Israel and Serbia sign trade agreement

Israel and Serbia sign trade agreement

Original article:
By Ashley Perry Updated: 05/Oct/2006 17:18
Israel and Serbia signed a trade agreement at the end of September, which will grant favoured nation status to each state in their dealings with the other. The agreement also facilitated mechanisms that would enhance what is already a friendly but relatively small business relationship between the two nations.

“Apart from constituting the most-favoured nation status, the agreement also calls for the setting up of a committee that will propose measures which will resolve problems in the investment and trade spheres,” said Serbian International Economic Relations Minister Milan Parivodic.

Parivodic signed the agreement on behalf of Serbia while Israeli Ambassador to Serbia; Yaffa Ben-Ari signed the agreement for Israel.

Increasing investment

Israeli investment in Serbia is quite new and still does not match the business relationship Israel has with some of Serbia?s neighbours.

“Trade exchange between Israel and Serbia has in the past three years increased from seven to around 31 million Euros, which is relatively low compared to the region, since we have over 150 million Euros trade exchanges with the Central and Eastern European countries on the average, as well as approximately one and a half billion Euros worth of investments,” Ambassador Ben-Ari said.

Parivodic tried last year to obtain Israeli investment. At the Serbia-Israel Business Forum held in the Serbian Chamber of Commerce, Parivodic addressed an invitation to Israeli investors to come to Serbia, specifying that they can invest in the banking sector, energy, insurance, food production, agriculture, construction works and others.

The Minister said investors who decide to invest 10 million euros in fixed assets and open new jobs in Serbia will be exempt from paying taxes for ten years.

Maturing relationship

Parivodic said that his efforts had borne fruit as Israelis had invested almost 400 million Euros in Serbia thus far.

Israel and Serbia are having quite a profitable year after the founding in March of the scientific cooperation organisation, the Israeli Shalom Club in Belgrade. The Shalom Club is attempting to rally experts and scientists from Serbia who completed expert training in Israel within the MASHAV Program since 1996.

The MASHAV Program is the international development cooperation program of the Israeli Foreign Ministry. Israeli Ambassador to SCG Yaffa Ben-Ari, Belgrade Faculty of Agricult.

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