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The Serbian-Saudi Business Council to be Established

May 23, 2023

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Marko Čadež, the President of the Chamber of Commerce and Industry of Serbia, signed the Agreement on the establishment of the Serbian-Saudi Business Council with Hassan Al-Huwaizi, the Chairman of the Federation of Saudi Chambers with the aim of strengthening the economic cooperation between Serbia and the Kingdom of Saudi Arabia.

"Serbian companies are very interested in cooperation with partners from the Kingdom of Saudi Arabia. The Chamber of Commerce and Industry of Serbia will therefore initiate the opening of the Representation of the CCIS and the Chambers of the Western Balkans in Saudi Arabia, and in the coming period we will also organize B2B meetings between Saudi and businessmen of Serbia and the region," Čadež announced.

The economies of the two countries are facing a period of intense cooperation, Čadež pointed out and stated that in June, local companies will participate in the food fair "Saudi Food" in the Kingdom of Saudi Arabia with the support of CCIS and the Development Agency of Serbia. 
According to the CCIS president, the first meeting of the Business Council will be held in the coming weeks in order to consider the possibilities of investment and joint projects of the two economies, especially in the sectors of agriculture and investments in the livestock fund of Serbia, ICT, and spa and health tourism.
"We want to open the market of the Kingdom of Saudi Arabia for companies from Serbia and the region, for our companies to invest in the construction of logistics centers in that country, to increase the export of domestic products. But also we want for the businessmen from Saudi Arabia to come to us and invest in the development of our agriculture and spas tourism," said Čadež.
Čadež reminded that the CCIS delegation already visited the Kingdom of Saudi Arabia when cooperation has been established between the CCIS Center for Digital Transformation and the Agency for Digital Cooperation, an international organization covering a market of 500 million people that KSA is a member. Also, Saudi partners were presented with prospects of new projects with Serbian businessmen that would contribute to the increase of foreign trade exchange between the two countries.
Hassan Al-Huwaizi, Chairman of the Federation of Saudi Chambers which gathers more than 1.3 million companies operating in the Kingdom of Saudi Arabia, emphasized that the good and friendly relations between the two countries should be further improved in the field of economy and invited Serbian businessmen to visit his country and learn about the possibilities of joint cooperation.

"We want to work on improving economic relations between the Kingdom of Saudi Arabia and Serbia through the establishment of the Business Council of the two countries. "In recent years, we have witnessed the great activities of the Serbian Chamber of Commerce and representatives of the Republic of Serbia directed to the improvement of relations between the two countries. "However, the volume of foreign trade exchange does not reflect the true capabilities and capacities of the two countries," Al-Huwaizi said.
The market of Saudi Arabia, in terms of potential cooperation, is currently one of the most attractive markets in the Middle East for the Serbian business community. According to the data of the Republic Institute of Statistics, the total foreign trade exchange with Saudi Arabia amounted to 117.2 million dollars last year. The export of goods was worth 61.1 million dollars, while the import from this country was 56.1 million dollars.
We mostly exported products from the defense and chemical industry as well as fruit, and we imported mainly products from the chemical industry from KSA. Serbia ranks 7th in fresh apple exports to KSA, while it ranks 1st in the export of frozen raspberries and blackberries.

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