Business news

MINSK, 9 February (BelTA) - Belarus and China have signed a framework agreement on the Chinese soft loan to set up a high-technology full-cycle agricultural manufacturing facility (first stage), BelTA learned from Belarus Economy Ministry.

The signing ceremony tool place during a visit of Belarus’ Economy Minister Vladimir Zinovsky to China on 8-11 February.

Vladimir Zinovsky met with Fu Ziying, China International Trade Representative and Vice Minister of Commerce. The parties exchanged the views on the pressing issues of trade and economic cooperation and discussed the prospects for advancing the Chinese-Belarusian industrial park Great Stone and Belarus' participation in the first China International Import Expo.

The Belarusian economy minister thanked the Chinese side for the technical-economic support to Belarus. “A clearly-built mechanism, flexible approach of the parties to the implementation of projects in this area generates an atmosphere of trustful comprehensive strategic partnership,” he stressed.

At the end of the meeting, the parties signed the framework agreement on China’s subsidized loan for Belarus to set up a high-technology full-cycle agricultural manufacturing facility (first stage).

The economy ministry has been authorized to sign the framework agreement on behalf of the government of Belarus. The project to set up a high-technology full-cycle agricultural manufacturing facility (first stage) is export oriented (69%) as it will manufacture import-substituting products (amino acids, premixes).

The procedure to allocate the loan is divided into two stages. The first one is the signing of an intergovernmental framework agreement on a subsidized loan. The second one is the signing of a loan agreement with Eximbank, planned during the visit.

Vladimir Zinovsky also met with journalists of the CGTN Russian TV channel and spoke about the economic development of Belarus, the prospects of the trade, economic and investment cooperation with China, and the participation in the Silk Road Economic Belt project.

Vladimir Zinovsky held a meeting with Executive Vice President of the China Development Bank Zhang Xuguang. The parties discussed joint projects with the financial support from the China Development Bank and the opening of a representative office of the China Development Bank in Belarus.

Vladimir Zinovsky is also set scheduled to meet with representatives of major Chinese corporations such as MIDEA Group, Sinomach, and CITIC Group to discuss the expansion of investment cooperation in Belarus.