Stefan Lazarević, President Of AmCham

American companies in Serbia continue to make a strong contribution to economic growth—not only through investments and job creation, but also by raising business standards. With over 260 members, AmCham companies employ more than 119,000 people and generate over €21 billion in annual revenue. They also make significant tax contributions and provide ongoing value through knowledge, technology, and innovation

Over the past year, the IT and digital services sector stood out. In 2024, Serbia’s IT and ICT exports exceeded €4.13 billion, up more than 20% year-over-year—a new record and further proof that Serbia is becoming a key player in the global digital and software space. “U.S. companies are instrumental in this,” says Stefan Lazarević, President of AmCham Serbia. “They not only invest but also actively help grow domestic IT talent and the ecosystem. We are also seeing rapid growth in fintech, where U.S. investors increasingly recognize Serbia’s potential for developing digital banking and data management platforms.”

Looking ahead, the most promising sectors are green energy and renewables, in line with the EU energy agenda and Serbia’s growing orientation toward sustainable development. “U.S. companies are not just investors,” says Lazarević, “they are standard-setters, innovation drivers, and builders of a modern, resilient, and competitive economy.”

How might recent U.S. tariff increases on steel and aluminum affect American companies operating in Serbia and the region?

— Changes in U.S. trade policy affect global companies, including those in Serbia. While the tariffs primarily target direct exports to the U.S., indirect effects may be felt through supply chains and increased input costs. Serbia mainly exports steel to the EU and China, with only limited quantities to the U.S., but that doesn’t mean there won’t be consequences. The EU, Serbia’s largest trading partner, is significantly impacted by the new measures. When combined with rising geopolitical tensions, it’s clear that the global economy will be under pressure in the coming months.

AmCham held a meeting to discuss the implications of the new U.S. trade policy. What were the key takeaways, and how will AmCham support its members going forward?

— The meeting helped clarify the impact of reciprocal U.S. tariffs on Serbian exporters and companies engaged in transatlantic trade. A special value was added by Mr. Ian Sandford, a leading expert in international trade law, who offered actionable strategies, including contract renegotiation and legal adaptation. Discussions also addressed how governments can respond using diplomatic, legal, and political tools.

The final session looked at next steps, including potential EU responses, U.S. political developments, and broader implications for global trade dynamics. The event brought together a wide group: AmCham member companies, representatives from Serbia’s ministries of finance, trade, and foreign affairs, the Chamber of Commerce, and several major exporters impacted by the tariffs— even if not AmCham members.

Your mid-year survey shows that AmCham members remain optimistic about investment prospects but point to the need for improved legal certainty and administrative efficiency. What are the most important steps for improving the business environment?

— AmCham’s annual survey shows consistent priorities over the past six years: institutional reforms that strengthen the rule of law, judicial efficiency, and anti-corruption—all of which are also key to advancing Serbia’s EU integration.

Judicial reform is the top priority, with a focus on digitizing the court system. E-courts would ensure faster and more predictable dispute resolution, reduce opportunities for corruption, and improve legal certainty—key conditions for building investor confidence.

The second priority is continued digitalization of public administration. Businesses stress the need for broader acceptance of electronic documentation in employment law, which would reduce the administrative burden on both firms and institutions. Additionally, digital tools like electronic health records could enhance service delivery and efficiency.

Considering global market instability and rising geopolitical tensions, it’s clear that the global economy will face significant pressure in the months ahead

The third pillar is green reform, especially regulatory frameworks that support investment in renewables. Amendments to Serbia’s Energy Law allow companies to become active energy buyers, contributing to a more stable and sustainable energy system. Equally important is consistent enforcement of the “polluter pays” principle, ensuring that environmental obligations are fair and encourage compliance.

Innovation and digital transformation are reshaping the future. How is AmCham supporting its members in adopting new technologies?

— Digital transformation is no longer optional— it’s the foundation of competitiveness. Through its Digital Economy Committee, AmCham helps members adopt digital tools, share knowledge, and address regulatory hurdles. We organise themed forums, workshops, and roundtables where local and global companies exchange best practices in AI, cybersecurity, e-commerce, and IoT.

We also advocate for the development of public digital services—such as e-government, e-courts, and e-health—because a modern public sector will drive wider private-sector digitalisation.

ESG principles are becoming the standard for modern business. How is AmCham helping members implement sustainability strategies, and what should be the focus going forward?

— Like digitalisation, ESG is now a regulatory requirement. Our latest research shows that 70% of members have ESG strategies in place, and that number is growing. Main challenges include the lack of standardised reporting guidelines, complex international regulations, and limited capacity in terms of staff and budget for implementation. This is especially true for compliance with EU standards, such as the CSRD.

To support members, we launched the “Responsible Business Dialogue” initiative, which brings together experts from business, government, NGOs, and academia for practical education and exchange. We also offer ESG-focused training and roundtables to help members understand new EU standards and apply best practices in sustainable finance and circular economy.

Areas requiring greater attention include ESG reporting standardisation, carbon emission reduction, and engaging local communities in sustainability strategies—factors that drive long-term reputational and market value.

Talent development and retention are strategic challenges. How does AmCham help bridge business and academia to support young professionals?

— For years, AmCham has invested in talent through our AmChamps program, which pairs students and young professionals with business leaders. It is widely recognized as one of the most effective mechanisms for identifying and empowering future leaders. Last month, we proudly awarded diplomas to the 11th generation and named four finalist pairs—our largest group yet.

We also foster collaboration between business and academia through internships, mentoring, and entrepreneurship support. We believe success lies in combining theory with real-world experience, and aligning education with market needs.

Retaining young talent depends on quality jobs, opportunities for professional growth, and inclusive workplace cultures—all of which Am- Cham members are deeply committed to. Our goal is to create a competitive and attractive environment for young professionals.