By Rafiq Vayani
DUBAI: Serbia’s growing economy represents significant trade and investment opportunities for UAE businesses across a wide range of sectors and areas, according to officials and experts speaking earlier today at the Country Focus Briefing on Serbia in Dubai.
The briefing, held at Dubai Chamber of Commerce and Industry’s premises, was attended by H.E. Mladen Sarcevic, Minister of Education, Science and Technological Development (Serbia); H.E. Branislav Nedimovic, Minister of Agriculture, Forestry and Water Management (Serbia); H.E. Stanimir Vukicevic, Ambassador of Serbia to the UAE; and H.E. Hamad Buamim, President & CEO of Dubai Chamber; as well as officials from the Serbian Chamber of Commerce and Industry, Dubai Chamber members and representatives from the UAE’s business community.
During the briefing, H.E. Branislav Nedimovic, Serbia’s Minister of Agriculture, Forestry and Water Management revealed that Serbia has witnessed a steady increase in investment flows from the UAE which currently amount to EUR 4 billion, and called for UAE investors to explore new investment opportunities in Serbia’s agri-business and food industries.
H.E. Stanimir Vukicevic, Ambassador of Serbia to the UAE noted that the UAE and Serbia are in the process of finalising an agreement that would pave the way for a new strategic partnership and create mutual economic benefits. He said the UAE is one of the major source countries for foreign direct investment in Serbia, and noted that the UAE and Serbia would aim to boost cooperation at the first session of the Joint Committee on Serbia-UAE Cooperation which will be held soon in Belgrade.
For his part, H.E. Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry described Serbia as a market of strategic importance to Dubai and Dubai Chamber as it serves as a gateway offering access to more than 1.1 billion consumers in Eastern Europe. Dubai’s non-oil trade with Serbia surged by nearly 46% from $24.7 million in 2014 to reach $36 million in 2018, he revealed, adding that there is still plenty of scope to expand this volume even further as the UAE and Serbian strengthen their cooperation.
Dubai Chamber’s President & CEO said Serbian companies can benefit from a variety of competitive advantages that Dubai offers, as well as new grow opportunities that are emerging in the emirate’s trade, tourism, hospitality, logistics and finance sectors ahead of Expo 2020.
In addition, H.E. Buamim pledged Dubai Chamber’s full commitment and support to ensure that Dubai-Serbia economic relations continue to expand and flourish in the future.
The briefing featured a series of informative presentations on Serbia’s economy and business landscape, in addition to case studies of UAE companies that have made insignificant investments in the Serbian market. Political and economic stability, availability of skilled labor and competitive operating costs, strategic geographic location, and financial incentives were outlined as the key competitive advantages that Serbian can offer companies and investors in the UAE.
