PM: Egypt , Serbia Multiply Bilateral Trade Exchange

Prime Minister Mostafa Madbouly said on Sunday that the newly signed free trade agreement between Egypt and Serbia will multiply the trade volume between the two nations over the next five years.

Speaking at the opening of the Egyptian-Serbian Businessmen Forum in Cairo, Madbouly said both countries can help each other access new markets in Europe and Africa.

PM Madbouly noted that Serbia, one of the Western Balkans countries, serves as a strategic gateway for Egypt’s goods to access this wider regional market, and Egypt serves as a gateway for Serbian products to enter Africa.

He added that the trade agreement is a first step towards bolstering relations between business communities in both countries.

The free trade agreement is one of several deals signed on Saturday between Egyptian President Abdel-Fattah El-Sisi and his Serbian counterpart Aleksandar Vucic, whose current visit to Cairo marks 116 years of diplomatic relations between the two nations.

Madbouly said the Egyptian-Serbian Business Forum represents a new era of economic relations between both countries.

The forum aims to encourage mutual visits, enhance economic cooperation at the local and regional levels, and open communication channels between the Egyptian and Serbian chambers of commerce at the governorate level, Madbouly explained.

Furthermore, he urged businessmen from both sides to focus on cooperation areas that help achieve the interests of both countries in the agricultural, telecommunications, IT, infrastructure and housing, and tourism sectors.

He also noted that Egypt looks forward to attracting more tourists from Serbia.

The Serbian president was among the Serbian delegation attending the forum activities.

President Vucic's visit to Cairo on Sunday is the first by a Serbian head of state to Egypt since Boris Tadic visited the Egyptian capital in April 2009.

"Alongside the deep historical relations between Egypt and Serbia, we look forward to building on the current momentum in bilateral relations across all levels to initiate a new phase of cooperation," Vucic' said in a joint meeting with Madbouly following the forum.

According to a statement by the Egyptian cabinet, he affirmed his country's commitment to increasing cooperation levels with Cairo, particularly in enhancing bilateral trade and Serbian investments in Egypt.

"We have many issues to work on together in the upcoming period," the Serbian president emphasized, commending the vast potential of the Egyptian market, especially its large population which can yield significant gains for any investor interested in Egypt.

Moreover, he praised the political leadership and government efforts in maintaining stability in Egypt amid significant regional disturbances, despite Egypt hosting millions of migrants and refugees from various countries.

Noticeable trade growth The Egyptian exports to Serbia recorded $30 million in 2023, compared to $10.8 million in 2022, an increase of 177 percent, according to Egypt’s Central Agency for Public Mobilization and Statistics.

Egypt’s imports from Serbia decreased by 3.7 percent in 2023 to $90.4 million, compared to $93.9 million in 2022.

Trade exchange between Egypt and Serbia reached $120.4 million in 2023, compared to $104.7 million in 2022, an increase of 15 percent.

Egypt's most important exports to Serbia in 2023 were vegetables and fruits worth $5.7 million, fertilizers worth $18.5 million, and plastics and their products worth $2.6 million.

On the other hand, Serbia's exports to Egypt included tobacco worth $75.6 million; grains worth $2 million; machines, electrical appliances, and their parts worth $3.1 million; mechanical devices and tools worth $2.7 million; and rubber and its products worth $1.3 million.

Serbian investments in Egypt recorded $173,000 during the fiscal year 2022/2023, compared to $126,0000 during the fiscal year 2021/2022, an increase of 37.3 percent.