BELGRADE (Serbia), July 17 (SeeNews) – Serbia economy ministry on Monday signed a memorandum of understanding with China's Hebei Iron and Steel Group (HBIS) for the development of an industrial park in Smederevo, the government said.
A part of the facility is expected to open for business as early as next year, according to Serbia's economy minister Goran Knezevic, the government said in a statement.
The industrial park will spread on an area of 500 hectares in Smederevo, where HBIS owns Zelezara steel mill.
The park will be managed by a joint venture company to be set up by China and Serbia.
HBIS took over the management and ownership of Zelezara Smederevo in July 2016. In April 2016, the government agreed to sell the steel mill to the Chinese group for 46 million euro.