Serbia-Hungary trade at EUR 1.1bn, expected to grow

Serbia-Hungary trade at EUR 1.1bn, expected to grow

Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said that the relations between Serbia and Hungary have never been better, and underlined the balance and understanding achieved between the two governments.

The strong bilateral ties have a positive influence on the entire region, and contribute significantly to the energy stability of Europe, stressed Szijjarto.

It is very important to start the construction of Belgrade-Budapest high-speed railway as soon as possible. The aim is for the documents about this project and the Chinese investment in it to be signed at the summit of prime ministers of China and 16 European countries in Belgrade.

Two new border crossings between Serbia and Hungary are planned to open in the first, and another two in the second half of 2015, which will help strengthen the economic cooperation between the two countries, the Hungarian minister said.

Serbian Minister of Agriculture and Environmental Protection Snezana Bogosavljević-Bošković said that the Hungarian-Serbian relations are being promoted through dialogue and stepping up activities at all levels.

The volume of trade has doubled since 2009 when it totaled EUR 650 million, which makes Hungary the sixth-largest trading partner of Serbia, she said.

Bogosavljević-Bošković voiced confidence that Hungarian companies will increase their investment in Serbia, and that Serbian companies will strengthen their presence in the Hungarian market.

President of the Hungarian Chamber of Commerce Laszlo Parragh said that his country pays close attention to the developments in Serbia and that Hungarian companies are ready to participate in the privatization of Serbian enterprises and to share their experiences in this field with Serbia.

Acting President of the Serbian Chamber of Commerce Milivoje Miletić said that the Serbia-Hungary Business Forum, held at this business association on Thursday, will contribute to raising the economic cooperation between the two countries to a higher and a more balanced level.

Protocol

Bogosavljević-Bošković and Szijjarto acted in their capacity as co-presidents of the joint committee on economic cooperation and signed a protocol on further development of cooperation between the two countries.

At the end of the meeting of the joint commission, the ministers observed that relations between the two countries had never been better and that trade betwen them had been steadily improving over the past five years.

It was agreed at the meeting that cooperation would be established in the fields of infrastructure and energy, regional and cross-border projects, agriculture, tourism, information technology and health-care, as well as between small and medium enterprises.

The Serbian agriculture minister said that both sides had expressed willingness to continue trilateral consultations with China on the construction of the Belgrade-Budapest railway, as well as to build new border crossings, something which both sides would support as much as their financial capability allowed.

Bogosavljević-Bošković stated that those crossing were important both for transportation of goods and for transportation of people and capital.

When it comes to agriculture, the two countries will cooperate in the areas of regional rural development, animal health, food safety, water management and environmental protection, she said.

Cooperation in the field of health-care will involve Hungarian investment in Serbia’s health facilities and spas, said Bogosavljević-Bošković.

Szijjarto expressed the expectation that the current year’s trade in goods would beat the record trade of the year before.

The Hungarian minister pointed out that the Hungarian Investment and Trade Agency would open a branch office in Belgrade in 2015. The Hungarian Exim Bank will do the same at the beginning of the year, which will facilite provision of loans for joint projects by Serbian and Hungarian companies, he added.

Cooperation between Hungary and Serbia goes beyond the bilateral framework, it has a regional significance, said Szijjarto, stressing the importance of building the South Stream gas pipeline, which would ensure better supply of gas to the countries of Southeast and Central Europe.

The Hungarian foreign minister also stressed the importance of the construction of the Belgrade-Budapest railway, which, among other things, will provide a route for Chinese goods bound for Western European markets.

Szijjarto said that Hungary would continue to support Serbia's European integration.