Fostering sustainable regions in Serbia: Strategic approach, AI, and regenerative economics

This paper explores the interplay among strategic governance, artificial intelligence, and regenerative economics as key pillars for fostering balanced regional development and driving the growth of smart cities in the Republic of Serbia. The first part of the paper examines the challenges and potentials of strategic governance in reducing regional disparities, the second part investigates the role of artificial intelligence and smart technologies in urban development, while the third part introduces the concept of regenerative economics as a model for sustainable development. The paper emphasizes the imperative to harmonize these approaches in establishing a sustainable, inclusive, and economically viable framework for regional development. This framework aims to reduce regional disparities, enhance local, regional, and national competitiveness, and ultimately improve the standard of living for citizens in the Republic of Serbia. Through a multidimensional lens encompassing economic, social, cultural, and environmental aspects, the study highlights the critical need for an integrated strategic approach to regional development, aligning regional aspirations with national objectives and strategies. Furthermore, the paper underscores the role of the government in facilitating and enhancing these processes, with a particular focus on strengthening administrative capacities, fostering innovation, and ensuring transparency in decision-making. The aim of this paper is to contribute to the creation of a theoretical foundation for further theoretical and practical research in the field of regional development.