Business news

VITEBSK, 7 May (BelTA) – Vitebsk Oblast is interested in attracting China’s direct investment in energy, logistics, construction, pharmacy and IT, said Alexander Tikhonov, deputy head of the investment department at the Vitebsk Oblast economic committee.

Currently there are no projects implemented with China’s direct investments in the oblast. However, there is a whole package of proposals on cooperation. A big project to set up an industrial and logistics park at the FEZ Vitebsk in Orsha District is initiated by IPL Complex Company. Vitebskenergo has developed a business plan for the hydro power plant construction project in Beshenkovichi. BelVitunifarm Company is ready to discuss proposals in the pharmaceutical production. The Vitebsk Oblast utilities department and the administration of the free economic zone are interested in the implementation of a modern high-technology project on waste treatment at the FEZ. Vitebskavtodor is ready for cooperation in road construction. Talks are underway with a big Chinese company to set up a wind farm (an alternative energy source) in the oblast. Investment proposals, presentations and business plans have been developed for the majority of the abovementioned projects.

The region also boasts cooperation with China through the attraction of its credit resources. Vitebskenergo is currently implementing an investment project, the Construction of the Vitebsk Hydro Power Plant on the Western Dvina. China’s CNEEC is the general contractor of the project. The investment project at the Lukoml state district power plant has been implemented with China’s CMEC as its general contractor.

The trade between Vitebsk Oblast and Chinese provinces totaled $150 million in 2014. The export made up $10.6 million. The exports were mainly made by the products of the chemical industry of OAO Naftan, OAO Polotsk-Steklovolokno and the Orsha Linen Factory. Commercial companies exported pile fabric, optical instruments and liquid crystal devices.

The exports of the Orsha Linen Factory increased four times in 2014 as against 2013, those of Dipol Company – 2.6 times. In January-February 2015 the trade with China totaled $25.6 million, the exports made up $2.75 million. “The export structure has not changed over the recent years. However, we are aimed at working with companies in what regards the diversification of the product portfolio and more active steps in advancing to the Chinese market,” Alexander Tikhonov added.