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Belarus plans state company on principles of China's CITIC Group

MINSK (BelTA) – There are plans to set up a state company in Belarus that will operate on the principles of China's CITIC Group, Belarus President Alexander Lukashenko said at a meeting with Chairman of the Board of Directors of CITIC Group Chang Zhenming on 28 July, BelTA informs.

“First of all, I want to congratulate you on great success. You are the world's leading company. I frankly envy the People's Republic of China that has such companies. I would be very grateful if you could advise us on how to develop such a state-owned property in Belarus. Let it not be so huge, but on the same principles as your company operates,” said Alexander Lukashenko. Addressing the country's officials responsible for these issues, the head of state stressed that it is time to start working in this direction.

"I have never hid anywhere, neither in China during the talks with my friend Xi Jinping, nor here, in Belarus, or in Russia, or in America, that I have the greatest respect for you and your company. I am proud, and I am talking on behalf of the Belarusian people, that we cooperate with such a great company,” the president said.

CITIC Group has already implemented several projects in Belarus. “Although the scale of these projects is not the scale of your company, but this is just the beginning. I thank you for your help in developing the first car making plant in Belarus. As far as I know, the plant does well,” the head of state said. He also thanked CITIC Group for assistance in upgrading the Belarusian cement plants and the Orsha Linen Mill.

At present the Chinese corporation is launching an innovative project in Belarus. It plans to organize a high-tech agro-industrial full cycle production. This was the purpose of Chairman of the Board of Directors of CITIC Group Chang Zhenming's visit to Minsk. Alexander Lukashenko admitted that he followed closely the visit and the beginning of the construction of the plant. “This greatly impressed not only me but also the entire Belarusian nation,” the president said.

The head of state welcomed China's interest in the production of agricultural products in Belarus for their subsequent supply to the Chinese market. “I guarantee you that, in accordance with our agreement, we will quickly determine the structure of such an enterprise, or a system that will manufacture, supply and sell products in the People's Republic of China. We are ready for joint work in order to set up such an enterprise in Belarus. We have everything for it,” Alexander Lukashenko added.

The president assured the head of CITIC Group that the corporation's investment in the Belarusian economy will yield results. “You do not have to worry about coming to Belarus. Your high-quality and responsible work on the contract is a complete guarantee of my support of your activity in Belarus. You can always count on that. I guarantee you the full security of your investments and activity in the Republic of Belarus,” the Belarusian leader said.

In turn, Chang Zhenming thanked the president for the opportunity to meet and assured that his company will fulfill all the obligations. “We see our task in realizing the agreements reached between the heads of state. As for the implementation of a very important project for Belarus, which is the development of a high-tech agro-industrial complex, we will undoubtedly do our best for the timely and high-quality implementation of the project,” he said.

The visit of the CITIC Group delegation to Belarus took place on 26-29 July. On 27 July in Pukhovichi District, a launch was given to the project to set up fully-integrated high-tech agricultural production for 2016-2032. The project will be implemented with CITIC's participation. The project is implemented in accordance with the president's decree and envisages the construction of plants to produce lysine and tryptophan, grain drying and storage facilities, oil extraction and feed mills, a motor transport enterprise and a raw materials base.

CITIC Group includes more than 40 subsidiaries and banks (including CITIC Construction, which has a representative office in Belarus) that operate in China and abroad, for example, in the United States, Canada, Australia. Among its diverse global businesses, the company focuses primarily on financial services (80%), real estate, manufacturing, resources, IT, industry, trade and services. In 2017, CITIC Group's total assets amounted to about $959 billion, the company's revenue reached $57 billion and net profit $5.6 billion. The corporation employs more than 130,000 specialists.