Development of the Belt and Road Initiative in Serbia

Abstract

The paper presents a general overview of the projects, observed according to the sectors of the Serbian economy, which were implemented in Serbia through the Belt and Road Initiative or are in the phase of implementation, planning or signed memoranda between China and Serbia. This initiative to strengthen trade, infrastructure and investment links between China and the countries of Asia, Africa and Europe, through a network of land and waterways, has affected the landscape of global trade, investment and financing, thereby expanding China's influence in the world. As a European country which is not a member of the European Union, Serbia found itself in a specific situation and was able to independently manage its relations with China and conclude contracts directly. In addition to the European Union as the main economic partner, Serbia is also turning to China, so this cooperation has a growing trend in the form of Chinese investments in Serbia, which are being investigated here, in contrast to the almost non-existent implementation of Serbian projects in China. Chinese companies in Serbia are actively building infrastructure, investing in the energy sector as well as the privatization and renewal of production of the former metallurgical giants of Serbia, and more. So, despite the large trade deficit with China, this initiative brings tangible economic and social benefits at the local level, creating new opportunities for employment and income generation in the community. That is why it can be said that the Belt and Road Initiative contributed to the development of cooperation between Serbia and China.