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Why is Serbia Your Top IT Destination?

There are about 3,000 highly qualified IT engineers currently working on projects for foreign partners, mainly in the field of software product and service development. Total annual revenue in this sub. sector alone is estimated at almost USD 100 million. The IT sector has an annual growth rate of 18.3% and a projected five year CAGR (Compounded Annual Growth Rate) of 16.8%.


The value of the Serbian IT market in 2003 was estimated at USD 340 million.

(Source: IDC ICT Sector Market Analysis and Trends in Serbia and Montenegro, 2003.2008).


In addition to major multinationals such as Ericsson and Siemens, which are present in Serbia, a number of smaller European firms have established a presence in the country, both to expand their market reach and to develop products for the region.


Over 100 leading private ICT companies and representatives of Universities and research institutes have established an ICT cluster in Serbia. The goal of the cluster is to increase the competitiveness of Serbian ICT industry through mutual cooperation and joint activities of the cluster members.


“FinSoft London and TeleTrader, originally from Vienna, both have more than 50 developers in Belgrade, that number swells to a hundred or more during peak production times.


On 19th April 2005, Austrian S&T signed an agreement for the takeover of IT banking solutions provider SITO Inc. Information Systems Engineering and Design Company”.



IT Market Potential


Between 2005 and 2007, IT market in Serbia grew from €280 to €460 million. In 2007 alone, market grew by 37%. Despite these high growth rates, market potential remains strong as IT spending per capita remains well below EU27 average, at €85.


This sector employs 10,000 people in over 1,408 IT companies. Serbian Investment and Export Promotion Agency’s IT market value estimation for 2008 is €550 million and provided the growth continues at this pace, which is forecasted by industry specialists, by 2010 Serbian IT market will be €1,15 billion worth. Almost 73% of the total Serbian IT market value is created by equipment, followed by services and software with 15% and 12% respectively.

The ownership structure of IT companies in Serbia is as follows: 95% are domestic companies, 3% are with mixed ownership and 2% are foreign companies. The cost of graduate level qualified staff is considerably lower than in Western Europe. Net salary costs vary from 350 EUR to 850 EUR per month for qualified and experienced personnel. The overall salary cost of a programmer/systems expert is in the range 700 - 1,400 EUR per month.


Many companies have benefited from the sector being different in attitude, commitment and output than in many traditional industries. Their overall costs are considerably lower in Serbia than in most other countries in Western and Eastern Europe.


Serbia offers to investors both new and existing a range of incentives aimed at enhancing the countries competitiveness as an investment location. The corporate profit tax of 10% is the lowest in Europe.


Also, one third of all households in Serbia have computers and in 2007 their number has increased by 7,5%. Around 26.3% of households are connected to the Internet and their number is growing by approximately 7,8% per annum. Almost 100% of companies in Serbia use Internet, with majority connecting through LAN.