Industrial park seeking global investors

"As a hub for advanced technologies and spreading new ideas, the China-Belarus Industrial Park will drive economic growth in Belarus. We regard it as a hub for the economies related to the Belt and Road Initiative ... and will do our best to make this pearl of the initiative brighter," said Alexander Yaroshenko, head of the Great Stone Industrial Park Administration.

Four Chinese companies, including China National Machinery Industry Corp and China Merchants Group, hold a combined 68 percent stake in China-Belarus Industrial Park Development Co, which has registered capital of $150 million. The remainder of its shares are held by the Great Stone Industrial Park Administration and Duisburger Hafen AG.

China Merchants Group pushed ahead with the project and invested $140 million in the first phase of construction of a commerce and logistics park in the zone－a center for commodities exhibition and trade, logistics and distribution, export processing, customs clearance services and cross-border renminbi settlement.

Bonded warehouses－areas in which taxable goods can be stored or processed without paying duties for a certain period of time－will open and begin operating soon. Customs clearing services will also be provided at the logistics park.

"What is most important for Belarus right now is to introduce good practices from other countries, create a favorable environment for foreign investment and encourage more investors to come to Belarus," said Hu Zheng, CEO of China-Belarus Industrial Park Development Co, adding that the industrial park will become "a demonstration zone for international norms and standards".

Due to differences in industrial standards between China and Belarus, the initial design of the industrial park did not meet certain Belarusian requirements.

To solve the problem, Beijing Jianyi Investment and Development (Group) Co Ltd invested 1.5 million Belarusian roubles ($733,000) in the national design institute of Belarus in April for a 60 percent stake.

As a result, architects from both countries can now better integrate the relevant standards and agree designs for residential housing, public construction, factories and warehouses. It will be much easier for the designs to obtain regulatory approval in Belarus, according to Su Lei, CEO of the design institute.

"Architects from both sides will meet many problems as they cooperate, because the two countries have different industrial standards, but we can work together and find the best solutions that meet the Belarusian standards," said Viktar Skrobat, chief architect for the industrial park project at the design institute.

"China has many advanced design technologies and ideas. Belarus is learning from its experience," he said.

Jianyi Group said it will promote the design institute among other Russian-speaking countries as an entry point into Europe.