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The Government of the Republic of Serbia

In the service of citizens

Great potential for improving cooperation with Saudi Arabia

Belgrade/Riyadh, 30 November 2022

Deputy Prime Minister and Minister of Finance Sinisa Mali met today in Riyadh with Acting Director General of the Saudi Development Fund Abdulrahman Al-Marshad, to whom he presented the economic results of Serbia and its investment potentials.

After the meeting, Mali said that our country was presented in the best possible light, noting that there is great potential for improving cooperation, and there is a special interest in investing in infrastructure, energy and the economy.

He pointed out that the neighbouring countries would also benefit from the further growth of foreign direct investments, for which Serbia is the record holder in the region and announced that representatives of the Saudi Development Fund will visit Belgrade next month.

Serbia is recording the growth of foreign direct investments, Mali reminded and specified that this year, in the first 10 months, we achieved more than €3.4 billion in foreign direct investments.

The officials also discussed the "Open Balkans" Initiative since Saudi Arabia already has active projects in our region.

The Deputy Prime Minister also spoke today with Minister of Finance of the Kingdom of Saudi Arabia Mohammed bin Abdullah Al-Jadaan about the improvement of cooperation and the next steps in facilitating the business of investors.

Mali reported that there are plans to sign three important agreements with that country - the Agreement on Avoiding Double Taxation, Agreement on Cooperation in the Fight Against Money Laundering and Financing of Terrorism, and the Agreement on Cooperation in the Area of Customs Policies, in order to simplify customs procedures.

He also met with Minister of Tourism Ahmed bin Aqil al-Khateeb with whom he discussed tourism and investments as pillars of mutual cooperation between the two countries.

According to him, there is a lot of room for deeper cooperation, and one of the topics was the possibility of establishing a direct flight between the two countries, which would further contribute to the development of tourism.

He conveyed that he asked Saudi Arabia for support when it comes to our candidacy for holding the specialised exhibition "Expo Belgrade 2027", pointing out that it would be a great chance for Serbia, but also a confirmation of good economic results.