Egyptian-Serbian Business Forum aims to enhance bilateral cooperation

CAIRO, July 14 (KUNA) -- The Egyptian-Serbian Business Forum has emphasized the importance of establishing an economic and trade partnership between Egypt and Serbia by seizing available investment and trade opportunities in both countries.

This was stated in a speech by Egyptian Investment Minister, Hussein Al-Khatib, at the forum, which kicked off on Saturday, inaugurated by Serbian President Aleksandar Vucic and Egyptian Prime Minister Dr. Mostafa Madbouly, with the participation of ministers from both countries and a large number of representatives from both sides.
Al-Khatib said that the signing of a free trade agreement between Egypt and Serbia would represent an important step towards achieving higher economic growth rates by removing customs barriers and enhancing industrial growth and technological development.
Al-Khatib added that Egypt was committed to creating a favorable environment for investment and economic growth, noting the implementation of key decisions to enhance the investment system, including amending the investment law and strengthening investment procedures and the special free zones system for various service activities.
He called on investors in Serbia to explore investment opportunities in Egypt, considering that this would establish a broad economic, investment, and trade partnership and cooperation between the two countries.
Al-Khatib explained that the forum serves as a platform to open channels of communication between the two governments and private sector representatives to elevate economic relations to new horizons.
He noted that Egypt and Serbia have shown remarkable resilience in times of challenges, with the Serbian economy growing by 2.5 percent in the second half of 2023, and the World Bank forecasting a growth of 3.5 percent this year.
He pointed to the positive economic outlook for both countries, indicating real opportunities to enhance economic, investment, and trade relations, adding that despite global challenges, Egyptian-Serbian bilateral trade has grown from 108 million dollars in 2022 to nearly 125 million dollars in 2023, and there was still significant potential for further increase.
He expressed the belief that the expected implementation of the African Continental Free Trade Agreement would increase the opportunities for joint manufacturing projects targeting African markets for both countries.
On his part, Ministry of Internal and Foreign Trade Tomislav Momirovic referred in his speech to the joint Egyptian-Serbian efforts over the past years to enhance mutual cooperation.
Momirovi? said explained that future cooperation plans with Egypt include cooperation in exporting Egyptian agricultural products, which are in high demand in the Serbian market.
Momirovic praised Egypt's distinguished geographical location, considering it a gateway to African markets, which represents an important opportunity for Serbian companies and products, also affirming the importance of Serbia's strategic location that allows the passage of Egyptian products to many markets around the world.
During the Serbian President's meeting with the Egyptian Prime Minister, he emphasized his country's commitment to increasing cooperation levels with Cairo, particularly in terms of increasing bilateral trade and Serbian investments in Egypt. (end) mm.dss.