OREANDA-NEWS.  June 30, 2014. Belarus suggests to China to discuss a draft contract to set up the factory to make polyethylene terephthalate at Mogilevkhimvolokno. The information was released by Prime Minister of Belarus Mikhail Myasnikovich at the meeting with a Chinese delegation in Minsk.

“A draft contract to build a polyethylene terephthalate factory at premises of the enterprise Mogilevkhimvolokno is being worked on. It would be very good if the sides could comment on the matter,” said the Prime Minister. He suggested discussing other topical matters, including the creation of the infrastructure of the Chinese-Belarusian Industrial Park and the construction of a bleached sulfated cellulose factory in Svetlogorsk. Apart from that, Prime Minister of Belarus Mikhail Myasnikovich remarked that Belarusian and Chinese experts will be able to raise the matter of the operation of the Belarusian-Chinese companies that make tractors and agricultural machines in Harbin.

At the meeting the Belarusian head of government once again confirmed that China and Belarus are strategic partners that have a lot of common interests. “The Chinese-Belarusian Industrial Park is a vivid example of our large-scale cooperation,” he added. The Prime Minister underlined that respectful and trusting relations between leaders of the two countries contribute to the promotion of cooperation.

The ceremony to place the first stone of the Chinese-Belarusian Industrial Park took place on 19 June. During the ceremony Mikhail Myasnikovich assured that the most comfortable business operation terms will be created in the park. In his words, the volume of investments involving Chinese partners in Belarus is estimated at USD15 billion while the volume of investments involving Sinomach Corporation is estimated at USD 1.7 billion.

The park will be built for 30 years in Smolevichi District 25km far from Minsk in the immediate vicinity of an international airport, a railroad, and the transnational motorway Berlin-Moscow. The park occupies 8,048ha. In line with the general layout the northern site — an industrial and logistics zone as large as 851ha — will be developed first. Initially about 25,000 people will be involved in the park's economy. Later on the number may rise up to 120,000 people. The total volume of investments may reach USD 5.6 billion.

SZAO Industrial Park Development Company has been created for the sake of implementing the project. China CAMC Engineering Company (CAMCE) contributed 45% to the company's charter fund. The other contributors are the Minsk Oblast Executive Committee (32.5%), Harbin Investment Group (15%), the Minsk City Executive Committee (3.75%), and the holding company Horizont (3.75%).