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The Government of the Republic of Serbia

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Russian, Serbian chambers of commerce sign cooperation agreement

Belgrade/Moscow, 16 May 2005

President of the Serbian Chamber of Commerce (PKS) Slobodan Milosavljevic and President of the Russian Chamber of Commerce and Industry Yevgeny Primakov today signed a cooperation agreement that includes a series of measures for boosting bilateral economic relations.

Milosavljevic said after the signing ceremony that this agreement opens possibilities for expanding overall business ties and cooperation between the two countries.

He said that on the basis of this agreement, the PKS intends to work in three areas: on the expansion of the PKS network in the regions of Russia, intensification of activities on the promotion of potentials of the Serbian economy, and the attraction of Russian capital to Serbia.

Speaking about the spreading of the PKS network in Russia, Milosavljevic announced the opening of five new branch offices in Russia's main economic centres: Saint Petersburg, Krasnodar, Yekaterinburg, Orenburg and Novosibirsk.

As for the intensification of promotion of the Serbian economy, a large exhibition will be organised in Moscow in late November, at which Serbian economic potentials, culture and arts will be presented, as well as science and research possibilities and tourism offerings, Milosavljevic added.

Regarding the attraction of Russian investors, the PKS President said that there is opportunity for that in the energy sector through the inclusion of Russian companies in the construction of gas pipelines and in the agricultural sector through the privatisation of agro-complexes, which would facilitate the sale of Serbia's agricultural products on the Russian market.

Primakov said that all necessary conditions exist to improve economic cooperation, adding that the positive cooperation on the political level will reflect on business activities as well.

Primakov voiced dissatisfaction with the structure of trade exchange since 90 percent of exports from Russia consist of oil, gas and metals. Milosavljevic said that the main problem is a negative trade balance, which should be improved through measures envisaged in the agreement.