OREANDA-NEWS. March 16, 2011. Belarus and the United Kingdom should diversify the bilateral trade, First Deputy Prime Minister of Belarus Vladimir Semashko said as he met with a business delegation of the United Kingdom and Ireland.

The delegation included heads of major companies of the two countries, many of which are the world’s leading companies. Some companies have already established stable and successful business in Belarus.

“So far the trade between Belarus and Great Britain is not very big. It should be much more. On the other hand, it is misbalanced, with a great share accounting for Belarusian exports of petroleum products to the UK,” Vladimir Semashko said.

According to him, the composition of the present business delegation gives us hope that there are plenty of other niches which will allow us to diversify out trade.

Vladimir Semashko has reminded the delegation members that arrival on the market of Belarus means access to the market of the Customs Union. It is a market with a population of 170 million, which annually grows by 6-7%. Vladimir Semashko believes that there are “a lot of niches which we can expand into.”

The First Vice-Premier of the Belarusian Government also noted that investment climate in Belarus is constantly improving. For investors there is range of tax and customs preferences. “If we agree on specific projects, the land for them will be allocated without holding any tenders. Investment equipment will be imported free of duty,” said Vladimir Semashko.

UK and Irish businessmen pointed to the advantages in cooperation with Belarus and showed interest in discussing the problems which hamper joint business activities and the ways to eliminate them.

On the whole, the officials of the UK and Irish companies expressed readiness to expand cooperation with Belarus in the areas such as energy, privatization of large state-owned facilities, medium-sized business development.

In particular, Stemcor Group, the world’s largest trader of steel products and the largest dealer of Belarusian Steel Works (BMZ trademark), is interested in stepping up export of the BMZ products to the UK market as well as in participation in the upgrade projects of the Belarusian company with the use of foreign financing. Stemcor Managing Director David Faktor noted: “We work closely with the BMZ and are interested in enhancing mutually beneficial cooperation in the supply of materials and purchase of ready-made products.”

The High Life Company is ready to invest in the pharmaceutical manufacturers and breweries of Belarus. The company is also interested in setting up an eco-friendly sapropel production in Belarus. At today’s meeting the company voiced its proposal to buy a controlling stake in Paritetbank.

De La Rue plc is the world’s leader in security printing. The company is keen to expand cooperation with the National Bank and Finance Ministry of Belarus.

Among the businessmen visiting Belarus are top managers of the Fintech company, major distributor of potash fertilizers in South-East Asia. The company is ready to facilitate the deliveries of Belarusian potash fertilizers to the markets, which are inaccessible for Belarusian Potash Company.

The Irish side is represented by CRH plc, one of the world’s major construction materials manufacturers. As CRH managing director Henry Morris said, the company plans to upgrade the Krasnoselskstroimaterialy construction materials company, and is ready to provide the necessary technologies. CRH also expresses its interest in acquiring a stake in the Belarusian company.

Another Irish company, PM Group, is among the major integrated engineering groups in Europe. It would like to supply new power engineering technologies to Belarus. PM Group is ready to set up a team of experts to construct a pilot power plant running on peat, and take part in a series of the Begospishcheprom projects to manufacture biogas out of sugar wastes.

Laurence Pierce is the biggest Irish investor to Belarus. The company led by Vincent Pierce, Honorary Consul of Belarus to Ireland, is interested in cooperation with Belarus.

The UK is one of the top trade and economic partners of Belarus. In 2010 the trade between the two countries went up 22.2% over 2009 to a total of USD 1.3 billion. Belarus’ export to Great Britain increased by 22.4% to reach almost USD 1 billion.

The UK is also an important investment partner of Belarus. In 2010 Belarus raised USD 280 million in UK investment, including USD 53.6 million worth of FDI.

Belarus-Ireland trade and economic relations can be further improved. In 2010 the trade between Belarus and Ireland went up 26.6% over 2009 to make up USD 30.8 million. Belarus’ export to Ireland went up two times to reach USD 2.6 million.

Belarusian and Irish economies have much in common. Thus there are good opportunities to cooperate in agriculture, production of agricultural equipment, information technologies and telecommunications, fuel and energy.