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The Government of the Republic of Serbia

In the service of citizens

Serbia, Israel sign agreement on economic cooperation

Belgrade, 22 September 2006

Serbian Minister of International Economic Relations Milan Parivodic and Israeli Ambassador to Belgrade to Serbia Yaffa Ben-Ari signed today an Agreement on trade and economic cooperation between the Serbian government and Israel.

Parivodic explained at a press conference that the aim of this agreement is to establish modern trade relations of the "most privileged nation" between Serbia and Israel.

Israeli investors have so far invested $500 million in Serbia, the Minister said and added that economic cooperation with Israel is very important for Serbia. The major Israeli investments in Serbia are construction of the Usce business centre and Airport City Belgrade business complex in New Belgrade.

The agreement signed today envisages the formation of a committee which will oversee trade exchange between the two countries' businessmen and propose reliefs aimed at attracting new investors from Israel to Serbia.

Ben-Ari said that the potential for expansion of cooperation between Serbian and Israeli firms is big, which is confirmed by agreements signed so far between the two governments.

She recalled that in 2004 the Agreement on investment promotion and protection was signed and added that the level of Israeli investment to Serbia has increased ten times over the past three years, increased from $40 million three years ago to $500 million.

Yaffa Ben-Ari

According to Ben-Ari, Israel believes that there are even bigger potentials for cooperation with Serbia since it realises an average of €200 million in exchange of goods with the countries of central and eastern Europe and some €2 billion in investments.

At the moment there are four large real estate investors in Serbia, the most famous of which are Levinstein and Kadan Group, Ben Ari said and announced the arrival of Erge Group which will invest in the construction of Dorcol marina, which will be the largest Israeli investment after the Airport City Belgrade business park.

Israeli and Serbian companies can cooperate particularly in agriculture, as well as when it comes to medical equipment and high technologies stressed Ben-Ari.

Yaffa Ben-Ari and Parivodic announced that an interstate agreement on double-taxation evasion will also be signed very soon.

On the occasion of the last day of the year according to the Jewish calendar, Minister Parivodic and the press were served traditional honey cakes that are eaten on the eve of the new year, Shana Tova.