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The Government of the Republic of Serbia

In the service of citizens

Israeli Business Forum discusses business opportunities in Serbia

Belgrade, 11 January 2005

Representatives of the Serbian Ministry of International Economic Relations presented business opportunities in Serbia to Israeli businesspeople gathered for the Israeli Business Forum in Serbia-Montenegro at Belgrade’s Hyatt Regency today.

From left: Milan Parivodic and Yaffa Ben-Ari

Author: Tanjug

Minister of International Economic Relations Milan Parivodic said that the government has made huge efforts to speed up legislative reforms, recalling that free trade agreements have created a new economic zone and a customs union of Southeastern Europe.

He also recalled that Serbia has launched negotiations on admission to the World Trade Organisation (WTO) and initialled a textile agreement with the European Union.

Parivodic also said that the Ministry of International Economic Relations is in charge of receiving and distributing international aid and loans and that it is tasked with attracting foreign investment.

Israeli Ambassador to Serbia-Montenegro Yaffa Ben-Ari said that the forum is currently discussing business opportunities for Israeli companies within the partnership between Serbia-Montenegro and Greece and she invited line ministers from Serbia to visit Israel this year and meet with local businesspeople.

Ben-Ari explained that the forum is made up of Israeli companies operating in Serbia-Montenegro and added that their number has grown from 16 to 80 over the past two years. The volume of trade between the two countries is not that large, but it has been increasing, she said and added that it rose from $12 million in 2002 to $30 million in 2004.

Exports from Serbia to Israel in 2004 tripled against 2002, to $11.7 million, while imports from Israel stood at $18.4 million.

According to her, economic cooperation between the two countries focuses on the transfer of technologies and investment in the agricultural sector, food industry, and tourism, rather than on trade in goods.

Ben-Ari announced that Israeli investors will open a hotel in Montenegro in five months and she warned that investors are faced with problems relating to legal and technical procedures, recalling that an agreement on cooperation, signed in July, has not yet been ratified.