BELGRADE, July 19 (Xinhua) -- The European Union (EU) signed a Memorandum of Understanding (MoU) with Serbia on raw materials, battery production chains and electric vehicles at the Critical Raw Material Summit here on Friday.

With the presence of German Chancellor Olaf Scholz and Serbian President Aleksandar Vucic, Executive Vice President of the European Commission Maros Sefcovic and Serbia's Minister of Mining and Energy Dubravka Djedovic Handanovic signed the MoU.

At a press conference following the signing ceremony, Scholz said the Jadar lithium mining project, managed by British-Australian company Rio Tinto since 2001, has significant potential for Serbia's economy and job creation, and will also adhere to high environmental standards. He also pointed out Serbia's importance as a European partner.

The project was halted by the Serbian government in 2022 due to environmental concerns, but was revived recently.

Serbia also signed a Letter of Intent to develop the e-mobility value chain with representatives from the EU. Sefcovic said that Serbia would become central to strategic value chains in Europe, which will boost its economy and job market. He also underscored the importance of lithium for the green transition and anticipated increased European investments.

Both leaders expressed support for Serbia and the Western Balkans joining the EU. Scholz assured continued political support for this integration. Serbia applied to join the EU in 2009 and was granted EU candidate status in March 2012.

Vucic praised the new initiatives, highlighting the transparency and significance for Serbia's future. He noted the involvement of leading industrial figures and emphasized the transformative potential of these projects for the country.

"This is a turning point and a significant change for us," Vucic declared. "We are making a quantum leap into the future." Enditem

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