New Investments and Direct Flight Belgrade–Baku to Strengthen Economic Ties Between Serbia and Azerbaijan

Serbian and Azerbaijani companies have the strong support of both governments in enhancing economic cooperation, developing investments, and strengthening trade relations, it was stated at the Serbia–Azerbaijan Business Forum held at the Chamber of Commerce and Industry of Serbia. The forum gathered more than 70 companies from both countries and represents an important step forward in a strategic partnership that has lasted for over a decade.

Deputy President of the Chamber of Commerce and Industry of Serbia, Mihailo Vesović, emphasized that Serbia and Azerbaijan are connected by genuine friendship and a shared commitment to economic progress.

“Our goal is to increase the value of exports and imports through a greater number of joint projects. Azerbaijani companies are well recognized in Serbia for their contribution to infrastructure development, and energy stability remains one of our key priorities. I believe this will be just the first step toward deeper economic integration between our countries, with new investments in tourism and agriculture,” Vesović stated.

Nikola Selaković, Minister of Culture of the Republic of Serbia, underlined that Serbia and Azerbaijan are friendly nations with no open issues and that they are united by mutual support on the international stage.

“Our peoples are strategic partners, and it is particularly important to advance direct business cooperation between companies. The introduction of a direct flight between Baku and Belgrade will be of crucial importance for the further development of economic and industrial relations. Serbia and Azerbaijan will do their utmost to make this idea a reality,” Selaković said.

Sahil Babayev, Minister of Finance of Azerbaijan, reminded that the two countries have nurtured a strategic partnership based on mutual respect and support for the past 12 years.

“There are no open issues between Serbia and Azerbaijan. We have signed 57 bilateral agreements and maintain active trade and investment relations. Several Azerbaijani companies operate successfully in Serbia, while nine Serbian enterprises are active in Azerbaijan. However, the cooperation potential is much greater, and our goal is to make full use of it,” Babayev noted.

Yusif Abdullayev, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO), pointed out that AZPROMO is a reliable partner for Serbian companies.

“Azerbaijan possesses a well-developed infrastructure, numerous industrial parks, and attractive investment conditions. In addition, we offer tax incentives for long-term operations and are working to strengthen our export capacity. This forum is proof of our shared commitment to developing economic relations,” Abdullayev stated.

Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency of Azerbaijan, said that the agency is open to Serbian entrepreneurs interested in exploring the Azerbaijani market.

“We provide information, contacts, and support for business digitalization. Our goal is to help companies gain easier access to investment incentives and tax benefits,” said Mammadov.

The fact that cooperation already yields tangible results was confirmed by Mile Bojanić, General Director of PERI Oplate d.o.o., who recalled the long-standing partnership with the Azerbaijani company Azvirt in the construction sector.

“We began our cooperation more than ten years ago and have jointly implemented numerous projects in Serbia. From our Azerbaijani partners, we learned fairness and professionalism, which are the foundations of our friendship and success,” Bojanić said.

The Serbia–Azerbaijan Business Forum was held within the framework of the ninth session of the Intergovernmental Commission for Trade and Economic Cooperation between the two countries. On this occasion, documents were signed regarding a development plan between the Development Agency of Serbia and the Azerbaijani Small and Medium Business Development Agency (KOBIA), as well as a Protocol on the Joint Session.

The forum was organized by the Chamber of Commerce and Industry of Serbia, AZPROMO, and the Ministry of Finance of Azerbaijan.

Photo: Tanjug / Ana Paunković