Serbia could benefit from India’s economic growth. In 2019 alone, this Asian country had imports worth USD 514 billion. Serbia might have an opportunity in this market, as India is a large importer of apples, edible oil, paper and wood.
This was said at the presentation of the Economic Overview and 2020 Annual Budget of the Government of India. Ambassador of India to Serbia, Subrata Bhattacharjee, pointed out that the country’s economy was worth three trillion dollars and that India had already set a goal of five trillion dollars by 2024.
– Indian investments in Serbia are present in the sectors of the production of tractors, food, aluminum panels and IT parks. Also, the visa-free regime has opened new possibilities and over 37,000 people of India visited Serbia in 2018 and 2019 – ambassador Bhattacharjee said.
He added that a new trend of making Indian movies in Serbia had been present for a number of years. Bollywood brings income of over USD 2 billion.
– According to the World Bank data, India is third in the world in the number of new companies. It is also a large international investor. In the financial year 2018-2019, foreign direct investments of India, in the form of capital, loans and guarantees, amounted to USD 12.6 billion – Bhattacharjee points out.
Another field where the cooperation could be boosted are herbal medicines. Ayurveda, an alternative medical practice which originates in India, is well recognized in Serbia. As said at the meeting, herbal treatment in Serbian spas could open new horizons in the field of holistic care at a reasonable price.