Hungary, Serbia sign business memorandum


Officials from the economy ministries of Hungary and Serbia signed a memorandum in Budapest on Wednesday stating their intent to cooperate in expanding ties between small and medium sized enterprises (SMEs) of the two countries.

The memorandum is between ITDH - International Trade and Development Hungary - and SIEPA - Serbia Investment and Export Promotion Agency - and was signed on the first day of a two-day meeting of the Hungarian-Serbian Joint Committee on Economics. Hungary’s trade with Serbia has been developing dynamically, and has increased over threefold in the past six years.

In addition, Hungary has become the largest foreign direct investor of Central and Eastern Europe in the region. The overall value of Hungarian investments in Serbia exceeds 300 million dollars. In recent years, Hungarian SMEs have been establishing joint ventures in Serbia. There are now several hundred of them, mainly in Vojvodina and Belgrade, operating primarily in commerce and the services. (serbianna)


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