The American medical technology giant Medtronic will establish operations in Serbia after signing a memorandum of understanding with Serbia’s Ministry of Science, Technological Development and Innovation on June 14.

The agreement marks a significant milestone for Serbia's scientific community. The agreement concerns cooperation within the BIO4 campus, a strategic initiative aimed at fostering scientific and technological advancements in the region.

According to the memorandum, the two sides will jointly work on various opportunities for cooperation within the framework of BIO4 Campus, the first biotechnology hub in Southeast Europe, with the aim of strengthening the bio-economic startup ecosystem in Serbia, improving scientific-research cooperation, education and innovation in biomedicine, biotechnology and other areas, a ministry statement said. 

"For Serbia's scientific ecosystem, the signing of this memorandum is a major achievement," Minister of Science, Technological Development and Innovation Jelena Begovic said. "Medtronic is one of the largest American companies in the medical field, known for developing cutting-edge medical devices."

Since its founding in 1949, Medtronic has been at the forefront of medical innovation, creating devices like mini-pacemakers, small cameras for precise diagnostics, and neuro-stimulation tools to aid individuals with damaged nervous systems.

The company employs nearly 100,000 people globally, including over 12,000 scientists, and invests almost $3bn annually in research and development. Its decision to partner with Serbia is testament to the country's growing reputation as a hub of innovation and talent.

Majid Kadumi, Medtronik's senior vice president for the Europe, Middle East and Africa (EMEA), commented: "What we have seen from the commercial and scientific side is that Serbia is very impressive, the heritage of this country carries a significant amount of science and innovation ... and there is still a lot of room to benefit from it."