Serbia woos India to forge trade ties
Chidambaram and Serbia's Minister for International Economic Relations Predrag Ivanovic signed the DTA convention.india Updated: Feb 08, 2006 16:20 IST
India on Wednesday signed a double taxation avoidance pact with Serbia & Montenegro, which paves way for Indian companies to forge strategic ties with firms based in the East European nation.
Finance Minister P Chidambaram and Serbia's Minister for International Economic Relations Predrag Ivanovic signed the DTA convention.
"We would wish Indian companies to become strategic partners with our companies... We are looking for ties in metal processing, IT, pharma and tourism," Ivanovic saidafter signing the convention.
In turn, Serbia is willing to assist India in infrastructure and agriculture where it has the requisite know-how, he said.
Moreover, the European nation is willing to share its expertise in the port sector.
"We are very much interested in participating in the economic development of India," Ivanovic said.
Though India had a bilateral investment protection pact with Serbia and Montenegro, the DTA convention have rounded off the previous pact and will now facilitate investment flow between the two countries.
The DTA convention, which follows Trade and Economic Cooperation Agreement signed by the Serbian Minister and Commerce Minister Kamal Nath on Tuesday, will stimulate Indian investment and trade with the European nation formed after the division of erstwhile Yugoslavia.
Although the bilateral trade between India and Serbia & Montenegro during 2004-05 stood at $13.07 million, Ivanovic said "it is expected to increase drastically and several folds."