Chinese interest in Vitebsk Fur Factory
09 July 2012
VITEBSK (BelTA) – Chinese business shows an interest in starting up a new manufacturing project based on Vitebsk Fur Factory, BelTA learned from Yelena Zhuravleva, Head of the Economy Office of the Vitebsk City Executive Committee, as she summed up results of the visit of the official and business delegations of the city of Harbin to Vitebsk. The visit ended on 8 July.
The project provides for modernizing and relocating the manufacturing facilities of the existing company to a new site and combining them with a fur farm. The project is estimated at $41 million. The contact with a potential investor was established at a meeting of business circles of Harbin and Vitebsk during the visit to China. A protocol of intent has been signed to lay down the main avenues of mutual cooperation. In particular, the Chinese side will soon get familiar with several investment projects that envisage building a business center, housing, and a hotel in Vitebsk. Apart from the fur factory the investors are interested in taking part in setting up a pharmaceutical enterprise based on OAO Belvitunipharm and an IT park.
Since 2005 Vitebsk Oblast’s trade turnover with China has more than tripled, with merchandise export up 70%. In January-May 2012 export amounted to $11 million, with import at $48 million.