Chinese companies have emerged as significant players in Serbia’s mining and construction industries, with three out of the five most profitable companies last year hailing from China, according to Danas.
In the ranking of the top 100 companies by revenue for 2023, two Chinese firms made the top 10: Zijin Mining, in fifth place with revenues of 131.4 billion dinars, and Zijin Copper, in eighth with 119.1 billion dinars. In terms of net profit, Zijin Mining ranked second with a profit of 82.3 billion dinars, while Zijin Copper placed fifth with 19.2 billion dinars.
Chinese companies also dominated the list of those with the highest growth in revenue, with three of the top five being Chinese. “Chain Civil Engineering Construction” topped the list with a remarkable 180.1% revenue increase compared to 2022. “Mint” followed in third place with a 114% rise, and “China Railway” came in fourth with a 110.8% increase.
The biggest profit growth was seen by “Mint,” which saw its profit surge from 74 million dinars in 2022 to 1.5 billion dinars last year. In the construction sector, three Chinese companies also ranked among the top five for net profit: “China Railway” with 4.6 billion dinars, “Jinshan Construction” with 3.5 billion, and “China First Highway Engineering” with just over 3.3 billion dinars.
Ljubodrag Savić, a professor at the Faculty of Economics in Belgrade, stated that this trend is not surprising. He noted that while Chinese firms often bring their own workers, these workers contribute to the local economy by spending money on housing and food.
However, economist Danilo Šuković cautioned against relying on problematic Chinese companies, citing ecological concerns and a lack of technological leadership. He criticized decision-makers for choosing foreign investors that exploit resources rather than those that promote technological advancement and sustainable practices.
Šuković emphasized the need for Serbia to attract companies that will invest in modern technology, rather than those focused solely on raw material extraction.
