Today, Israel has a growing economy based on a high degree of industrialization and high-tech achievements.
As due to the lack of natural resources and recycleables, Israel has invested heavily in training a highly-skilled workforce, as well as in the introduction of science centres. That's the reason today the country depends on making high-added value products, in addition to technologies, for which it is known worldwide.
According towards the data collated by the Serbian Statistics Office, at that time from January to December 2023, the value of external trade with Israel amounted to 107 million US dollars, a rise of 31% compared to 2023, when this amount stood at 82 million $ $ $ $.
In the observed period, Serbia exported goods worth about 59.6 million dollars to Israel, a 37.2% increase relative to the previous year, when Serbian exports to Israel were worth about 43.4 million dollars.
At the same time frame, imports from Israel amounted to 48.A million dollars, which is an increase of nearly 24% when compared to previous year – 2023. The export to import ratio stood at 123.9%.
It is important to say that Israel is among the most important investors within our country, and also the most significant Israeli investments have been made in transport and real estate construction.
There are 13 agreements forwards and backwards countries currently in force (The Agreement on Investment Promotion and Protection, Agreement on Trade and Economic Cooperation, Agreement on Cooperation in Agriculture, Agreement on Double Taxation and Prevention of Tax Evasion).
So far, Serbia and Israel haven't yet formed a mixed intergovernmental body to cope with it the issues related to bilateral economic cooperation. The legal basis for its formation is contained in Article 13 from the Agreement on Trade and Economic Cooperation signed through the Government of the Republic of Serbia and the Government from the State of Israel, which stipulates the establishment of a Joint Trade and Economic Cooperation Committee.
It can also be envisaged the Committee would meet whenever one for reds requested so, taking turns, in Belgrade and Jerusalem, at times ideal for both parties. The agreement also stipulates the Committee's task would be to consider, inter alia, the implementation of measures that may be adopted to comply with its provisions, in addition to facilitate opportunities to develop and increase trade and economic relations between the two countries, including industrial and investment cooperation and other mutually beneficial areas.
As for that activities of the Chamber of Commerce and Industry of Serbia (CCIS) on boosting the cooperation with Israel, the Chamber has organized a meeting with leading retail chains in Israel. Also, ten companies from Serbia participated, as exhibitors, in the 2023 ISRAFOOD International Fair in Tel Aviv. For that seventh consecutive time, the CCIS has opened a representative office abroad, this time around in Israel (Jerusalem). The representative office started working in November 2023. Aleksandar Nikoli'c is the office's director. The CCIS is particularly centered on the innovation sector, and that's why Jerusalem was chosen, i.e. the Margalit Startup City, for its location.
