MAZ-Weichai to build diesel engines plant in Great Stone Park
24 October 2017
MINSK – The Belarus-China joint venture MAZ-Weichai (founded by Minsk Automobile Plant (MAZ) and China’s Weichai Power Co. Ltd) has been officially registered as a resident company at the China-Belarus Industrial Park Great Stone with investment project to build a plant in 2017-2019 to produce diesel engines for trucks, buses and special-purpose vehicles.
They plan to launch the diesel engines factory in 2019.
Initially, the plant plans to produce 10,000 engines per year. Subsequently, the production capacity is expected to grow to 20,000 engines, with the share of local content growing to 50%.
The Great Stone Industrial Park is based in Smolevichi Rayon (Minsk Region), where a special economic area will be established on an area of 8,048 ha subject to special legal regulations for a period of 50 years. The industrial park will host business projects in electronics, biomedicine, fine chemistry and mechanical engineering, which resident companies enjoying lucrative tax preferences.
The total value of the project is estimated at $30 billion. The parties have agreed that Belarus will hold a 40% stake in the authorized capital of the Belarusian-Chinese company that will develop the project.
SZAO Industrial Park Development Company was established on Aug 27, 2012 by Sinomach (32%), Minsk Region Administration (30.86%), China Merchants Group (20%), CAMCE (13.71%), Harbin Investment Group (2.29%), Minsk City Administration (0.57%), Belarus’ Horizont Group (0.57%). The Great Stone Park is currently developing its infrastructure.
At the initial stage, 10,000 jobs will be created. After the part starts operating at full capacity, the number of jobs will increase to 132,000. So far 19 companies have been registered as residents at the Great Stone Park.