New Sponsors of Dictatorship
15:42, — Economics
British, Italian and Austrian investors have come to Belarus.
In the end of the year either answering the signals of stabilization in the Belarusian economy, or being in a haste to use opportunities of the Single Economic Space, several significant foreign investors stated they start implementing capital investment projects, “Ezhednevnik” informs.
In December 2011 joint ventures with participation of Italian metal trader and manufacturer Duferco, Austrian woodworking holding Kronospan, Linpac, a British packaging company, and a number of other investors started their activities.
On the New Year eve a founding meeting of co-owners of a new enterprise set up as a successor to Belarusian metallurgic plant, BMZ-Tubulars. As a part of this project Duferco jointly with Austrian metal trader Pisec Group GmbH and BMZ are to begin finishing of pipes for oil and gas industry. Capacity of the new joint venture is to be 100,000 tons per year.
The protocol of intent was signed in the beginning of this year, and 2011 the sides probably spent trying to align positions. However it is possible that foreign partners had been sizing up how the situation in the economy would develop.
According to earlier rubberstamped plans, the new joint venture was to be put in operation in 2013. The total amount of investments into it was about Euro 515 mln. As expected, Duferco is to be engaged in promotion of goods, and Pisec Group the project.
Kronospan, an Austrian holding, which already has a business in Belarus (in Smarhon), set up a new works, Kronospan High Technologies, at the territory of the Free economic zone “Mahilyou”. It is to start production of special paper for laminated flooring, HPL HIGH GLOSS and HDF plates, floor covering and decorative paper.
We remind that since December 2010 Kronospan started construction of a plant in Smarhon wood board and floor covering plant. The total amount of investment is to be more $150 mln. The project is intended for 3 years with gradual putting in production new facilities, beginning of production was planned for the first half of 2012. Wood is to be processed there and laminated flooring (medium density fibreboard, low-density wood chipboard, OSB board) are to be produced.
Linpac Group (the Great Britian), specialized in production of packages for food products, returnable assets and Tupperware, registered its subsidiary company Linpac Packaging East. Its process unit is to be placed in Vorsha, at the territory which had been placed under management of “Vitsebsk” free economic zone.
Besides, an industrial and export complex of an Estonian company Commodities Complex East is to be placed there. One more unit is developed by this investor since December 2011 in Hrodna, Commodities Complex West.