In recent years, economic ties between Uzbekistan and Serbia have intensified considerably. In April 2023, First Deputy Prime Minister and Minister of Foreign Affairs of Serbia Ivica Dacic paid an official visit to Uzbekistan.
An important milestone was the first official visit of Serbian President Aleksandar Vucic to Uzbekistan on October 28–31, 2025.
Following the talks in Tashkent, the two sides signed, among other documents, the Agreement on the Mutual Promotion and Protection of Investments and the Agreement on Economic Cooperation, creating an additional legal framework for expanding business ties.
In May 2026, Serbian Minister of Foreign Affairs Marko Djuric also visited Uzbekistan. During the visit, particular attention was paid to expanding trade and developing cooperation in mechanical engineering, pharmaceuticals, the chemical industry, agriculture and other sectors.
Between 2016 and 2025, Uzbekistan’s trade turnover with Serbia increased almost ninefold, from $1.4 million to $12 million. Exports increased threefold to $0.9 million, while imports rose approximately tenfold to $11.1 million.
In 2025, Uzbekistan’s exports to Serbia were primarily composed of food products – 47.1%, industrial goods – 23.8%, chemical products – 4.8%, non-food raw materials – 2.4%, mineral fuels and lubricants – 1%, and services – 20.8%.
Imports from Serbia were dominated by machinery and transport equipment – 50%, chemical products – 20.1%, industrial goods – 16.8%, food products – 4.8%, miscellaneous manufactured articles – 4.2%, non-food raw materials – 1.5%, and services – 2.6%.
As of 2026, 9 enterprises with Serbian capital were operating in Uzbekistan. The cumulative volume of foreign direct investment and loans attracted from Serbia in 2016–2025 amounted to $2.2 million, while in 2024 the volume of FDI and loans totaled just $0.2 million.
Thus, despite the still relatively modest absolute volume of Uzbekistan–Serbia trade, bilateral trade turnover has expanded substantially over the past nine years.
The establishment of a new legal framework for economic cooperation and investment protection creates additional opportunities for further expanding trade, investment cooperation and industrial partnerships in such areas as electrical engineering, mechanical engineering, the food industry and textile manufacturing.
CERR Public Relations Sector
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