
29,990,000
TOTAL Market Size 1,083,258,000
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Croatia will join the EU
on the 1st of July 2013.
Business Opportunities:
• Shipbuilding
• Tourism
Bosnia and Herzegovina:
Three entities within one
country.
Business Opportunities:
• Wood and Forest
Management
• Mining and Metal
Processing
Serbia has a bilateral free trade
agreement with Russia, Belarus,
Kazakhstan and Turkey
Business Opportunities:
• Agribusiness
• Automotive
• Energy and Environment
• Textile and Garment
The official currency of
Montenegro is euro.
Business Opportunities:
• Tourism
• Mining
• Wood processing
Albania has the youngest
population in the area.
Business Opportunities:
• Tourism
• Infrastructure
Macedonia: A gateway to
Greece.
Business Opportunities:
• Automotive components
• Metals and Metal
Products
Kosovo is a UN-governed
entity.
Business Opportunities:
• Mining
• Metals and Metal
Products
General Statistics (2011)Source: Bank of Austria, Countries’ National Banks
Population (2011) 23.5 mill.
GDP total in € 124.1 bn.
Unemployment 30%
Inflation 3.5%
South Stream Gas Pipeline
Existing Highway
Highway Under Construction
Planned Highway
Ports Under Modernization
• Big Potential in Basic Infrastructure
• Excellent Location for Labor Intensive
Products
• Future Tourism Destination for Europe
Western Balkans Overview 1/2
CONSTRUCTIONResidential and –non-residential
• Expected growth of residential constructions, new
solutions for energy efficiency needed
• Construction of tourist resortsCivil engineering and infrastructure
• Bad shape of infrastructure, so huge investments are
needed. Highway and railway construction and
reconstruction is priority
• Airport modernization and turning previous military
airports into civil ones
• Danube strategy regarding Croatia and especially Serbia-
modernization of ports, transport development, waste
water management, tourism development is expected
Serbia: South Stream pipeline construction will start in 2013
and expected to finish in 2015.
CONSTRUCTIONResidential and –non-residential
• Expected growth of residential constructions, new
solutions for energy efficiency needed
• Construction of tourist resortsCivil engineering and infrastructure
• Bad shape of infrastructure, so huge investments are
needed. Highway and railway construction and
reconstruction is priority
• Airport modernization and turning previous military
airports into civil ones
• Danube strategy regarding Croatia and especially Serbia-
modernization of ports, transport development, waste
water management, tourism development is expected
Serbia: South Stream pipeline construction will start in 2013
and expected to finish in 2015.
MACHINERY AND MANUFACTURING
• Large textile subcontracting potential
• ”Kombinats” are planning to replace very old
agricultural machinery with modern
technologies
• Food processing industry is booming, need for
machinery
Croatia: privatization of shipyards is priority and
EU requirement
Serbia: Automotive industry is large and
increasing
MACHINERY AND MANUFACTURING
• Large textile subcontracting potential
• ”Kombinats” are planning to replace very old
agricultural machinery with modern
technologies
• Food processing industry is booming, need for
machinery
Croatia: privatization of shipyards is priority and
EU requirement
Serbia: Automotive industry is large and
increasing
ENERGY & ENVIRONMENT Energy
• Power plants construction and modernization needed in
order to meet EU standards
• Construction of long distance power lines interconnecting
Western Balkans among themselves and with
neighbouring countries
• Energy strategies with focus on Renewable Energy
Sources (RES). RES is expected to tenfold in Croatia. At
least 4% growth in RES is expected until 2020 in Serbia
Serbia:
• Old power plants and not utilized biomass potential
• Opening up of electricity market is expected in following
years
• Privatization of EPS (electricity company, installed
capacity 8,359 MW) is expected in near futureEnvironment
• Waste water and solid waste solutions needed
• Landfills construction for waste to energy solutions started
ENERGY & ENVIRONMENT Energy
• Power plants construction and modernization needed in
order to meet EU standards
• Construction of long distance power lines interconnecting
Western Balkans among themselves and with
neighbouring countries
• Energy strategies with focus on Renewable Energy
Sources (RES). RES is expected to tenfold in Croatia. At
least 4% growth in RES is expected until 2020 in Serbia
Serbia:
• Old power plants and not utilized biomass potential
• Opening up of electricity market is expected in following
years
• Privatization of EPS (electricity company, installed
capacity 8,359 MW) is expected in near futureEnvironment
• Waste water and solid waste solutions needed
• Landfills construction for waste to energy solutions started
FORESTRY
• Forest biomass utilization needed. Huge potential for forest biomass
Serbia:
• Ministry strategy for forest management started
• Plan for private forest owners organizations to get more involved
FORESTRY
• Forest biomass utilization needed. Huge potential for forest biomass
Serbia:
• Ministry strategy for forest management started
• Plan for private forest owners organizations to get more involved
SOFTWARE & DIGITIAL MEDIA
• Skillfull IT engineers coming from universities
• Fast growing market for ICT solutions
• E-commerce and e- government solutions
potential
Serbia:
• Microsoft R&D department present in Belgrade
• Privatization of Telekom (telecommunications
company) expected
SOFTWARE & DIGITIAL MEDIA
• Skillfull IT engineers coming from universities
• Fast growing market for ICT solutions
• E-commerce and e- government solutions
potential
Serbia:
• Microsoft R&D department present in Belgrade
• Privatization of Telekom (telecommunications
company) expected
LIFE SCIENCES• Environment protectionSerbia:
• Significant pharmaceutical production and
R&D. Privatization of Galenika (pharmaceutical
producer) is expected
• Food processing industry (Vojvodina- Northern
Serbia province)
LIFE SCIENCES• Environment protectionSerbia:
• Significant pharmaceutical production and
R&D. Privatization of Galenika (pharmaceutical
producer) is expected
• Food processing industry (Vojvodina- Northern
Serbia province)
SERVICES
• Need for innovative technologies in transport
design and security management
• Logistics center development
In Croatia and Montenegro priority is tourism,
continuous investments needed
SERVICES
• Need for innovative technologies in transport
design and security management
• Logistics center development
In Croatia and Montenegro priority is tourism,
continuous investments needed
COUNTRY LEVEL OPPORTUNITIES
• Excellent location for labor intensive products. Low cost of labor
• Tax holidays availability
• Numerous investment incentives available for labor and capital
intensive projects
• Big potential in basic infrastructure
• Huge potential in renewable energy solutions
Croatia will join EU in July 2013, which means possibility for
utilization of more EU funds
Bosnia: forestry and mining industry has large potential
Serbia:
• Bilateral free trade agreement with Russia, Belarus, Kazakhstan
and Turkey
• Received EU candidacy status in 2012- more EU funds utilization
COUNTRY LEVEL OPPORTUNITIES
• Excellent location for labor intensive products. Low cost of labor
• Tax holidays availability
• Numerous investment incentives available for labor and capital
intensive projects
• Big potential in basic infrastructure
• Huge potential in renewable energy solutions
Croatia will join EU in July 2013, which means possibility for
utilization of more EU funds
Bosnia: forestry and mining industry has large potential
Serbia:
• Bilateral free trade agreement with Russia, Belarus, Kazakhstan
and Turkey
• Received EU candidacy status in 2012- more EU funds utilization
Western Balkans Overview2/2
Case Study- Nordic 1/5
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Carlsberg (Denmark)
Action: It is one of the most successful privatizations in Serbia acquiring the majority stake in the
Čelarevo brewery.
Experience: More than €100 million have been invested in the modernization of production halls,
improvement of the quality of brands, expansion of the distribution network, etc.
Overview: By starting operations in Serbia, any company can take advantage of the market in a
developing mode, with great GDP growth potential, along with local people, whose skills and
competencies represent a true scarce resource.
TetraPak (Sweden)
Action: Tetra Pak group invested in a production facility in Gornji Milanovac.
Experience: TetraPak exports to EU countries and Russia. In 2009, Tetra Pak Serbia was
distinguished as a number one factory within the Tetra Pak family of 42 member companies.
Overview: Tetra Pak is happy with its staff. Well educated and committed persons are performing
well.
Other existing investments: Grundfoss (Denmark) invested in 2 production facilities, Tikkurila
(Finland) bought a Serbian company Zorka Color, etc.
Future investments: IKEA (Sweden) will invest in building a 5 retail stores.
Case Study- German 2/5
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Siemens (Germany)
Action: Siemens is currently employing over 700 people in two main company premises in Belgrade and Subotica,
with bold expansion plans ready to exploit abundant highly skilled and committed workforce.
Experience: Local business partners proved to be of highest quality and their services are a valuable part of Siemens
efforts. Local work force is an irreplaceable resource behind Siemens successful business efforts in Serbia. Strategic
position of Serbia is another key factor in Siemens success story. Serbia is easily reachable from all important
business centers in Europe and has few logistic and legal obstacles for those planning to export from Serbia.
Overview: Serbia is an ideal starting point for further expansion in the region. Resources are cheap and the local
workforce is without match in the region.
Metro Cash&Carry (Germany)
Action: Investment of close to €100 million in five distribution centers: two in Belgrade, one in Kragujevac, Novi Sad
and Nis.
Experience: Metro is especially pleased with its employees and, based on previous experience, Serbia has a large
number of qualified, highly educated people with a great potential for further improvement. OECD has awarded
METRO Cash & Carry Serbia as the largest regional greenfield investment. This information is significant to the
potential foreign investors since METRO has a reputation of a pioneer in entering new markets and it invests only in
the countries where all financial and trade regulations necessary for doing legal business exist.
Overview: in Serbia, conditions for serious investors exist and they are constantly improving and together with the
region of South East Europe, represent the main growth market in the next period.
Case Study- USA 3/5
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Microsoft (USA)
Action: Microsoft Development Center Serbia (MDCS) exists since September 2005.
Experience: Serbia has an abundance of educated and talented young professionals and a developed taxation system
favorable to investors. Compared to other Microsoft Centers in the world the MDCS progress reports were always
amongst the most impressive ones, a result that came from dedicated work of the local professionals. MDCS praises
their local partners for providing top of the range services and finds them extremely professional and an immense and
reliable support to MDCS operations.
Overview: MDCS can recommend Serbia for its abundance in IT talent, tax climate and various investment incentives
provided by the Government.
Euronet (USA)
Action:n 2004 Euronet opened a Customer Support Center (CSC) in Belgrade, one out of two global centers the
company runs and takes advantage of time zone difference between USA and Europe, as well as outstanding language
skills of the local workforce.
Experience: Serbian market proved to be highly lucrative - introduction of VISA and MasterCard systems, launch of the
national DINA card system and development of an ATM network in Serbia made local Euronet branch one of the most
profitable business units in the whole group. CSC staff demonstrated not only excellent skills and professionalism, but
an exceptionally high employment loyalty - the staff retention rate is well above the average in the industry.
Overview: The company selected Serbia over other countries in the region for the following reasons: Serbia offers
Europe´s lowest corporate profit tax rate, provides access to large Southeast European markets and has a large pool of
a highly skilled labor. Recommendation is to use Serbia as a hub for further expansion in the region.
Case Study- Italy 4/5
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FIAT Serbia (Italy)
Action: Fiat Automobili Srbija (FAS) was established on the 29th of
September 2008 by a joint venture agreement between Fiat Group
Automobiles (67%) and the Republic of Serbia (33%). Fiat Group will
invest 940 million EUR in the Serbian Automotive Industry.
Experience: From 2010 FAS became exclusive distributer of Fiat
passenger cars program. Fiat 500L will be manufactured at the new
factory Fiat Automobiles Serbia in Kragujevac, which is the result of
three years of extensive and comprehensive work on the total
reconstruction of the 1.4 million square-meter factory.
Overview: Fiat Automobiles Serbia is today the most modern
manufacturing facility within Fiat's worldwide.
Case Study- Other 5/5
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Azerbaijan: Company Azvirt is carrying out a construction of highway E 763 (from Belgrade to
South Adriatic) with the €300 million work being financed by Azerbaijan while concession
package is expected to last from 20-30 years.
India: Company Embassy Group already started a work on a 300 million-euro IT business park
in Serbia, in the city of Inđija.
The investment will take at least five years to complete and could ultimately create 25,000
jobs.
The group has chosen Serbia for its first investment in Europe to get closer to its
customers, many of whom may choose the new location in Europe for software
development, ICT-shared services and cloud computing. Its client list in Bangalore includes:
Alcatel-Lucent (ALU), International Business Machines Crop. (IBM), LG Soft India, McAfee
Inc., Microsoft Corp. (MSFT), Nokia Siemens Networks Oy, Vodafone Group Plc (VOD), Yahoo!
Inc. (YHOO), and many others.
With 170 hectares of available land and 250,000 square meters of business premises in the
project’s final stage, the IT Park will turn into the biggest such center in Europe, putting
Serbia on a map of preferred locations to do business in the EU.
