The United Arab Emirates consists of seven emirates: Abu Dhabi, Dubai, Sharjah, Umm al-Qaiwain, Fujairah, Ajman and Ra’s al-Khaimah. Four-fifths of the UAE is desert but has contrasting landscapes—from the towering red dunes of the Liwa to the rich palm-filled oases of Al Ain, from the precipitous Hajar Mountains to the more fertile stretches of its coastal plains.
Though small in size (similar to the size of Scotland), the UAE has become an important player in regional and international affairs.
In 1971, the late President Sheikh Zayed bin Sultan Al Nahyan unified the small, underdeveloped states into a federation—the only one in the Arab world. With his visionary leadership, oil wealth was used to develop the UAE into one of the world’s most open and successful economies.
In 2004, His Highness Sheikh Khalifa bin Zayed Al Nahyan became president and has since continued to strive towards an ambitious vision for the UAE.
In just over three decades, the nation has transformed from a tribal culture reliant on agriculture and fishing to an entrepreneurial success story with world-class infrastructure. The leadership has improved education (effectively eliminating illiteracy), advanced health care and embraced change as the UAE modernizes, consistent with its history and cultural values.
The UAE is also strengthening institutions of government to ensure a transparent legal system with full regard for the quality of life of all citizens and residents. Four members of the Federal Cabinet are women.
Though small in size (similar to the size of Scotland), the UAE has become an important player in regional and international affairs.
The UAE is a member of the United Nations, the World Trade Organization, the Arab League and the Gulf Cooperation Council.
The UAE is a strong, vibrant and modern nation that is open to the world.
The UAE sits at the heart of the global financial community, offering world-class infrastructure, talent and expertise. This is why international companies choose to start and expand their businesses here. Fintech is bringing the real benefits of the faster, better, cheaper economy to individual consumers of financial services.
United Arab Emirates, home to top financial technology (FinTech) companies, pushing financial services boundaries and attracting major global investment.
Leading financial service centre, with the highest concentration of global financial institutions in the world.
Flexible environment, flexible regulations, encourage smooth operations and faster growth.
The Republic of Serbia is a landlocked country occupying a total surface area of 88 361 km² in central and south-eastern Europe, covering the central part of the Balkan Peninsula and the southern part of the Pannonian Plain. It is bordered by Hungary in the north; Romania and Bulgaria in the east; Northern Macedonia in the south; and Montenegro, Croatia and Bosnia-Herzegovina to the west. The border with Albania lies entirely within the disputed autonomous province of Kosovo. Serbia is situated at the intersection of two important routes: Pan European Corridors No 10 and No 7, linking Europe and Asia. The country is mainly mountainous, mostly in its central region and in the south. The autonomous province of Vojvodina occupies the northern part of the Republic with its fertile plain ideal for agricultural production.
Serbia’s economic growth is supported by factors such as its very good strategic location and highly educated and skilled labour force. A very important factor for economic momentum is that the Republic of Serbia has signed free trade agreements with the European Union, Russia and Turkey.
Serbia gives generous grants to foreign investors. For decades, Serbia fostered extensive relationships with leading Western economies. A list of blue-chip companies maintaining strong ties with local partners is topped by Siemens, Bosch, Schneider Electric, Fiat, Chrysler Automobiles, IKEA and many others.
Throughout years of cooperation Serbian workers have received specific know-how and adopted advanced technology applications and rigorous quality control standards. Having vast experience in both manufacturing and management, local staff requires minimum training to adopt cutting-edge technologies and assembly processes.
Serbia is considered an upper-middle income economy by the International Monetary Fund, with estimate of GDP for 2020 at USD 52bn (USD 7.5 thousand per capita). Since the political reforms of 2000, the country has experienced good economic growth that was somewhat interrupted by economic crisis in 2008, and it is currently in the process of accession to the European Union.
Market Potentials
7.5 mn consumers in Serbia, 2nd largest market in the region. 30 mn consumers in South East Europe with duty-free access. 150 mn consumers in the Russian Federation with customs-free access. Preferential trade status with USA and the EU. Overall duty-free exporting potential: 1 bn consumers.
Highly educated & qualified staff
The number of engineers, managers, and other specialists is sufficient to meet the growing demand of international companies. Yearly, the labor supply increases by approximately 57,478 university and 2-year college graduates. In addition, there are also a significant number of Serbian experts, who return to the country after gaining top-quality expertise in international companies around the globe.
Labor market
The labor market in Serbia has become truly vibrant as a rising number of international investors have opened their businesses in the country. International as well as local headhunting agencies operate in major Serbian cities, offering a full range of consulting services, including executive search, staff training, and salary surveys.
Externally, Serbia can serve as a manufacturing hub for duty-free exports to a market of more than 1 billion people that includes the European Union, the Russian Federation, USA, Kazakhstan, Turkey, South East Europe, the European Free Trade Agreement members, and Belarus. This customs-free regime covers most key industrial products, with only a few exceptions and annual quotas for a limited number of goods.
EUROPEAN UNION
Import from the EU is customs-free for most of the products. Some export limitations are imposed only on exports of baby beef, sugar, and wine in the form of annual export quotas.
RUSSIAN FEDERATION
The Agreement stipulates that goods produced in Serbia, i.e. which have at least 51% value added in the country, are considered of Serbian origin and exported to Russian Federation customs free. The list of products, excluded from the Free Trade Agreement, is revised annually. As of March 2012, the list of excluded products includes: poultry and edible waste, some sorts of cheese, sugar, sparkling wine, ethyl-alcohol, tobacco, cotton yarn and fabric, some types of compressors, tractors and new and used passenger cars.
CEFTA
In addition to duty-free trade between member countries, the agreement specifies accumulation of product origin, meaning that products exported from Serbia are considered of Serbian origin if integrated materials originate from any other CEFTA country, the European Union, Iceland, Norway, Switzerland (including Liechtenstein) or Turkey, provided that such products have undergone sufficient processing, i.e. if at least 51% of the value added in the product is sourced in Serbia (if value added there is greater than the value of the materials used in Serbia).
UNITED STATES
Trade with the United States is pursued under the Generalized System of Preferences (GSP). U.S. trade benefits provide for preferential duty-free entry for app. 4,650 products, including most finished and semi-finished goods and selected agricultural and primary industrial products. Certain sensitive goods (e.g. most textile products, leather goods, and footwear) are not eligible for duty-free exports. The list of eligible goods is reviewed and adjusted twice per year, with input from U.S. industries.
TURKEY
Companies from Serbia can export to Turkey without paying customs duties. Imports of industrial products from Turkey are generally customs-free, but for a large number of goods customs duties will be progressively abolished over a six-year period, ending in 2015. Customs duties remain in effect for agricultural products.
CEFTA
Industrial products exported from Serbia to EFTA member states (Switzerland, Norway, Iceland, and Liechtenstein) are exempted from paying customs duties, except for a very limited number of goods, including fish and other marine products. Custom duties for imports of industrial products originating in EFTA states will gradually be abolished by 2014. Trade in agricultural products is regulated by separate agreements with each of the EFTA members, providing for mutual concessions for specified products.
KAZAKHSTAN
The Agreement is in effect as of 2011. The list of free trade exemptions includes meat, cheese, wine, motor vehicles and several other product groups.
BELARUS
There are only a few exceptions to the Agreement, including sugar, alcohol, cigarettes, as well as used cars, buses, and tires.
