Serbia-Azerbaijan trade down - official
Nebojsa Ciric, a state secretary of Serbia’s Economy Ministry, has
said the trade turnover between Serbia and Azerbaijan decreased to
$5 million in 2009, but there is ample potential to boost the
figure many-fold.
$4m of the amount was made up by the South Caucasus republic’s imports from Serbia, while Azerbaijan’s exports accounted for the remaining $1m. However, there is ample potential to boost bilateral trade to as much as $100-150m, Ciric told the first business forum of the two countries in Baku on Thursday.
Ciric said Serbian compamies intend to both invest in Azerbaijan and draw investments from the country. The state secretary added that the second business forum is due in Belgrade in September or October.
Ciric said, further, that Serbia’s GDP was 7-8% in 2008, but it decreased by 3% in 2009. This year, economic growth is predicted at 2%, while the country’s foreign investments are expected at the level of $3 billion.
Azerbaijani Deputy Minister of Economic Development Niyazi Safarov said Azerbaijan was interested in expanding its relations with Serbia.
About 40 companies from both countries, operating in numerous fields including agriculture, construction, furniture making, cosmetics, energy, pharmaceutics and the textile industry, participated at the forum.
The event took place as part of Serbian President Boris Tadic’s visit to Baku, which was a Serbian leader’s first-ever visit to Azerbaijan in the history of bilateral relations.*
$4m of the amount was made up by the South Caucasus republic’s imports from Serbia, while Azerbaijan’s exports accounted for the remaining $1m. However, there is ample potential to boost bilateral trade to as much as $100-150m, Ciric told the first business forum of the two countries in Baku on Thursday.
Ciric said Serbian compamies intend to both invest in Azerbaijan and draw investments from the country. The state secretary added that the second business forum is due in Belgrade in September or October.
Ciric said, further, that Serbia’s GDP was 7-8% in 2008, but it decreased by 3% in 2009. This year, economic growth is predicted at 2%, while the country’s foreign investments are expected at the level of $3 billion.
Azerbaijani Deputy Minister of Economic Development Niyazi Safarov said Azerbaijan was interested in expanding its relations with Serbia.
About 40 companies from both countries, operating in numerous fields including agriculture, construction, furniture making, cosmetics, energy, pharmaceutics and the textile industry, participated at the forum.
The event took place as part of Serbian President Boris Tadic’s visit to Baku, which was a Serbian leader’s first-ever visit to Azerbaijan in the history of bilateral relations.*
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