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Export From Serbia to Russia is moving forward

Export From Serbia to Russia

 

 

The total rate of the export of goods from the Republic of Serbia is on the rise in comparison to the previous year. If we look at the data for the first six months of this year, we will notice that the total export from Serbia is thirty percent higher than the export in the same period of the last year. Under normal circumstances, it would be completely normal if the export of goods to Russia was also on the rise. However, if we take into consideration the current situation, this data can be carefully analyzed.

 

In March and April of this year, the export of goods to Russia was slow, given that the transport route that earlier included Ukraine had to be changed in order to include other countries. This led to the increase in the transport price and the extension of time needed for the transport to be completed but the impact on the export itself was not so noticeable. Very soon, the export rate reached the standard that was set last year, while in June of this year it increased by thirty percent in comparison to the June of the last year.

 

Experts point out that Russia is looking for alternative trading partners, given the increasingly severe sanctions of the European Union, as well as the fact that Serbia has a special place among them as it signed a free trade agreement with the Eurasian Union, where Russia is one of the most important partners.

 

Therefore, the export from our country to Russia is moving forward and the only sphere, in terms of export, where we can sense the military action impact is the price of the transport of goods to the Russian Federation, which is currently three times higher than the pre-war price. Apart from the fact that the route has become significantly longer, the price growth is also affected by the increased risk, as well as the increase in the fuel price.

Serbia and Egypt develop cooperation

Serbia and Egypt have signed numerous agreements on cooperation in various fields. The most important document, which was signed during the visit of the Egyptian president to Belgrade last week, is the Declaration on Strategic Partnership. This declaration implies cooperation between the two countries in such areas as trade, safety and security, agriculture, as well as in the political coordination of bilateral and international issues. Some of the most interesting items announced are the following:

 

  1. Signing a free trade agreement
  2. The sale of cereals to Egypt
  3. Re-opening of the Belgrade-Cairo direct air route

 

The documents that were signed during the meeting are the following:

 

1. the Act on the abolition of visas for service, diplomatic and social passport holders
2. Memorandum of Understanding in the field of agriculture
3. Memorandum of Understanding between the Serbian Institute for Standardization and the Egyptian Organization for Standardization and Quality
4. Cooperation agreement between the Serbian Development Agency and the SEZ
5. Cooperation agreement in the field of higher education
6. Program of cooperation in the fields of culture and art
7. Cooperation agreement between the National Museum of Egyptian Civilization and the Museum of African Art
8. Memorandum of Understanding between the Film Center of Serbia and the Egyptian Film Center
9. Memorandum of Cooperation between the National Media Authority in Egypt and Radio and Television of Serbia
10. Memorandum of Understanding and Cooperation in the Field of Environmental Protection

The cooperation announced and realized so far does not refer only to these areas, although they are quite varied and broad. The presidents also discussed the further improvement of economic cooperation, the opening of new joint ventures and the expansion of the range of products to be sold in Egypt from Serbia. As representatives of the states, they also exchanged views and attitudes regarding developments in the world, as well as common interests on a broader, global level.

Abolition of contributions and the reduction of taxes for the foreign nationals in Serbia earning more than RSD 300,000 (EUR 2,500)

In June 2022, the Government of the Republic of Serbia adopted a directive encouraging employers to hire people newly arrived to Serbia, including foreign nationals.

 

People newly arrived to Serbia are those in demand and that demand that cannot be easily fulfilled in the domestic work market. They are natural persons, who did not reside in the territory of the Republic of Serbia for more than 180 days during the 24-month period preceding the date of the conclusion of an employment agreement with their employer; they are people who concluded a permanent, full-time employment contract with their employer, who work for an agreed monthly basic salary in compliance with the regulation governing earnings in the minimum amount of 300,000.00 dinars.

 

Only the newly arrived people hired by their employer by December 31, 2023 obtain the incentives right.

 

The incentives are obtained by applying refund principle once a year, by returning 70% of calculated and paid salaries tax for one or more employed newly arrived people and 100% of calculated and paid mandatory pension and disability insurance contributions, for the salaries paid to an employed newly arrived person within 60 months as of July 1, 2022, until and including December 31, 2028.

 

The employer who pays dividends, i.e. gained income, except from the dividends or income payable based on the part of income that is higher than the amount received as an incentive, during the period from the submission of the first application and until (and including) the end of a calendar year in which he receives the last incentive pay, does not have the right to use incentives.

 

Should you need additional information, feel free to contact us.

American IT giant “Oracle” opened a regional center in Kragujevac

The American corporation and world IT leader Oracle opened its first regional center for Southeast Europe in Kragujevac. With the establishment of the first regional Oracle center outside the European Union, Serbia has positioned itself as a regional leader in the field of IT and new technologies. Kragujevac is in the rank of London, Frankfurt and Milan, where this company also has its own data centers.

 

The corporation leased space for 120 rack cabinets in the state data center in Kragujevac, with the possibility of tripling it. Kenneth Johansen, Oracle’s vice president for cloud technologies and regional director for northern and eastern Europe, pointed out that they see potential in Serbia for the entire Balkans. Johansen announced that the company will form a platform for the health sector, e-government and digitalization. The platform will be available to all companies in Serbia, including those in the fields of healthcare, banking and retail. All the benefits of performance, security, and lower costs of Oracle cloud infrastructure will also be available to businesses.

 

Concluding a partnership with one of the world leaders in the field of IT sector is a confirmation of the achieved level and achieved results of Serbia in the field of digitalization, human resources, but also investing in the most modern infrastructure of data centers. Ana Brnabić, the Prime Minister of Serbia, expects that the export of information and communication sector services in 2022 will exceed previous records. Brnabic reminded that in the first two months of this year, the total export of Serbia in the field of information and communication sector reached 347 million euros, which is 42.7% more compared to the same period last year.

Possibilities to increase sustainable investments in Serbia presented at EXPO 2020 Dubai

In the Pavilion of the Republic of Serbia at the World Exhibition EXPO 2020 Dubai, was held an Investment Forum entitled “Sustainable Investment – a step towards fostering economic growth and advancing the post-crisis recovery”. It was organized by the United Nations Development Program (UNDP) in Serbia, the Government of the Republic of Serbia, and the Development Agency of Serbia (RAS).

 

The Forum began with a discussion on how to achieve the Sustainable Development Goals (SDGs) of the United Nations Agenda 2030. This all represents a global strategic framework for reducing poverty, fostering sustainable economic growth, and creating equal opportunities for all people to prosper.

 

Representatives from renewable energy and water management companies such as Balkan Wind Farms, BGS Alfa, Metito, and others shared their experiences and the impact of their investments on the local community. The Forum’s attendees also got familiarized with the projects of the Ministry of Construction, Transport, and Infrastructure and the City of Belgrade in the field of urban infrastructure development.

The conference provided an overview of renewable energy project investment and its potential and prospects. Representatives of the Ministry of Mining and Energy of the Republic of Serbia gave investors an overview of the energy sector, with a focus on renewable energy sources, as well as the regulatory framework and investment potential.

Serbian government approves expansion of Free Zone “Novi Sad”. The consent was given for the expansion of the area of 37.9 hectares.

The consent was given for the expansion of the area of 37.9 hectares. These are more than a dozen cadastral parcels in the Cadastral Municipality of Petrovaradin, which are connected into a business unit, spatially fenced and specially marked.

 

To remind, Free zone Novi Sad offers the possibilities for the performance of production (finishing, processing, and installation) and service activities (storage, loading, reloading, repacking, and labelling of goods). Free zone contributes to attracting foreign companies more successfully, improving the business atmosphere, and boosting technological development.

 

As stated, this creates additional conditions for new investment and the introduction of tax incentives for export-oriented companies.

Association Welcome to Serbia in an interiew with Penresa, for the new edition of Forbes Middle East magazine

Recently, Serbia has been attracting more and more attention because of its outstanding economic, geostrategic and industrial potential, which has resulted in an increasing number of companies deciding to establish their work centers in this part of Europe.

 

Interest in Serbia is reflected in more and more of the world’s media, and their journalists have recently asked us numerous questions about the phenomenon of business immigration to Serbia. We were honored to treat Penresa, working with content for Forbes Middle East magazine and share with them our experiences related to market needs and Serbia’s potential as a new business destination.

 

 

The most frequent reasons for choosing Serbia, according to our knowledge, are the following:

 

 

– quick and uncomplicated company registration procedure
– flexible banking system
– low taxes and costs

 

Experience and more and more interested companies inform us that the expansion and location of large corporate headquarters in Belgrade, Novi Sad and other cities in Serbia, depending on the field of activity, logistical need and business strategy is yet to come.

Binance, Coinbase consider that media and politicians are paying to much attention to the cryptocurrency and possible sanctions on Russia

CEO one of the leading stock markets for cryptocurrency – Binance, Changpeng Zhao considers that media and politicians are paying to much attention to the cryptocurrency and possible sanctions on Russia in this area and adds that cryptocurrency are to low for Russia.
Changpeng considers that today there is less then 0.3% of the global net worth in cryptocurrency. The second reason why Russians will not accept cryptocurrency is the possibility of clear monitoring of crypto business, says Changpeng Zhao.
Coinbase CEO Brian Armstrong also considers that monitoring of the cryptocurrency is on high level and that trying to pass a lot of money would be more obvious then when using cash, work of art, gold or other property in dollars.

200.000 people in Serbia use some type of cryptocurrency; soon it will be possible to pay with them

200.000 people in Serbia use some type of cryptocurrency; soon it will be possible to pay with them.

Interest in owning cryptocurrency in our country has grown after it was recognized in Serbian legislation.

Namely, according to the Law on Digital Assets, which entered into force on June 29 this year, digital currencies are recognized as digital assets, ie as a digital record of value that can be digitally bought, sold, exchanged or transferred.

This put Serbia on the map of countries that recognize cryptocurrency as a thing.

The bonds of the Republic of Serbia are included in J. P Morgan index

The bonds of the Republic of Serbia are officially included today in J. P Morgan Emerging Market Government Bond Index (GBI-EM Global Diversified Index). The mentioned index includes government bonds denominated in local currency, which are regularly traded with fixed coupon rates, which foreign investors can easily access.

“This is a great success for our country and another confirmation of the value and quality of Serbian bonds on the world market. Index J. P Morgan is tracked by all serious professional investors in the world, which means that they will have Serbia on the radar for potential investments. We have worked hard on this in the past period and especially in the context of the development of the domestic capital market. Serbia today is a country that trusts the international investment environment,” Minister of Finance Sinisha Mali said.