Business news

MINSK, 4 October (BelTA) - Amkodor Holding Company signed three major contracts in China totaling $400 million, BelTA learned from the press service of the company.

The contracts were signed during the state visit of the Belarusian President to China on 28-30 September.

“We signed three major contracts worth $400 million,” the press service informed. “These include a contract for the construction of the Amkodor-Mash plant worth about $230 million and contracts to upgrade two plants of Saleo Holding Company, our partner, in Kobrin and Gomel totaling $170 million,” the press service said.

In addition, talks were held on the existing memoranda with Chinese partners - the largest public corporations CITIC Group and Sinomach. “Few more joint manufacturing facilities involving direct Chinese investments may be set up in Belarus in the near future,” the press service noted.

Talks will be held with Chinese companies soon to discuss the supply and production of components. “Currently working groups are discussing the deliveries of Belarusian hydraulics to the largest tractor and combine harvester plants of China. In our business cooperation with Chinese partners we have movement not only ‘from there here’ but in the opposite direction as well. This is very important if we bear in mind the target to increase the export of industrial products from Belarus to the People's Republic of China,” the company said.

“From the point of view of the business community and engineering industry the state visit of the Belarus President to China has provided political support to the projects and friendship ties that we have established in recent years. This is very important because the potential of the Belarusian-Chinese cooperation is huge. The Chinese partners are also showing great interest in cooperation. In terms of industrial policy this is completely justified because in the face of stiff world competition the winner is the one who knows how to find partners, to establish joint holding companies and corporations,” Amkodor said.