China and Serbia have signed a series of Belt and Road Initiative (BRI) agreements to increase bilateral relations and accelerate innovation in technology and infrastructure, according to Forbes.
The publication says that a delegation of Serbian government officials, led by President Alexander Vucic struck deals with major Chinese corporations, such as PowerChina, on several projects, including the construction of a new metro network in Belgrade, Serbia’s capital.
Other deals will see a wide-scale upgrade to Serbia’s infrastructure, such as the modernization of railroads near the border with North Macedonia and the building of new roads in and around Belgrade.
Furthermore, Serbia’s innovation minister, Nenad Popovic, signed three deals with the China Road and Bridge Corporation (CRBC) to build a joint Chinese-Serbian industrial park in Borca, near Belgrade.
President Vucic attended the second One Belt, One Road Forum for International Cooperation in Beijing and spoke up about Serbia’s relationship with China.
“We will continue the excellent cooperation that exists between our two countries,” he said.
“Serbia is a relatively small country in Southeast Europe, with seven million inhabitants, and is the largest country in the Western Balkans.”
The BRI, also known as the New Silk Road, which Port Technology has extensively covered, is the biggest infrastructure development project in the world and is believed to cost approximately US$1 trillion.
In April 2019, Italy became the first EU country to officially endorse the BRI, and CMA CGM is set to receive 10 new megaships from China State Shipbuilding Corp.