Serbia and India: A $1 Billion Trade Target and a New Era of Cooperation

Serbia and India are entering a new phase of economic relations, with a clear goal of increasing bilateral trade from the current approximately $130 million to as much as $1 billion within the next two to three years, while also strengthening business ties between their companies. This was stated by Marko Čadež, President of the Chamber of Commerce and Industry of Serbia, and Ashish Saraf, Honorary Representative of the Chamber in India, during the “Čadež Talk” program.

Čadež emphasized that Serbia is rapidly building its position as a regional economic hub, with growing interest from global partners. “We are preparing a large business delegation from India to visit Belgrade, as well as organizing visits of Serbian companies to India. We have a concrete goal and a clear timeline—and we are beginning to work seriously toward achieving it,” Čadež stressed.

Saraf assessed that the target is achievable with strong institutional support and determination on both sides. He particularly highlighted the importance of establishing a direct flight route, which would position Serbia as a gateway for Indian companies entering Europe. “Serbia has the potential to become an important bridge to the European Union—geographically, economically, and logistically,” Saraf noted.

Speaking about Serbia, he pointed to visible strong development, especially in infrastructure, urban development, and the business environment. As a symbol of this transformation, he singled out the Belgrade Waterfront project, which he described as an example of modernization and the capital’s new image. “It is tremendous progress—a space that today looks like a small Dubai, well-organized, clean, and attractive for both living and business,” Saraf said.

He identified Serbia’s key advantages as an educated and motivated workforce, strong English-language proficiency, and competitive business costs. He added that Serbia offers significant opportunities in the tourism, technology, and manufacturing sectors.

The speakers agreed on the need to strengthen the presence of companies in both markets, as well as to improve mutual understanding of their potential. Saraf invited Serbian businesspeople to visit India and experience a market undergoing rapid transformation: “Don’t start with business—come and feel India first, because only then can you truly understand its opportunities.”

Artificial intelligence was also highlighted as one of the key drivers of global change. Saraf noted that AI is dramatically transforming the way people learn, do business, and function as a society, while also bringing challenges such as labor market transformation. “Progress is inevitable—it brings more knowledge and efficiency, but it also requires adaptation,” he said, pointing out that India, with hundreds of millions of smartphone users, is one of the key players in this process.

Speaking about India, Saraf assessed that it is not only developing but also actively shaping the future of the world, from technology to the global economy. Rising confidence, infrastructure development, and technological advancement have positioned India as an equal global player, with a decreasing need to look up to Europe as a model.

Reflecting on Europe, Saraf noted that it once represented a “role model” for Indian citizens, but that perception is changing. Today, he said, India offers its own “wow factor,” while Europe, unless it accelerates reforms and efficiency, risks becoming a “large museum.”

In the broader context of global change, the speakers highlighted growing uncertainty in the world economy and the need for greater self-sufficiency among countries. Saraf emphasized that success depends on mindset rather than the size of a country, and that smaller economies like Serbia can achieve significant progress through strategic partnerships.

A special part of the discussion was dedicated to entrepreneurship and personal development. Saraf stressed that it is often easier and more successful to start “from scratch,” as there is no fear of loss. “When you have nothing, you have everything to gain. That is the essence of the entrepreneurial spirit,” he concluded, adding that this path has shaped many of the world’s most successful leaders.