The company was founded in 1949 by the decree of the Prime Minister of Yugoslavia Josip Broz Tito, with the primary goal of importing parts and raw materials for the needs of the domestic military industry.
By a state resolution in 1974, affairs related to the import and export of weapons were centralized within the framework of the newly formed Federal Directorate for Procurement (Savezni direktorat za nabavke), where Jugoimport was also involved.
During its history, the company made a business balance of approximately 22 billion dollars through the trade of weapons, equipment and technology.
Recent flagship products include Nora B-52 155 mm self-propelled howitzer, Lazar and Miloš multi-role armoured vehicles, Lasta 95 light trainer aircraft, Pegaz drone, and Premax 39 river patrol boat.
Manufacturing is organized through following subsidiary: The company is the sole intermediary company that represents the Serbian government and Serbian military–industrial complex in the sphere of importation and exportation of defense equipment as well as technology transfers (through selling production licenses to foreign customers, such as those for MLRS M-87 Oganj to Iraq, for grenade launchers to Azerbaijan, small-caliber ammunition to India and Algeria).