FDI from China to Belarus 200 times up in last ten years
28 August 2019
MINSK – The volume of foreign direct investments from China to Belarus increased by 200 times in the last ten years, BelTA learned from Belarusian Deputy Economy Minister Yelena Perminova after the ceremony to end the construction of the first residential house in the China-Belarus industrial park Great Stone was finished on 27 August.
The official noted that Belarus-China strategic relations advance very dynamically, which is testified by trade, export, and investment figures. “We don't have such rapid development even with our neighbors,” Yelena Perminova stressed. “China has become our third trade and economic partner. Foreign direct investments from this country have increased by 200 times over the last ten years.”
The portfolio of China's technical and economic aid has already reached $0.5 billion and, according to the deputy economy minister, will grow larger. In particular, since 2015 China has granted nearly $185 million in technical and economic aid to Belarus within the framework of 12 projects. “The key projects include the development of the China-Belarus industrial park Great Stone, the construction of public welfare homes and a hall of residence for university students in Minsk as well as a therapeutic wing of the Minsk District Central Hospital,” Yelena Perminova mentioned.
The first stage of the industrial park's power grid has been built thanks to China's aid. The bed of the Usha River has been reconstructed. The ceremony to end the construction of the first residential house in the China-Belarus industrial park Great Stone took place on 27 August. The construction of the China-Belarus center for cooperation in transforming R&D accomplishments will be finished by the end of the year.
According to Yelena Perminova, the park's development is of key importance for stepping up partnership and friendship between Belarus and China and between the two nations. “The industrial park is the first one in Belarus to receive an international certificate of ecological management and audit. The park has the status of an ecocity where manufacturing infrastructure is harmoniously merged with administrative and residential infrastructure. The best conditions for the development of innovative and export-oriented enterprises have been enabled in the park for the sake of attracting foreign investors,” Yelena Perminova noted.
In 2018 resident companies of the China-Belarus industrial park Great Stone accounted for 70% of Smolevichi District's FDI and 20% of Mogilev Oblast's FDI. Every fifth high-performance job has been created by residents of the park.