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8 July 2011

Belarus signs $13.9bn worth of investment contracts

MINSK, 8 July (BelTA) – As many as 682 investment contracts worth approximately $13.9 billion have been signed in Belarus, Kirill Koroteyev, Head of the Central Office for Investments of the Belarusian Economy Ministry, told media on 8 July. “So far Belarus has signed 682 investment contracts, eight ones have been repudiated,” said the official. “Taking into account the effective contracts the sum of investments Belarus can get is estimated at $13.9 billion”. Kirill Koroteyev said the sum was considerable and testified to the successful and advantageous policy of the Belarusian government, in particular, the introduction of investment contracts as an instrument. Kirill Koroteyev mentioned several important investment projects, for which investment contracts would be signed or had been signed. There are plans to attract considerable investments in woodworking, production of chipboards, MDF boards, and floor coating. An enterprise worth around $150 million will be built in the town of Smorgon for that. This year an agreement with a Lithuanian company has been signed to set up a top-down milling facility in the free economic zone Mogilev. An investment agreement with a Czech investor was signed a while ago to develop a project at premises of an existing airport in Vitebsk. Two more public private partnership projects are under consideration. If the facility is created, the investor will be granted certain rights. It will be related to providing services and operating automobile roads. “After a certain time this facility will be handed over to the state while for a certain period of time the investor will be able to earn money from the operation,” said the representative of the Economy Ministry. Negotiations are underway, conditions of signing such a contract are being discussed. Investment contracts are being signed for several construction projects, including the construction of homes, trade and entertainment centers. Investors will implement these projects in Minsk and oblast capitals. Considerable investment sums are involved there, too, said Kirill Koroteyev.