The Minister of Internal and Foreign Trade, Tomislav Momirović, highlighted today that Serbia’s exports to China reached $1.2 billion last year, underlining the objective to bolster trade relations between the two nations.
In an interview with RTS, Momirović also drew attention to the ongoing joint committee meeting in Belgrade between Serbia and China. Discussions at the meeting spanned various sectors including tourism, infrastructure, trade, digital economy, and emerging technologies.
“We are currently experiencing a breadth of political engagement that hasn’t been witnessed in the last 60 years. While maintaining strong ties with our friends from the People’s Republic of China, we are also forging new relationships with our EU partners, notably with France,” emphasized Momirović.
He further emphasized China’s growing significance as Serbia’s primary economic partner after Germany, highlighting China’s remarkable economic growth over the past decade.
Momirović pointed out that Serbia’s economic engines today are RTB Bor and Železara in Smederevo, both of which have been acquired by Chinese companies. Additionally, key infrastructure projects such as highways and a high-speed railway between Belgrade and Novi Sad have been realized through collaboration with Chinese partners.
The agenda for today’s meeting also includes discussions on Expo 2027, deemed a pivotal project for Serbia over the next three years.
In 2023, Serbia’s imports from China totaled €4.5 billion, with major imports including telecommunication equipment, data processing machines, computers, electrical machinery, and electrical circuit appliances.
The Free Trade Agreement signed between Serbia and China at the end of last year is expected to take effect by June this year, covering over 10,000 Serbian and nearly 9,000 Chinese products exempt from customs duties.
The increasing Chinese influence in the Serbian economy is evident, with the three largest Serbian exporters in 2023 being companies owned by Chinese entities – Zijin Mining, Zijin Copper, and HBIS Group.
The Ministry of Finance reported that the top 15 exporters from Serbia collectively exported goods worth €7 billion last year. Zijin Mining alone accounted for €1.15 billion in exports, followed by Zijin Copper with €746.3 million, and HBIS Group, the owner of Smederevo steel mill, with €549.1 million.
Chinese companies are also playing significant roles in vital infrastructure projects such as the “Vojvodina Smile” expressway, the Preljina-Požega highway, and the Novi Sad-Kelebija railway.
The construction of the “Vojvodina Smile” expressway, expected to be completed by 2026, has faced criticism due to a sudden surge in estimated costs from €420 million to €2 billion, as announced by President Aleksandar Vučić. However, no detailed explanations have been provided for this significant deviation from the initial budget.
Furthermore, China Communications and Construction are leading the construction efforts for the Požega-Preljina highway and the Novi Sad-Kelebija railway, projects valued at around $1.7 billion, for which the Serbian Assembly recently approved borrowing from the Chinese Exim Bank.
