Egyptian Prime Minister Mostafa Madbouly and Serbian President Aleksandar Vučić jointly inaugurated the Serbia-Egypt Business Forum at the government’s headquarters in the New Administrative Capital. The forum brought together officials from both countries and witnessed active participation from representatives of Egyptian and Serbian companies and chambers of commerce.
Madbouly commended the Serbian government’s unwavering efforts in achieving economic development, even amidst significant challenges posed by the COVID-19 pandemic. Notably, Serbia achieved impressive growth rates in Europe during this period.
In his address, the Prime Minister emphasised that the forum marks a new era of strengthened economic relations between Egypt and Serbia. He highlighted the exceptional political ties between Cairo and Belgrade, particularly since President Abdel Fattah Al-Sisi’s historic visit to Serbia in July 2022. Both leaders are committed to enhancing economic cooperation and expanding investment opportunities.
President Vučić’s current visit also led to the signing of a Free Trade Agreement between Egypt and Serbia. This agreement is expected to double the trade volume between the two countries over the next five years, surpassing the current $100m.
Serbia, as one of the largest countries in the Western Balkans, serves as a gateway for Egyptian goods and products to the region. Additionally, Belgrade’s participation in the “Open Balkan Initiative” will facilitate the passage of Egyptian products without customs restrictions. Conversely, Egypt provides a gateway for Serbian products to access African markets through the African Continental Free Trade Area Agreement.
The Serbia-Egypt Business Forum represents a crucial step in consolidating and enhancing relations between the business communities of both nations across various sectors. It aims to foster future communication through information technology, encourage reciprocal visits, and elevate consultation levels.
Prime Minister Madbouly revealed that one of the forum’s key objectives is to strengthen economic cooperation by establishing communication channels between chambers of commerce at the level of Egyptian governorates and Serbian cities. Notably, there have been reciprocal visits between the Alexandria Chamber of Commerce and the Chamber of Commerce of the Vojvodina region in Serbia, and such exchanges could be expanded further to promote expertise and technology sharing.
