Meeting held between Serbian president and Azerbaijani business representatives

A meeting was held in Baku on May 17 between Serbian President Aleksandar Vučić and representatives of Azerbaijan's business community.

Report informs, citing the Finance Ministry of Azerbaijan.

The event, organized by the Export and Investment Promotion Agency - AZPROMO with the support of the Ministry of Finance of Azerbaijan, the Ministry of Finance of Serbia and the Development Agency of Serbia, was attended by officials and representatives of local enterprises, companies and associations.

The meeting discussed the expansion of Azerbaijan-Serbia economic cooperation, the development of trade and investment ties, and new partnership opportunities between business communities.

Speaking at the meeting, Azerbaijan's Finance Minister Sahil Babayev, co-chair of the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and Serbia, said relations between the two countries are strategic in nature and that cooperation is developing dynamically based on the strong political will and dialogue of the heads of state. The minister noted that Azerbaijan's launch of natural gas exports to Serbia in January 2024 and the implementation of a joint gas-fired power plant project in the city of Niš show that energy cooperation has already entered the stage of real results. Babayev said Azerbaijan-Serbia economic cooperation is not limited to the energy sector. As a result of mutual trust and high-level political dialogue between the countries, broad and real opportunities for cooperation have emerged in areas such as infrastructure, construction, transport, agriculture, tourism and investment. It was also noted that Azerbaijan has further strengthened its position as an important trade and investment hub in the region thanks to its favorable investment climate, macroeconomic stability, strategic geographical location and modern transport and energy infrastructure.

Babayev said the major infrastructure projects implemented by AzVirt in Serbia are among the important examples demonstrating the growing presence of Azerbaijani companies in international markets. He also noted that cooperation opportunities are currently being discussed in joint projects with SOCAR, green energy, infrastructure development and industry. The minister added that tourism is emerging as a new area of cooperation between the parties, and Serbia's interest in joint projects with Azerbaijani companies in this field further expands practical opportunities.

The Azerbaijani finance minister also emphasized the importance of expanding direct ties between business communities, saying work is continuing to organize a business mission of Azerbaijani companies to Serbia and identify new project opportunities.

Serbian President Aleksandar Vučić, speaking at the meeting, expressed satisfaction with the development of strategic partnership relations between Azerbaijan and Serbia. The president stressed the importance of strengthening direct ties between the business communities of the two countries, promoting mutual investments and expanding cooperation on specific projects. It was noted that the activity of Azerbaijani companies in the Serbian market creates important opportunities for future economic partnership.

The Serbian president said the launch of direct flights between Baku and Belgrade made an important contribution to the development of relations between the two countries. According to him, expanding cooperation in tourism is of particular importance, and it is necessary to further strengthen ties between Azerbaijani and Serbian tourism companies in this area.

The Serbian president also emphasized the importance of deepening cooperation in the energy sector. He noted that prospects for cooperation between the State Oil Company of Azerbaijan and Srbijagas on the construction of a new gas-fired power plant are being considered. Vučić invited Azerbaijani business representatives to explore new investment opportunities in Serbia. He particularly noted that broad cooperation opportunities exist in retail trade, spa and mountain resorts, as well as agricultural products.

Serbia's First Deputy Prime Minister and Finance Minister Siniša Mali spoke about his country's investment climate, economic development priorities and opportunities to expand cooperation with Azerbaijan. He noted the importance of supporting business initiatives in areas of mutual interest.

Vladimir Tomić, director of the Strategic Investments Department at the Development Agency of Serbia, provided information about existing support mechanisms for foreign investors in Serbia. It was noted that the Serbian market offers Azerbaijani companies new cooperation opportunities in various fields.

As part of the event, presentations were made by companies and associations, providing information about their areas of activity, export and investment potential, and possible areas of cooperation with the Serbian side. The meeting was described as an important platform for further expanding economic ties between Azerbaijan and Serbia, promoting practical cooperation between business communities and identifying mutually beneficial projects.