This article sets out the economic relationship between India and Serbia: trade figures, Indian companies investing in Serbia, the Joint Economic Committee and trade agreements, and the business delegations and forums that have linked the two countries. It is based on the Ministry of External Affairs (MEA) brief of June 2026.

Trade figures

According to the MEA brief of June 2026, bilateral trade amounted to USD 479.6 million (Euro 414.6 million) in 2025, compared with USD 405.5 million (Euro 375 million) in 2024. The brief describes trade as being on an upward trajectory. It states that the trade balance is heavily in favour of India and refers to an increase of 18% over 2024.

Indian investment and companies in Serbia

The brief lists the following Indian investments and collaborations in Serbia:

  • Embassy Group has developed an IT Park in Indjija.
  • TAFE, the Chennai-based company that has exported tractors to Serbia for over six decades, acquired the strategic asset of Serbian IMT.
  • CG Group India has invested Euro 9m in a noodle factory in Ruma.
  • Mahindra and Sonalika have assembly lines through local partners.
  • Mulk Holdings (Alubond Europe), a UAE-based Indian company, has invested USD 20m in Serbia to manufacture aluminium panels.
  • Himalaya Herbals, Panacea Biotec and HiMedia Laboratories, among others, have local representatives.
  • Sona Comstar, an Indian producer of electronics for the automotive industry, announced in January 2023 an agreement to acquire 54% of the Serbian tech company Novelic for Euro 40.5 million.
  • Zensar, an Indian IT company of the RPG group, was established in March 2026 and has started operation.

Motherson in Serbia

The largest Indian presence described in the brief is that of the Motherson group. In November 2021, Motherson Sumi opened its second factory in Serbia, producing parts for the interiors of luxury cars such as Porsche, Audi and BMW, with Euro 38 million invested. Its other Serbian facility, PKC Wiring Systems, a Finnish company, was acquired by Motherson in 2017. The brief puts the investment of the two companies together at about Euro 65 million, providing employment to about 4500 people.

In 2022, PKC Wiring Systems doo opened a factory in Pozarevac where 900 people would be employed. This is the company's third facility in Serbia; it employs 3,826 workers in its factory in Smederevo and 286 in Cuprija.

Joint Economic Committee and trade agreements

The India-Serbia Joint Economic Committee (JEC) was established under the Agreement on Trade & Economic Cooperation signed on 7 February 2006. Three meetings have been held so far, and the brief says it is proposed to hold the fourth meeting in Belgrade in 2026.

The brief also lists a Double Taxation Avoidance Convention (DTAC) from 2006 and a Trade Agreement (MFN status) from 2006 among existing agreements.

Business delegations and forums

  • January 2017: during his visit to attend a summit in Gujarat, Mr. Vucic, then Prime Minister, addressed businesses in Ahmedabad and Mumbai, invited Indian investors and promised the best possible business conditions for Indian companies in Serbia.
  • November 2017: Mr. Branislav Nedimovic, Serbian Minister for Agriculture, Forestry & Water Management, led a delegation including agro-processing companies to World Food India in New Delhi (3-5 November 2017), where Serbian companies exhibited frozen fruits, confectionery and dried fruits.
  • September 2018: the Vice President of India and the Serbian President addressed the India-Serbia Business Forum in Belgrade, where a large number of Serbian companies and an Indian business delegation discussed agriculture, pharmacy, the IT industry, tourism and education.
  • February 2023: a business delegation led by State Secretary Milan Čukić visited Delhi from 14th to 17th February 2023. It comprised around 20 businesspeople from 14 companies, and a Serbia-India business forum organised by the CII was held on 15th February 2023.
  • May 2026: the Gems and Jewellery Export Promotion Council brought a ten-member Gems & Jewellery business delegation to Belgrade, and a Symposium was organised at the Serbian Chamber of Commerce.