Commercial Relations

Commercial Relations

India-Serbia Commercial Relations

India-Serbia bilateral trade during January-December 2017 amounted to US$ 198.50 million, an increase of 39% compared to the same period in 2016, with Indian exports to Serbia valued at US$ 187.6 million and Serbian exports to India at US$ 10.9 million. Recent bilateral trade figures are given below (in US$ Million):

In US$ million

2011

2012

2013

2014

2015

2016

2017

India’s exports

152.6

153.6

173.9

139.96

140.0

133.3

187.6

India’s imports

8.4

4.9

8.7

8.7

5.6

9.4

10.9

Total trade

161.0

158.5

182.6

148.6

145.6

142.7

198.5

2. Visit of Serbian Prime Minister (now President) to India: Mr. Aleksandar Vucic, Prime Minister of Serbia visited India from 9-12 January 2017 to participate in the “Vibrant Gujarat Global Economic Summit 2017” and held bilateral meetings with Indian leadership and business community. This was the first high level bilateral state visit since 1986. Prime Minister Aleksandar Vucic called on Prime Minister Modi and discussed a wide range of issues including bilateral relation which have always remained close and friendly. The two Prime Ministers agreed on the need to promote economic cooperation including in the fields of food production, agriculture, pharmaceuticals, defence industry, health, tourism and IT. Addressing the plenary of the “Vibrant Gujarat Global Summit”, PM Vucic invited Indian investors to Serbia and promised to provide the best possible conditions for doing business for Indian companies. Prime Minister Vucic met the Chief Minister of Gujarat Vijay Rupani and stressed the importance of economic cooperation between Serbia and Gujarat, especially in agriculture, food industry, chemicals, pharmaceuticals and the Information Technology sector. In his meeting with Chief Minister of Maharashtra Devendra Fadnavis in Mumbai, Prime Minister discussed possibilities of enhancing bilateral trade and investment between Serbia and the state of Maharashtra in the field of agriculture, processing of seeds, technologies for food processing and IT. Prime Minister Vucic also met Pankaj Patel, President of the Federation of Indian Chambers of Commerce and Industry (FICCI) to discuss the possibilities of expanding bilateral cooperation especially in the field of tourism and films. In Mumbai, the Confederation of Indian Industry (CII) hosted an exclusive interaction with Mr Aleksandar Vucic, where he reached out to Indian CEOs and discussed on enhancing the economic engagements with a focus on exploring business opportunities in manufacturing, IT, MSMEs and hospitality & Tourism. Prime Minister Vucic discussed possibilities of electric scooter production, increased production of tractors and automobiles, agri-machinery, agro processing, export of raspberries, tourism and development of IT sector in Serbia with Mr Anand Mahindra, President of the Mahindra Group.

3. MOS (PMO) Dr. Jitendra Singh visited Serbia from 12-16 October, 2016 and met PM Aleksandar Vucic, Speaker Maja Gojkovic, First DPM & FM Ivica Dacic, DPM and Minister of Trade, Tourism & Telecommunications, Rasim Ljajic and Minister of Agriculture & Environmental Protection Branislav Nedimovic. MOU on Cooperation in the field of IT & Electronics was signed. Other aspects of the programme included visit to Gandhi Street, meeting with Indologists and roundtable with Indian companies in Serbia.

4. Serbian participation in World Food India 2017: Mr. Branislav Nedimovic, Serbian Minister for Agriculture, Forestry & Water Management led a delegation of 11 agro processing companies, senior officials, Chamber of Commerce & Industry of Serbia, Development Agency of Serbia, Congress Travel International to World Food India 2017 held in New Delhi from 3-5 November 2017. The Chamber of Commerce & Industry of Serbia set up a 126 m2 stall at the fair where 11 Serbian companies namely ITN Group, Yumis, All Berries, Mirax Agrar, Bambi Concern, Elixir Food, Lucic Group, Sirogojno Compnay, Agranela, Agropress and Maize Research Institute “Zemun Polje” exhibited products like frozen fruits, confectionary, dried fruits, etc. Minister Nedimovic held bilateral meeting with Shri Radha Mohan Singh, Minister of Agriculture and suggested harmonization of veterinary certificates of the two countries and early conclusion of phyto-sanitary agreement, which the two sides are negotiating. Indian Minister suggested that Serbia may consider importing tropical fruits such as mango, pineapple, banana, papaya etc. from India. Minister Nedimovic invited India to the annual International Agricultural Fair of Novi Sad held in May every year which was accepted by the Indian side. Minister Nedimovic discussed the scope of bilateral cooperation in the food processing sector during his meeting with Ms. Harsimrat Kaur Badal, Minister of Food Processing Industries. Minister met Mahindra Group, CG Food India and visited TAFE Tractors in Madurai. CG Food India organized an Investors Forum to raise awareness of investing in Serbia due to Serbia’s FTAs with EU, Russia, Turkey, USA, etc.

5. India-Serbia Joint Economic Committee: The 3rd meeting of the India-Serbia Joint Economic Committee (JEC) was held through video conferencing on 10th March 2017 where both sides expressed readiness to find ways and means for further development of bilateral economic cooperation. Both sides agreed to further strengthen and diversify bilateral economic & commercial relations and continue linkages between business associations/trade bodies on either side to promote bilateral trade. The Indian side apprised the Serbian side about the latest economic developments in India and highlighted the flagship projects such as Make in India, Skill India, Digital India, Smart Cities, Swachh Bharat (Clean India), Start-Up India, etc. Both sides examined and discussed the status of bilateral economic cooperation, including trade and investment, agriculture & food processing, energy, mining, scientific and technical cooperation, Information Technology & Electronics, civil aviation, health, pharmaceuticals, tourism, film making, youth affairs & sports and cooperation between private sectors.

6. Meeting of Indian-Serbia Joint Committee on S&T: The 2nd meeting of the India-Serbia Joint Committee on S&T was held in Belgrade on 2-3 October 2017. The Indian delegation was led by Dr Jagdish Chander, Scientist-G & Adviser-International Cooperation, Department of S&T and comprised Prof. Romesh K. Salgotra, Sher-e-Kashmir University of Agriculture Sciences & Technology and Dr. Asif Mohmmed, International Centre for Genetic Engineering & Biotechnology (ICGEB), New Delhi. Prof. Dr. Viktor Nedovic, Assistant Minister, Ministry of Education, S&T Development co-chaired the committee from the Serbian side. The two sides agreed to hold two workshops – in the scientific domains of (a) biotechnology & human health and (b) ICT to be held in India and Serbia, respectively. Both sides also agreed to announce joint calls in the second half of 2018 after the workshops in accordance with priority fields as incorporated in the POC i.e. (i) New materials and Nanotechnology, (ii) Energy and Energy efficiency, (iii) Information and Communication Technologies, (iv) Human health, (v) Biotechnology including food technology and food security.

7. Meeting of India-Serbia Joint Committee on IT & Electronics: The first meeting of the India-Serbia Joint Committee on IT & Electronics was held through video conferencing on 16th October 2017. The two sides exchanged cooperation agendas in the field of IT industry, e-Governance including Cloud Computing, IoT, Big Data etc. and Start-up ecosystem. India presented the latest development on the process and activities of implementation the Digital India programme launched in 2015 with a vision to transform India into a digitally empowered society and knowledge economy and proposed to share information and experiences with Serbian experts in the field of e-Governance. Serbia suggested cooperation in the field of 5G mobile systems and Cyber security. Serbia sought cooperation in developing Smart cities’ technology in Serbia. Later in Nov 2017, Prof Dr. Irini Reljin, Assistant Minister for Electronic Communications & Postal Services met with Shri Rajiv Kumar, JS(IC), MeitY and co-chair of India-Serbia Joint Committee on IT & Electronics to discuss joint projects during her visit to India for GCCS 2017 .

8. The first Meeting of India-Serbia Joint Commission on Agriculture: The first meeting of India-Serbia Joint Commission on Agriculture was held on 15th November 2016 through video conferencing. Both sides reviewed bilateral ties and exchanged potential areas of cooperation identified in the bilateral MOU on Agriculture and Allied Sectors signed in March 2009. The Serbian side emphasized its interest to increase exports of fresh, frozen and processed fruits and vegetables to India, while the Indian side expressed interest in exporting tropical fruits, tea and coffee to Serbia, and importing pulses, sunflower and soya from Serbia. Serbian side expressed interested in import of agriculture machinery such as trucks, tractors, combine harvester. India is invited to be a Partner Country in the International Agricultural Fair, Novi Sad. Experts on both sides are negotiating an agreement on phytosanitary cooperation to promote trade in crops, oil seeds, soyabean, berries, tropical fruits etc.

9. Serbian participation in 4th India Europe29 Business Forum (IE29BF): Mr. Bogdan Igic, State Secretary accompanied by Mr Marko Majstorovic, Adviser, M/o Agriculture, Forestry and Water Management of Serbia participated in 4th IE29BF held in New Delhi on 5-6 March 2018. The event organized by FICCI was attended by more than 100 business and 70 official delegates from twenty countries. Mr. Igic delivered a valedictory address and presented Serbian perspective on accelerating cooperation with India especially in Agriculture sector.

10. Second Meeting of India-Serbia Business Forum: The second meeting of the India-Serbia Business Forum was organized on 27th February 2017 in the backdrop of the visit by Mr Aleksandar Vucic, President of Serbia to India. Mrs Narinder Chauhan, Ambassador of India and Mr Nemanja Stevanovic State Secretary from the Serbian Ministry of Foreign Affairs co-chaired the forum. Ambassador presented the latest developments in India-Serbia relations including historic visit of Mr Aleksandar Vucic and ongoing initiatives which are aimed at deepening bilateral economic relations. State Secretary Nemanja Stevanovic acknowledged India as world’s economic superpower and underlined that India could assist Serbia’s development in many areas including ICT sector. Mr Zeljko Sertic, Director of the Serbian Development Agency stressed on the need of enhancing bilateral trade and spoke about administrative & legal issues Serbia has to solve in order to attract more investments from India. The Forum was attended by more than 60 Serbian businesspersons from varied sectors, senior Serbian government functionaries. The primary goal of the Forum is to bring together Serbian companies and to develop possible strategies to remove hurdles and facilitate improvement of environment for smooth trade relations between our two friendly countries.

11. India-Serbia Business Forum Roundtable: The Embassy organized India-Serbia Business Forum (ISBF) Roundtable in Belgrade on 13th December, 2017 as a follow up to the second meeting of the ISBF held on 27 February 2017. Ambassador convened the Roundtable which was attended by Ms. Irini Reljin, Assistant Minister, ICT and Telecom; Mr. Viktor Nedović, Assistant Minister, Ministry of Science & Technology; Mr. Igor Grabež, Advisor to Minister of Agriculture; Ms. Violeta Jovanovic, Director of NALED; Ms. Sanja Vraneš, Director, Institute ‘Mihajlo Pupin’; Ms. Sonja Vukadinovic, Head of Asia Dept.-Yugoimport-SDPR; Mr. Vladimir Radunović, Director of e-diplomacy and cyber security programmes, Diplo Foundation; Ms. Milica Božanić, Executive Director, Film Commission of Serbia and Mr. Pavle Zelić, Head of International Cooperation, Medicines & Medical Devices Agency of Serbia. The Participants outlined measures for further enhancing trade and investment.

12. Inauguration of production plant of Wai Wai noodles in Ruma: The Indian company CG Food India (CGFI), a subsidiary of Singapore based Cinnovation Group, has invested Euro 9 million in a wholly owned state of art factory to produce instant noodles under the brand name Wai Wai in Ruma, Serbia. Ambassador attended the official opening of the plant along with H.E. Mr. Aleksandar Vucic, President of Serbia on 5th October 2017. The production of dehydrated instant noodles is with more than 80% of the local raw material. Wai Wai products are being exported to 30 nations taking advantage of Serbia’s FTAs with EU, Russia, Turkey, Belarus, Kazakhstan, Azerbaijan, European Union, CEFTA etc. and also to Canada and the US.

13. India’s Excel Industries Limited buys manufacturing company Blok Signal d.o.o., Nis: The Indian company Excel Industries Limited, part of Excel Group with headquarters in United Arab Emirates, has bought the Nis-based factory Blok Signal d.o.o. Ambassador attended the official opening of company on 28th May 2017. With an initial investment of Euro 1 million, the company is said to manufacture railway equipment such as railway posts, light signals, railway signs etc. and waste management equipment, namely garbage containers, truck containers, conveyor belt etc.

14. Schneider Electric DMS of Serbia in Naya Raipur Smart City Project: The Serbian IT company Schneider Electric DMS NS is working on developing the first greenfield integrated smart city of Naya Raipur in Chhattisgarh under the Smart Cities programme of the Government. Since 2013, Schneider Electric DMS NS has been delivering its most advanced 3rd generation ADMS in India including OPTCL Puri in Odisha, R-APDRP ADMS projects in Bihar and Kerala, and now Smart City project in Naya Raipur (Chattisgarh state).

15. Visit of Indian tour operators: The Embassy organized visit of five Indian tour operators comprising representatives from Travkart, Express Holidays, Anuga Holidays, Pushpak Group and Eco travels on familiarization tour from 21-25 October 2017 to form a network of tour operators in order to enhance two-way tourism.

16. Visit of Indian Travel Writers to Serbia: The Embassy organized visit of three Indian Travel Writers to Serbia from 16-21 October 2017. The delegation visited various historical, archeological, cultural tourist attractions in Belgrade, Zlatibor, Topola, Nis, Sremski Karlovci and Novi Sad.

17. Familiarization visit of Serbian Tour Operators to India: With the aim of promoting India tourism, Embassy of India in Belgrade in association with Ministry of Tourism of India and Turkish Airlines organized a familiarization trip of Serbian Tour Operators to India from September 23-28, 2017.Indian Ministry of Tourism provided full local hospitality to the group comprising eight prominent Serbian tour operators, namely, S.A.B. Travel, Kontiki Travel, Disko Drugar, Manga Travels, Travelland, Travel Boutique, I.Travel, Jungle Travel and a representative of Turkish Airlines.

18. Indian film professionals visit Serbia: The Embassy organized the visit of a delegation of film professionals to Serbia in October 2017 to explore film making opportunity in Serbia.

19. Power & coal official delegation from West Bengal visits Serbia: Mr. S.Kishore, Principal Secretary, Power Department, Government of West Bengal and Mr. Santanu Basu, CMD, West Bengal Power Development Corporation Limited (WBPDCL) visited Serbia on 14-15 May 2017 regarding possible collaboration in Coal Mining Technology and Clean Coal Technology.

20. Visit of Jharkhand State Consultant : Mr.Sudhir John Horo, Advisor, Department of Information & Public Relations, Government of Jharkhand visited Serbia from 15-25 October 2017 to promote Jharkhand state in Serbia. The visit was aimed at creating awareness among prospective Serbian partners by showcasing and publicizing various business opportunities and key reforms carried out in the state of Jharkhand in the recent past and to showcase Jharkhand’s rich tradition, tribal heritage and culture as well as promoting it as a film-friendly state and an interesting tourist destination.

21. Roundtable meeting with the representative of Serum Institute of India: On 28th June, Embassy organized a roundtable meeting of Mr Yogesh Joshi Director – Moscow Representative Office of the Serum Institute of India Pvt. Ltd. with Ms Vera Stoiljkovic (Director), Ms Ana Vidmanic (Assistant Director for Quality Management) and Ms Svetlana Janketic from the Institute of Virology, Vaccines and Sera – Torlak, Mr Pavle Zelic (International Cooperation) and Mr Miodrag Stamenkovic from the Medicines and Medical Devices Agency of Serbia and Mr. Mladen Tosic from Serbian company UTI (Representative of Panacea Biotech). At the meeting the possibilities of cooperation between the Serum Institute of India and Torlak were discussed with the aim of joint production of vaccines to fulfil the requirements of Serbia and neighboring countries.

22. Serbian participation in the 5th Global Conference on Cyber Space – GCCS 2017: Ms. Irini Reljin, Assistant Minister, Electronic Communications & Postal Services, M/o Trade, Tourism and Telecommunication of Serbia led a 4-member delegation comprising Serbian cyber experts from public and private sector to the Global Conference on Cyber Space (GCCS-2017) in New Delhi on November 23-24, 2017.

23. Serbian participation at 8th Global Entrepreneurship Summit : Ms Natasa Milanovic, Director, Biosil d.o.o participated in the 8th Global Entrepreneurship Summit (GES 2017) in Hyderabad from 28-30 November 2017. Biosil Ltd deals with organic production and processing of fruits & vegetables through innovation.

24. Morbi Ceramic cluster takes part in International Construction Fair in Belgrade. Morbi Ceramics Associations (MCA) represented by Mr Vishal Acharya participated in the South East European Belgrade Building Expo (SEEBBE) 2017 held in Belgrade from 19-23 April 2017. MCA represented the Indian ceramic industry and invited Serbian companies to take part in Vibrant Ceramics Expo and Summit (VCES) 2017.

25. Indian participation in Partner 2017: HBL Power Systems Limited, Manufacturers of Batteries for aviation, telecom, defence, oil & gas industry etc participated in the International Armament and Military Equipment Fair “Partner 2017” held in Belgrade from 27-30 June, 2017.

26. Shooting of Indian films in Serbia: The shooting of Indian films has commenced in Serbia. Recently shooting of Hindi film, ‘Soorma’ has taken place in Belgrade. With the appeal of excellent crews and beautiful natural locations becoming increasingly recognized, Serbia has been attracting more and more big budget Indian productions. Soorma is the latest large Indian production following “Vivegam”- Tamil thriller with Ajit Kumar and Vivek Oberoi, “Oopiri” – remake of the French film “Untouchables” in 2016 and Mani Ratnam’s ‘Kaatru Veliyidai’ (into the wind) (2017) shot on locations in Serbia.

27. Ms Dragana Djermanovic chosen as “Woman of the Decade“ by Women Economic Forum in New Delhi: Serbian entrepreneur, owner of the startup BeeShaper and CEO of the company Bee Premium Group, Ms Dragana Djermanovic was proclaimed “Woman of the Decade in Social Media and Leadership“ at the international Women Economic Forum (WEF17) held from 8-13 May 2017 in New Delhi.

28. Indian participation in Belgrade Fashion Week: Indian fashion designer and model Kamran Patel presented RAEGUN fashion label at the 42nd Belgrade Fashion Week which was held from 28th October to 3rd November 2017.

29. Tourism promotion: MOU on cooperation in Tourism was signed in 2004. A Tourism Workshop was held in Belgrade on 13th December 2016. The workshop was attended by tour operators, senior government officials, airlines, media, etc. India Tourism office Frankfurt presented India as a tourist destination to Serbian tour operators and showcased Indian tourism potentials. National Tourism Organization of Serbia expressed interest in enhancing and deepening the interaction between tourism organizations of the two countries. The number of Serbians visiting India has shown year on growth of 20% in 2017. Serbia has abolished visas for Indian nationals holding ordinary passports for stay upto 30 days in a year w.e.f. 2nd September 2017. Ms Ljiljana Rebronja, Director & Editor-in-Chief of “Turisticki Svet” visited India for covering the 3rd IDY celebrations in Lucknow and promoting “Incredible India” under M/o Tourism’s hospitality package. Tourism of Indian states was promoted through special supplements/advertisements in prominent Serbian magazines/newspapers ‘Elevate’ ‘Terminal’ ‘Turistcki Svet’, CorD, ‘Diplomacy & Commerce’, ‘Politika’, ‘Novosti’, ‘Informer’, etc.

30. Promotion of Yoga, Ayurveda & Homeopathy: On the occasion of 3rd International Day of Yoga (June 2017), Embassy organized morning Yoga sessions including at Victor Statue, Kalemegdan Fortress and Yoga on the Boat on Rivers Sava and Danube. Workshops & consultations on Yoga, Ayurveda and Homeopathy were organized in the City Hall of Belgrade which was addressed by renowned Serbian traditional medical experts and attended by large number of participants from the medical fraternity and other stakeholders. The Embassy also organized free consultations on Ayurveda by the medical doctor at the India pavilion at 39thInternational Tourism Fair of Belgrade in Feb 2017.

31. Participation in Serbian fairs: Embassy regularly participated in following local fairs and festivals:

i) International Fair of Tourism (2014, 2015, 2016, 2017, 2018)

ii) International Book Fair (2013, 2014, 2015, 2016, 2017)

iii) International Agriculture Fair (2013, 2014, 2015, 2016, 2017)

iv) Belgrade Fashion Week (Manish Arora) (2014)

v) Belgrade Design Week (Satya Sheel 2014, Kamran Patel 2017)

vi) International Day of Yoga (2015, 2016, 2017)

vii) International Ethnic Food & Drinks Fair (2015, 2016)

viii) Auteur Film Festival (2014, 2015, 2016)

ix) Film Street (2014, 2015, 2016, 2017)

32. Serbian visits to India: Serbian companies regularly visit India to provide technical support to Indian companies and institutions, particularly in the ICT sector. In 2017, the Embassy issued 844 visas out of which 250 were Business visas. In addition, 1157 Serbians availed of e-visa facility to visit India. Serbian companies availed of Indian hospitality packages to participate in (i) India Engineering Sourcing Show (IESS); (ii) India International Handwoven Fair (IIHF) (iii) Gujarat International Handloom & Handicraft Meet “GURJARI” (iv) GET INDIA 2015 Seminar (v) Indian Fashion Jewellery & Accessories Show (IFJAS) (vi) INDIASOFT 2016- IT Exhibition and Conference (vii) NASSCOM India Leadership Forum 2016 (viii) Global Exhibition on Services (GES 2016 & 2017), (ix) Vibrant Ceramics Expo & Summit 2016 (x) India International Leather Fair 2017 (xi) Indian International Handwoven Fair 2017 (xii) IHGF 2017 (xiii) ISAF 2016 & 2017 (xiv) IIGF 2017 (xv) Textile India 2017 (Jun-Jul 2017). Serbian companies also participated in (i) Aero India 2015 (ii) India Carpet Expo 2016 (iii) Defexpo 2016 (iv) Light India 2016 (v) The Economic Times ACETECH 2016 (vi) CPHI and P-MEC India 2016 (vii) WEF 2017, (viii) WFI 2017 (ix) 8th Global Entrepreneurship Summit, etc. Serbian models are in great demand by Indian fashion companies.

33. Indian Technical and Economic Cooperation (ITEC): More than 140 Serbian nationals have been imparted training under the ITEC Programme since it was extended to Serbia in 2008 in a wide and diverse range of skills and disciplines including IT, ICT, Expenditure Management, Entrepreneurship, WTO, Banking & Finance and Sustainable Development, Rural Development, Renewable Energy, Climate Change, English proficiency, yoga, etc. ITEC Day was observed on 22nd Sept 2017.

34. Major Indian investments and present collaboration of Indian & Serbian companies is as follows:

Embassy Group IT Park: Indian real estate company, Embassy Group from Bengaluru, has developed an IT Park in Indija near Belgrade with an initial investment of USD 20 million. The IT Park, first LEED GOLD certified building in the region, has the potential to become an IT hub.

The Indian company CG Food India, subsidiary of Singapore based Cinnovation Group has invested Euro 9 million in a noodles factory in Ruma.

TAFE: Indian company Amalgamations Ltd is the official dealer of TAFE tractors in Serbia and the region. TAFE has acquired Serbian IMT brand for tractor manufacturing.

Mahindra Tractors: The Serbian company "Agropanonka MTZ Finke" in collaboration with Mahindra & Mahindra has opened an assembly line for Mahindra tractors in Novi Sad.

Sonalika Tractors: International Tractors Limited (Sonalika Group) has started assembly line of tractors with Serbian company FPM Agromehanika AD under the brand SOLIS, in the Serbian city of Boljevac.

Mahindra & Mahindra Motors: Serbian company Agropanonka represents Mahindra & Mahindra and deals with automotive products.

HiMedia Laboratories: Cooperation with Serbian company ProMedia and possibilities for new investments and export to EU in the field of microbiology.

UAE based Indian company Excel Industries has invested USD 1.12 million in Blok Signal for making railway and waste management equipment.

Another Indian company from UAE , Mulk Holdings has invested USD 20 million in Alubaond for manufacturing aluminum panels.

Panacea Biotec: Serbian company ÚTI d.o.o is the official representative for Panacea Biotec pharmaceutical company on the Serbian market.

Himalaya Herbal: Serbian company A-lek is the official representative for Himalaya Herbal range of skincare, dietary and veterinary products on the Serbian market.

35. Agreements and implementation: The necessary bilateral instruments to promote trade and investment are already in place namely:

  • Bilateral Investment Promotion and Protection Agreement (BIPA) [2003]. New Bilateral Investment Treaty (BIT) is under negotiation.
  • Double Taxation Avoidance Convention (DTAC) [2006]
  • Trade Agreement (MFN status) [2006]. The 3rd JEC meeting was held in March 2017.
  • Tourism Agreement [2004]
  • Air Services Agreement [2003] - Air Services Agreement has been revised and 'Air Serbia' and 'Jet Airways' are the designated airlines (2017).
  • MOU on Agricultural Cooperation [2009]. Meeting of the Joint Commission on Agriculture was held in Nov 2016.
  • MOU on Cooperation in Science and Technology [2004]. Meeting of the Joint Committee on S&T held in Belgrade in Oct 2017.
  • MOU on IT & Electronics [October 2016]. Joint Working Group meeting held in Oct 2017
  • MOU on Archives (Oct 2017)
  • MOU on Cooperation in Culture, Arts, Mass Media, Youth & Sports.
  • MOU on Phytosanitary Cooperation.

36. Potential: The following sectors have the potential for enhancing India-Serbia trade:

(i) Metals (Refined copper, wire & ores, aluminum unwrought, iron ores)- The largest import segment in Serbia’s foreign trade in 2017 at USD 2.5 billion and the second largest segment in India-Serbia bilateral trade. At the third meeting o the India-Serbia JEC, the Indian side made Expression of Interest in procuring recently discovered deposits of copper and gold from Serbia.

(ii) Retail Medicaments - This was the second largest import segment in Serbia’s foreign trade in 2017 at USD 2.2 billion and was also the biggest segment in India-Serbia bilateral trade. The Serbian Pharma sector offers great possibilities for Indian investors .

(iii) Manufacturing of Agri Machinery and tractors- Potential demand for tractors in Serbia could be between 5.7 to 8.6 bln Euros. Indian tractors could provide low-cost alternative to tractors currently imported in Serbia.

(iv) Agro products (coffee, bananas, tobacco and spices)- India is the second largest supplier of coffee to the Serbian market. It appears worthwhile for Indian companies to also consider exporting products such as mangoes, bananas, pineapple, raw tobacco and spices.

(v) Agro chemicals (Fertilizers, Herbicides, Fungicides)- Agriculture & food processing constitute one of the main segments of the Serbian industry with annual production reaching around USD 5 billion. Good opportunities exist for export of agro-cheicals.

(vi) Mobile phones- With SIM penetration of close to 128.5% (9.1 ml mobile phones) and 70% internet connectivity, Serbian customers are at par with the Western European countries. The Smartphone penetration amongst Serbian mobile users is around 45%, and constantly rising. Indian manufacturers with competitive prices may have an opportunity to gain market share.

(vii) Petrochemicals (Polyethylene & Polypropylene)- Serbia imports large quantities of these petrochemicals annually.

(viii) Ayurvedic and herbal personal care products- Local consumers are increasingly looking for products of natural origin for personal care which is India's speciality.

(ix) Tanned leather- Serbia has a developed shoemaking and leather furniture Industry and most of the raw leather is imported from other countries.

(x) Particle wood board- Serbia has a well-developed furniture industry which imports particle wood board.

(xi) Science &Technology- Serbia is looking for technology transfer in various industry segments and there is potential for investment in science & innovation.

(xii) Infrastructure- Investment in infrastructure is a high priority for the Serbian government. The projects include construction of roads, bridges, railways, water transport infrastructure, air traffic and municipal infrastructure.

(xiii) Petroleum products- Serbia has a developed petroleum industry which is importing most of the necessary raw materials and equipment. Thus it might offer a great export opportunity for Indian companies. Serbia has sought strategic partner from India in HIP Petrohemija, petrochemica  complex in Pancevo.

(xiv) Renewable energy- Favorable conditions exist for energy production from almost all types of renewable energy sources in Serbia. The market is open for new investments.

(xv) Textile: India’s investors could gain an opportunity to shorten response time and delivery time to market’s in Europe and Russia. Opportunity to export raw materials to Serbian manufacturers. Investors would be able to benefit from low labor costs.

(xvi) Mining - The Serbian government is seeking partnership for large mining enterprises. Serbia’s mines are operated by outdated technology, indicating potential for India’s companies to provide mechanization. Coal reserves are estimated to meet present levels of production for the next 100 years. Serbia’s electricity production is highly dependent on coal, with around 70% of electricity produced by thermal power plants.

(xvii) Automobile - The Serbian automotive industry accounts for almost 10% of FDI since 2001 largely in the FIAT project in Kragujevac which has helped attract a number of car parts producers to Serbia. The agreement for this joint venture between FIAT and Serbian Government expires on 31st December 2018. In the past there were media speculation that FIAT is looking for an exit strategy and of late, the company has reported drop in sales and lay off of workers. If Fiat Chrysler Automobiles decides to end the arrangement with the Serbian Government in December 2018, this would open up the possibilities for Indian automotive manufacturers looking to produce vehicles for access to EU.

Other products which could be of interest to Indian exporters are: Polyethylene having a specific gravity of 0,94 or more, Fungicides, Herbicides, Unwrought zinc, Polystyrene, Cotton yarn, Footwear, Monumental or building stone, Sesame seeds, Granite crude or roughly trimmed, Women's or girls' blouses, suits, shirts, knitted or crocheted, toilet linen and kitchen linen.

Serbian export products of interest to Indian importers are: Cigarettes, Raspberries, Apples, Peaches, Maize seeds, Blackberries and mulberries, Sour cherries, Strawberries, Plums, Beer made from malt, Mineral waters, Acetic acid, Wooden furniture, Beech wood, Unrefined copper.

37. Information on major Trade Fairs in India and Serbia:

Fairs in Serbia

S.N

Trade Fair

Date of Fair

1

11th Home Fair Expo, Belgrade

Feb 19-21, 2018

2

40th International Fair of Tourism, Belgrade

Feb 22-25, 2018

3

Balkan Textile, Belgrade

March 1-3, 2018

4

5th FRUVEG Expo Balkan 2018, Belgrade

March 7-9, 2018

5

23rd International Horticulture-Beoplant Fair, Blegrade

April 3-7, 2018

6

4th International Building Trade Fair – SEE Belgrade Building Expo

April 18-21, 2018

7

31st International Convention & Fair of Cosmetics, Haircare, Aesthetics and Health, Belgrade

April 12-13, 2018

8

85th International Agricultural Fair, Novi Sad

May 15-21, 2018

9

62nd International Fair of Technics & Technical Achievements, Belgrade

May 21-25, 2018

10

11th Belgrade Future Gaming

June 5-6, 2018

11

40th International Graphic, Paper & Creative Industry Fair – GRAFIMA, Belgrade

Sept 26-29, 2018

12

26th International IT and Office Equipment Fair– BIROEXPO, Belgrade

Sept 26-29, 2018

13

14th International Energy Fair, Belgrade

Oct 3-5, 2018

14

43rd International Fair of Medicine, Belgrade

Oct 11-13, 2018

15

32nd International Convention and Fair of Cosmetics, Hair-care, Aesthetics and Health, Belgrade

Oct 13-14, 2018

16

63rd International Belgrade Book Fair:

Oct 21-28, 2018

17

4th Media Market - Fair of Information, Communication & Marketing, Belgrade

Oct 24-28, 2018

18

23rd International Exhibition of Jewellery & Watches SJAJ, Novi Sad

Nov 1-4, 2018

19

56thInternational Fair of Furniture, Equipment & Interior Decoration

Nov 6-11, 2018

20

13th Fair of Ethnic Food and Drinks, Belgrade

Nov 21-24, 2018

Fairs in India

S.N

Trade Fair

Date of Fair

1

Panacea - 8th Natural Products Expo India,Mumbai

07-09 Feb 2018

2

India International Travel And Tourism Fair IITT 2018, Mumbai

09-11 Feb 2018

3

14th Auto Expo, New Delhi

08-11 Feb 2018

4

India Pharma 2018 & India Medical Device 2018, Bengaluru

15-17 Feb 2017

5

IHGF Delhi Fair, New Delhi

23-27 Feb 2018

6

India International Leather Fair 2018, Chennai

26-28 Feb 2018

7

4th IE29BF, New Delhi

05-06 Mar 2018

8

26th Convergence India 2018, New Delhi

07-09 Mar 2018

9

7th International Engineering Sourcing Show, Chennai

08-10 Mar 2018

10

India Carpet Expo, New Delhi

08-11 Mar 2018

11

India Wood 2018, Bengaluru

08-12 Mar 2018

12

ELECRAMA-2018 Exhibition, Greater Noida

10-14 Mar 2018

13

Aahar- The International Food & Hospitality Fair, New Delhi

13-17 Mar 2018

14

Defexpo India 2018, Chennai

11-14 Apr 2018

15

Home Expo India, Greater Noida

16-18 Apr 2018

16

Vibrant Saurashtra Expo & Summit 2018, Rajkot

20-23 Apr 2018

17

The Great Indian Travel Bazaar, Jaipur

22-24 Apr 2018

18

India Telecom 2018, New Delhi

27-28 Apr 2018

19

India Shoes & Accessories Forum 2018, Mumbai

April 2018

20

IPHEX- Exhibition for Pharma & Healthcare, New Delhi

08-10 May 2018

21

All India Jewellery Show (AIJS) 2018, New Delhi

13-14 May 2018

22

4th Global Exhibition on Services (GES), Mumbai

15-18 May 2018

23

45th India International Knit Fair, Trippur

16-18 May 2018

24

India International Yarn Exhibition/Yarnex, New Delhi

31 May – 02 Jun 2018

25

Heimtextil India 2018, New Delhi

27-29 Jun 2018

26

61st India International Garment Fair 2018, New Delhi

16-18 Jul 2018

27

6th India International Silk Fair, Gandhinagar

Jul 2018

28

12th India International Fashion Jewellery & Accessories Show, Mumbai

21-24 Aug 2018

29

Mineral,Metal Metallurgy, Materials (MMMM 2018), New Delhi

29-31 Aug 2018

30

10 th AgriTech India, Bengaluru

31 Aug- 02 Sep 2018

31

Agri Asia, Gandhinagar

07-09 Sep 2018

32

13th Annapoorna World of Food, Mumbai

27-29 Sep 2018

33

India International Travel Mart, New Delhi

20-22 Sep 2018

34

India International Yarn Exhibition, Yarnex, Trippur

27-29 Sept2018

35

Light India 2018 /Electrical Building Technology 2018, Mumbai

11-13 Oct 2018

36

IHGF Delhi Fair 2018, New Delhi

12-16 Oct 2018

37

28th Broadcast India Show 2018, Mumbai

25-27 Oct 2018

38

India Mobile Congress 2018, Ahmadabad

25-27 Oct 2018

39

Economic Times Acetech 2018, Bengaluru

26-28 Oct 2018

40

14th International Exhibition & Conference on Pulp, Paper & Allied Industries Paperex - Chennai

05-17 Nov 2018

41

Economic Times Acetech 2018, Mumbai

15-18 Nov 2018

42

Economic Times Acetech 2018, New Delhi

13-16 Dec 2018

43

6th World Tea & Coffee Expo, Mumbai

November 2018

44

India International Trade Fair 2018, New Delhi

14-27 Nov 2018

45

CPhI India 2018, Mumbai

01-06 Dec 2018

46

EIMA Agrimach 2018, New Delhi

December 2018

47

InterSolar India, Mumbai

11-13 Dec 2018

48

62nd India International Garment Fair, New Delhi

16-18 Jan 2019

49

India Steel Expo 2019, Mumbai

22-24 Jan 2019

50

Vibrant Gujarat 2019, Gandhinagar

Jan 2019

51

IndiaSoft 2019

Jan 2019

52

International Engineering and Technology Fair 2019, New Delhi

03-05 Feb 2019

April 2018

 
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