Business news

MINSK, 14 July (BelTA) – Plans have been made to set up a high-tech enterprise in the China-Belarus Industrial Park. The enterprise will use Belarusian flax as a raw material, BelTA learned from Belarusian Deputy Economy Minister Alexander Yaroshenko during the Chinese-Belarusian forum on trade and economic cooperation with Qinghai Province of China on 14 July.

One of the landmark agreements signed during the forum on 14 July was the agreement on cooperation in medications, textile, and photoelectricity between the administration of the China-Belarus Industrial Park, SZAO Industrial Park Development Company, and Qinghai Sunglow Group. Alexander Yaroshenko explained that there are plans to develop manufacturing based on Belarusian flax. “The Chinese side is ready to consider the possibility of financing flax sowing and harvesting for the sake of using Chinese technologies to make medications in addition to exporting this product, including processed flax in the form of flaxseed oil, to China,” he said.

The Belarusian Deputy Economy Minister explained that the industrial park is supposed to focus on high-tech manufacturing to make innovative products able to give a nudge to the development of the Belarusian economy and the promotion of products to the Eurasian market, the European market and other ones.

Logistics is another promising business avenue. “We understand perfectly well that the arrival of Chinese products in Belarus and vice versa will be economically profitable when the logistics capable of minimizing transportation costs becomes available. This is why logistics is part of the foundation of our mutually beneficial cooperation,” said the official.

Investment opportunities in Belarus and the trade and economic potential of Qinghai Province were presented during the Belarusian-Chinese forum on trade and economic cooperation on 14 July. A business matchmaking session was also held, during which representatives of the Belarusian side and the Chinese one discussed matters of manufacturing cooperation and economic partnership. Apart from that, for the sake of stimulating trade and economic cooperation an exhibition of original products made by Qinghai Province companies was arranged in the Beijing Hotel in Minsk. Chinese companies presented an unmanned aerial vehicle, measuring instruments, food, alcohol beverages, Tibet medications, carpet products, textile products and goods made of wool, fur, and cashmere wool.