Iran invests $250m in Belarus residential-trade complex

Iran Materials 11 November 2010 15:11 (UTC +04:00)

Iranian architects will construct the largest residential, office, trade, and recreational complex of Belarus in Minsk, the Minsk mayor said.

The Islamic Republic of Iran News Network quoted Nikolai Ladutko as saying, "Belarus welcomes Iranian investors for carrying out constructional projects here."

The complex will be constructed at the cost of over 250 million euros over the course of three years.

According to Iran's Ambassador to Minsk Abdollah Hosseini, Iranian investors are currently carrying out $1.5 billion worth of projects in Belarus.

"Some other $2 million worth of defined projects are also under study," he added.

Tehran and Minsk signed a 15-item memorandum of understanding at the end of their 10th meeting of the joint economic cooperation committee in October.

Removing visa requirements for traders and investors, establishing a joint investment company, boosting cooperation in the different fields such as energy, oil and petrochemical, building an aluminum wire production factory in Belarus, and establishing a joint fund for boosting technological cooperation were among the items of the signed memorandum of understanding.

Previously, the Iranian commerce minister called on Belarusian business persons to expand trade ties with Iran up to $1 billion.

Iran will be holding an exclusive exhibition in Belarus alongside the first specialized committee between the two countries in the next two months.

According to the Iranian Commerce Minister Mehdi Ghazanfari, Iran-Belarus trade value reached $60 million since the beginning of the Iranian calendar year (March 21).

He forecasted that this figure would reach $90 million by the end of the year.