China invited to invest in hydropower plant project in Belarus


China has been invited to invest in the construction of a hydropower plant on the Zapadnaya Dvina River, according to the press service of the Belarusian State Property Committee.

Currently the Chinese side is reviewing a pilot list of the Belarusian organizations and the preliminary conditions under which the Chinese investors can purchase a share in their authorized capital. This list includes twenty joint-stock companies, two republican unitary enterprises, and an investment project to build a hydropower plant on the Zapadnaya Dvina River. The list has been submitted to the Chinese central and local companies. According to the State Property Committee, certain progress has been made so far.

The committee hosted a meeting between Chairman of the State Property Committee Andrei Gayev and the delegation of China Merchants Group’s representative office in Central Asia and the Baltic states led by General Representative of China Merchants Group in Central Asia and the Baltic states Hu Zheng. The sides agreed to continue the work towards purchasing the share capital of the Belarusian companies by China’s investors. Hu Zheng suggested discussing the possibility of registering Belarusian companies as residents of the Belarus-China Great Stone industrial park. According to Andrei Gayev, the pilot list features two companies that may register in the industrial park, namely Promsvyaz and Minsk Plant of Heating Equipment.

“The sides remarked there is plenty of work to do and expressed confidence that it will pay off in the end. Andrei Gayev and Hu Zheng agreed that the Belarusian and Chinese heads of state have formed the necessary political and legal background to develop Belarus-China relations. The framework agreement signed by the Belarusian and Chinese state property committees is designed to establish solid ties between Belarusian and Chinese enterprises. These economic entities need to intensify cooperation,” the press service noted.

The Chinese corporation Zongshen showed interest in investing in the Belarusian agricultural machines manufacturer Gomselmash. Belarusian Industry Minister Vitaly Vovk has already held negotiations with Zongshen’s head for investment. As a result of the talks, the Belarusian embassy in China forwarded the documents provided by the Zongshen corporation to the Belarusian Industry Ministry. The work on defining the terms of cooperation is now underway.

The press service also emphasized that a draft decree on transforming the state-run Belgosproyekt Institute into an open joint-stock company is ready. Belarus’ government and the Chinese Beijing JianYi Invesment Development (Group) Co.Ltd are set to become the company’s co-founders. The draft decree has been submitted for consideration to the government. The Belarusian side has also sent some information to China’s Industrial and Commercial Bank for it to consider and study the possibility to buy a share in Bank Moscow-Minsk.

Andrei Gayev and Hu Zheng also discussed the upcoming visit of Chairman of the State-owned Assets Supervision and Administration Commission at China’s State Council Xiao Yaqing and Chinese business representatives to Belarus. The visit makes part of the agreements reached by the Belarusian and Chinese leaders on promoting cooperation between Belarusian and Chinese enterprises.

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