India & Serbia target 1 Billion Euros in bilateral trade by 2030

Policy Puzzles: The President emphasized India's digital transformation and its third-largest start-up ecosystem in the world, with over 100 unicorns.

The Processor
New Update

President Droupadi Murmu of India recently visited Serbia, becoming the first Indian President to do so. During her visit, she held a productive meeting with her Serbian counterpart, President Aleksandar Vucic. The bilateral relationship between the two countries is based on mutual trust, understanding, and support on core issues of interest.

Building Ambition in the Relationship:

President Murmu expressed the commitment to inject more ambition into the vital relationship between India and Serbia. Both Presidents discussed important aspects of the bilateral relationship, as well as global and regional issues of common interest. The President highlighted the unique nature of the India-Serbia relationship, dating back to the days of the Non-Alignment Movement. The relationship is built on mutual trust, understanding, and support on core issues. The Presidents resolved to strengthen further their long-standing bilateral ties, particularly in trade and investment, science and technology (including information and digital technologies), and people-to-people contacts. They also agreed to enhance coordination and cooperation in the United Nations and other multilateral fora.

She expressed her delight in visiting Serbia, her first State Visit to any European country. She thanked President Vucic and the people of Serbia for the warm welcome and hospitality extended to her and the Indian delegation. She also acknowledged President Vucic's visit to India in 2017 as the then Prime Minister of Serbia, which set the tone for expanding bilateral partnership.

Business Forum & Economic Partnership:

President Murmu addressed the India-Serbia Business Forum, emphasizing the importance of enhanced interaction between Indian and Serbian business organizations for robust, long-term, and mutually beneficial partnerships. She highlighted India's position as the fifth-largest economy, with the potential to become the third-largest by the end of the decade.

The President mentioned successful sectors such as auto and auto-components, healthcare, pharmaceuticals, renewable energy, textiles, apparel, space, information technology, telecom, fintech, and financial services. She emphasized India's digital transformation and its third-largest start-up ecosystem in the world, with over 100 unicorns. President Murmu encouraged Serbian entrepreneurs to become the driving force behind increased dynamism between the two countries.

Expanding Trade and Investment:

The President noted the significant potential for India-Serbia trade and investment, aiming to increase bilateral trade to at least USD 1 billion by 2030. She highlighted India's support and cooperation for Serbian workforce requirements, with Indian talent being a credible partner in Serbia's progress. The President urged both countries to take advantage of the growth momentum in their respective economies.