Investment potentials of Serbia presented in Trieste

The president of the Chamber of Commerce of Serbia (CCIS), Marko Cadez, invited Italian companies to invest in Serbia at the business forum in Trieste, held today, organized by the chamber of commerce of Serbia and the Italian region of Friuli-Venezia Giulia.

Italian companies, banks and other financial institutions of the region of Friuli-Venezia Giulia will today be presented with the terms of doing business in the Serbian market, the possibilities for investments and joint projects with Serbian companies and the exporting potential of Serbia's economy.

Around a hundred companies and representatives of the financial sector of the region of Friuli-Venezia Giulia are taking part in the gathering.

Opening the gathering, after the screening of a short promotional film “Serbia, a Port of Good Investments”, Cadez told Italian business people that they could do good business in Serbia and that it was up to chambers and governments of the two countries to bring them closer together and create conditions for a more intensive cooperation.

– In Serbia, in the city of Subotica, a half of generators you see in wind farms in Europe are produced. When you pick up your phone, in case it runs on Android and you're watching a video – the software support for it was prepared in Novi Sad – Cadez pointed out.

The president of the CCIS also pointed out that Serbia was among the top 15 countries by the number of attracted foreign investments and the first one in attracting investments proportional to the size of its economy.

In that context, he pointed out that, in under a decade, Serbia had attracted EUR 30 billion of foreign direct investments, with EUR 7 billion in the last three years alone and EUR 2.6 billion in 2017, exceeding the amount of FDI in the whole of the Western Balkans.

He reminded that Serbia had free trade agreements with Russia, Belarus and Turkey and the Stabilization and Association Agreement with the EU and emphasized that Serbia now stood before investors and purchasers as a macroeconomically strengthened and stable country.

He told Italian business people that there were financial incentives in Serbia, but also the CCIS' developed instruments, which enable the following of investors from the preparation to the realization, as well as during their operations.

Today's forum is the first in a range of events planned for this year in other regions of Italy as well, under the name “New Economic Opportunities for Companies in Italian Regions”.

Cadez announced that new events would follow in the autumn, when representatives of the CCIS would come with the head people from Serbian companies.

The president of the Chamber of Commerce of the Region of Friuli-Venezia Giulia, Antonio Paoletti, pointed out that there had been a great improvement and growth in 2018 of the groups from the region doing business with Serbia.

He mentioned Fiat above all, a company which, he says, has drawn many other companies working for it in Serbia. He added that progress had been made in the agricultural sector as well. He reminded that a standing forum had been founded at this regional chamber of commerce in 2018, where all Italian companies looking to develop relations with Serbia can get all the information they need.

Paoletti pointed out that Serbia was on the road to joining the EU and that, as such, it was very interesting for cooperation, as at the same time, it enjoys a customs-free regime with countries such as Russia.

The economy of the region of Friuli-Venezia Giulia, one of the most developed regions in Italy, is dominated by small and medium companies and it is based on specialized agriculture, tourism, developed production of small home appliances, furniture and the mechanical industry.

According to the CCIS' analyses, the promising sectors, when it comes to enhancing economic bonds with Italy, in which there's a mutual interest for doing business, are, in addition to the automotive sector and the metal sector, the industries of textile, wood processing and food, renewable energy sources and the IT sector.

Last year's trade between Serbia and Italy was well balanced, with a slight surplus on the Serbian side, and the mutual merchandise trade amounted to EUR 3.95 billion. Serbia exported products worth EUR 1.99 billion to the Italian market, whereas the import amounted to EUR 1.96 billion.

Around 10,000 Serbian companies take part in the foreign trade with Italy. According to the data of the Business Registers Agency, 1,711 business entities in which the majority of the assets belong to Italian legal and natural persons are registered in Serbia. In the Serbian market, leading Italian banks participate with around 20% in the total assets of the banking sector, and the country's insurance companies cover over 40% of the Serbian insurance sector. Italy's consulting companies are also active in Serbia, providing support to Italian investors.

Privredna komora Srbije

Razvojna agencija Srbije

CCIS

Marko Cadez

presentation of investment potentials of Serbia in Trieste

Italian region of Friuli Venezia Giulia

Friuli Venezia Giulia

Development Agency of Serbia

trade between Serbia and Italy

economic cooperation of Serbia and Italy

Italian investments in Serbia

export to Italy

import from Italy

Trieste

business forum in Trieste

Antonio Paoletti

Fiat