Skip to comments.China to build US$5bn industrial city in Minsk (Belarus city has space 40% larger than Manhattan)
Posted on 09/09/2013 9:54:32 AM PDT by SeekAndFind
China will invest US$5 billion in building an industrial city on the outskirts of Minsk, capital of Belarus, according to a recent report from Bloomberg.
Since establishing diplomatic tiesd with Belarus in 1992, China has been developing an increasingly close economic relationship with the country, as evidenced by the signing of the US$3 billion currency swap agreement between the two nations in 2009.
According to Chinese and Belarusian officials, Alexander G. Lukashenko, president of Belarus, has earmarked a plot of land near Minsk International Airport, with a space 40% larger than Manhattan, for the industrial city project, which will accommodate 155,000 residents. "The project will enable Chinese goods to enter duty-free into the markets of Russia and Kazakhstan, thanks to the tariff alliance among Belarus and the two nations," says a Chinese official.
China Development Bank and the Export-Import Bank of China have reportedly agreed to finance the project. Following the approval of the project, Gong Jianwei, Chinese ambassador to Belarus, remarked that "This is a unique project, as the projected industrial park will be unrivaled in scale in Europe."
The Belarusian government has pledged to develop the industrial park into a springboard for international commerce. Apparently, Chinese enterprises will set up factories in the park.
The Belarus official overseeing the project said that China has agreed to provide low-interest loans for the project, on the condition that half of the funds must be used to procure Chinese raw materials, technology or labor. The China National Machinery Industry Corp will own a 60% stake in the project, with the remaining 40% belonging to the Belarusian government.
(Excerpt) Read more at wantchinatimes.com ...
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