$3bn Economic Agreements Boost China's Role in Serbia

Serbian officials on Tuesday signed agreements with China worth $3 billion during a two-day visit to Beijing, which include Chinese economic investments and the purchase of new military equipment by Belgrade.

"The contracts we signed dramatically change the position of Serbia; we will be the port for Chinese investments throughout the region," Serbian President Aleksandar Vucic said in Beijing.

Vucic, who made the trip to Beijing with several of his ministers, called the agreements "big injections into our economy".

Serbian state news agency Tanjug reported that Chinese President Xi Jinping said during the meeting with Vucic on Tuesday that Serbia is a "good, honest friend, and good partner".

"You are sincerely advocating long-term good relations with China, working in the long-term to improve our relations and our cooperation, and I really appreciate that," Xi said. 

The signed agreements include one worth $900 million with the China's Shandong Linglong Tire Co to build a factory in the northern Serbian city of Zrenjanin, and also with the Chinese company Zijin Mining Group which will, as a strategic partner, invest $1.46 billion in the Serbian RTB-Bor mines over the next six years.

Other agreements are related to infrastructure building, such as the construction of roads and bridges across Serbia, as well as the reconstruction of the country's railways. 

Serbia also signed a deal with the Chinese company CRBC to build an industrial park near Belgrade, which will involve more than 1,000 Chinese companies, it was announced.

"It will be China's largest industrial park in Europe," Serbian Economy Minister Sinisa Mali said in a press release on Tuesday.

Serbian media also reported that...