Head of the Delegate Office of German Industry and Commerce for Serbia and Montenegro Michael Schmidt told Tanjug Tuesday that around one third of Serbia's trade with Germany is conducted with Bavaria, adding that there is room for improvement.

Schmidt announced an event dedicated to promoting the Serbian industry and commerce in Munich October 4. He also said that at the same time, Serbia would be given a large stand at the EXPO REAL in Munich, and that it would be visited by a high-profile political and business delegation from Serbia.

There are around 12 million people in Bavaria, the business possibilities are huge, and the annual export from the state stands at around EUR 300 billion, Schmidt said.

The trade between Serbia and Germany has increased by about 50 percent in the past 5 years, while trade with Bavaria alone quadrupled, he noted. According to him, Serbia recorded a positive trade balance in dealing with Bavaria.

Schmidt explained this with the fact that some 70,000 Serbs live in Bavaria and work in some large companies, adding that 475 Bavarian companies have business connections with Serbia.

Serbia has a good market for its agricultural produce in Germany, said Schmidt, adding there was room for improvement in cooperation between the two countries' industries, and that he hoped even more German investors would come to Serbia.