JPM at the 7th Serbian Property and Infrastructure Development Conference, held in Belgrade on 22nd March 2022

Our Senior Partner Jelena Gazivoda was invited to chair the panel on Infrastructure & Property Development Sector: Investment and growth opportunities. Giving a brief overview of the event and its relevance, she points out several significant conclusions.

We had the pleasure of contributing to this year’s great event, which attracted more than 250 highly relevant attendees from major real estate developers, construction groups, financial institutions, public sector companies, journalists, and independent real estate professionals from Serbia and abroad. The  Conference provided valuable insight into challenges and opportunities in property & infrastructure projects.

Serbia has been in an important investment cycle for years, in the field of real estate market development (residential buildings, retail parks, and logistics centers) as well as infrastructure projects, with an emphasis on the construction of highways, railways, and communal infrastructure, but also construction and modernization of health care facilities, social protection, education, as well as construction and development of science and technology parks. In recent years, the Republic of Serbia has invested close to 8% of its GDP in the development of these projects, which is twice as many as the countries in the CSEE region, that have already passed this development cycle. This development contributes to the overall economic development, attracting foreign direct investment and ensuring a better quality of life for citizens.

Such a significant investment cycle is ensured thanks to a stable investment climate, improved regulations that encourage investment, institutional progress, and, importantly, the diversification of financing instruments (budget, international financial institutions, private commercial banks, bilateral financiers). Also, the positive effects of the development of the real estate market and infrastructure projects are an additional incentive for the development of the private sector, which is the basic lever for the development of any economy.

Speaking about the future, imperatives of the development will certainly be related to the requirements of the green agenda and the digitalization agenda, circular economy, as well as the development of renewable energy sources, application of climate protection measures, and biodiversity conservation.  Looking at the present moment, many questions remain open, as we are entering a period of uncertainty and occurrence of numerous risks that are reflecting on the projects, investment, and development plans. The risks are associated with dramatic jumps in energy prices, steel prices, difficult functioning, and the corresponding interruptions of supply chains, that now need to be bridged by alternative sources of supply. Additionally, there is an increasingly pronounced trend of labor shortages that we have been feeling for years.

All the speakers have come to a wider mutual agreement that, to be competitive today, means to be well connected – including good connections within the country and the region, while providing quality, fast, efficient services.

It was a real pleasure to be a part of the Conference and we congratulate TGI GROUP INTERNATIONAL DOO – Hellenic Business Association for professionalism and exceptional organization.

Looking forward to our continued cooperation.

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