Chinese HBIS Group makes deal with Serbia over industrial park
A memorandum of understanding between Serbia and the Chinese company HBIS Group have been concluded over the development of the Chinese-Serbian Industrial park. The company's president Yo Yong signed the document with Serbia's Minister of Economy Goran Knezevic that paves the way for work to begin on 500 ha of land in Smederevo. It will be carried out as a JV between the two sides, with the expectation that its first phase will open in 2018. Both sides said the project was of mutual benefit and that together they could try out deals in third countries. HBIS Group acquired the Serbian steel manufacturing conglomerate Zelezara in Smederevo in 2016. Initial plans call for the investment of $300m over two years and for the doubling of production.
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