China investors help maintain high production level in Belarus

Business Materials 29 October 2008 15:42 (UTC +04:00)

Chinese investors will help maintain a high production level in Belarus, First Deputy Prime Minister of Belarus Vladimir Semashko said at a meeting with a delegation of the EXIM BANK group on October 29, reported Belta.

According to Vladimir Semashko, high-level political relations boost the development of the trade and economic relations between the two countries. In particular, Belarus and China "have reached great results in setting up joint ventures", the First Vice-Premier said.

Midea activity in Belarus has been cited as a good example of the bilateral cooperation. The Midea-Horizont joint project on microwave oven production will be completed in the near future. If it is a success, Midea investments in Belarus will reach nearly $1.5 billion which will allow produce $2-2.5 billion worth of goods and export them.

China has been implementing a joint project with the Belarusian Telecommunications Network (BeST trademark). The CITIC Company is engaged in two energy projects. Belarus and China have been considering over 20 new joint projects. "The projects are mutually advantageous. They are important for Belarus which has been rapidly advancing lately," Vladimir Semashko said.

Providing financial assistance to Belarus' cement plants is one of Belarus-China most promising projects. On October 29, the two sides will sign a agreement on a preferential governmental loan between the Government of Belarus and the Export-Import Bank of China, an agreement on providing a buyer loan for a construction of an all-dry cement production line at the Krichevtsementnoshifer Company, an agreement on providing a buyer loan for a construction of the second all-dry cement production line at the Belarusian Cement Works.

Vladimir Semashko praised the mutual trade growth. The trade exceeded $1 billion in 2006, $1.5 billion in 2007 and $1.2 billion over the seven months of 2008. According to the First Vice-Premier, imports of Chinese high-tech products to Belarus have been growing fast.