IT Services for More Business with Egypt

“Not only through agriculture and industrial products can Serbia and Egypt strengthen their cooperation, but in the sector of telecommunications and IT services as well that has recorded the highest growth in Serbia over the last ten years, since the annual export of IT services amounts to  EUR 1.5 billion”, Mihailo Vesović, Director of the Division of Strategic Analyses, Services and Internationalization of the Chamber of Commerce and Industry of Serbia, stated at the meeting with representatives of the Egyptian business delegation, which was dedicated to the improvement of the economic cooperation of two countries.

“Last year, the total trade exchange between two countries exceeded EUR 100 million. There are currently more than 300 companies that mutually trade and cooperate“, Vesović said. He adds that Serbian companies are very interested in the market of Egypt, as well as that talks are underway to bring the business delegation of Serbia to Egypt. "We have the trade, business and political relations that are at high level”, Vesović stated.

The attendees were addressed by the President of the Alexandria Chamber of Commerce, Ahmed ElWakil, and Ambassador of the Arab Republic of Egypt to Serbia, Amr Aljowaily.

Ambassador Aljowaily highlighted that the diplomatic relations between Serbia and Egypt were at excellent and historical level, and that they were getting improved. He added that the Egyptian market, which is only three hours far from Serbia, had a huge potential, and he invited Serbian companies to make use of that potential and establish their representative offices in that country.

Ahmed ElWakil, President of the Alexandria Chamber of Commerce, emphasized that Egypt had a series of agreements on free trade signed with the neighbouring countries, which opened a room for doing business on the market with 3 billion consumers. He invited Serbian companies to invest to Egypt.

Last year, Serbia exported goods to Egypt in the value of USD 38.1 million, which is a decrease of 15.49, in relation to 2019, whereas the import amounted to USD 64.7 million, whereby a slight increase is recorded, if compared with 2019.

Last year, strawberry, oranges, beans, string bean, parts for furniture, iron ores, salt, as well as propane, calcium phosphates were the products mostly imported from Egypt, while in 2020, Serbia mainly exported to Egypt tractors, tobacco, radio navigation devices, X-ray devices, rubber articles, mechanization – machinery for lifting, loading, and unloading.