Business news

MINSK, 16 May (BelTA) – Companies from Belarus and China have signed protocols of intent to use the warehouse, the exhibition center, and the business center that the Belarusian company ZAO China Merchants CHN-BLR Commerce and Logistics will build as part of the China-Belarus industrial park Great Stone, BelTA has learned.

Alexander Yaroshenko, Belarusian Deputy Economy Minister, temporary head of the state institution Administration of the China-Belarus Industrial Park Great Stone, told media on 16 May that China Merchants Group is a key resident of the China-Belarus industrial park Great Stone from the point of view of the project’s development and the sum that will be invested. The intended investments will be as high as $500 million, said the official.

In his words, the signing of the protocols of intent to use the warehouse, the exhibition center, and the business center of ZAO China Merchants CHN-BLR Commerce and Logistics is a key event. “I am glad to note that there are Belarusian companies among those that have signed the protocols of intent. For instance, the glass factory Neman. We expect that cooperation with China Merchants Group will allow the company to greatly reduce costs,” said Alexander Yaroshenko.

The official said he hopes that China Merchants Group’s warehouse facilities will be in demand. “We expect about 50% of the warehouse facilities to be utilized as early as next year,” said Alexander Yaroshenko.

The Belarusian Deputy Economy Minister stressed that the project’s success depends in equal measure on Chinese exports shipped to Belarus and Belarusian exports shipped to China. “In other words, the road should be used both ways. It is just what we need to make the merchandise competitive and make the new Silk Road one of the main transport corridors for transporting goods between Europe and Asia,” explained Alexander Yaroshenko.

The trade and logistics subpark in the China-Belarus industrial park Great Stone is expected to start working in 2017. Investments in the project are expected to reach $500 million, with $150 million invested in the first phase. The subpark will occupy a total of 1km2.