It may seem strange to write about Serbia in the Budapest Business Journal, but we believe that the Hungarian capital will have an important role to play in the region, in the same way that the Budapest office acts as the regional hub for the international law firm Gide Loyrette Nouel. As we keep a close eye on important economic and political events in the region and their impact on the legal and business climate, we take a closer look at Serbia and the general and presidential elections held in May that attracted the attention of the business community. Below is how we understand the country at this turning point.
2012 is often said to be a very important year for Serbia. It should show whether the pace along Serbia’s EU path will be stepped up or slowed down, whether the newly elected President, Tomislav Nikolic will continue reforms or decide to turn the country in a different direction, whether the Kosovo issue be settled or escalated. With such important topics on the table, some may stop to argue the merits of these dilemmas, while others are entering this market, or further investing in it, without hesitation.
In the past decade, Serbia has taken many steps towards the modernization and reform of its economic and political system. It was the last country to break loose from its ex-communist manacles and it therefore does not come as a surprise that the serious difficulties of transitory times are yet to be overcome. Questions such as judiciary and fiscal reform, administrative efficiency and corruption remain in the spotlight.