India Day 2026
12^th November 2026, Novi Sad

Mr. Shavikesh Goel, President of the India-Serbia Chamber of Business & Commerce,

Mr. Branislav Mamic, Secretary, Services Association, Chamber of Commerce and Industry of Vojvodina,

Distinguished guests,
Ladies & gentlemen,

Namaste!
Dobar dan!

I am delighted to be here in Novi Sad today for the inaugural India Day.

At the outset, I express my sincere gratitude to the Government of the Autonomous Province of Vojvodina for their support, and to the Chamber of Commerce and Industry of Vojvodina for being an outstanding partner. I also thank the India-Serbia Chamber of Business & Commerce for their tireless efforts to strengthen our commercial ties and organizing this event.

Friends,

This inaugural event is just the start of the beautiful and mutually beneficial partnership between India and the region. I am glad we have taken this first step in a journey which will bring our two people closer in all respects and open up many more opportunities in each other’s markets.

When I arrived in Serbia as Indian Ambassador in January this year, I was presented with the bilateral trade figures. For 2025, we recorded a bilateral trade of US$ 480 millions only. While the growth rate, at more than 18% was satisfactory, the overall numbers were not. For the current year, the bilateral trade may exceed a figure of US$ 600 million. Yet again, we are not, and we should not be satisfied with this level of trade between our two countries when the enormous potential is staring at us.

I see many more opportunities for a mutually beneficial partnership in many more sectors. Currently, our bilateral trade basket mainly comprises machineries, metals and ores, engineering goods and electronic equipment, auto and components, ceramics, and apples. Clearly, there is potential to further intensify trade in these sectors. However, surprisingly, this basket does not include several important sectors. India is the "Pharmacy of the World." India’s competency in pharma sector would be enormously beneficial to Serbia. However, none of the Indian pharma companies are present in Serbia. Both the countries have strength in agriculture sector. There is no reason for the absence of Serbian grain or the delectable Serbian berries, plums and peaches in the Indian market. Indian gourmet coffee will surely find many takers in Serbia, one of the highest coffee-consuming countries in the world. Textiles is another area where there can be inter-linkages in the supply chains. India’s gems & jewelleries should find their way directly to Serbia, rather than re-routing from Italy or elsewhere. Specialized Serbian precision engineering can add direct value to Indian manufacturing lines.

Now, let’s pivot a bit and see the presence of our companies. A large number of Indian companies have found a hospitable home in Serbia. Mahindra, TAFE-IMT, Motherson Sumi, Sona Comstar, Embassy Group are well-known names in Serbia. The latest entrant in the scene is Zensar, one of the top IT companies in India which commenced its presence in Serbia from April this year and filled up a gaping void that existed since there was no Indian IT company in India before that.

The feedback I receive is positive. This should enable more Indian companies to set up bases in Serbia. This is also our endeavour. Likewise, we would also like to see Serbian companies gain from the opportunities that exist in the Indian market.

However, we must also be cognizant of the obstacles that exist to further intensify our commercial ties. Lack of direct flight connectivity between the two countries is a significant impediment, as is an unpredictable visa regime for Indian nationals to visit Serbia. More and more Indian businessmen and tourists are willing to visit Serbia. There is no reason they should not.

Friends,

India recorded an a GDP growth rate of 7.8% in the last financial year, remaining the world’s fastest-growing major economy. India is currently the 5^th largest world economy, aiming to cross the $5 trillion mark to become the 3^rd largest by 2030. India is the largest market globally for tractors and agricultural implements. India’s food processing sector is expected to reach $535 billion, driven by rising urbanization and changing dietary habits. Under the "Make in India" defense initiative, India is actively modernizing its armed forces and domestic production capabilities. India now has more than 160 airports, 65,000 kms rail tracks, 1,000 kms of urban rail transit systems, and 520 GW of installed power capacity with a total renewable capacity at more than 279 GW, hitting its global climate commitment a full five years ahead of schedule. India is projected to spend nearly US$1.72 trillion on infrastructure through 2030. India’s manufacturing prowess is exemplified by the fact that it is now the second-largest mobile phone manufacturer in the world.

This is where the attractiveness of India lies.

India offers Serbian companies to grow, either through trade or investments, and become bigger regional players. For the already established regional players, India’s scale and ambitions offer a platform to become global.

Friends,

A rising tide lifts all. India is in that phase.

We invite our Serbian friends to collaborate closely with their Indian counterparts, explore new areas of cooperation, and establish long-term mutually beneficial partnerships.

I think today’s India Day is timely.

I once again thank you all for your kind attention and a special word of thanks to Mr. Shavikesh Goel and Col. Sanjivan Kumar from India-Serbia Chamber of Business and Commerce and to Mr. Branislav Mamic from the Chamber of Commerce and Industry of Vojvodina for their wholehearted support and cooperation in organising this event.

Dhanyavaad!
Hvala Vam!