Italy is a first-rate economic partner for Serbia, as the two countries have complementary economic structures, a tradition of business relations and geographical closeness, showed an analysis of the Serbian Chamber of Commerce ahead of Serbian President Boris Tadic's two-day visit to Italy.

In the last 20 years, Italy has always been one of the top three export destinations for Serbia.

Based on data from the National Bank of Serbia on foreign direct investments to Serbia, it is estimated that Italian companies have invested around USD 1.48 billion since 2000, putting Italy sixth among investor countries.

In 2010, Italy was Serbia's top export partner and the export/import coverage ratio was 78.1 percent.

Last year, trade will Italy exceeded USD 3 billion and came close to record levels from 2008.

In 2011, the export/import coverage ratio was 72.5 percent, according to the state statistical office, well above Serbia's average with the EU and other most important partner countries. At the same time, trade went up 21 percent during this period.

Around 250 Italian companies operate in Serbia, bringing in revenue of USD 2.4 billion and employing over 20,000 people.

In addition to classic investments and privatizations, there have been partnerships with the state - in the case of Fiat - or with local governments.