Serbian top official calls for stronger cooperation plan with Azerbaijan

Serbia’s First Deputy Prime Minister and Finance Minister Siniša Mali has said that a more ambitious and comprehensive plan is needed to strengthen economic cooperation between Belgrade and Baku, emphasising opportunities in energy, construction, and digitalisation.

Speaking at a meeting with Azerbaijani Minister of Finance Sahil Babayev in Belgrade, Mali said both countries have considerable room to broaden their partnership and attract greater investment. He noted that Serbia and Azerbaijan share friendly relations and a strategic partnership built on mutual trust and without open issues, describing Azerbaijan as a reliable partner and an important source of energy for Serbia, Caliber.Az reports via Serbian Finance Ministry. 

Mali pointed out that cooperation potential extends beyond energy to include construction, ICT, trade in pharmaceuticals, mechanical engineering, agriculture, and the exchange of experiences in digitalising public administration.

He highlighted the importance of the Serbia–Azerbaijan Business Forum, held on the same day as part of the ninth session of the Intergovernmental Commission for Trade and Economic Cooperation, which gathered representatives of 50 Serbian and 20 Azerbaijani companies. According to Mali, such forums are valuable opportunities to present the development and investment potential of both countries and to lay the groundwork for stronger economic ties.

Presenting Serbia’s economic indicators, Mali said that the country’s public debt stands at 44.3 per cent of GDP—well below the Eurozone average of over 80 per cent—and that Serbia attracted €5.2 billion in foreign direct investment last year. He added that Serbia accounts for about 60 per cent of total FDI in the Western Balkans, attributing this in part to the country’s extensive free trade agreements with China, Egypt, Türkiye, Russia, Belarus, Kazakhstan, and CEFTA members, which collectively open access to a market of 2.5 billion people.

Mali also emphasised the growing role of digitalisation, expressing confidence that artificial intelligence will increasingly be used in managing public finances.

By Sabina Mammadli