11
Mon, Dec
60 New Articles

The Buzz in Serbia: Interview with Djordje Novcic of Jankovic Popovic Mitic

The Buzz in Serbia: Interview with Djordje Novcic of Jankovic Popovic Mitic

Serbia
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

“This was an election year for Serbia, and as a result we had a technical government for a very long time,” says Djordje Novcic, Partner at Jankovic Popovic Mitic in Belgrade, referring to the four-month-long period of deliberation before the new government was finally formed on October 28.

There has not been much legislative activity otherwise, Novcic reports, which he attributes to the slowness of the political process. Still, he says, draft laws reorganizing the judiciary and the administrative sector are expected to be voted on by the end of the year.

In addition to its effects on the legislature, the systematic sluggishness also affected the economy. “Foreign investors have become more cautious about investing in the country,” Novcic says, though he notes that the government is trying to make amends in that department. To that effect, he says, “Serbia signed the Washington Agreement at the end of October, as a result of which the US International Development Finance Corporation opened its office in Belgrade.” The arrival of a new investor was welcome, Novcic reports, adding that the IDFC is expected to invest millions of dollars in the years to come.

The pandemic and the elections notwithstanding, the economic outlook for Serbia is not grim, in Novcic’s opinion. “Our economy did not take a huge hit, and we can see large infrastructure projects are still under way,” he says, pointing to the construction of the Belgrade-Sarajevo highway and the Turkish Stream gas pipeline. “It is also very clear that the pandemic gave rise to the IT, pharmaceuticals, and online retail sectors,” he says.

Another area on the rise in Serbia is arbitration, Novic reports. “There has been a growing interest of business entities to resolve disputes through arbitration,” he says, due in part to the “adaptability of arbitration tribunals, which were able to continue their proceedings via the implementation of new technologies even during the state of emergency.”

Novcic sounds optimistic even about the industry which suffered the most at the hands of the pandemic – tourism — and says that he believes it will reemerge with help from the government. Ultimately, though, Novcic says that “the full effect of the pandemic remains to be seen in the coming years.”

Serbia Knowledge Partner

Committed to redefining a law firm's role in an emerging regional market, Gecić Law is a full-service law firm that advises international and local clients from the public and private sectors in navigating the complex legal landscape of the region across multiple practice areas. Members of the Gecić Law team have graduated from leading universities in the US and Europe. They have extensive local and international experience, with a particular focus on EU regulatory frameworks and international trade and a proven track record in providing innovative and practical solutions in the most complex of matters.

Gecić Law is an exclusive member of two leading global alliances, TerraLex and TAGLaw, extending its international footprint. The firm and its lawyers have continuously been recognized in several practice areas by elite global directories, including The Legal 500, Chambers and Partners and Benchmark Litigation. Gecić Law was named Law Firm of the Year: South Eastern Europe 2021 and Law Firm of the Year: Eastern Europe and the Balkans 2020 at The Lawyer European Awards and was repeatedly nominated in other practice areas.

For more details, please visit geciclaw.com.

 

Our Latest Issue