We, CCIS, are intending some important missions to Italy in order to let Italians and Serbians meet around a table of possible business
As the new president from the Italian-Serbian Chamber of Commerce, Annino De Venezia introduced himself referring to his concentrate on economic cooperation, what unites Italy and Serbia, progress and the event Made in Italy which Serbian people really love.
In January, you were appointed the new president from the Italian-Serbian Chamber of Commerce. Which facets of economic cooperation will you concentrate on the most?
This is a very hard historic moment. Everybody knows that some businesses are facing big trouble due to some important increasing costs: raw materials to begin with, but also the energy.
The Italian-Serbian Chamber of Commerce continues its resolve for fulfilling the requests from the companies of the various economic sectors, creating intervention models aimed at supporting an italian man , and local companies and addressing the recovery of the economic relations with the foreign markets. All activities will have a dual purpose: to advertise Made in Italy within the most effective way by working with ITA (Italian Trade Agency) to provide the company opportunity in Serbia and to support Serbian companies on their expansion in the Italian market.
The agricultural sector is very active and relevant. In fact, included in the 89th International Agricultural Fair, extremely important for products and machines, held in Novi Sad from the 21st to the 27th of May, the CCIS gave its support to ITA led an italian man , pavilion and gathered 24 Italian companies. The CCIS continues to promote and support ITA, in Serbia, the major Italian fairs in the field of agricultural machinery and equipment, with the idea of encouraging Serbian companies to sign up.
The good positioning of Serbia within the European and world markets of the ICT industry leaves room for even greater progress, and for the further growth and development of cooperation within this sector in the future. The good conditions and tax incentives that Serbia offers to the investors plus a stable business environment are a guarantee of the business.
To give greater support to the strengthening and growth of the ICT sector in Serbia, CCIS, accompanied by the relevant Serbian start-up companies, this year participates in the We Make Future Festival – the biggest digital innovation festival to become locked in Rimini (Italia) in the 16th to the 18th of June. The energy sector is also extremely important for that economic development of Serbia and also at the same time frame provides the space for investments. Italian know-how can bring about the development of new jobs, especially in the field of sustainable energy, recycling and systems water cleaning.
One of the sectors traditionally interesting for Italian companies, there's also the metalworking sector, the automotive industry and also the textile sector which represents among the fastest-growing sectors thanks to the Italian investments.
Thanks towards the cooperation inside the Italian System, underneath the aegis from the Italian Embassy in Belgrade, the CCIS guarantees support to both Italian and Serbian companies, thus providing all the details necessary for the entire growth and development of their business.
What unites Italy and Serbia? How desirable is Serbia as an investment place to go for Italian investors? What do you think is Serbia's special advantage as an investment location?
Serbia can be a very important hub for important Companies. Italians look at Serbia with interest and I will tell you that from Vojvodina till Nis we started great cooperation with some relevant associations. It means CCIS is doing its homework to connect Italian and Serbian businessmen.
Concerning the special advantages, I just wish to highlight the significance of our desire given to the infrastructure (highways) work. In certain European countries, typically the most popular foreign language is English. Serbia, so far as I understand, invests a lot and lots of citizens speak it well. That's amazingly important for the investors.
RAS (Development Agency of Serbia) may be the Agency that supports foreign investors through a number of services to facilitate direct investments, to promote competitiveness and exports.
FDI (Foreign Domestic Investments) has never stopped, not even throughout the pandemic. Serbia may be the addressee of 60% from the investments produced in the Western Balkans region. The Central Bank estimated that these investments amounted to three,60 billion euros for the entire year of 2023 (similar to the three,90 billion achieved in 2023). According to government data, 18 production facilities were opened in 2023, for a total investment of 760 million euros, with the development of 11.680 new jobs.
Over 600 companies, founded with Italian capital, operate in Serbia. In their opinion, what advantages does Serbia have in terms of doing business?
Serbia provides a wide range of opportunities: the most important may be the geographic strategic position; then your labor cost is still competitive in contrast to another Countries around Serbia. It's also important to observe that infrastructures are becoming excellent.
The financial system is recognized as stable and sufficiently capitalized, while there are many fiscal incentives in addition to financial and territorial advantages. Along with the ones from the central government, there are many incentives provided by the different municipalities that contend with each other for that establishment of companies able to hiring manpower. Very relevant is the development of numerous free zones: 15 zones in which 215 multinationals employ over 40 thousand employees.
What advice would you share with Serbian firms that wish to expand their business to include Italy?
First of, they have to really comprehend the Italian needs. We, CCIS, are intending some important missions to Italy to be able to let Italians and Serbians meet around a table of possible business. Italians have no idea some special and original Serbian Products. It is time to focus on this condition. In fact, in order to bring about the creation of concrete initiatives for the meeting and cooperation between Italian companies within the province of Vojvodina, the representatives of our Chamber met using the President from the Provincial Government and Secretary for Economy and Tourism in Novi Sad and they discussed a cooperation agreement that both will quickly sign.
Furthermore, the second institutional visit this season occured in Nis, where I met the representatives of NAIUSSUS (Entrepreneurial Club of Nis). The aim was to define joint cooperation through B2B meetings and implement internationalization, involving partners of both organizations and Italian companies interested in it.
Which segments of Italian-Serbian cooperation have progressed probably the most and that ought to develop more?
In the first 4 months of 2023, Serbia exported goods having a worth of 8.404,$ 30 million euros, registering a rise of 27,30% compared with the same period of last year. Imported goods’ value is 12.176,50 million euros, that equals for an increase of 45,80% in the same period of last year.
Commercial interchange has been more profitable with those Countries with which Serbia signed Free Trade Agreements. EU members represent 59,70% of total commercial interchange. Italy is also Serbia's second client (667,$ 30 million euro) and fifth supplier (828,90 million euro) as well as one of the main foreign investors in the united states.
Italy lifted all COVID-related entry measures on March 1st this year. What's going to the trade between the two countries end up like this season, in these already facilitated circumstances?
According to previously analyzed data, COVID-19 and also the resulting global economic slowdown, have experienced fewer consequences for Serbia due to its economic structure, the relatively low weight of services in GDP and a timely package of economic measures, effective and finish.
However, the Serbian economic growth will slow this season as much as 3,20% rather than 4,40% as the previous forecast, because of several economic crises around the world, including the war in Ukraine. The consequences from the war in Ukraine negatively impact exports from Serbia, as well as foreign direct investments, remittances and tourism revenues, but Serbia is anticipated to maintain macroeconomic stability despite pronounced negative risks that could occur in 2023. The Serbian economy is expected to develop steadily around 3% per year within the medium term, similarly to the pre-pandemic rate of growth.
You support the Made in Italy event and just what it promotes. Just how much do such events contribute to boosting the cooperation forwards and backwards countries?
Serbians love Produced in Italy. We make events to increase that love.
Italian excellent speciality of goods isn't just represented through the famous commercial brands. It is also originating from businesses where the quality and the service to the client is a daily target. We are focusing on this condition very difficult to promote those Italian and Serbian businesses that want to make a strong and profitable business.
