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Serbia occupies a central position in Southeast Europe in a geographical as well as political sense and events and developments within its borders throughout the last century have had a major effect on neighboring nations. Numerous proposed initiatives in the region seek to strengthen the institutional framework for local governance, and to build its capacities and abilities to foster a competitive and attractive business environment for investors. Municipal-focused studies are scarce at best and the present research seeks to place an emphasis on the ability of local governments to attract investment and capital from abroad: why are certain municipalities more success in amassing imported investment? This research provides an initial descriptive analysis of municipal success by proposing the disaggregation of the state into local governing units to be further analyzed using economic growth determinants.