Saudi Arabia is interested in financing several projects in Serbia in areas such as science and technology, energy and agriculture. This was stated by the representatives of the Saudi Fund for Development, Amar Albelehese and Anas Alshehri, at a meeting with the Minister of Finance, Sinisa Mali, after spending the last week in Serbia.
In the announcement of the Ministry of Finance, it is stated that during the previous seven days, representatives of the Saudi Fund had the opportunity to familiarize themselves with projects in the field of science and technology, such as science and technology parks, then the project of the BIO4 Institute, as well as with projects in the field of energy and agriculture. , and above all those concerning the irrigation infrastructure.
The signing of the agreement with Saudi Arabia on the financing of specific Serbian projects was supposed to take place by the end of the year, according to the announcement.
Mali said that he believes that this is a new chapter in relations with Saudi Arabia, and that this is just the beginning of successful cooperation. “It is important that the cooperation starts, even with smaller projects, so that it can be further developed over time.”
Let us remind you that at the end of last year, the Minister of Finance was in Riyadh, where he met with the Acting General Director of the Saudi Fund, Sultan Abdulrahman El Marshad, to whom he presented Serbia’s economic results and potential for investment, and then discussed the possibilities of greater cooperation between Serbia and Saudi Arabia.
He then met with the Minister of Economy and Planning of that country, Faisal F. Alibrahim, with whom he discussed the importance of establishing a direct flight between the two countries, which would significantly contribute to the development of tourism, and encourage further business contacts.
He also asked Saudi Arabia for support when it comes to our candidacy for holding the specialized exhibition “EXPO Belgrade 2027”.
The minister also pointed to a good example of our cooperation with the United Arab Emirates, with which Serbia has an interstate agreement, and which within ten years have become Serbia’s third economic partner. “There is just as much room for our cooperation with Saudi Arabia,” the minister said at the time.
In Riyadh, Mali also spoke with the Minister of Finance of Saudi Arabia, Mohammed El Jadan, about the improvement of cooperation and the next steps in facilitating the business of investors.
“We had an extremely constructive conversation about the steps we need to take together in order to facilitate the business of investors in both countries. We plan to sign three important agreements with that country: the Agreement on Avoiding Double Taxation, the Agreement on Cooperation in the Field of Combating Money Laundering and financing of terrorism and the Agreement on cooperation in the field of customs policies in order to simplify customs procedures,” said Mali at the end of the year in Riyadh.
What can Serbia expect from Saudi Arabia?
As Bloomberg Adria previously wrote, the Saudi government provides direct bilateral loans and grants to low-income countries for budget support operations. Therefore, Serbia can ask for a loan, investments and maybe an oil delivery contract from Saudi Arabia, and judging by the data of the Serbian Chamber of Commerce, cooperation is getting stronger every year, and there is room for it to be deepened.
Petar Milutinović from the Center for European Studies previously told our media that the Judge’s Fund has so far allocated about 36.6 percent for social and administrative infrastructure (education, health, water supply), while about 42.3 percent goes to economic infrastructure. , that is, for transport and energy, according to data from 2006.
“So we can assume that in this case, if the Development Fund were to grant the Government of Serbia a loan, it would be on the topic of transport and energy. Especially when we take into account the newly created circumstances as part of the diversification of the energy supply, because the Government’s priority is energy security. Saudi Arabia is an important geopolitical player on the scene, but also the largest global supplier of oil,” says Milutinović.
It”is also important to note that in March of this year, representatives of the Judges’ Fund had a meeting with the Minister of Mining and Energy, Dubravka Đedović, who presented them with long-term strategies in the field of mining and energy.
The Serbian-Saudi Business Council was established in May
The President of the Serbian Chamber of Commerce, Marko Čadež, signed the Agreement on the establishment of the Serbian-Saudi Business Council with the Chairman of the Federation of Saudi Chambers of Commerce, Hasan El Huwaizi, in order to strengthen economic cooperation between Serbia and the Kingdom of Saudi Arabia (KSA).
“Serbian companies are very interested in cooperation with partners from the Kingdom of Saudi Arabia. The Chamber of Commerce of Serbia will therefore initiate the opening of the Representation of the Polish Chamber of Commerce and Chambers of the Western Balkans in Saudi Arabia, and in the coming period we will also organize B2B meetings between Saudi and businessmen from Serbia and the region,” he announced. Is then Čadež.
According to the data of the Republic Institute of Statistics, the total foreign trade exchange with Saudi Arabia amounted to 117.2 million dollars last year. The export of goods was worth 61.1 million dollars, while the import from this country was 56.1 million dollars.
We mostly exported products of the specialized and chemical industry, as well as fruit, and we imported products of the chemical industry. Serbia ranks seventh in the export of fresh apples to KSA, while it ranks first in the export of frozen raspberries and blackberries.
Serbian food products for the first time at the fair in Riyadh
The Development Agency of Serbia and the Serbian Chamber of Commerce are organizing the performance of Serbian businessmen within the national stand of Serbia at the upcoming international food industry fair “The Saudi food show 2023”, which will be held in Riyadh from June 20 to 22.
At the fair, Serbian manufacturers of food products will have the opportunity to present their production programs for the first time within the national stand of Serbia. The market of Saudi Arabia represents one of the most attractive markets in the Middle East and a chance for Serbian companies to export more agricultural products to the Saudi market.
“The Saudi food show 2023” is a leading place where manufacturers meet representatives of the largest retail chains, importers and distributors, as well as new trends in the food industry. The fair covers 14,000 square meters, and the participation of more than 500 exhibitors is planned. About 14,000 professional visitors are expected.
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