Significant potential of economic cooperation between Norway and Serbia

Norwegian consumers may be demanding but once a company wins their trust, they will remain loyal, says Milica Zatezalo, former Serbian Counsellor for Economic Affairs with Nordic countries

Ms. Zatezalo claims that there is a significant potential of Serbia’s economic cooperation with Norway and other Scandinavian countries, but has yet to be exploited.

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“The economic potential of Serbia’s cooperation with the Scandinavian countries is significant, but underexploited. The reasons are numerous - from lack of awareness of companies on both sides about the possibilities of trade cooperation, the poor knowledge of business opportunities to the challenges in establishing contacts with business partners,” says Zatezalo.

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The trade cooperation between Serbia and Norway has been limited for years, characterised by a low value of exports and a small number of companies on both sides. According to the latest Serbian data, the value of the foreign trade between the two countries in 2014 stood at 31.8 million euros, with Norway being the only Nordic country with whom Serbia reached surplus.

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However, there is a trend of growth of foreign trade between Serbia and Norway that is a positive signal for the further development and strengthening of trade between the two countries, Zatezalo added.

According to her, the Norwegian market is a challenging one, which is why it is essential that our companies are prepared to deliver high-quality products, thereby fulfilling all the required standards. “Markets of Scandinavia are not unattainable and when meeting all necessary conditions in terms of quantity, standards and packaging, the way to their customer is provided without any obstacles,” says Zatezalo.

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Market research would be the first step in developing an export strategy, Zatezalo noted. Often there is a question of where to start and what resources are particularly helpful when collecting information on the Norwegian market. “Through general publications and reports available on its website, State Agency for Investment Promotion and Trade Virke, provides a good insight into the potential and business conditions in some sectors of the economy. At the same time, it is recommended that exporters investigate on-line database of companies, agents and distributors in the Norwegian market. Databases like Nortrade and Nordic Suppliers through business information and contacts are enabling companies to connect directly with Norwegian companies in a particular economic sector,” says Zatezalo.

Another thing Serbian companies need to take into account is cultural differences, she added. According to Zatezalo, proper business offerings must be prepared in accordance with the requirements of the Norwegian partners. “Information must be transparent, concise and with a clear proposal for business cooperation. Note that Norwegians are very respectful of time and deadlines - any delay is a sign of unprofessionalism and disrespect,” says Zatezalo.

She cited Belgrade-based Nordic Business Alliance as an organisation doing a good job, especially in the promotion of economic potential and business culture of the countries in the Nordic region in Serbia. In this way, they manage to approach a highly successful model of Nordic business to Serbian companies and thereby somewhat eliminate barriers in information, which is of great importance to further strengthen trade and investment cooperation between the two countries. “I hope that they will continue their activities and projects to awaken greater interest among Serbian companies that are planning to establish cooperation with Nordic partners,” Zatezalo added.

“One thing is for sure, once you win the trust of consumers in Scandinavia, they will remain loyal to your product,” Zatezalo concluded.

(Telegraf.co.uk/norveska.org.rs)