Minister Coveney, Mr. Hannigan, Senator Lombard,
Ladies and Gentlemen,

It is my pleasure and honor to participate today in the event of launching Irish Serbian Chamber of Commerce. I am particularly excited as this was a project I was personally very much in favor of.
I am grateful to Minister Coveney for being supportive as well. 
Relations between Ireland and Serbia are good, and improving with the potentials for additional strengthening our ties, which was confirmed from both sides during the conversation between our two MFA’s Mr. Selakovic and Mr. Coveney in February this year.
Our expectations are that ISCC will facilitate communication between two business communities, and contribute to the recognition of the cooperation potentials. ISCC would add another significant step in building up relations between Ireland and Serbia. As the result, there should be improvement in trade and investment cooperation.
Positive experiences, existing on both sides could be a guideline for new to come.
We are admirers of Irish economic vitality demonstrated through a couple of crises when Ireland rose like a Phoenix. We want to learn from success cases, from the best, because we want to be the best.
Creation of Irish Serbian Chamber of Commerce is in accordance with the top priority of the Government of the Republic of Serbia in the area of economic development, as well as the intention of strengthening our diplomatic network with economic counsellors and creating new sector in the MFA dealing with economic diplomacy. As far as I know, it is a top priority of Irish diplomatic network as well.
Trade exchange between Serbia and Ireland is modest, around 120 million EUR per year, below our potentials. Our hopes are with the new Chamber of Commerce, with two expected priorities, as I see them - to boost overall exchange and bring it to more balanced relationship as there is a large deficit on the Serbian side.
As a dynamic economy, Serbia has a lot to offer. Investment potentials are brilliant as Serbia is attracting 60% of overall regional investments. In the eve of COVID in 2019, Serbia was at the first place in the world with the number of direct foreign investments, in accordance with the report of ID Intelligence, division of British Financial Times. 107 Greenfield investments allow Serbia to attract 12 times more direct foreign investments than it would be expected by the size of its economy. With new created jobs it was on high 5th place in Europe, thanks to demanding economic reforms.
Serbia is advancing on doing business list and was 44th in 2020. Serbia’s strongest competitive point is the area of constructing being ranked as 9th, the costs of procedure in this area have been reduced by 18%.
More to be expected ranging from one stop shop, e-permitting system, getting credit, introduce and the features of e auction and e bulletin board which should allow faster cost effective and more transparent sale of property.
The cost effectiveness of Serbia as an investment destination requires business expanding. With a 15% flat rate of corporate tax and the lowest rate of salary tax and VAT among its East European counterparts, the cost of operating in Serbia is among the lowest in Europe.
Ireland as member of the EU, and Serbia as a candidate for full membership are developing trade relations under the umbrella of SAA. Potential investors could count on third markets with whom Serbia has signed free trade agreements. CEFTA, EFTA, Eurasia Free Trade Agreement, Free Trade Agreement with Turkey and last but not the least Mini Schengen, regiоnal ownership initiative allowing freedom of labor movement in the region, as well as using only ID’s for crossing the boarders are additional business opportunities. Adding US, Japan, Australia with general system of preferential is bringing us to the opportunity of tax free export to one billion consumers markets. Not to forget recently signed Trade Agreement with the UK.
We are interested in enhancing cooperation in the field of IT, agriculture, as well as textile and timber industry, construction and real estate investments.
The variety of cooperation fields is even wider – tourism, medical tourism, spa, education, culture and sports.
Exchanging experience and practices would be very important, so I hope ISCC will organize conferences and panels with the companies already engaged in two markets.
Whenever you are launching a new project, the timing is very important. COVID stopped many aspects of our lives and effected economies around the world. Vulnerability became a common word for every single country, no matter of the development level, geographical position or power, COVID has shown that we are all equal in front of pandemic, in front of a death threat.
It effected our lives in so many aspects, but the economy is one of those that hasn’t yet demonstrated its full consequences.
Therefore, today when we are seeing light at the end of the tunnel, when we are winning the battle against COVID through successful vaccination program, it is the time to turn ourselves to positive agenda and boost processes that will bring us back to the track of development and cooperation in person.
Let me emphasize that Serbia is among the most successful countries in the world concerning vaccination program that we are very proud of. First vaccines arrived before New Year. More than third of population is fully immunized and we have four types of vaccines so people can make their own choice.  As a gesture of solidarity, we have offered and donated 120000 dozes to our neighbors and vaccinated 65000 citizens from the region. We are pleased to see that vaccination program in Ireland is advancing as well.
We contributed to COVAX with two million euros, as we wanted to actively work with our allies on finding the most effective solutions for the mutual problems. So far we have received 36000 dozes of vaccines from COVAX system.
Our economical results during pandemic are far beyond stronger economies, last year we have finished with minus 0,9%  GDP one of the smallest contractions in Europe and in accordance with IMF data the first quarter of the year we ended with 1,2% GDP growth that is far better than expected.
Talking to Frank, we mentioned many of historical aspects Ireland and Serbia are sharing, but I would like to emphasize the most important ones that are of the same value. Serbia is actively working to achieve full membership in EU, it is our foreign policy goal for more than 20 years. Even that number is a testimony of how persistent we are.
Serbia highly appreciates Irish support to European enlargement. We are fully aware of difficult momentum the EU is faced with. Focus of the EU is in different areas - from health problems, vaccination, to Brexit and variety of security challenges demanding immediate response. Internal consolidation is on the agenda as well, but it is of utmost importance to continue with the enlargement as nothing is more fruitful than the success. People of Serbia are seeing themselves in the family of democratic, developed societies as a country that made a huge effort to become the example of stability and opportunity in the region.
Our economy is deeply connected to the EU - more than 2/3 of overall exchange is with the EU, so in terms of economy our integration is much deeper than it seems on the surface.
The last year was unfortunately a lost 1-year period for improvement in the enlargement process for the whole region. For the credibility of the process we hope that a new methodology, embraced by Serbia, will bring us acceleration rather than additional postponing of the process. I am fully confident that it is in the interest of both sides. As a candidate state, we are ready to put even more efforts in order to speed up our reforms to the benefit of our population.
Going back to Ireland and Serbia I am glad to say that our cultural ties are strong. We have Belgrade-Irish festival marking Saint Patrick’s Day when remarkable constructions like some central city bridges are lit Irish green.
What more could be done? Here we come to the field of politics where it is evident that easier connection between our countries would be desirable and helpful. We hope for the direct flight between Belgrade and Dublin as well as visa regime that could be in accordance with the EU white Schengen rules, so connections between our peoples would become more frequent, eased and affordable.
Ladies and gentlemen, thank you for the opportunity to address you today, I wish you all success in your future work that will contribute to our mutual goal of establishing closer cooperation and ties between our countries.
I wish to ISCC all success in further work!
26 May 2021