Serbia ranks first in a global greenfield foreign direct investment (FDI) performance index, produced by fDi Intelligence, the Financial Times’ data division. The index measures the appeal of countries as destinations for greenfield FDI relative to their GDP.

Serbia scored 12.02 in the index – and the score “indicates that in 2016 it attracted more than 12 times the greenfield FDI that would be expected for an economy of its size,” Tanjug newswire reported.

Serbia is followed by Cambodia (11.24) and Macedonia (9.18). Serbia’s otherwise disappointing economic performance has been outweighed by regulatory reform, low labor costs and access to the EU single market – and “most investors are attracted to Serbia as an export platform rather than as a market in its own right,” the Financial Times added.