Number of Turkish firms in Serbia triples in 2 years

ANKARA – Anadolu Agency

The number of Turkish companies operating in Serbia more than tripled in the last two years thanks to the efforts of business groups in both countries, a trade official has said. 

Aleksandar Medjedovic, head of the Foreign Economic Relations Board’s (DEİK) Turkey-Serbia Business Council, told state-run Anadolu Agency on March 3 that bilateral relations between Serbia and Turkey had improved, reaching a very good level over the last decade.        

“The number of Turkish firms operating in Serbia, which was 136 in 2015, [but this] more than tripled to 454 by February,” Medjedovic said, stressing how Turkish firms had significantly boosted investments to the Balkan country in recent times. Improving trade relations between the countries was also reflected in bilateral trade volume as both exports and imports saw substantial increases in the last 10 years.        

Recalling how there were no Turkish investments in Serbia in 2007 - the year which saw the start of flights by Turkish Airlines to Belgrade – Medjedovic said authorities of both countries and DEİK had exerted substantial efforts to improve relations.        

“There are neighboring markets such as Bulgaria, Bosnia and Herzegovina and Romania. Proximity to the EU market is very important. Serbia is a suitable place for Turkish entrepreneurs’ business mentality,” Medjedovic said.        

Exports to Serbia rose to $582 million last year from $278 million in 2006 and imports to $288 million from $49 million in the same time period, according to data from the Turkish Statistical Institute (TÜİK).