Now is the perfect time to begin building new trade relations with Serbia and the countries of the Western Balkans, said the UK Ambassador to Serbia, Edward Ferguson, at a trade conference between the UK and the Western Balkans, held at the Serbian Chamber of Commerce (PKS).
Ferguson reminded attendees that trade between Serbia and the UK has been steadily increasing over the last 10 years, growing from £1 billion in 2014 to £4 billion in 2023.
“This region is growing rapidly, and in Serbia’s case, projections show the fastest growth in the coming year,” Ferguson said, noting that UK banks and telecom companies are major consumers of Serbian technology services.
He emphasized that Serbia has a rapidly growing economy, affordable labor, and a government that supports various economic initiatives, while recently achieving a credit rating from Standard & Poor’s. Ferguson believes the UK can be a strong partner to Serbia with its technologies, services, and expertise needed for driving growth and green transition.
“The UK wants to help the countries of the region achieve a rating on the European single market. As the world’s sixth-largest economy and the fourth-largest exporter, we are in a good position to provide the best across all sectors, from design and architecture to project management, renewable energy, science, technology, and more,” Ferguson stated. He also mentioned that the conference would discuss topics like the specialized global exhibition EXPO 2027 in Belgrade, infrastructure, technology, and food production.
PKS President Marko Čadež pointed out that the conference gathered 150 British companies and companies from the Western Balkans, primarily in the ICT, infrastructure, and green energy sectors.
“Currently, around 500 British companies operate in Serbia, demonstrating significant interest in cooperation,” said Čadež, adding that mutual economic cooperation and trade would increase if visa liberalization were introduced.
He also noted that trade between the region and the UK has so far been far below its potential.
Čadež reminded British companies of Serbian products already present on the UK market.
“If you buy strawberries in Tesco supermarkets in the UK, they are produced in Serbia. If you drive a Land Rover, the ignition systems in that car are produced in Serbia. If you use the most advanced central heating boilers, their main parts are produced in Serbia,” said the PKS president.
Additionally, Serbia’s software services export to the UK has surpassed €1 billion, while the total software export from Serbia has reached over €4 billion, becoming the country’s largest export product.
Čadež believes that two key areas for collaboration between Serbia and the UK are technology, which connects all sectors of the economy, and the production of electric vehicles and batteries, or energy storage systems.
“Serbia and the Western Balkans have huge potential in this area, from raw materials to the possibility of local production. We see this as the future,” Čadež concluded.
The regional conference provided an opportunity for representatives of six Western Balkans chambers of commerce, gathered in the Chamber Investment Forum, to present the region’s joint potential to the UK business delegation.
The conference also offered insights into key sectors such as IT, infrastructure, green energy, and food production. In addition to the plenary session, organizers provided members of the UK trade mission with a deeper understanding of the Western Balkans through panels, B2B meetings, and networking opportunities with regional representatives and government officials.
Photo: Serbian Chamber of Commerce