Serbia’s privatisation campaign, under which the Serbian government is offering hundreds of state-owned enterprises, may provide significant opportunities for Hungarian companies, Minister for National Economy Mihály Varga said in the South Serbian city of Nis, following talks with Minister of Economy Goran Knezevic and State Secretary Nenad Mijailovic of the Ministry of Finance.

Out of the enterprises offered for privatisation, eleven may attract large investors, he added.

In recent years, improving trade relations have led to a trade volume of some EUR 2bn between the two countries. These relations are expected to develop dynamically: provided Hungary can join Serbia’s economic transformation process and Hungarian companies can take on a more active economic role in Serbia, “chances are good for better utilization of opportunities,” the Minister stated.

The two countries have concluded an agreement on the exchange of tax data, he said. This paves the way for the exchange of information between the tax authorities of the two countries, an effective tool to combat the black economy.

The progress Serbia has made in recent years, Mihály Varga said, is spectacular: the state budget deficit has been reduced significantly, they have kept a lid on state debt and economic growth has been re-ignited, as the country is expecting expansion for this year and next, following a downward growth trend in past years.

(Ministry for National Economy)