Serbian Minister Tomislav Momirović Anticipates Surge in Trade with Japan Amid October Delegation Visit

Serbian Minister Tomislav Momirović is preparing for a significant boost in trade relations with Japan, as a large delegation of Japanese businessmen is expected to visit Belgrade in October. The primary objective of this visit is to boost the trade exchange between Serbia and Japan from €330 million in 2023 to over €1 billion annually.

This high-level mission marks a historic event, being the first time in over three decades that a Serbian governmental business delegation will visit Tokyo. The focus is on strengthening economic ties and exploring new opportunities for collaboration.

Why this matters: The strengthening of economic ties between Serbia and Japan has significant implications for the global economy, particularly in the context of increasing trade and investment. This partnership could lead to increased economic growth, job creation, and competitiveness in both countries.

Japan, the world's second-largest investor, has already shown a robust commitment to Serbia, with direct investments reaching €800 million as of 2024. Japanese firms have made substantial investments in various sectors, including tobacco, machinery, automobiles, and chemicals. The IT sector, in particular, is viewed as having significant potential for further investment.

One notable example of successful collaboration is the Japanese company 'Nidek,' which entered Serbia in 2021. Located in Novi Sad, Nidek has quickly established itself as a key player, with plans to increase production and expand its workforce. Employees at Nidek have praised the opportunities for advancement and learning provided by the partnership.

Jovana Majstorović from the Serbian Chamber of Commerce highlighted the value that Japanese companies bring to Serbia. *'Japanese companies bring not only high standards but also advanced knowledge and technologies. They view Serbia as a bridge between East and West, recognizing the country's logistical advantages and well-educated workforce,'* she said.

Yasuki Kawasaki, general manager of Nidek in Serbia, expressed satisfaction with the company's progress and encouraged further Japanese investment. The rapid construction and operationalization of Nidek's factory in just ten months highlights Serbia's appeal as an investment destination.

The upcoming visit of the Japanese delegation in October is anticipated to open new avenues for cooperation and significantly enhance the economic partnership between Serbia and Japan. Both nations are looking forward to leveraging this opportunity to achieve the ambitious trade goals set for the future.

Key Takeaways

• Serbia and Japan aim to boost trade exchange from €330m to over €1bn annually.
• A large Japanese business delegation will visit Belgrade in October to strengthen economic ties.
• Japan has already invested €800m in Serbia, with a focus on tobacco, machinery, and IT sectors.
• Japanese companies bring high standards, advanced knowledge, and technologies to Serbia.
• The partnership could lead to increased economic growth, job creation, and competitiveness in both countries.