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Republic of and Republic of Montenegro – NEWSLETTER June 2016

Belgrade, June 2016 Office of the Commercial Attache -Embassy of Belgium

Our office represents the three regions of Belgium in and the three regional agencies specialized in foreign trade - Brussels Invest & Export (www.brussels-export.be ), Wallonia Foreign Trade and Investment Agency (www.awex.be ) and Flanders Investment and Trade (http://www.flandersinvestmentandtrade.com) Royal Embassy of the Kingdom of Belgium – Trade Representations www.brussels-in-serbia.com

Beogradska 4 11000 Serbia Phone ++ 381 11 308 55 70 Fax ++ 381 11 344 56 49 Email [email protected] Contents

Marijana Milosevic Tufegdzic Economic Overview Serbia 2 Economic and Trade Counsellor Business News Serbia 6

Fairs -Serbia 11 This newsletter provides the latest business news from Serbia and from Montenegro, offers from Belgian companies as well as opportunities of Useful contacts -Serbia 13 these markets. Economic Overview Montenegro 14 Our intention is to provide you with updated market development news and opportunities, economic projections and demands that may ease your Business News - Montenegro 18 decision on the entrance to the Serbian and to the Montenegrin markets. Fairs and business networking gatherings are also provided with its dates Fairs –Montenegro 20 and places. Useful contacts-Montenegro 21 Useful contacts and links for more information are provided for your more profound analysis of the Serbian and Montenegrin markets’ trends. Our office remains at your disposal for all additional information.

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

SERBIA

Key macroeconomic indicators

Q1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Real GDP growth (in %)1) 5.9 5.4 -3.1 0.6 1.4 -1.0 2.6 -1.8 0.74 3.5 Consumer prices (in %, relative to the 11.0 8.6 6.6 10.3 7.0 12.2 2.2 1.7 1.5 0.6 same month a year earlier)2) NBS foreign exchange reserves 9,634 8,162 10,602 10,002 12,058 10,915 11,189 9,907 10,378 9,501 (in EUR million) Exports (in EUR million)3) 8,110 9,583 8,043 9,515 11,145 11,469 13,937 14,451 15,618 3,942⁶⁾ - growth rate in % compared - 18.2 -16.1 18.3 17.1 2.9 21.5 3.7 8.1 11.7 to a year earlier Imports (in EUR million)3) 15,468 18,267 13,099 14,244 16,487 16,992 17,782 18,096 18,899 4,513⁶⁾ - growth rate in % compared - 18.1 -28.3 8.7 15.7 3.1 4.7 1.8 4.4 1.7 to a year earlier

3) Current account balance (in EUR million) -5,474 -7,125 -2,032 -2,037 -3,656 -3,671 -2,098 -1,985 -1577 -249⁶⁾ as % of GDP -18.6 -21.1 -6.6 -6.8 -10.9 -11.6 -6.1 -6.0 -4.8 -3.3 Unemployment according to the Survey 18.1 13.6 16.1 19.2 23.0 23.9 22.1 19,2⁷⁾ 17.7 (in %) Wages 347.1 400.5 337.4 330.1 372.5 364.5 388.6 379.3 368.0 353.7 (average for the period, in EUR)

RS budget deficit/surplus -1.6 -1.7 -3.2 -3.4 -4.0 -5.9 -5.2 -6.3 -2.9 -1.0 (in % of GDP)4) Consolidated fiscal result -1.9 -2.6 -4.4 -4.6 -4.8 -6.8 -5.5 -6.6 -3.8 -1.7 (in % of GDP)4) RS public debt, (central government, in 29.9 28.3 32.8 41.8 45.4 56.2 59.6 70.4 75.9 74.8 % of GDP)

RSD/USD exchange rate 58.39 55.76 67.47 77.91 73.34 88.12 85.17 88.54 108.85 111.37 (period average) RSD/USD exchange rate 53.73 62.90 66.73 79.28 80.87 86.18 83.13 99.46 111.25 108.60 (end of period) RSD/EUR exchange rate 79.96 81.44 93.95 103.04 101.95 113.13 113.14 117.31 120.73 122.87 (period average) RSD/EUR exchange rate 79.24 88.60 95.89 105.50 104.64 113.72 114.64 120.96 121.63 122.92 (end of period)

MEMORANDUM: 5) GDP (in EUR million) 29,452 33,705 30,655 29,766 33,424 31,683 34,263 33,319 32,908 7.522⁶⁾

.

The real GDP growth in the first quarter of 2016, compared to the corresponding period of the previous year, amounted to 3.5%.

According to seasonally adjusted GDP data, the economic performance increased by 1.6% in the first quarter of 2016, as compared to the previous quarter

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

Foreign Trade January-March 2016

The overall external trade in the Republic of Serbia for the period January - March The major foreign trade partners in 2016 rose 4.3% to $ 7811.9 million compared to the same period 2015, expressed in exports in 01-03.2016 period were: EUR the overall external trade rose 6.2% to € 7061.0 million . - Italy (USD 562.3 million) - Germany (USD 466.2 million), -- The value of exports amounted to $ 3412.3 million, which was 9.2% increase when Bosnia and Herzegovina (USD 275.4 compared to the same period last year, while the value of imports amounted to million) $4399.6 million, which was 0.7% increase relative to the same period last year. - Russian Federation (USD 180.7 million) Expressed in Euros, the value of exports amounted to € 3084.4 million, which was the - Romania (USD 176.8 million) increase of 11.2%, compared to the same period last year. The value of imports - amounted to € 3976.6 million, which was 2.6% increase when compared to the same period last year. The major foreign trade partners in imports in the same period were: The deficit amounted to$ 987.2 million, which was a decrease of 20.4% in relation to - Germany (USD 560.2 million) the same period last year. The deficit expressed in Euros amounted to € 892.2 - Italy (USD 468 million) million, which was a decrease of 18.9% compared to the same period last year. - Russian Federation (USD 392.6 million) The export - import ratio equaled 77.6% and was higher if compared to the same - China (USD 387.2 million) period last year when it was 71.6%. -Hungary (USD 200.4 million)

The most exported product groups were: European Union member countries -road vehicles (USD 439.4 million), account for 65.2% of total external -electrical machines and apparatus (USD 271.1 million) trade. -fruit and vegetables (USD 181 million) -cereals and produces thereof (USD 165 million) -non-ferrous metals (USD 152.4 million). These five sections accounted for 35.4% of

the overall exports.

The most imported product groups were -: road vehicles (USD 467.7 million) - oil and oil derivatives (USD 192.8 million) - natural gas (USD 142.6 million) - industrial machines for general use (USD 142.1 million ) and these accounted for 25.7% of the overall imports. Section of unclassified goods, now also involving customs storage goods and goods in free zone, has share of 17.5% in total imports.

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

the export from Belgium to Serbia for the period of January – March 2016 rose 21.7% to €102.9 million, while the value of exports from Serbia to Belgium rose 35.7.7% to €48.8 million

SERBIA BELGIUM (EXPORT – IMPORT January-March 2016)

in € 000 Index 14/15

Export Import Export Import The most exported products to TOTAL (JANUARY –MARCH 2016 ) 48867 102942 135.7 121.7 Belgium from Serbia in the 0 LIVE STOCK AND FOOD mentioned period were 0 Live stock - 36 - 153.9

1 Meat and Meat preparations - 34 - 45.3 - Road vehicles - 278 - 91.5 - Vegetables and fruits 2 Milk and Milk preparations - Tobacco and tobacco products 3 Fish and seafood - Fibers, textiles, and textile 4 Grains and products 101 115 87.2 85.9 products 5 Vegetables and fruits 7221 874 125.1 62.5 - Medical and pharmaceutical 6 Sugar, sugar products and honey 298 217 - 101.7 products 8 716 - 157.9 - 7 Coffee, tea, cocoa and spices 8 Cattle feed (except wheat in granules) 61 278 48.4 53.2

9 Different products for feeding 101 253 17.6 53.1 1 BEVERAGES AND TOBACCO 11 Beverages 11 124 53.7 49.4 12 Tobacco and tobacco products 5434 16909 82.7 315.5

2 RAW MATERIALS EXCEPT FUELS 21 Leather and furs - 72 - - 22 Oiling seeds and fruits 420 0 691.2 2.5 23 Raw caoutchouc 60 482 - 137.6 24 Cork and wood 71 27 68.0 16.2 25 Paper and cellulose - 3 - - 26 Textile fibers and droppings - 2716 - 170.7 27 Raw fertilizers and minerals 0 20 966.7 * 28 Metal ores and metal scrap 41 - - - 29 Animal and herbal raw materials 27 1618 279.7 64.0 3 MINERAL FUELS AND LUBRICANTS 32 Coal - 7 - 202.0 33 Oil and oil derivate - 1449 0.0 129.4 34 Gas, natural and industrial 4 ANIMAL AND HERBAL OILS AND GREASES www.brussels-in-serbia.com Page 4

Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

41 Animal and herbal oils and fats - 4 - 28.7 42 Animal and herbal oils and fats, solid 397 10 * - Animal and herbal oils and fats, 43 processed

5 CHEMICAL PRODUCTS 51 Organic chemical products 0 721 - 62.2 0 153 8.7 160.0

52 Non-organic chemical products 53 Products for coloring 1 660 - 126.2

54 Medical and pharmaceutical products 1911 4384 57.4 64.1 Etheric oils, perfumes, and toilet 174 513 38.4 72.0 The most imported to Serbia from 55 products Belgium in 01-03.2016 period - 134 - 13.8 were 56 Fertilizers (except raw ones) 57 Plastic materials in primary shapes 400 2761 216.6 37.7 58 Plastic mass in other shapes 90 875 114.4 145.1 Chemical materials and products, 98 3494 59.8 63.2 - Road vehicles 59 unmentioned - Tobacco and tobacco products 61 Leather, products of leather and fur 1380 0 235.7 0.3 - Medical and 251 941 69.3 244.5 pharmaceutical 62 Caoutchouc products products 63 Products of cork and wood 1011 82 103.3 40.3 - Chemical materials Paper, cardboard and cellulose 463 291 131.6 91.0 and products 64 products - Plastic materials in 65 Fibers, textiles, and textile products 4161 1737 111.3 89.6 primary shapes 66 Products of nonmetal minerals 36 450 542.1 146.4 112 786 6.2 43.9 67 Steel and iron 68 Non-ferrous metals 430 296 24.9 35.0 2663 445 146.5 70.3 69 Metal products, non-mentioned 7 MACHINES AND TRANSPORT DEVICES

71 Driving machines and devices 29 100 443.5 15.8 Special machines for particular 34 5025 104.1 380.9 72 industries 73 Machines for refining of metals 16 258 6.7 53.2 74 Industrial machines for basic use 888 1165 90.6 39.2 Office machines and machines for 298 60 230.3 104.0 75 data processing 76 Telecommunication devices 166 24 67.1 12.5 77 Electrical machines, devices 910 1584 101.4 291.2 78 Road vehicles 14566 18009 * 290.6 79 Other * 8 DIFFERENT KINDS OF FINAL PRODUCTS

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

Prefabricated buildings, sanitary 304 121 156.0 160.6 81 devices

82 Furniture and parts 1959 16 108.6 40.8

83 Traveling accessories 1 3 * 62.2 84 Clothes 146 3 * 3.3 85 Shoes 129 3 197.3 19.9 87 Scientific and control instruments 23 106 635.2 63.3 88 Photo cameras, watches 0 158 0.3 42.5 89 Different final products, non-mentioned 589 1451 93.2 85.3 9 PRODUCTS AND TRANSACTIONS, NON MENTIONED 99 other 1377 29893 167.6 121.8

BUSINESS NEWS

Luxembourg Mission to Serbia in April 2016 The Office of the Commercial Attache, in cooperation with the Chamber of Commerce of Luxembourg www.cc.lu and the Chamber of Commerce of Serbia www.pks.rs organized in April a visit of several Luxembourg companies to Serbia. During their first visit to this region, Luxembourg businessmen had an opportunity to learn more on Serbian economy , explore possibilities of the Serbian market and meet potential local partners. In addition, during the seminar Doing Business with Luxembourg, Serbian companies had a possibility to get to know more about doing Luxembourg’s economy and to hear experiences from several Luxembourg companies already active in Serbia.

Belgian companies present at the International Agricultural Fair In Novi Sad (14-20.5.2016.)

The International Agricultural Fair has maintained for years the reputation of one of the most important business events in the area of agriculture of the Western Balkans. The number of participants and visitors, promotion of products and services from 60 countries worldwide, as well as business results place the Novi Sad International Agricultural Fair among ten most important agricultural fairs in Europe. The event gathers the biggest players which present their products and services in the area of agricultural production, food and beverage industry, agricultural machinery, food-processing industry equipment, chemical and protective substances, organic food, as well as other products and services in agribusiness. The Fair is a place where farmers from the country and region meet. This year there were three Belgian participants that presented their products to the Serbian market– LUTOSA www.lutosa.com , CONSTRUCTIE BRUYNOOGHE N.V http://www.bruynooghe.be/ and EASY KIT www.easykit.be

European Commission raises forecast for Serbia's GDP growth The European Commission (EC) has raised its forecast for Serbia's GDP growth in 2016 to 2 percent, said a statement released .An earlier EC forecast, released in February, was 1.6 percent, with 2017 GDP growth anticipated to be at 2.5 percent. Prime Minister of Serbia's technical government Aleksandar Vucic has said recently that he is confident that international organizations and financial institutions will raise their 2016 growth forecasts for Serbia. The latest International Monetary Fund and World Bank forecasts in April and May predicted a 1.8 percent GDP growth in Serbia in 2016.

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

EIB to help growth in EU and candidate countries The European Investment Bank's mission is to provide the finance and expertise needed to relaunch growth in the EU and candidates and potential candidates. EIB Vice-President Dario Scannapieco said this during a meeting with Serbian Prime Minister Aleksandar Vucicin Belgrade .Vucic and Scannapieco discussed ways to further strengthen the EIB support to the country's economic recovery and its path towards accession to the European Union. Vucic noted that SMEs are the most significant segment of the economy. A EUR 150 million loan for SMEs and other infrastructure projects in the fields of knowledge economy, energy, environmental protection, industry, health, education and services was signed with the Ministry of Finance, an official statement said, adding that the agreement is the second part of credit lines totaling EUR 500 million

Vucic cuts ribbon on Dr. Oetker's first Serbia plant Prime Minister Aleksandar Vucic on Thursday took part in the opening ceremony for a new plant of Germany's Dr. Oetker, in Simanovci, northwest of Belgrade.Vucic cut the ribbon and said in his address that “cornerstones for factories are not a fairytale”, voicing confidence that Serbia would succeed in attracting more German family businesses.The German group's first factory in Serbia is an investment of EUR 9.5 million and will hire 192 people, with annual output of around 6,000 tons of mostly powdery products. Currently 115 products are manufactured at the Serbian plant, mostly Dr. Oetker and C brands taken over from the Centroproizvod company, and sold in Serbia with Kosovo, Montenegro, Albania, and Macedonia. The ceremony today was also attended by Dr. Oetker representatives and Germany's ambassador in Belgrade. Dr. Oetker is a family-owned enterprise, manufacturing baking powders, baking mixes, dessert mixes, cereals, conserves, frozen pizza, frozen pizza snacks, yogurts, chilled desserts and other products.

Corridor X in Serbia "to be completed in early 2017" Caretaker Minister of Transportation, Construction and Infrastructure Zorana Mihajlovic says Corridor X will be completed at the beginning of next year. "Corridor XI is also important, and we will open for traffic a new section of about 35 kilometers, from Ljig to Preljina, in August. Next year, the citizens will travel to Cacak by highway," the minister told state broadcaster RTS. She stressed that the agreed deadlines had to be respected and those construction companies that failed to meet contractual obligations would not be able to continue the work and get new jobs. Speaking about a visit to Serbia by Chinese President Xi Jinping in June and a commercial contract to be signed for the construction of the Belgrade-Budapest railroad, Mihajlovic said we should expect to see workers working on certain parts of the railway before the end of the current year.

EU "congratulates Serbia on growth"; urges continued reforms EU finance ministers congratulated Serbia on the economic growth achieved, Tanjug reported from Brussels .They also stressed that the country had to persevere on the path of structural reforms in order to better prepare for the competition facing it as a future member of the Union, the agency said. Participants in the 2016 annual meeting of the Economic and Financial Dialogue between the EU and the Western Balkans and Turkey, held in Brusels, discussed a Serbian government document on macroeconomic and structural issues and priority investment projects in Serbia. Serbian Finance Minister Dusan Vujovic told reporters after the meeting that Serbia had fulfilled most of the recommendations from the previous year and the conclusions from today's meeting had largely been expected. The EU finance ministers agree that we need to persevere in carrying through with vital reforms such as reforms in enterprises in restructuring, public enterprises and public administration, Vujovic said. He said that Serbia had

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

already fulfilled the majority of European Commission's (EC) recommendations, "those realistically fulfillable", but also pointed to those Serbia was still not ready to implement, such as a semestral budget planning system.

Explosives factory gets new octogen and hexogen plant The Prva Iskra-Namenska explosives factory opened a new octogen and hexogen plant in Baric, Belgrade. The ceremony was attended by Serbian Prime Minister Aleksandar Vucic.Vucic was welcomed by Defense Minister Zoran Djordjevic, Chief of Staff Gen Ljubisa Dikovic and company director Stanoje Biocanin. The Prva Iskra factory was established in 1939 and started producing TNT in 1946. It is the only Serbian defense industry company that produces, develops, regenerates and sells military and civilian/commercial explosives.

Eurasian Economic Union launches talks with Serbia The Supreme Council of the Eurasian Economic Union (EEU) decided to start negotiations with Serbia on a trade regime unification.This comes in an effort to create a free trade zone for all countries of the Union and the Balkan country, Trade Minister of the Eurasian Economic Commission (EEC) Veronica Nikishina told reporters. “Currently, three EEU countries- Russia, Kazakhstan and Belarus - have free trade zone agreements with Serbia. At the same time there are deviations between some provisions of those agreements,” Sputnik cited Nikishina as saying. No such regime has been established between Serbia and Armenia and Kyrgyzstan, so the bilateral trade in goods between the countries is being conducted under a preferential regime. For example, the same customs rate is applied, as for other partners in the World Trade Organization. The EEU Supreme Council is holding a meeting in Astana. Russian President Vladimir Putin and his counterparts from Kazakhstan, Belarus, Armenia and Kyrgyzstan are considering further integration prospects within the organization. The EEU, which has for over 180 million consumers, is particularly interested in the common oil and gas market and the cooperation with other countries, Serbia included.

Details of Chinese president's upcoming visit emerge Chinese President Xi Jinping will pay a three-day official visit to Serbia from June 17 through 19 and meet with top state officials.Xi will be visiting Serbia at the invitation of Serbian President Tomislav Nikolic. On the first day of the visit, Nikolic and Xi will lay the cornerstone for the Chinese cultural center in Belgrade and unveil a monument to Confucius and plates with the names of the Confucius Street and the Square of Serbian-Chinese friendship. The two presidents will afterwards lay wreaths at a memorial to the Chinese embassy staffers killed in the 1999 NATO bombing of Serbia, the Serbian president's press office announced in a statement. On the second day of the visit, meetings between the two presidents and the two delegations will be held and a large number of bilateral agreements signed. Nikolic will present to Xi the Grand Collar of the Order of the Republic of Serbia, after which Xi will meet with Serbian Prime Minister Aleksandar Vucic, the delegation members and Parliament Speaker Maja Gojkovic. At the end of the visit, Nikolic and Xi will tour the Smederevo steel mill, where they will be hosted by Vucic.

"20 agreements and protocol to be signed during Xi's visit" 20 agreements and protocols will be signed between Serbia and China during the upcoming visit of President of China Xi Jinping to Serbia. This is what Deputy Prime Minister and Minister of Construction, Transport and Infrastructure Zorana Mihajlovic announced .Mihajlovic told these will include an agreement on the construction of a road section Surcin-Obrenovac, while continuation of the modernization of the Belgrade-Budapest railroad will be discussed. She also "pointed out that Serbia is the only country in this part of Europe where China has decided to invest its capital, which shows that it has confidence in our country and is ready to continue and expand bilateral relations." www.brussels-in-serbia.com Page 8

Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

First E-Trustmark certificates awarded. The mark of trust in electronic trade (E-Trustmark) was, awarded to 35 small and middle-sized companies and businessmen in Serbia, the Ministry of Trade announced. The E-Trustmark certificates were awarded within the activities of the projects of developing electronic business financed by the EU from the pre-accession IPA funds. State secretary in the Ministry of Trade, Tourism and Telecommunication, Vesna Kovac, said that the main obstacle to electronic trade in Serbia was the distrust towards this form of trade, as well as a lack of information and lack of a readiness for education

FCA to scrap shift in Kragujevac plant. Company Fiat Chrysler automobili Srbija (FCA) from Kragujevac will reorganize production in two instead of three shifts, and in cooperation with trade unions, will work on the reduction of the number of employees through voluntary departures, it emerged yesterday following a meeting between the company management and representatives of trade unions. As reason for this measure the company stated lack of demand for domestic vehicles on the market. „In accordance with market demands, the company is prepared to adapt its production capacities to structural changes in the factory's organization, reducing production from three to two shifts“, reads the FAS statement. Kragujevac FCA trade union chairman Zoran Markovic told news agency Beta that employees expected „a much sooner reaction of the government, which owns 33 percent of FCA capital, and of Aleksandar Vucic whom we urged 24 months ago to get involved in the negotiations with the company management, which never happened“. The Kragujevac plant has been operating in three shifts for four years since it started manufacturing the 500L model, with a daily output of 645 vehicles.

IMF Mission Head Praises Reform Measures Serbia Implements The arrangement of Serbia with the International Monetary Fund is successfully implemented and the country “is achieving excellent results in reference to the set goals,” the IMF Mission Head for Serbia James Roaf said, according a release issued by the Serbian government. Roaf and the Prime Minister Aleksandar Vucic - at the beginning of the series of meetings on the occasion of the fourth and fifth revision of the precautionary arrangement, which the government signed with the IMF back in February of 2015 - conferred about the initiated structural reforms, especially reducing the number of employees in the public sector and the restructuring of large state-owned enterprises. Roaf, as stated in the release, emphasized the importance of infrastructure projects and the adoption of the law on financing of local self-managements, especially in terms of preparing the budget for next year, the reform of health care, education and the Tax Administration. The IMF mission will stay in Belgrade until June 21

FAIRS June 2016-September 2016

15th PACKTECH EXPO BALKAN

Hall 1 28.09.2016 - 01.10.2016www.alexpo.co.rs

International Trade Fair of Packaging Materials, Machinery and Food Processing Equipment

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

12th CONBAK EXPO BALKAN

Hall 2 28.09.2016 - 01.10.2016www.alexpo.co.rs

International Trade Fair of Machines, Equipment, Ingredients, Additives and Spices for Confectionery, Bakery and Catering

4th FRUVEG EXPO BALKAN 2016

Hall 1 28.09.2016 - 01.10.2016www.alexpo.co.rs

International Trade Fair for Fruit & Vegetable Cultivation Processing and Storage Technology

5. HYGIENE IN INDUSTRY EXPO 2016

Hall 1A 28.09.2016 - 01.10.2016www.alexpo.co.rs

Equipment and Materials for Hygiene in Industry & Business International Trade Fair

38th INTERNATIONAL GRAPHIC, PAPER AND CREATIVE INDUSTRY FAIR

Hall 4 28.09.2016 - 01.10.2016www.sajamgrafima.rs

Raw materials and accessory materials for graphic industry, graphic equipment, spare parts, finished products, graphic services.

th

24 INTERNATIONAL IT AND OFFICE EQUIPMENT FAIR

Hall 4 28.09.2016 - 01.10.2016

Bureau equipment, office machinery, stationery, furniture and supplies, business goods and gifts, decoration and photo product range

5th CE&HA - Consumer Electronics & Home Appliances Fair

Hall 1 29.09.2016 - 02.10.2016www.ceha.rs

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

USEFUL CONTACTS:

Embassy of Belgium in Belgrade Krunska, 18 11000 Belgrade Serbia Tel: +381/11/ 32-30-018 Fax : +381/11/ 324-43-94 [email protected] www.diplomatie.be/belgrade

Office of the Commercial Attaché – Embassy of Belgium Beogradska 4/1 11000 Belgrade Serbia Tel: +381/11/308-55-70 Fax: +381/11/344-56-49 Email: [email protected] www.brussels-in-serbia.com

Serbian Development Agency http://ras.gov.rs Resavska 13-15, 11000 Belgrade tel+381 11 3398 900 [email protected]

Serbian Chamber of Commerce Resavska 13-15, 11000 Belgrade, Serbia Phone: +381 11 3300 959 Switchboard: +381 11 3300 900 Fax: +381 11 3230949 E-mail: [email protected] www.pks.rs

Belgrade Fair www.sajam.rs Address: Bulevar vojvode Mišića 14, 11000 Belgrade, Serbia Tel. +381 (0)11 2655-555 E-mail: [email protected]

Novi Sad Fair – www.sajam.net Hajduk Veljkova 11 21 000 Novi Sad, Phone: +381 (0)21/483-00-00, 483-00-01 Fax: +381 (0)21/483-00-99 E-mail: [email protected] www.brussels-in-serbia.com Page 11

Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

MONTENEGRO

The total external trade of Montenegro for period January-March 2016 is € 432.9 million, indicating the growth of 0.3% in comparison with the same period of the previous year. The value of exports of goods is € 58.6 million, what is 21.4% lower compared to the same period of previous year, and imports are € 374.3 million, what is 4.8% higher compared to the same period of previous year. The coverage of import by export is 15.7%, and it is lower compared to the coverage for the same period of previous year, when it was 20.9%.

The most exported products were Non-ferrous metals - € 13.2 million and Iron and steel - € 4.6 million). The most imported products were road vehicles - € 23.2 million and electrical machinery, apparatus and appliances - € 17.9 million.

Main trading partners in exports were: Serbia (€ 16.2 million), Hungary (€ 8.1 million) and Germany (€ 3.9 million). Main trading partners in imports were: Serbia (€ 85.3 million), China (€ 39.8 million), and Germany (€ 31.2 million). The highest external trade trend was with CEFTA and EU countries.

In the period January-March 2016, the total value imports from Belgium amounted to 1.69 mill euros, while the value of exports to Belgium was 0.137 million euros.

Jan-March 2016 1:Import 2:Export Total: 1,697,963 137,941 02:MEAT AND EDIBLE MEAT OFFAL 489,275 0 06:LIVE TREES AND OTHER PLANTS; BULBS, ROOTS AND THE LIKE; CUT FLOWERS AND ORNAMENTAL FOLIAGE 53 0 07:EDIBLE VEGETABLES AND CERTAIN ROOTS AND TUBERS 23,716 0 17:SUGARS AND SUGAR CONFECTIONERY 2,838 0 18:COCOA AND COCOA PREPARATIONS 32,354 0 19:PREPARATIONS OF CEREALS, FLOUR, STARCH OR MILK; PASTRYCOOKS'' PRODUCTS 23,738 0 20:PREPARATIONS OF VEGETABLES, FRUIT, NUTS OR OTHER PARTS OF PLANTS 19,245 0 21:MISCELLANEOUS EDIBLE PREPARATIONS 14,078 0 22:BEVERAGES, SPIRITS AND VINEGAR 28,140 10,247 23:RESIDUES AND WASTE FROM THE FOOD INDUSTRIES; PREPARED ANIMAL FODDER 1,917 0 24:TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES 2,350 0 25:SALT; SULPHUR; EARTHS AND STONE; PLASTERING MATERIALS, LIME AND CEMENT 170 0 27:MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES 177,313 0

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

28:INORGANIC CHEMICALS; ORGANIC OR INORGANIC COMPOUNDS OF PRECIOUS METALS, OF RARE-EARTH METALS, OF RADIOACTIVE ELEMENTS OR OF ISOTOPES 225 400 29:ORGANIC CHEMICALS 4,506 0 30:PHARMACEUTICAL PRODUCTS 78,907 0 32:TANNING OR DYEING EXTRACTS; TANNINS AND THEIR DERIVATIVES; DYES, PIGMENTS AND OTHER COLOURING MATTER; PAINTS AND VARNISHES; PUTTY AND OTHER MASTICS; INKS 53,537 0 33:ESSENTIAL OILS AND RESINOIDS; PERFUMERY, COSMETIC OR TOILET PREPARATIONS 73,576 92,422 34:SOAP, ORGANIC SURFACE-ACTIVE AGENTS, WASHING PREPARATIONS, LUBRICATING PREPARATIONS, ARTIFICIAL WAXES, PREPARED WAXES, POLISHING OR SCOURING PREPARATIONS, CANDLES AND SIMILAR ARTICLES, MODELLING PASTES, ‘DENTAL WAXES’ AND DENTAL PREPARATIONS WITH A 41,236 0 35:ALBUMINOIDAL SUBSTANCES; MODIFIED STARCHES; GLUES; ENZYMES 8,705 0 37:PHOTOGRAPHIC OR CINEMATOGRAPHIC GOODS 31,632 0 38:MISCELLANEOUS CHEMICAL PRODUCTS 23,152 0 39:PLASTICS AND ARTICLES THEREOF 23,121 0 40:RUBBER AND ARTICLES THEREOF 995 0 42:ARTICLES OF LEATHER; SADDLERY AND HARNESS; TRAVEL GOODS, HANDBAGS AND SIMILAR CONTAINERS; ARTICLES OF ANIMAL GUT (OTHER THAN SILKWORM GUT) 2,094 0 44:WOOD AND ARTICLES OF WOOD; WOOD CHARCOAL 6,121 0 48:PAPER AND PAPERBOARD; ARTICLES OF PAPER PULP, OF PAPER OR OF PAPERBOARD 11,120 0 49:PRINTED BOOKS, NEWSPAPERS, PICTURES AND OTHER PRODUCTS OF THE PRINTING INDUSTRY; MANUSCRIPTS, TYPESCRIPTS AND PLANS 3,219 1 54:MAN-MADE FILAMENTS; STRIP AND THE LIKE OF MAN-MADE TEXTILE MATERIALS 2,799 0 55:MAN-MADE STAPLE FIBRES 185 0 56:WADDING, FELT AND NONWOVENS; SPECIAL YARNS; TWINE, CORDAGE, ROPES AND CABLES AND ARTICLES THEREOF 189 0 57:CARPETS AND OTHER TEXTILE FLOOR COVERINGS 88,320 0 58:SPECIAL WOVEN FABRICS; TUFTED TEXTILE FABRICS; LACE; TAPESTRIES; TRIMMINGS; EMBROIDERY 217 0 59:IMPREGNATED, COATED, COVERED OR LAMINATED TEXTILE FABRICS; TEXTILE ARTICLES OF A KIND SUITABLE FOR INDUSTRIAL USE 1,439 0 61:ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, KNITTED OR CROCHETED 349 0 62:ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, NOT KNITTED OR CROCHETED 949 0 www.brussels-in-serbia.com Page 13

Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

63:OTHER MADE-UP TEXTILE ARTICLES; SETS; WORN CLOTHING AND WORN TEXTILE ARTICLES; RAGS 735 0 65:HEADGEAR AND PARTS THEREOF 209 0 66:UMBRELLAS, SUN UMBRELLAS, WALKING STICKS, SEAT-STICKS, WHIPS, RIDING-CROPS AND PARTS THEREOF 87 0 69:CERAMIC PRODUCTS 4,820 0 70:GLASS AND GLASSWARE 40,892 0 71:NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF; IMITATION JEWELLERY; COIN 323 0 72:IRON AND STEEL 170 20,700 73:ARTICLES OF IRON OR STEEL 36,685 0 74:COPPER AND ARTICLES THEREOF 1,446 0 76:ALUMINIUM AND ARTICLES THEREOF 3,747 0 82:TOOLS, IMPLEMENTS, CUTLERY, SPOONS AND FORKS, OF BASE METAL; PARTS THEREOF OF BASE METAL 71 0 83:MISCELLANEOUS ARTICLES OF BASE METAL 48,456 0 84:NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF 117,788 9,799 85:ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS, AND PARTS AND ACCESSORIES OF SUCH ARTICLES 37,202 0 87:VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING STOCK, AND PARTS AND ACCESSORIES THEREOF 95,952 0 90:OPTICAL, PHOTOGRAPHIC, CINEMATOGRAPHIC, MEASURING, CHECKING, PRECISION, MEDICAL OR SURGICAL INSTRUMENTS AND APPARATUS; PARTS AND ACCESSORIES THEREOF 7,307 4,372 91:CLOCKS AND WATCHES AND PARTS THEREOF 99 0 94:FURNITURE; BEDDING, MATTRESSES, MATTRESS SUPPORTS, CUSHIONS AND SIMILAR STUFFED FURNISHINGS; LAMPS AND LIGHTING FITTINGS, NOT ELSEWHERE SPECIFIED OR INCLUDED; ILLUMINATED SIGNS, ILLUMINATED NAMEPLATES AND THE LIKE; PREFABRICATED BUILDINGS 29,945 0 96:MISCELLANEOUS MANUFACTURED ARTICLES 251 0

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

BUSINESS NEWS

Montenegro, NATO sign accession protocol Montenegro and NATO signed on Thursday an accession protocol paving the way for the Adriatic country to become the 29th member state of the Alliance. The protocol was signed by all of the 28 member states during the NATO foreign ministers meeting currently taking place in Brussels. “As of today, Montenegro will have a seat at NATO’s table, taking part in all our meetings as an observer,” Secretary General Jens Stoltenberg said in a NATO statement published just ahead of the meeting. In March, Montenegro's prime minister Milo Djukanovic said he expects the country to become full NATO member by mid-2017. NATO extended a membership invitation to Montenegro in December, triggering a backlash from Russia.

Montenegro Turns Naval Base into Luxury Resort Construction of a luxury resort with Azerbaijani capital is due to start in the Bay of Kotor, in a bid to turn the old Yugoslav Army base into a haven for the super-rich.Azmont Investments, a Montenegrin-based subsidiary of the Azerbaijan energy company SOCAR, will hold a groundbreaking ceremony on Friday for the start of work on a five- star hotel in the Bay of Kotor, part of the One&Only resort chain. Construction of the hotel is the part of a 500-million- euro project Portonovi, which will turn the former Yugoslav Army complex in the coastal village of Kumbor, near Herceg Novi, into a luxury resort. In July 2012, the Azerbaijani oil firm SOCAR signed a lease agreement with the Montenegrin government for the site of the former Orijen Battalion barracks in Kumbor and pledged to invest at least 250 million euros by 2016. Although SOCAR won the 90-year lease for the area of the former military facility, it was passed to another Azerbaijani company, Triangle Investments and Development Limited Company, which then established the Azmont Investments LLC Company to implement the project in Montenegro. The project in Montenegro is the largest ever Azerbaijani investment in tourism outside the country.

Russians Build Aqua Park in Montenegro Resort A Russian company has invested 13 millions of euros in an aqua park on the Montenegrin coast - a project that failed twice before, leaving the local authorities in Budva with big debts. A 13-million-euro water park opens in the Montenegrin resort of Budva, which the Russian company behind the project claims is one of the largest on the Adriatic coast. The Aqua park on the Toplis hill near Budva is the work of the Podgorica-based company Aquaterra solutions, founded with Russian capital, which has leased the 42,000-square-metre site from the state for 30 years. Authorities in Budva say the lease cost about 17 million euros. The company says the amusement park can hold 6,000 visitors and has 53 different attractions. It has also promised to employ 140 people.

FAIRS IN MONTENEGRO April-September 2016 Adriatic Fair - http://www.adriafair.co.me/

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

USEFUL CONTACTS:

Consulate of Belgium in Budva 85317 Lastva Grbaljska bb MONTENEGRO Tel(00.382.33) 426.139 Fax (00.382.33) 426.101 [email protected]

Chamber of Economy of Montenegro http://www.pkcg.org Novaka Miloševa 29-II E-mail: [email protected] Telephone: +382 20 230 545 Fax: +382 20 230 493

Montenegrin Employers Federation ul: IX Crnogorske brigade br. 11 81000 Podgorica, Crna Gora Telefon: +382 (0)20 209 250 Fax: +382 (0)20 209 251 Web: www.poslodavci.org Е-mail: [email protected];

Montenegro Business Alliance http://www.visit-mba.org/cg/index.php Kralja Nikole 27a/4, Poslovni centar “Čelebić“, Sahat kula Tel/fax: 020 622 728; 622 738 E-mail: [email protected]

AD ADRIATIC FAIR http://www.adriafair.co.me TRG SLOBODE BR. 5 85310 BUDVA Tel: +382 33 410 403 Fax: +382 33 452 132 Mob: +382 69 389 920 e-mail: [email protected], [email protected]

Montenegrin Investment Promotion Agency (MIPA) http://www.mipa.co.me/index.php Jovana Tomasevica 2A 81000 Podgorica Montenegro Phone/fax: (+382 20) 203-141, 203-140 , 202-910 E-mail: [email protected]

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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2016

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