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The Government of the Republic of Serbia

In the service of citizens

Serbia, Korea agree to form business council

Belgrade, 27 September 2006

Serbian Minister of International Economic Relations Milan Parivodic, who is heading a delegation of Serbian statesmen and businessmen visiting the Republic of Korea, talked today in Seoul with Korean officials on possibilities for economic cooperation between the two countries.

In a statement to Beta news agency, Parivodic said that he met with the Korean Minister of International Economic Relations and President's Economic Policy Advisor, adding that both meetings were very satisfactory and that he briefed his collocutors on the successes Serbia achieved in 2006, especially regarding foreign investments and reform of economic legislation.

According to Parivodic, both collocutors were very interested in Serbian economy and said that Korea and Serbia should harmonise their needs in this sector.

Having in mind Serbia's advantages in comparison with other countries in the region, as well as its free-trade contract with Russia, Serbian and Korean representatives reached agreement on forming a business council and intensifying the relations between the countries, said Parivodic.

He said that on behalf of Serbian Prime Minister Vojislav Kostunica, he invited the Korean President to Serbia, adding that such a visit will fundamentally improve relations between the countries and help create the political confidence necessary for Korean companies to start placing large investments in Serbia.

At the same time, the Minister announced that he will talk tomorrow with heads of the leading electronics company Samsung, while on Friday he will meet with Hyundai representatives, adding that the Korean market is barely aware of Serbia and that "something must be done about that".

Parivodic stated that he expects Korean companies to show much stronger interest in Serbia than before because the delegation visiting Seoul at the moment is at the highest level.

The Serbian delegation comprises representatives of the Ministry of International Economic Relations, Ministry of Agriculture, Forestry and Water Management, Ministry of Trade, Tourism and Services, Privatisation Agency and Serbian Tourist Organisation, as well as representatives of ten domestic companies, among which are ComTrade, Zastava, PTTT Srbija, Tryal, Flores etc.