Egypt-Serbia free trade agreement to multiply bilateral trade
Speaking at the opening of the Egyptian-Serbian Businessmen Forum in Cairo, Madbouly said both countries can help each other access new markets in Europe and Africa.
PM Madbouly noted that Serbia, one of the Western Balkans countries, serves as a strategic gateway for Egypt’s goods to access this wider regional market, and Egypt serves as a gateway for Serbian products to enter Africa.
He added that the trade agreement is a first step towards bolstering relations between business communities in both countries.
The free trade agreement is one of several deals signed on Saturday between Egyptian President Abdel-Fattah El-Sisi and his Serbian counterpart Aleksandar Vučić, whose current visit to Cairo marks 116 years of diplomatic relations between the two nations.
Madbouly said the Egyptian-Serbian Business Forum represents a new era of economic relations between both countries.
The forum aims to encourage mutual visits, enhance economic cooperation at the local and regional levels, and open communication channels between the Egyptian and Serbian chambers of commerce at the governorate level, Madbouly explained.
Furthermore, he urged businessmen from both sides to focus on cooperation areas that help achieve the interests of both countries in the agricultural, telecommunications, IT, infrastructure and housing, and tourism sectors.
He also noted that Egypt looks forward to attracting more tourists from Serbia.
The Serbian president was among the Serbian delegation attending the forum activities.
President Vučić's visit to Cairo on Sunday is the first by a Serbian head of state to Egypt since Boris Tadić visited the Egyptian capital in April 2009.
"Alongside the deep historical relations between Egypt and Serbia, we look forward to building on the current momentum in bilateral relations across all levels to initiate a new phase of cooperation," Vučić' said in a joint meeting with Madbouly following the forum.
According to a statement by the Egyptian cabinet, he affirmed his country's commitment to increasing cooperation levels with Cairo, particularly in enhancing bilateral trade and Serbian investments in Egypt.
"We have many issues to work on together in the upcoming period," the Serbian president emphasized, commending the vast potential of the Egyptian market, especially its large population which can yield significant gains for any investor interested in Egypt.
Moreover, he praised the political leadership and government efforts in maintaining stability in Egypt amid significant regional disturbances, despite Egypt hosting millions of migrants and refugees from various countries.