CCIS: Arab Emirates could be a good investment destination for companies from Serbia

The deputy president of the Chamber of Commerce of Serbia (CCIS), Mihailo Vesovic, stated on Friday that, for companies from Serbia, the United Arab Emirates (UAE) could become one of the best investment destinations, which is why the CCIS had organized a workshop with the aim of presenting the investment opportunities and business climate in that country to Serbian companies.

– The cooperation so far has been predominantly oriented toward the inflow of direct foreign investments from the UAE toward Serbia, but today new opportunities are opening for a further expansion of the cooperation and directing Serbian investments toward the UAE market. The wave of investments coming from the UAE can go the other way too – he said at the workshop “UAE – and Ideal Investment Destination”, which the CCIS organized with the UAE Embassy in Serbia.

At the gathering, which was attended by around 40 representatives of Serbian companies from various fields, among which are agriculture, the pharmaceutical industry and IT, the investment opportunities and business climate in the UAE were presented.

– The trade between the two countries is modest, considering the potentials, but what indicates that there are possibilities for a better cooperation is the service sector, not just IT and telecommunications services, although they are the most important, but also those in logistics, transport and tourism. After the Free Trade Agreement with the UAE is confirmed, a more serious strategic approach should be designed for how to utilize this agreement, as well as the Free Trade Agreement with China – said Vesovic.

He reminded that there were more than 150 companies with a majority capital from the UAE operating in Serbia at that moment, but also that increasingly more companies from Serbia were opening their branch offices and launching their business in the Middle East through the UAE.

Vesovic estimated that, for a bigger expansion, institutional support was needed.

He reminded that the CCIS had its office in Dubai, but said that additional support was needed from the economic chambers of Dubai and Abu Dhabi.

– Not knowing about or not being familiar with a market can slow down the economic processes – added the deputy president of the CCIS.

As positive factors for the beginning of operations in the UAE, Vesovic cited that the country had become a member of BRICS, and it is also part of important logistics routes related to the Chinese “Belt and Road” initiative.

The ambassador of the UAE to Serbia, Ahmed Almenhali, said that the workshop had been organized with the aim of providing a thorough overview of the UAE as an attractive destination for investments and doing business.

According to him, at the workshop, Serbian business people will learn about the key incentives and opportunities available to foreign investors that the UAE offers, as well as the possibilities for joint cooperation.

– The reforms that have been carried out have enabled a stimulating business environment for the development of the business of companies which seek a stable working climate. We are eagerly awaiting a full implementation of the Agreement on the Economic Partnership of the UAE and Serbia, which will strengthen the trade relations and open new aspects of economic cooperation – he said.

The ambassador emphasized that the strategic position and good infrastructure, combined with a favorable economic policy, made the UAE an ideal investment destination.

– On the global scale of competitiveness for 2024, the UAE placed among the 10 best countries according to over 90 key indicators and sub-indicators. The UAE is also second on the global list of economic efficiency and fourth when it comes to government efficiency – the ambassador said.

While presenting the possibilities of doing business in the EUA, it was said that, in 2023, by gross domestic product, the country had been fourth in the Middle East region, after Turkey, Saudi Arabia and Israel, but also second in the world, after the USA, when it came to attracting greenfield investments.

In 2023, the UAE was first in the Middle East by economy competitiveness, and seventh in the world, but first in the region when it came to attracting talented people and highly-educated labor force, whereas the UAE’s state funds managed two trillion dollars.

The projected growth of the UAE for this year is 6.2%.

Privredna komora Srbije

Ambasada UAE Beograd

Chamber of Commerce of Serbia

CCIS

Embassy of the UAE in Serbia

Mihailo Vesović

Ahmed Almenhali