Serbian startups are looking to expand into Mongolia – a market in East Asia with great potential

The majority of startups in Serbia plan to expand into the Asian market (63%). The specific country that 44% of startups aim to enter is Mongolia, primarily due to the demand for their products or services in that market and its size. Some innovators choose certain markets due to a lack of competition (31%) and the simplicity of administrative procedures (19%). This was stated during the opening of Global Entrepreneurship Week and the Pop-up Export Hub in Niš, within the framework of the StarTech project.

Vladimir Arsenović, State Secretary at the Ministry of Economy, highlighted that Serbia, thanks to its well-educated workforce and geographical location, is the most attractive investment destination in the region.

- Serbia is the most attractive investment destination in the region, having attracted 4.5 billion euros in foreign direct investments last year. Around 60% of these investments for the entire Western Balkans have flowed into our country, said Arsenović, adding that establishing contacts with investors from East Asia is crucial, providing an opportunity to invite them to invest in Serbia.

Niš Mayor Dragoslav Pavlović emphasized that Niš has become a development engine for the region, with many investors seeing the city as an attractive business environment offering strong support.

Jelena Preradović Stevanović from Philip Morris Serbia pointed out the importance of investing in innovation, stressing that it is particularly vital for large companies to support small ones, as they have been doing for years.

Dušan Vasiljević, Director for Competitiveness and Investment at NALED, stated that Niš has become the capital of innovation and entrepreneurship in Serbia and the wider region this week.

- The Far East remains shrouded in mystery for many. Those who have already conquered it are with us today, and I believe I won’t be the only one absorbing their experiences, much like Europeans once gathered around Marco Polo to hear his stories, noted Vasiljević.

Milan Ranđelović, Director of the Niš Science and Technology Park, announced that a cooperation agreement was recently signed with the Chinese High-Tech Zone in Hangzhou.

- This agreement strengthens our mutual connections, communication, and exchange for the sake of joint progress. By leveraging geopolitical advantages and strengths in the industrial sector, we will collaborate to enhance the digital economy, focusing on concepts like e-commerce, smart cities, modern logistics, and mobile payments, explained Ranđelović.

A Memorandum of Understanding between the Niš Science and Technology Park and NALED was also signed during the event.

It is worth noting that StarTech is a six-year project supporting innovation and the digital transformation of the economy, carried out by NALED in cooperation with the Government of Serbia and financed by Philip Morris. The main goal of the program is to accelerate the growth of Serbian companies and transform the traditional economy into a digital, export-oriented economy based on knowledge and innovation.