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The Government of the Republic of Serbia

In the service of citizens

Critical raw materials great chance for Serbia

Belgrade, 19 July 2024

First Deputy Prime Minister and Minister of Finance Siniša Mali opened today the plenary session of the Summit on Critical Raw Materials in the presence of President of Serbia Aleksandar Vučić, Chancellor of the Federal Republic of Germany Olaf Scholz and European Commission Executive Vice-President for European Green Deal, Interinstitutional Relations and Foresight Maroš Šefčovič.

The summit at the Palace of Serbia in Belgrade also featured members of the government of Serbia, representatives of the European Bank for Reconstruction and Development, KfW, the Italian Development Bank and Mercedes-Benz.

Vučić stated that critical raw materials represent a great opportunity for Serbia that we will not miss, and that it is a decision for the future of our country.

He pointed out that lithium production will enable Serbia to make a quantum leap into the future, and that it is up to our country to be a reliable partner to Europe, Germany and the whole world in the overall production chain.

The President of Serbia singled out three important things in the realisation of that project - full protection of the environment, economic prosperity and development of Serbia, and support of the public.

Scholz pointed out that there are many reasons for the implementation of the Jadar project, which is good for Serbia.

It creates new value chain potential, provides opportunities for creating jobs, not only when it comes to mining, but also in other steps of processing, connects Serbia with the future of mobility, which must be without carbon dioxide emissions. Therefore, it is a turning point for mobility in the future, Scholz stated and said that everything will be done according to the highest environmental standards.

The Chancellor emphasised that mining is driving the circular economy and that Serbia plays a key role in that, adding that it is important to adhere to the highest standards of environmental protection.

The Chancellor also said that, when it comes to the EU perspective of the countries of the Western Balkans, Germany wants it to be realised soon and that all these countries enter the Union.

Šefčovič said that Serbia will occupy a central place in the most important strategic value chains.

He stated that because of this project, Serbia will progress and become a very important country, and that this project will strengthen the Serbian economy.

Mali said that the development of a sustainable value chain would give a total of between €10 and €12 billion annually and create 20,000 new jobs.

The First Deputy Prime Minister underlined that in the first quarter of this year we were the fastest growing economy in Europe with a growth rate of 4.7 percent.

According to him, Serbia is a record holder in attracting foreign direct investment, and more than 60 percent of such investment that come to the Western Balkans region come to our country.