Saudi market a new opportunity for Serbian companies

BELGRADE/RIYADH - Chamber of Commerce and Industry of Serbia (PKS) representatives visited Riyadh last week for discussions with colleagues from Saudi institutions and business associations about advancement of bilateral economic ties and boosting Serbian exports to Saudi Arabia.

Sectors such as agriculture, energy, ICT, tourism and investments offer great opportunities for more intensive economic cooperation, the Serbian and Saudi representatives said.

With representatives of the Council of Saudi Chambers, a PKS delegation discussed setting up a Serbia-Saudi Arabia business council with the aim of expediting specific projects and business deals, the PKS said in a statement.

"For the Serbian business community, the Saudi Arabian market is one of the most attractive ones in the Middle East. The country has begun intense diversification and major investments in sectors recognised as the fundamental driving force of the economy - renewable energy, agriculture, ICT and tourism, in which Serbia, too, has comparative advantages," said the PKS's Danijela Strizak.

It can be said that Saudi Arabia is now what Dubai was ten years ago - a land of opportunity with a clear vision of progress and a defined strategy, a country that is open to cooperation and exchange of knowledge and experiences with other countries, she said.

Through diversification and a sustainable economy, Saudi Arabia is bolstering its overall economic position in the Middle Eastern region as the main regional player in international trade with Africa, Asia and Europe, which also opens up opportunities for Serbian companies as well, Strizak said.

Serbia has an opportunity to boost its agriculture exports, in particular, exports of fresh and frozen fruit and vegetables, she said.

"Even though Serbia is already exporting those goods to the Saudi market, the plan is to boost the share of Serbian exports and to get new companies to that market. To that end, the PKS has established a team for business cooperation with Saudi Arabia that will train external trade companies producing fresh and frozen fruit and vegetables to export to that market," Strizak said.

Serbian companies are expected to attend the Saudi Food Show in June.

The PKS also presented to Saudi partners its activities related to the hydrogen strategy and forming a hydrogen cluster and held discussions about green energy projects and production of green hydrogen in Serbia.

According to figures released by the national statistical office, the overall volume of Serbia-Saudi Arabia trade totalled 113.5 mln dollars in 2021 and was up by 59.6 pct relative to 2020 and Serbia had a 39.2 mln dollar surplus.