Dubai Chambers signed a memorandum of understanding with the Serbian Chamber of Commerce and Industry during a business forum held in the Serbian capital, Belgrade, with Serbian business sectors during the past two days, under the title “Doing Business with Serbia.”
The Director General of Dubai Chambers, Mohammed Ali Rashid Lootah, said in statements to Emirates Today, on the sidelines of the forum, that the number of Serbian companies operating in the markets and registered with the Dubai Chamber reached 202 companies by the end of the first half of this year, with an estimated growth of 21% compared to the same period last year, pointing out that the forum will contribute to stimulating and attracting Serbian companies and investments in Dubai markets, and supports the growth of exports of Dubai companies to Serbian markets.
Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, held 180 business meetings on the sidelines of the forum between Serbian institutions and companies participating in the trade mission organized by the Chamber to Serbia, with the participation of 13 Emirati companies.
In detail, the Director General of Dubai Chambers, Mohammed Ali Rashid Lootah, said, “The business forum and the trade mission that was organized to the Serbian capital will contribute to stimulating and attracting Serbian companies to Dubai markets, attracting new investments, in addition to supporting the growth of exports of companies operating under the umbrella of the Chamber to Serbian markets, by facilitating access to partners from the business sectors in Serbia through mission and forum activities.”
He added, “The announcement of the signing of the Comprehensive Economic Partnership Agreement with Serbia during the recent period will be a strong support for enhancing the growth of UAE exports to Serbian markets in particular, with the agreement including the removal of customs barriers between the two countries, which will support the growth of non-oil trade between the two countries by more than $500 million during the period.” “The next five years.”
He pointed out that “the value of Dubai’s non-oil trade with Serbia amounted to about 233.9 million dirhams in 2023, according to Dubai Customs data, while the number of active Serbian companies registered as members of the Dubai Chamber of Commerce reached 202 companies, by the end of the first half of this year, with a growth of 21.” % during that period compared to the same period last year, while the Chamber registered 39 new Serbian companies in its membership during this period.
Lootah said, “Dubai International Chamber held 180 business meetings on the sidelines of the forum between Dubai companies and their counterparts in the Serbian capital, Belgrade, for companies in the trade mission organized by the Chamber, which included 13 business companies.”
For his part, the UAE Ambassador to the Republic of Serbia, Ahmed Hatem Al Menhali, said, “The economic relations between the two countries are witnessing continuous development, and Emirati companies have achieved great successes in Serbia, in various sectors.”
He added, “The two countries are looking forward to enhancing bilateral trade and reaching new levels that keep pace with our common aspirations.” We aim to find mechanisms that facilitate small and medium-sized companies to exploit their full potential, thus enhancing cooperation between the two parties.”
He pointed out that “the efforts of the governments of the two countries have culminated in the signing of the Comprehensive Economic Partnership Agreement (CEPA), as this agreement will contribute to strengthening trade and economic cooperation between the two countries, as the UAE is an important center for investment due to the attractive business environment thanks to flexible policies and multiple facilities.”
In turn, the Serbian Minister of Economy, Adriana Mesarovic, pointed out that “the economic relations between the Republic of Serbia and the Emirates are witnessing rapid stages of development, whether in terms of investment paths or levels of trade exchange between the two countries.”
She added, “The recent signing of the Comprehensive Economic Partnership Agreement between Serbia and the UAE in Belgrade will contribute to strengthening economic cooperation, which will help accelerate economic growth in both countries.”
. The value of Dubai’s non-oil trade with Serbia reached about 233.9 million dirhams in 2023.
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