“Economic ties with Russia priority”

“Economic ties with Russia priority”

The comments came during Russian Ambassador to Serbia Alexander Alexeyev’s meeting with the Belgrade business community.

Serbia’s most serious problem in trade with Russia remains a US$ 1.8bn deficit, created though US$ 2.15bn-worth of oil and natural gas imports from Russia, Sekulović said.

He added the trade between the two countries has increased to more than US$ 2bn in 2006 from US$ 300mn in 2000.

Russia has invested over US$ 550mn in Serbia since 2001, the government said on its website.

Alexeyev announced the signing of a debt-clearing agreement between the two countries for the end of this week.

He added he hoped the agreement will be signed during Russian emergencies minister Sergei Shoigu’s visit to Serbia.

Alexeyev added the agreement would settle Serbian natural gas debt for the period between 1994 and 2000, in the amount of US$ 188mn, adding that Russia will fund the reconstruction of the Đerdap hydro power plant and the Vinča Nuclear Institute.

Russia is very interested in greenfield investment in Serbia, especially in the banking sector, Alexeyev said, adding he was satisfied with the overall foreign exchange between the two countries that reached US$ 2.5bn last year.