China Speeds Up $1 Bln Investment Deal With Belarus

Belarus and China have reached significant progress in the negotiations on a large-scale agricultural project, representatives of the Chinese corporation DRex told journalists on 12 June. Top-ranking executives of the Chinese Xinrongji Holding Group and DRex Food Group came to Belarus on a working visit. 

The deadlines in the deal are very tight – this year – and must be observed, the Minister of Agriculture of Belarus Leonid Zayats added.

The Minister of Agriculture of Belarus Leonid Zayats with Chinese top managers.

“China has a huge market and you have food. The Belarusian government is working very quickly and effectively, and this makes us speed up, too. I think we will meet the deadline,” DRex president said.

China has woved to register a joint export venture for Belarusian agricultural goods by 1 September. The monthly turnover of the future enterprise is expected to be at least $10 million.

Besides, the Chinese company intends to rent 20,000ha of land to build a dairy farm complex for 40,000 head of cattle in Mogilev region.

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In its turn, Belarus proposed Chinese partners to invest in Belarusian food producers, in particular, the meat-packing plant in Orsha, milk processing plants “Molochnyy gostinets” or  “Zdravushka milk”. As was stated, China is ready to consider acquiring shares in these enterprises.

As the president of the DRex corporation had stated earlier, the main sphere of the corporation’s interests is investment in the dairy production. The Chinese company plans to create a large enterprise in Belarus.

The amount of the planned investment is 1 billion dollars. The conditions and possible business directions are under discussion.

Source: TUT.BY, BelTA