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The Government of the Republic of Serbia

In the service of citizens

Establishing as close economic cooperation with India as possible

Belgrade, 8 June 2023

President Aleksandar Vucic said today, at the opening of the Serbian-Indian Business Forum, that the visit of Indian President Droupadi Murmu is a great privilege for Serbia and an opportunity to improve and strengthen the economic ties between the two countries.

At the meeting in the Palace of Serbia, Vucic emphasised that it is very important to establish as close economic cooperation as possible with the currently fastest growing world economy, in order to return it to the level that existed between the SFRY and India.

He stated that the Indian economy has strengthened due to the IT sector, digitalisation, innovation, reforms, investment in social infrastructure, recovery of the industrial sector and a strong service sector.

According to him, it is of crucial importance for us to further improve cooperation in the pharmaceutical industry on all issues, since generic drugs from India and traditional Indian medicine will be more and more present on the entire European continent.

Also, as he added, it is very important to introduce new phytosanitary rules for cooperation in the food and agricultural industry, noting that it is of great importance for Serbia to participate in industrial exchange and attracting investments.

Vucic explained that the current trade exchange amounts to €327 million, but that this year it recorded a growth in the first quarter of 21%, with the belief that the trade exchange could very quickly reach €1 billion.

President of the Serbian Chamber of Commerce Marko Cadez stated that 150 Serbian and Indian businessmen, who recognized the importance of organising this meeting in Belgrade, are attending the Forum.

The cooperation so far has been marked by recent trade, successful and not so numerous investments by Indian companies, and it seems to me that this is the beginning of a new era and good economic cooperation between India and Serbia, Cadez said and added that the desire of our country is to give more Serbian goods be in the Indian market.

He pointed out that local companies are worthy partners of the largest multinational companies and that Serbia, not without reason, attracts a large number of investors.