Serbia starts free trade negotiations with South Korea

Photo: MUST

Trade Minister Tomislav Momirovic says that Serbia has started negotiations on reaching a free trade agreement with South Korea.

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"Last year, total exchange of goods with the Republic of Korea amounted to 584.5 million dollars, which is an increase of approximately 19 percent compared to 2021, and after the conclusion of a free trade agreement, we expect trade between our two countries to be worth over two billion dollars a year," Momirovic said after today's online meeting with representatives of Korea's Ministry of Trade.

Momirovic said that when it comes to additional improvement of the trade exchange between South Korea and Serbia, there is potential, citing as an example that Hungary managed to attract more than 6 billion euros in foreign direct investments from South Korea.

"Although a large number of companies whose owners are from this country have been opened, it is obvious that the space in our trade cooperation and investments is much wider and much larger than the existing one. One of the priorities of the ministry that I head is to attract investments and develop trade relations, and I believe that there is an incredible opportunity in our economic relations with the Republic of Korea," said Momirovic.

The minister added that in order to attract new investments, as well as to open new markets, the Ministry of Trade is engaged in negotiations on free trade agreements with China, the United Arab Emirates, and Egypt, the Ministry announced.

(Telegraf Biznis)