BAKU, Azerbaijan, February 17. In recent
months, the relationship between Uzbekistan and Serbia has gained
significant momentum. The forthcoming business forum, scheduled for
February 20, 2026, in Tashkent, underscores the mutual intent to
shift bilateral cooperation toward a more practical and
results-oriented framework. For Uzbekistan, this reflects a broader
strategic effort to fortify ties with European nations and
diversify foreign trade partnerships.
A defining moment that injected new energy into bilateral
relations was the official visit of Serbian President Aleksandar
Vučić to Uzbekistan from October 28-31, 2025. This historic visit
marked the first by a Serbian head of state and signalled both
sides’ commitment to transitioning from political dialogue to
tangible economic engagement. The business forum held during this
visit laid the groundwork for the establishment of regular business
exchanges between the two countries.
In January 2026, the two nations held another business event,
and the upcoming February forum will represent the third such
meeting within a relatively short time frame. This growing
frequency of engagements highlights a deepening interest from both
governments and the private sector in expanding and solidifying
their economic collaboration.
During Vučić’s visit, several agreements were signed in the
presence of the two leaders, focusing on the promotion and
protection of investments, the development of economic partnership,
and cooperation in engineering, advanced technologies, and
artificial intelligence. In addition, a cooperation program between
the foreign ministries for 2026–2027 was approved, and partnership
ties were established between Tashkent and Belgrade. These
arrangements created clearer conditions for business and laid the
groundwork for joint projects.
Special attention in the Uzbek-Serbian dialogue has also been
devoted to transport connectivity. Uzbekistan and Serbia emphasized
the importance of developing new routes that could link Central
Asia and the Balkans, including within the framework of the
Trans-Caspian Corridor. For landlocked Uzbekistan, expanding
alternative logistics directions is becoming one of the key tools
for diversifying foreign trade and reducing reliance on traditional
transit routes.
In this emerging transport architecture, Azerbaijan plays an
important role as a crucial link in the Middle Corridor. Through
Azerbaijan’s infrastructure, its Caspian Sea ports, railway routes,
and transit hubs, Central Asian countries gain access to European
markets via the South Caucasus and Türkiye.
Against this backdrop, the intensification of
Azerbaijani-Serbian relations stands out as particularly
significant. On February 15-16, Serbian President Aleksandar Vučić
hosted Azerbaijani President Ilham Aliyev in Belgrade, further
reinforcing the ties between the two nations. The discussions
between Baku and Belgrade highlighted Serbia's growing interest in
fostering cooperation with the Caspian region, while also creating
a conducive environment for Uzbekistan, which is likewise
strengthening its connections with the Balkans.
“Partnership between Azerbaijan and Serbia, particularly within
the Middle Corridor, demonstrates one of the fastest rates of
development globally. Our economic cooperation, which follows
strong political relations, is becoming increasingly diversified,
facilitated by a shared transport route,” remarked Serbian Minister
of Domestic and Foreign Trade Jagoda Lazarević during the First
Azerbaijan International Investment Forum in Baku.
This development reflects a broader regional trend: Balkan
countries are progressively turning to the Trans-Caspian route as a
viable alternative to traditional trade corridors, with Azerbaijan
positioning itself as a critical transit hub bridging Central Asia
and Europe. For Uzbekistan, this evolving configuration presents
new opportunities to access emerging markets and further solidify
its economic connections with Southeast Europe.
Amid growing interest in new logistics routes and expanding
economic connections between Central Asia and the Balkans, the
upcoming Uzbekistan–Serbia Business Forum in Tashkent will serve as
another platform for discussing concrete joint projects.
The event is expected to help companies from both countries
establish direct contacts and identify practical areas of
cooperation. Key sectors in focus include mechanical engineering,
agriculture and agro-processing, pharmaceuticals, the chemical
industry, construction materials, textiles, and information
technologies. Uzbekistan aims to present opportunities for
production localization and joint ventures, while Serbia views
Uzbekistan as a promising market with rising domestic demand.
Economic cooperation between the two countries remains limited
in scale but has shown positive dynamics. In 2022, bilateral trade
turnover grew by 134%, followed by a further 63% increase in 2024.
In January–September 2025, trade continued to expand by 2.5%.
Currently, nine enterprises with Serbian capital are registered
in Uzbekistan, including four joint ventures and five fully
foreign-owned companies. These firms operate mainly in construction
materials, trade, services, mechanical engineering, as well as
furniture and household goods production.
Serbia exports construction and finishing materials, furniture,
chemical products, marble, and agricultural goods to Uzbekistan.
Uzbekistan, in turn, supplies cotton yarn, textiles, and legumes to
Serbia. Despite still modest trade volumes, both sides acknowledge
significant untapped potential.
“We see great opportunities to expand our partnership in the
economic sphere and are ready to give it a practical character,”
Uzbekistan’s Foreign Minister Bakhtiyor Saidov noted during a phone
conversation with Serbia’s First Deputy Prime Minister and Foreign
Minister.
In addition to economic matters, the two nations are exploring
the expansion of humanitarian cooperation, which includes academic
exchanges, cultural programs, and the potential establishment of
direct air links between Tashkent and Belgrade. Labor migration
also remains a significant focus, as the number of Uzbek nationals
receiving work visas for Serbia has risen markedly in recent
years.
The Uzbekistan-Serbia partnership is gradually transitioning
into a more tangible phase, with emphasis on concrete projects,
investments, and the development of new trade and logistics routes.
For Tashkent, this marks another pivotal step in deepening ties
with Europe, while for Belgrade, it presents a valuable opportunity
to broaden its footprint in Central Asia.
