Eyeing to foster China's economic presence in Central and Eastern Europe (CEE), Chinese President Xi Jinping has recently signed 22 deals with Serbia during his trip to the country, Reuters reported.
The agreements highlight China's finance- and infrastructure-related projects with the European nation.
The main focus of Xi's visit was to promote his landmark One Belt, One Road Initiative, which aims to strengthen China's economy by establishing and fortifying foreign trade links.
Xi noted during a ceremony in Belgrade's Palace of Serbia that the Balkan nation plays a significant role in introducing his initiative to other western countries.
Meanwhile, Serbian President Tomislav Nikolic remarked that they are "ready to become one of China's most important partners in the initiative."
"China and Serbia are traditionally friendly nations," Xi said. "Our intention is to raise our strategic partnership to a higher level."
The Chinese leader also said that the two nations agreed to hold an annual heads-of-state meeting to forge deeper Sino-Serbian ties, including military cooperation.
Xi also shared that the Chinese government is in full support of Serbia's decision to be a member of the European Union.
Official data proves the strong ties between China and Serbia. China has already poured in over $1 billion to finance its energy and road-building ventures with Serbia.
Serbia's energy minister recently signed an agreement, paving the way to the construction of the country's first waste-to-energy plant. The facility will replace its already aging coal-fired power plants.
Jorgovanka Tabakovic, governor of the Serbian central bank, also sealed a currency swap deal to boost trade and investment.
On the other hand, China Communications Construction Co. signed an agreement to construct a ring road section in Belgrade.
Serbian infrastructure minister Zorana Mihajlovic further revealed that China is considering building a port on the Danube river and an industrial zone. Nonetheless, the official did not announce additional details.
Back in April, China-based Hebei Iron and Steel (HESTEEL) secured a deal to purchase a steel plant in Danube. The agreement, which amounts to 46 million euros, is seen as a gateway for more Chinese investments in Serbia's metals sector.