China – One of the Most Important National Partners of Serbia
Relations between the People’s Republic of China and the Republic of Serbia have a long history, but political and economic relations have been rapidly growing over the last decade. An important event that conducted economic relations between the two countries was in 2009, when both Serbia and China signed a strategic partnership agreement. This was Serbia’s first contract of strategic partnership with a foreign country. Since then, the total trade between Serbia and China has been steadily growing, but the Trade Intensity Index shows that there is space for improvement.
In 2016, Serbia-China relationship reached its peak with the signing of the Joint Statement on the Establishment of a Comprehensive Strategic Partnership, which represents the highest level of partnership with China.
A mutual visa-free regime between China and Serbia came into effect in January 2017, which allowed people from China to enter Serbia with ease.
The Bank of China opened its branch in Serbia in January 2017, becoming the first Chinese bank to start operations in Serbia.
The trade between Serbia and China has been steadily growing over the last 10 years. It was estimated that the trade profit was about $3 billion in 2019, with 9.6% of total import in Serbia and 1.8% of total export.
Serbia is also a part of the “One Belt and One Road” initiative, alongside countries from Central and East Europe (17+1). This initiative has a goal of reopening western trade paths that follow the ancient Silk Road.
China has invested $10 billion in Serbian infrastructure and energy. Some of the most important Chinese investments in Serbia are:
- Construction of the Mihajlo Pupin Bridge
- Overhaul of the Kostolac Thermal Power Plant
- Construction of the Corridor IX motorway
- Zijin Mining Group overtaking the copper mining and smelter complex in Bor
- Hesteel Group overtaking the Smederevo Steel Plant
- Shandong Linglong Tyre Co. Ltd. building a tire manufacturing plant in Serbia.
Since the Covid-19 pandemic burst, the relationship between Serbia and China has become stronger. China sent significant help to Serbia during difficult times of the global pandemic, including doctors and medical equipment.
As seen from the text above, Serbia-China relations are growing stronger by the day. Chinese investments are getting larger by scale, giving employment opportunities to a great number of people, which is resulting in Serbia‘s welcoming attitude towards Chinese businessmen, companies and investors.
Welcome to Serbia team is here to assist any citizen of China, who wants to invest or start a business in Serbia. Our company offers complete assistance with immigration process, as well as the process of company formation and business development in Serbia.
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