Chinese company to invest USD 300 million in modernization of Smederevo steel mill by 2021
(Photo: Zhao jian kang/shutterstock)
Serbian President Aleksandar Vucic met with a delegation of HBIS Group headed by its president Yu Yong.
Vucic said that he was satisfied with the fact that HBIS Group had stable operations in Serbia, achieving the planned level of production in a very demanding and competitive steel market, the president's cabinet announced.
Yu Yong said that Serbia had become the most demanded destination for foreign investments thanks to the reforms it had carried out and the constant growth of its economy. He announced that, over the next two years, the investment cycle worth USD 300 million for the modernization of the production at the Smederevo steel mill would be completed.
President Vucic confirmed the unconditional support to HBIS and said that he would continue working with the president of China on enhancing and further developing the relations of the two countries.