Novi Sad was founded in 1694, when Serb merchants formed a colony across the Danube from the Petrovaradin fortress, a Habsburg strategic military post. In the 18th and 19th centuries, it became an important trading and manufacturing centre, as well as a centre of Serbian culture of that period. The city was heavily devastated in the 1848 Revolution, but it was subsequently restored. Today, along with the capital city of Belgrade, Novi Sad is the industrial and financial center of the Serbian economy. Novi Sad was named to be one of three 2021 European Capital of Culture cities.
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