Representatives of Serbian and Chinese companies sign contracts at a business forum in Belgrade, Serbia, on June 15, 2023. Serbian and Chinese companies signed contracts worth over 510 million U.S. dollars at a business forum in Belgrade, the Serbian government said in a press release on Thursday, signaling the intensification of bilateral ties within the framework of the Belt and Road Initiative (BRI). (Photo by Wang Wei/Xinhua)

BELGRADE, June 15 (Xinhua) -- Serbian and Chinese companies signed contracts worth over 510 million U.S. dollars at a business forum in Belgrade, the Serbian government said in a press release on Thursday, signaling the intensification of bilateral ties within the framework of the Belt and Road Initiative (BRI).

The signing of over ten agreements between Chinese and Serbian companies was overseen by Serbia's Minister of Construction, Transport and Infrastructure Goran Vesic and Minister of Agriculture, Forestry and Water Management Jelena Tanaskovic, Chinese Ambassador to Serbia Chen Bo, and other representatives from the two countries.

"This is an important event for the development of relations between the two countries," said Vesic.

"We expect that a free trade agreement between our countries will be signed by the end of the year, after which there will be many more such events, as well as an opportunity for Serbian companies to take their share of the Chinese market," Vesic was quoted as saying in a press release.

Last year, bilateral trade hit 6.14 billion U.S. dollars, of which Serbia's exports amounted to 1.1 billion dollars, Vesic said.

Noting that Chinese companies' engagement in many key infrastructure projects across the country, Vesic said he hoped that, in addition to infrastructure, bilateral trade cooperation will be equally successful.

According to Tanaskovic, China-Serbia trade in agricultural and food products increased from 14.2 million dollars in 2015 to 55.5 million dollars in 2022, which she said was the result of "work, effort and the signing of all previous agreements."

She recalled that agreements on the export of Serbian pet food and honey were signed during her recent visit to China and said she expected to sign another agreement soon on the export of apples.

Li Xingqian, director general of the Department of Foreign Trade of China's Ministry of Commerce, said that the two countries have a deep and strong traditional friendship, which has led to the strengthening of bilateral economic cooperation in recent years.

The Chinese market has large capacities at multiple levels with enormous potential, he emphasized. He invited Serbian companies to visit China and participate in international fairs to promote Serbian products.

Chen said that the signing of the agreements contributes to closer and better trade cooperation, which has been booming in recent years thanks to Serbia's active participation in China's BRI.

"Over the past ten years, thanks to the joint construction of the Belt and Road Initiative, China and Serbia ... continuously expanded two-way opening and achieved significant growth in bilateral trade," said Chen, adding that bilateral trade in 2022 increased by 35 percent year-on-year.

Igor Kronja, adviser to the president of the Serbian Chamber of Commerce, agreed that the BRI contributed to the intensification of cooperation because Serbia saw its chance for development in it.

A dozen Chinese enterprises in areas including agri-food, chemicals, mineral resources, wood processing, services, attended the forum.