Siniša Mali: Support of Chinese Partners for major Serbian projects

30. April 2023.

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Serbian Deputy PM and Minister of Finances Siniša Mali and the president of the Chinese Insurance Company Sinosure, Hetai Sheng, have signed a MoU today, which will serve as the basis for subsequent defining of quotas for 2023, for projects such as the ‘Belgrade Metro’, ‘National Stadium’ and ‘Clean Serbia’.

“We have launched major infrastructural projects in Serbia in the last decade, we have connected the country with many highways and initiated capital projects such as the construction of the Belgrade Metro. That is why a good partner like Sinosure is important in such endeavor. This Memorandum is important for both Serbia and China, our two friendly countries, which cooperate to a great extent, especially in the field of infrastructure construction. We have achieved a great economic trade, and we are currently negotiating an Agreement on Free Trade which will further intensify our economic cooperation” Mali said after the signing of MoU in the Serbia Palace.

He emphasized that he sees a great number of Chinese companies working on construction sites across the country at the moment, which is why this way of support, as he puts it, even more significant.

Deputy PM has thanked this Insurance Company on their cooperation thus far and emphasized that major projects, such as the construction of the Belgrade Metro, of capital importance for the continuation of Serbian development.

Sheng emphasized that China and Serbia have demonstrated historically that they are good friends and partners.

“We are now also bound by a steely friendship, and under the leadership of our two presidents, a mutually beneficial strategic partnership has been developed, especially since we made our cooperation more concrete through the ‘Belt and Road’ initiative” Sheng said.

He added that the cooperation of Serbia and China has a great potential, especially in the field of infrastructure, and that the projects supported by this company meet the infrastructural needs of Serbia and are of great value for advancement of economic cooperation.

China export & credit insurance corporation (Sinosure) is an insurance company founded and supported in 2001 by the Chinese government in order to promote foreign economic and trade development and cooperation of China. Sinosure promotes the Chinese export of goods, technologies and services, and especially the export of highly technological and capital goods with high added value, such as mechanical and electrical products. Main products and services include mid-term and long-term insurance of export loans, insurance of oversea investments, insurance of short-term export loans, insurance of domestic trade loans, bonds, warranties and reinsurance related to insurance of export loans, management of receivables etc.

So far, in Serbia, Sinosure policy has insured the project of construction of a heat transmission line, project of construction of the state road Loznica – Valjevo – Lazarevac, section Iverak – Lajkovac, the ‘Clean Serbia’ Project for 11 municipalities, project of collection and treatment of wastewater of central sewage system of the City of Belgrade and construction of a new steel arch bridge on the Sava River.