Political relations between the Republic of Serbia and the Republic of Turkey are very intensive and substantial, as evidenced by the large number of exchanges of visits at higher and the highest level. During the visit of the President of the Republic of Turkey Recep Tayyip Erdoğan to the Republic of Serbia in October 2017, a Joint Political Declaration on the establishment of the High Council for Cooperation between the Republic of Serbia and the Republic of Turkey was signed, raising relations between the two countries. The President of the Republic of Serbia, Aleksandar Vučić, visited Ankara when the third meeting of the High Council for Cooperation was held on January 18, 2022. The President of the Republic of Turkey, Recep Tayyip Erdoğan, paid an official visit to the Republic of Serbia in October 2019, and on that occasion, the second session of the High Cooperation Council was held.
With invested 220.9 million according to the NBS records (in the period 2010-2021), Turkey is on the 21st place of the largest foreign investors. According to RAS records (May 2022), Turkey ranks 7th in the number of implemented investment projects (with a share of 3.8%). According to the same source, Turkish investors in Serbia currently employ just over 6,000 workers.
A significant inflow of investments from Turkey has been recorded since 2015. when the textile sector was dominant for Turkish investors, today Turkish companies would be present not only in the textile, but increasingly also in the automotive, construction and machinery industries, banking and tourism. According to the NBS, as much as 70% of total FDI from Turkey was realized in the period 2018-2021.
Investments of Turkish companies in Serbia in the last few years are intensifying with the prospect of further growth. Only during 2021. an inflow of 50.3 mil. euros (in 2020 - 30.4 million euros, in 2019 - 11 million euros, in 2018 - 62.1 million euros)
In 2021. the total trade exchange between Serbia and Turkey increased by 31.2% compared to 2020. and amounted to 1.73 billion. euros. The growth was solely due to an increase in imports from Turkey, as exports fell by 8.7% (from 317.3 to 289.7 million euros) and imports by 43.8% (from 1,002.9 to a record 1,442). , 1 million). The coverage of imports by exports was only 20.1%. A record deficit on our side of 1.15 billion euros was recorded, which is 467 million euros higher than in 2020.
In the first four months of 2022. The growth trend of trade continued due to a significant increase in imports, so that in this period it reached a value of 585.2 million. euros, which is an increase of 50.8% compared to the same period in 2021.
The Republic of Serbia and the Republic of Turkey have signed 76 bilateral agreements, of which we single out:
Agreement between FRY and R. Turkey on cooperation in education, science, culture and sports, signed on: 14 April 2002;
Free Trade Agreement between the Republic of Serbia and the Republic of Turkey, signed on: 1 June 2009;
Agreement between the Government of the Republic of Serbia and the Government of the Republic of Turkey on economic cooperation, signed on: 26 October 2009;
Agreement between the Government of the Republic of Serbia and the Government of the Republic of Turkey on cooperation in the field of infrastructure projects, signed on 26 October 2009;
Joint Political Declaration on the Establishment of the High Council for Cooperation between the Republic of Serbia and the Republic of Turkey. Signed on 10 October 2017.
Embassy of the Republic of Serbia in Ankara: http://www.ankara.mfa.gov.rs/
Embassy of the Republic of Turkey in Belgrade: https://belgrad.be.mfa.gov.tr/Mission.
Department for Neighbouring Countries and Southeast Europe (DNCSE); tel. 00 381 (0) 11 30 68 280; e-mail: email@example.com.