DUBAI, (Pakistan Point News - 31st Jul, 2023) Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has played an instrumental role in establishing the Serbian Business Council.
The chamber hosted 17 representatives from Serbian companies during the council’s first Annual General Meeting recently at its headquarters, which saw Dr. Marko Selakovic announced as Chairman of the Business Council.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Over the years, we have successfully established enduring relationships with Serbian companies and organisations. Today, we are delighted to elevate these partnerships to the next level with the launch of the Serbian Business Council. This initiative comes as part of our strategy to establish new country-specific business councils and expand their role in promoting cross-border business opportunities, as well as nurturing deeper trade and investment ties between Dubai and key markets worldwide.”
Lootah emphasised the Business Council’s role in promoting mutually beneficial economic relationships at the highest levels of business and government through advocacy, engagement, and communications.
“We look forward to working closely with the Serbian Business Council to build bridges of cooperation in key sectors, including agriculture, automotives, F&B, and real estate. Through our collaborative efforts, I am confident we will help to ensure businesses in both markets thrive locally and globally,” he added.
A total of 207 Serbian companies are currently registered with the Dubai Chamber of Commerce, 40 of which joined during the first six months of this year alone. The launch of the Serbian Business Council marks a significant step in strengthening economic ties between Dubai and Serbia.
In addition to promoting the interests of Serbian companies in Dubai, the Business Council will enhance connections between the two markets and drive increased levels of trade and investment.
The total value of non-oil bilateral trade between Dubai and Serbia reached US$73.4 million in 2022, representing a year-on-year increase of 42%. The chamber has identified several high-potential sectors for imports from Serbia to Dubai, including cereals, fruits, paper, and wood. Opportunities also exist to increase exports from Dubai to Serbia in sectors including tobacco, optical and medical instruments, aircraft and parts, and chemicals.
Covering markets of strategic importance to Dubai, business councils serve as valuable platforms for companies in the UAE and abroad to connect, collaborate, and build mutually beneficial partnerships, opening new channels for economic cooperation with business communities across the globe.
