Aleksandar Vučić: Activities of Azerbaijani companies in the Serbian market create important opportunities for future economic partnership
Baku, May 17, AZERTAC
A meeting was held in Baku between President of the Republic of Serbia Aleksandar Vučić and representatives of Azerbaijan’s business community.
The event was organized by the Ministry of Finance of the Republic of Azerbaijan, the Ministry of Finance of the Republic of Serbia, the Development Agency of Serbia, and the Azerbaijan Export and Investment Promotion Agency (AZPROMO), with the participation of officials and representatives of local enterprises, companies, and associations.
During the meeting, the sides discussed the expansion of Azerbaijan–Serbia economic cooperation, the development of trade and investment relations, and new partnership opportunities between the business communities.
Speaking at the meeting, Azerbaijan’s Minister of Finance and Co-Chair of the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and Serbia, Sahil Babayev, stated that relations between the two countries are of a strategic partnership nature and are developing dynamically based on the strong political will and dialogue between the heads of state. The Minister noted that the launch of Azerbaijani natural gas exports to Serbia in January 2024 and the implementation of the joint gas-fired power plant project in the city of Niš demonstrate that energy cooperation has already entered a phase of tangible results. He emphasized that Azerbaijan–Serbia economic cooperation is not limited to the energy sector alone. Thanks to the mutual trust and high-level political dialogue between the countries, broad and concrete cooperation opportunities 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.
Sahil Babayev stated that the large-scale infrastructure projects implemented by the Azerbaijani company AzVirt in Serbia serve as an important example of the growing presence of Azerbaijani companies in international markets. He noted that joint projects with SOCAR, as well as cooperation opportunities in green energy, infrastructure development, and industry, are currently under discussion. The Minister added that tourism is emerging as a new direction of cooperation between the two sides, and the Serbian side’s interest in joint projects with Azerbaijani companies further expands practical opportunities in this field.
Azerbaijan’s Minister of Finance also emphasized the importance of expanding direct contacts between the business communities and stated that work is continuing on organizing a business mission of Azerbaijani companies to Serbia and identifying new project opportunities.
Speaking at the meeting, President Aleksandar Vučić hailed the development of strategic partnership relations between Azerbaijan and Serbia. The President highlighted 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 activities of Azerbaijani companies in the Serbian market create significant opportunities for future economic partnership.
President Aleksandar Vučić stated that the launch of direct flights between Baku and Belgrade has made an important contribution to the development of relations between the two countries. According to him, expanding cooperation in the field of tourism is of particular importance, and ties between Azerbaijani and Serbian tourism companies should be further strengthened in this direction.
The Serbian President also emphasized the importance of deepening cooperation in the energy sector. He noted that prospects for cooperation on the construction of a new gas-fired power plant between SOCAR and Srbijagas are currently under consideration. Aleksandar Vučić invited Azerbaijani business representatives to explore new investment opportunities in Serbia. He highlighted broad cooperation potential, particularly in retail trade, spa and mountain resorts, and agricultural products.
Siniša Mali, Serbia’s First Deputy Prime Minister and Minister of Finance, spoke about his country’s investment climate, economic development priorities, and opportunities for expanded cooperation with Azerbaijan. He stressed the importance of supporting business initiatives in areas of mutual interest.
Vladimir Tomic, Director of the Sector for Strategic Investments at the Development Agency of Serbia, provided information on existing support mechanisms for foreign investors in Serbia. It was noted that the Serbian market offers Azerbaijani companies new cooperation opportunities across various sectors.
On the sidelines of the event, companies and associations delivered presentations on 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 relations between Azerbaijan and Serbia, promoting practical cooperation between business communities, and identifying mutually beneficial projects.
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