Other BriefingsDubai Chamber Establishes Joint Serbian Business Council
Bilateral Serbia-Dubai Trade Up 42% In 12 Months
The Dubai Chamber of Commerce, increasingly active in Eastern Europe, has opened a second Business Council following last week’s announcement it had established one in Romania.
The Serbian Business Council held its first Annual General Meeting, which saw Dr. Marko Selakovic announced as Chairman of the Business Council.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Over the years, we have successfully established enduring relationships with Serbian companies and organisations. Today, we are delighted to elevate these partnerships to the next level with the launch of the Serbian Business Council. This initiative comes as part of our strategy to establish new country-specific business councils and expand their role in promoting cross-border business opportunities, as well as nurturing deeper trade and investment ties between Dubai and key markets worldwide.”
Lootah emphasised the Business Council’s role in promoting mutually beneficial economic relationships at the highest levels of business and government through advocacy, engagement, and communications.
“We look forward to working closely with the Serbian Business Council to build bridges of cooperation in key sectors, including agriculture, automotives, F&B, and real estate. Through our collaborative efforts, I am confident we will help to ensure businesses in both markets thrive locally and globally,” he added.
A total of 207 Serbian companies are currently registered with the Dubai Chamber of Commerce, 40 of which joined during the first six months of this year alone. In addition to promoting the interests of Serbian companies in Dubai, the Business Council will enhance connections between the two markets and drive increased levels of trade and investment.
The total value of non-oil bilateral trade between Dubai and Serbia reached US$73.4 million in 2022, representing a year-on-year increase of 42%. The chamber has identified several high-potential sectors for imports from Serbia to Dubai, including cereals, fruits, paper, and wood. Opportunities also exist to increase exports from Dubai to Serbia in sectors including tobacco, optical and medical instruments, aircraft and parts, and chemicals.
Serbia has a Free Trade Agreement with the Eurasian Economic Union (EAEU) which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The UAE are currently negotiating an FTA with the EAEU with progress expected to be announced next year.
Dezan Shira & Associates assist foreign companies into the Dubai market, providing market intelligence, legal, tax planning and related trade and establishment compliance services. For assistance, please contact Maria Kotova at dubai@dezshira.com or view our 2023 Doing Business In Dubai guide below.
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