Great Opportunities for Stronger Economic Ties with the UK Economy: ICT and Energy Sectors in Focus

Serbia seeks much stronger cooperation with the United Kingdom and British companies. Our country, along with the entire Western Balkan region, has the potential to strengthen business connections and improve economic relations with this important global partner in key sectors ranging from ICT to energy. 

Business associations and institutions will provide strong support to companies and entrepreneurs along this path, emphasized the President of Serbia, Aleksandar Vučić, Marko Čadež, the president of the Chamber of Commerce and Industry of Serbia, and UK Ambassador to Serbia Edward Ferguson at the opening of the Regional Conference on Trade between the UK and the Western Balkans.

"In our efforts to boost trade, services, tourism, and various social activities, we aspire to strengthen our relationship with the United Kingdom. As the world's sixth-largest economy and one of the leading political powers, it is a vital and reliable partner for us," stated President Vučić at the headquarters of the Chamber of Commerce and Industry of Serbia.

He underlined the goal of attracting more investors from the EU and the UK. Addressing British investors, Vučić assured them that Serbia has no issues with its public debt-to-GDP ratio, currently at 48.4%, and will not exceed 50% over the next three years according to the IMF and World Bank projections. "There are no problems regarding financing security or doing business with Serbia," Vučić stated confidently. He expressed optimism that Serbian businesses will find opportunities in the UK market and that British businesses will recognize Serbia as a competitive and high-quality source for their products, as well as for those from the entire Western Balkans region.

Marko Čadež, the president of CCIS, noted that the future of cooperation between Serbia and the UK lies in the ICT and energy sectors. At the conference opening, attended by more than 220 participants, primarily from the ICT sector, Čadež described the event as a turning point in the economic relations between the two countries and the region.

"Our mutual trade exchange is not at a satisfactory level. I believe this is because we don't know each other well enough. If you buy blueberries, raspberries, or strawberries in the UK, know that they were grown here. If you drive a Land Rover, its ignition systems were made in Serbia. Advanced central heating boilers? Their key components are produced in Serbia," Čadež explained. He highlighted that Serbia's software exports to the UK exceed €1 billion, more than the total trade in goods.

He added that 500 UK-based companies operate in Serbia, showing significant interest in cooperation. Čadež emphasized that Serbia exports over €4 billion in software annually, making it the country's largest and most important export product, thanks to years of investment in digital infrastructure. Speaking on energy, Čadež said the future of collaboration lies in energy storage systems, given the growing demand for electricity.

UK Ambassador Edward Ferguson noted that now is the right time to enhance trade relations between the UK and the Western Balkans. "The Western Balkan region is growing rapidly, with Serbia projected to lead in growth. Serbia has a fast-growing economy and affordable labor," Ferguson said. He emphasized the UK's strengths in information technology and green transition, praising CCIS for fostering regional partnerships and assuring British companies of the embassy's support in entering the Serbian market.

The conference aimed to identify business opportunities and initiate discussions with prominent business partners in strategic sectors. It provided a platform for representatives of the six Western Balkan chambers of commerce, united under the Chamber Investment Forum, to present the region’s collective potential to the UK business delegation. The event offered insights into key sectors such as IT, infrastructure, green energy, and the food industry through panel discussions. Regional experts and UK participants at CCIS had the opportunity to discuss plans and strategies for addressing new global challenges. Alongside plenary sessions, B2B meetings are also scheduled.

The conference was organized by the Chamber of Commerce and Industry of Serbia, the UK Embassy in Belgrade, the UK Department for Business and Trade, and the British-Serbian Chamber of Commerce.

Photo: Tanjug/Sava Radovanović