Belgrade is gearing up to host Expo Belgrade 2027 (Expo 2027), a first-of-its-kind specialized exhibition for Serbia and the Western Balkans. With major infrastructure projects underway and over EUR 1 billion in projected gains, the event promises both opportunity and challenges, according to JPM & Partners Senior Partner Jelena Gazivoda and Zivko Mijatovic & Partners Of Counsel Mina Jovanovic Ninkovic.
The Setup
A first for Serbia and the Western Balkans, Expo 2027 will be a specialized BIE exhibition focused on sport and music. “Beginning with June 2023, when the General Assembly of the International Bureau of Exhibitions decided that Belgrade would host the exposition in 2027, numerous activities were commenced to prepare for the Expo Belgrade 2027, with measures intensifying as the date of the exhibition approaches,” Gazivoda says.
“Expo 2027 is expected to bring together more than 120 participating countries and attract over 3 million visitors,” notes Jovanovic Ninkovic, with the theme of the event being Play for Humanity: Sport and Music for All. “The goal is to bring together countries and companies from around the world to showcase the latest achievements in technology, science, and culture.”
Preparations for Expo 2027 include a brand-new complex, sports stadium, housing, and transport hubs. As Gazivoda reports, the organization of this specialized exhibition includes the obligation on part of Belgrade, “to build the entire complex in which this event will be held, including several halls in which international pavilions will be placed, the central exposition pavilion, conference facilities, VIP facilities, general administration rooms, about 1,500 apartments, etc.,” with Jovanovic Ninkovic adding that the exhibition complex in Surcin will be complemented by “new transport infrastructure, commercial and residential zones, and a National Stadium.”
Counting on a EUR 1 Billion Payoff
“According to publicly available information, it is said that the economic effects of Expo 2027 will exceed EUR 1 billion,” Gazivoda reports. “This is only an assessment that was given at the moment when the project was initiated, and the real effects will only be seen in the years after the specialized exhibition in Belgrade.”
Expanding, Gazivoda says that the “economic effects related to income generated by organizers, exhibitors and visitors, as well as income from the sale of goods and services in the exhibition space” should also be considered. Additional benefits are “the increased fiscal revenues and the effect of increased employment,” she adds, especially during the time of the event and for a certain period immediately after it.
Chiming in, Jovanovic Ninkovic stresses that hosting an exposition requires extensive planning and coordination. “However, when executed successfully, it can deliver substantial economic benefits, including job creation and increased revenue. These benefits may include a significant rise in foreign investment, growth in tourism, trade, and infrastructure development, as well as increased demand for legal, engineering, and consulting services.”
Still, heavy borrowing and post-exposition running costs must be weighed against these inflows. “Since the entire project is realized from numerous loan agreements, the overall value of which is still not completely known, the real economic effects can be objectively measured only when the realized direct and indirect economic benefits are brought into relation with the total cost of debt for this project, whose value significantly exceeds the value of the expected inflow during the days of the exposition and the period immediately after it,” Gazivoda explains.
Building Belgrade’s Next Landmark
Major construction efforts are led by Serbian and Chinese companies, while local law firms handle associated legal issues. “Contractors and subcontractors, both from Serbia and abroad, are participating in the project, with a significant participation of Chinese companies, which also participate in the implementation of this project under the umbrella of bilateral agreements in place and outside the public procurement procedures,” Gazivoda continues. “Chinese companies, with, according to publicly available information, the dominant participation of the Power Construction Corporation of China, are engaged mainly in the construction of traffic infrastructure, while the construction of the residential complex is entrusted to domestic companies, and several companies also participate in the construction of the national stadium.”
All of this work has, consequently, led to legal counsel from previous state and city advisers being in high demand. “In support of the implementation of the project, several law offices that previously worked on the side of the state or the city of Belgrade are also participating, since the implementation of such a large and complex project involves numerous complex legal issues that primarily relate to construction matters,” she says.
“Expo 2027 represents an unprecedented concentration of international activity in Serbia, translating into a wide array of commercial, legal, and regulatory opportunities,” Jovanovic Ninkovic observes. “For law firms specializing in intellectual property, this is a unique moment: with global brands, performers, and innovation showcases arriving, the need to protect copyrights, trademarks, designs, and patents has never been greater.” Continuing, she says that while ZMP has not yet been directly involved in Expo 2027, “the firm has been indirectly engaged through advisory work with domestic companies. As interest grows, clients are seeking guidance on what the event means for their businesses and how to prepare from an IP perspective, aligning portfolios and brand-protection measures with the event’s scale and visibility.”
Moreover, Gazivoda shares that most firms expect a surge in project-related legal support over the next two years, but do not foresee a lasting stream of new mandates. Taking into account the nature of the project and the way the work is organized, Gazivoda’s view is that activities related to “implementing and supporting the project, including legal support, will intensify in the next two years, as the deadlines for holding the event approach, and, probably, immediately after the event takes place, but we do not see that the project will generate a larger amount of everyday legal work in the years that will follow.”
On the other hand, Jovanovic Ninkovic feels that the long-term benefits will be quite evident, describing Expo 2027 as a launchpad. “Based on past expositions in Milan and Dubai, law firms can expect long-term work in IP, contracts, disputes, and corporate law. Foreign investors often stay, sectors evolve, and legal demand grows. Smart firms that show up early and specialize will stay busy long after the lights go out,” she stresses.
Meanwhile, amendments to Serbia’s Expo 2027 lex specialis are under public debate. “At the time we are preparing these answers, the public debate on the draft Law on Amendments and Supplements to the Law on Special Procedures for the Realization of the International Specialized Exhibition EXPO Belgrade 2027 is still ongoing,” Gazivoda reports. The lex specialis itself was adopted at the end of 2023, a few months after Belgrade was declared the organizer of this specialized exhibition, but in the meantime, the need for amendments became apparent, and the draft law was twice withdrawn from the parliamentary procedure, Gazivoda adds. According to her, the latest proposed amendments are justified, among others, by the argument that “all objects that are built for the needs of a specialized international exhibition will undergo a detailed technical inspection, but will be used without a use permit and that instead of a use permit, a special solution for use will be issued.”
This article was originally published in Issue 12.6 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.
