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Belgospishcheprom to funnel Br4.6 trillion into modernization in 2013-2015

MINSK, 6 February (BelTA) – Br4.6 trillion will be funnelled into modernization of companies of the Belarusian state food industry concern Belgospishcheprom, head of the concern Alexander Zabello told reporters on 5 February.

“Without modernization it is very difficult to compete both on the domestic and foreign markets. This is the foundation of development. And this is the task set forth by the head of state,” Alexander Zabello said.

Within two years all existing enterprises of Belgospishcheprom will be revamped. “In 2013-2015 we will earmark Br4.6 trillion for these purposes. Own funds of companies and bank loans will account for about 56% of the amount. We will focus on raising foreign loans and foreign direct investments,” the Belgospishcheprom chief said.

In his words, in the near future the concern will upgrade virtually all confectionery companies. Big modernization projects will be continued in the alcohol industry. “At present there is a problem with distillery waste utilization. Therefore, our objective is to revamp distilleries by 2015 so that they process 100% of raw materials. Part of the products will be exported,” Alexander Zabello said. He added that they have already received a number of proposals from investors who are ready to provide necessary financing. However, their compulsory condition is that part of the produce will be exported. The concern is still thinking over the proposals. “At present forage supply is a serious matter. Perhaps, it will be more profitable for us to develop production on our own,” Alexander Zabello explained.

In the near future the concern is planning to upgrade Mozyrsalt Company, implement projects in the brewing and other industries, Alexander Zabello said.