A defining moment that injected new energy into bilateralrelations was the official visit of Serbian President AleksandarVučić to Uzbekistan from October 28-31, 2025. This historic visitmarked the first by a Serbian head of state and signalled bothsides’ commitment to transitioning from political dialogue totangible economic engagement. The business forum held during thisvisit laid the groundwork for the establishment of regular businessexchanges between the two countries.

In January 2026, the two nations held another business event,and the upcoming February forum will represent the third suchmeeting within a relatively short time frame. This growingfrequency of engagements highlights a deepening interest from bothgovernments and the private sector in expanding and solidifyingtheir economic collaboration.

During Vučić’s visit, several agreements were signed in thepresence of the two leaders, focusing on the promotion andprotection of investments, the development of economic partnership,and cooperation in engineering, advanced technologies, andartificial intelligence. In addition, a cooperation program betweenthe foreign ministries for 2026–2027 was approved, and partnershipties were established between Tashkent and Belgrade. Thesearrangements created clearer conditions for business and laid thegroundwork for joint projects.

Special attention in the Uzbek-Serbian dialogue has also beendevoted to transport connectivity. Uzbekistan and Serbia emphasizedthe importance of developing new routes that could link CentralAsia and the Balkans, including within the framework of theTrans-Caspian Corridor. For landlocked Uzbekistan, expandingalternative logistics directions is becoming one of the key toolsfor diversifying foreign trade and reducing reliance on traditionaltransit routes.

In this emerging transport architecture, Azerbaijan plays animportant role as a crucial link in the Middle Corridor. ThroughAzerbaijan’s infrastructure, its Caspian Sea ports, railway routes,and transit hubs, Central Asian countries gain access to Europeanmarkets via the South Caucasus and Türkiye.

Against this backdrop, the intensification ofAzerbaijani-Serbian relations stands out as particularlysignificant. On February 15-16, Serbian President Aleksandar Vučićhosted Azerbaijani President Ilham Aliyev in Belgrade, furtherreinforcing the ties between the two nations. The discussionsbetween Baku and Belgrade highlighted Serbia's growing interest infostering cooperation with the Caspian region, while also creatinga conducive environment for Uzbekistan, which is likewisestrengthening its connections with the Balkans.

“Partnership between Azerbaijan and Serbia, particularly withinthe Middle Corridor, demonstrates one of the fastest rates ofdevelopment globally. Our economic cooperation, which followsstrong political relations, is becoming increasingly diversified,facilitated by a shared transport route,” remarked Serbian Ministerof Domestic and Foreign Trade Jagoda Lazarević during the FirstAzerbaijan International Investment Forum in Baku.

This development reflects a broader regional trend: Balkancountries are progressively turning to the Trans-Caspian route as aviable alternative to traditional trade corridors, with Azerbaijanpositioning itself as a critical transit hub bridging Central Asiaand Europe. For Uzbekistan, this evolving configuration presentsnew opportunities to access emerging markets and further solidifyits economic connections with Southeast Europe.

Amid growing interest in new logistics routes and expandingeconomic connections between Central Asia and the Balkans, theupcoming Uzbekistan–Serbia Business Forum in Tashkent will serve asanother platform for discussing concrete joint projects.

The event is expected to help companies from both countriesestablish direct contacts and identify practical areas ofcooperation. Key sectors in focus include mechanical engineering,agriculture and agro-processing, pharmaceuticals, the chemicalindustry, construction materials, textiles, and informationtechnologies. Uzbekistan aims to present opportunities forproduction localization and joint ventures, while Serbia viewsUzbekistan as a promising market with rising domestic demand.

Economic cooperation between the two countries remains limitedin scale but has shown positive dynamics. In 2022, bilateral tradeturnover 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 registeredin Uzbekistan, including four joint ventures and five fullyforeign-owned companies. These firms operate mainly in constructionmaterials, trade, services, mechanical engineering, as well asfurniture 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 toSerbia. Despite still modest trade volumes, both sides acknowledgesignificant untapped potential.

“We see great opportunities to expand our partnership in theeconomic sphere and are ready to give it a practical character,”Uzbekistan’s Foreign Minister Bakhtiyor Saidov noted during a phoneconversation with Serbia’s First Deputy Prime Minister and ForeignMinister.

In addition to economic matters, the two nations are exploringthe expansion of humanitarian cooperation, which includes academicexchanges, cultural programs, and the potential establishment ofdirect air links between Tashkent and Belgrade. Labor migrationalso remains a significant focus, as the number of Uzbek nationalsreceiving work visas for Serbia has risen markedly in recentyears.

The Uzbekistan-Serbia partnership is gradually transitioninginto 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 tieswith Europe, while for Belgrade, it presents a valuable opportunityto broaden its footprint in Central Asia.