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The Government of the Republic of Serbia

In the service of citizens

Great possibilities for improving economic cooperation between Serbia, Kuwait

Belgrade, 25 March 2011

Minister of Labour and Social Policy Rasim Ljajic and Minister of Finance of Kuwait Mustafa Jassem Al-Shamali signed today in Belgrade the Memorandum of Understanding in the field of air traffic.

Mustafa Jassem Al-Shamali, left, and Rasim Ljajic

Author: Fonet

Acting as co-chairmen of the Mixed committee for economic cooperation between Serbia and Kuwait, the two officials signed the Minutes from the committee’s meeting.

Ljajic said at a press conference held after the meeting of the Mixed committee that Serbia and Kuwait have excellent political relations which, however, are not accompanied by adequate economic cooperation since the trade exchange is negligible, amounting to $1.3 million in 2010.

He announced that Serbian President Boris Tadic will visit Kuwait soon and on this occasion a business forum will be held which will be attended by approximately 30 companies from Serbia, noting that this will be an opportunity to establish specific economic cooperation between the two countries.

The Minister noted that Kuwait is interested in investing in road and railroad infrastructure, whereas Serbia is keen on expanding its trade volume with Kuwait, particularly in terms of agricultural and food products, clothing, footwear, cars and timber.

We agreed there is interest in enhancing the cooperation in agriculture, tourism and health, Ljajic said, adding that Serbia wants to return to the Kuwaiti market, which is especially true of construction companies that used to be high-ranked in their sector there. Al-Shamali affirmed that Kuwait is ready to participate in the construction of the railroad hub in Belgrade and the road network in Serbia and also invited Serbian companies to take part in various projects which will be implemented in Kuwait over the next four years. He said that the documents that were signed today are but a beginning of joint work and cooperation between the two countries, and that there are a number of possibilities and opportunities for the realisation of joint undertakings in the future.