According to Serbian Economist, regular rail service between Belgrade and Budapest will start on February 20: passengers will once again be able to travel between the two capitals by train without changing trains. After modernization, the line is designed for train speeds of up to 160 km/h, which significantly reduces travel time and makes the train competitive with road transport.
In fact, this is not only about the “return of the train” between the two capitals, but also about Serbia’s inclusion in the wider Central Europe-Balkans-Aegean Sea transport corridor. Belgrade is gaining a stronger role as a transit hub for freight and passenger flows, and the route is becoming more attractive for logistics and industrial projects.
https://t.me/relocationrs/1894
According to Serbian Economist, Serbia has once again become one of the leading foreign investors in Montenegro’s economy, ranking second in terms of direct investment in January-August 2025, behind only Turkey.
According to preliminary data from the Central Bank of Montenegro, the total inflow of foreign direct investment (FDI) for the eight months of 2025 amounted to €595.58 million, which is 3.46% more than in the same period last year. Net investment inflows reached €314.39 million, down 4.75% year-on-year.
Of this, €376.83 million (63.3% of total inflows) was accounted for by partial investments, mainly in real estate (around €308.9 million, +8.4%), while investments in companies and banks declined to less than €68 million. Approximately €197.1 million (33.1%) accounted for intercompany debt.
In terms of country structure, Turkey was the leader with €92.2 million, of which more than half accounted for intra-group debt, and approximately €35.5 million accounted for real estate purchases. Serbia came in second with €91.84 million, with Serbian investors investing around €60.9 million in real estate in Montenegro. Next came Germany (€43.5 million), the US (€41.6 million), and Cyprus (around €40 million).
The United Arab Emirates invested about €30.7 million, dividing the funds roughly equally between real estate and intercompany financing.
Russia, which was previously among Montenegro’s largest investors, has fallen to seventh place.
In terms of direct investment, Ukraine is not among the top five foreign investors in Montenegro, but Ukraine’s presence in the country’s economy is gradually expanding. According to data from Montenegro’s tax and customs authorities, in 2022 alone, Ukrainian citizens founded about 200 companies, which is about 3% of the total number of new companies created by foreigners during the year.
Earlier it was reported that against the backdrop of the war and the relocation of businesses to Montenegro, the number of Ukrainian citizens who received temporary and permanent residence permits has increased significantly, with Ukrainian companies mainly operating in the service, IT, and small business sectors.
According to Serbian Economist, Serbia’s commercial real estate market will develop around Belgrade and expressway and railway corridors over the next decade, with the most dynamic growth expected in the office and industrial-logistics segments, according to the analytical report “Serbia real estate & construction outlook 2025–2035.”
According to the document, by 2035, Belgrade’s high-quality office stock could increase to 1–1.2 million square meters. The main demand will be provided by IT companies, engineering centers, the financial sector, and international service centers, while in Novi Sad and Niš, more compact clusters of office space focused on technology and research are forming.
The report identifies industrial and logistics real estate as the fastest-growing segment. Experts predict that by 2035, the total volume of modern warehouse space in Serbia could double or triple, with key logistics hubs forming in the Belgrade–Pancevo–Simanovci, Novi Sad–Ruma–Inđija, Kragujevac–Kraljevo, and Niš–Leskovac, as well as along international corridors X and XI.
Individual industry reviews confirm the stability of the industrial segment: according to consulting company iO Partners, in the first quarter of 2025, there were more than 1.2 million square meters of Class A warehouse space on the Serbian market, with vacancy rates remaining at around 6.5% and base rental rates at €5 per sq m per month, indicating a balanced supply and demand structure.
The report identifies potential delays in infrastructure projects, high financing costs, and political cycles that could affect the timing of major development programs as risks for commercial real estate. As strategic recommendations, investors are advised to focus on energy-efficient offices and industrial parks linked to international transport corridors, while the authorities are advised to accelerate the harmonisation of building standards with EU requirements and the digitisation of procedures for commercial projects.
Serbia’s real GDP in the third quarter of 2025 increased by 2% in annualized terms, the Statistical Office of the Republic of Serbia ( SERS) reported. According to seasonally cleansed data, GDP grew by 0.6% compared to the second quarter of this year.
The biggest increase in value added was recorded in industry and water supply sector – 2.9%, as well as in information and communication – 6%.
Decrease was noted in construction, where the output decreased by 11.7 %, and in agriculture, forestry and fishing – by 0.2 %.
https://t.me/relocationrs/1870
According to the Serbian Economist, Serbia has not received a special license from the U.S. OFAC to continue the work of the company NIS, which has fallen under U.S. sanctions. This was announced by Serbian President Aleksandar Vucic. He also said that Serbia has decided to completely shut down the Pančevo refinery.
Since November 25, the NIS refinery has been operating in a reduced circulation mode due to a shortage of oil. Vucic noted that NIS will decide when to complete the shutdown of the refinery.
Earlier it was reported that the Serbian parliament is preparing an amendment that would allow Serbia to become the owner of NIS. A possible sale of 56.15% of NIS shares to Hungarian partners is also being considered.
NIS, a subsidiary of Gazprom Neft, was included in the US SDN List in 2025.
https://t.me/relocationrs/1865
According to Serbian Economist, Australian company Strickland Metals reported the discovery of rich gold-copper ores in the Šanac area of the Rogozna project in southern Serbia, potentially making this cluster one of the largest gold projects in the Balkans. The news was reported earlier by Australian business media.
According to the company, new drill results from the Šanac prospect indicate strong intervals of continuous gold and copper mineralization. The site is estimated to have a resource of about 165 tons of gold equivalent, and the combined potential of the entire Rogozna project is about 230 tons AuEq. A series of recent holes have shown extended intervals with gold grades well above initial expectations, including tens of meters of high grams-per-tonne equivalent.
A total of seven drill rigs are now active at Rogozna, including three at the equally prospective Gradina prospect, where over 700 meters of continuous gold and zinc mineralization was previously reported.
The Rogozna project is located in the Novi Pazar area, within the Tetian metallogenic belt, which hosts a number of large copper-gold deposits. According to Strickland’s corporate materials, the licensed area covers approximately 184 square kilometers and includes four exploration licenses; the resource is already estimated at millions of ounces of gold equivalent, placing Rogozna among the largest undeveloped gold projects in Europe.
Gold in the Serbian economy: production and reserves are growing
Serbia has been rapidly strengthening its position on the map of European gold mining in recent years. According to international statistical resources, the country’s gold production in 2023 was about 7 tons (7,000 kg), slightly lower than the record 7.29 tons in 2022, but many times higher than the average figures of the early 2000s.
The key industrial player is China’s Zijin Mining, which owns the Serbia Zijin Bor Copper complex and the Čukaru Peki deposit. In 2024, these assets jointly produced about 8 tons of gold as part of copper-gold mining, ensuring Serbia’s status as one of the fastest growing gold mining centers in the region.
In parallel, the National Bank of Serbia is actively building up its gold reserve. According to TradingEconomics and specialized industry surveys, the volume of the country’s official gold reserves has grown to 51 tons in the second-third quarter of 2025, compared to the average of 20-21 tons in the early 2000s.
Gold now accounts for about 17-18% of foreign exchange reserves, and Belgrade has been consistently repatriating the metal from foreign vaults back to the country.
Against the backdrop of growing production and increasing gold reserves, the Rogozna discoveries reinforce Serbia’s role as a promising hub for gold and base metals in Southeast Europe.
As the Rogozna resource base is refined and subsequent feasibility studies are conducted, the project could become one of the key arguments for further strengthening Serbia’s gold balance, but its realization, according to analysts, will require strict adherence to environmental standards and transparent agreements between investors, the state and local communities.
