Serbian and Egyptian officials, business leaders, and representatives from both chambers of commerce gathered on Sunday for the Serbia-Egypt Business Forum. Held under the auspices of Presidents Abdel Fattah Al-Sisi of Egypt and Aleksandar Vucic of Serbia, the forum aimed to strengthen economic cooperation, investment, and trade relations between the two nations.
Harnessing Trade Potential
The forum, hosted by the Egyptian government in the New Administrative Capital, brought together key stakeholders to discuss expanding trade ties. Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, emphasized the importance of the forum in fostering deeper economic integration and investment collaboration.
El-Khatib highlighted the newly signed Free Trade Agreement (FTA) as a significant step towards achieving higher economic growth rates. He noted that the FTA would eliminate customs barriers, promote industrial growth, and advance technological development.
Economic Resilience and Investment Climate
El-Khatib also shed light on Egypt’s economic resilience, pointing to positive improvements in macroeconomic indicators.
He highlighted rising foreign exchange reserves, a stable exchange rate, and robust foreign investment inflows, with Egypt anticipating annual growth rates of 4%.
El-Khatib further emphasized Egypt’s commitment to fostering a conducive environment for investment and economic growth. He pointed to key decisions implemented under President Al-Sisi’s directives, including amendments to the Investment Law, streamlined investment procedures, and the establishment of special free zones for various service activities.
Strategic Locations and Market Access
Serbia’s Minister of Domestic and Foreign Trade, Tomislav Momirovic, commended Egypt’s strategic location as a gateway to African markets for Serbian companies seeking to expand their export reach. He also acknowledged the importance of Serbia’s strategic position in facilitating access to global markets for Egyptian products.
Uniting Efforts for Trade and Investment
Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce (FEDCOC), highlighted Egypt’s position as a hub for trade, logistics, agriculture, industry, and tourism. He emphasized ongoing efforts to create an investment-friendly climate through updated business laws, regulations, and infrastructure development, alongside major economic reforms and job creation initiatives.
Serbia as a Partner in Manufacturing
Marko Cadez, President of the Chamber of Commerce and Industry of Serbia (CCIS) expressed optimism that the FTA would pave the way for enhanced collaboration between Egypt and Serbia. He emphasized Serbia’s potential as a supplier of industrial inputs for joint manufacturing ventures in Egypt, aiming to increase joint exports to other countries.
Digital Platform to Facilitate Trade
The forum also showcased a digital platform designed to streamline trade and investment procedures between the two countries. The platform highlights export and import opportunities, outlines customs incentives under the FTA, and details the process of establishing a company in Serbia. Participants were encouraged to utilize the platform for successful collaborations.
The Egypt-Serbia Business Forum served as a significant step towards forging stronger economic partnerships between the two nations. The forum provided a valuable platform for exploring new avenues for cooperation and identifying untapped opportunities that will contribute to shared economic prosperity for Egypt and Serbia.
