Business news

MINSK, 12 February (BelTA) – China National Machinery Industry Corporation (Sinomach) intends to diversify its operations in Belarus. The plans were voiced at the negotiations between Economy Minister Vladimir Zinovsky and Sinomach Deputy General Manager Liu Jingzhen held on 11 February during the visit of a Belarusian delegation to China, the Belarusian Economy Ministry told BelTA.

Sinomach is the majority shareholder of the Chinese-Belarusian Industrial Park Development Company. The meeting was attended by Chairman of the company’s Board of Directors Lo Yan. The sides discussed the 2018 plans for the construction and operation of infrastructure in the Great Stone industrial park, and also new projects to be launched by Sinomach to diversify its operations in Belarus.

Vladimir Zinovsky also met with Vice President of Midea Group Gu Yanmin to touch upon topical matters of cooperation between Belarus and the Chinese corporation.

The Belarusian minister also had negotiations with Vice President of the Export-Import Bank of China Sun Ping. An agreement was signed with the Chinese bank to provide a soft loan to Belarus to set up a high-technology full-cycle agricultural manufacturing facility (first stage).

The procedure to raise China’s loan has two stages. On 9 February, the countries signed an intergovernmental framework agreement. The loan agreement was signed with the Export-Import Bank on 11 February. The Belarusian Economy Ministry was authorized to ink the framework agreement on behalf of the Belarusian government. The investment project is export-oriented (the volume of export is 69%) and is designed to make import-substituting products (amino acids, premixes).

Vladimir Zinovsky had a meeting with CITIC Group President Wang Jiong. Other participants were Chairman of CITIC Heavy Industries Yu Zhangfa and Chairman of CITIC Construction Chen Xiaojia. The sides talked about the implementation of projects in different economic sectors in Belarus by CITIC Group subsidiaries. They also discussed the prospects for CITIC Group to launch a robotic project in the Great Stone industrial park.