MINSK, 24 May (BelTA) – There are plans to invest some $500 million in Minsk Automobile Plant (MAZ trademark), Belarus' Vice Premier Vladimir Semashko said during the plenary session “Innovation and Investment Development of the Machine-Building Sector of Belarus” on 24 May, BelTA has learned.
“We should invest heavily in MAZ to produce new cabins, drivetrains, and axles. There are several promising investment projects to carry out. Currently we are searching for the sources of financing to develop this company,” Vladimir Semashko underlined. He clarified that the total amount of investment can make up $500 million.
The vice premier stressed that MAZ is not having the best time. “The company is dealing with a number of problems. For instance, three years ago MAZ made 24,000 vehicles a year. In 2017 the plant has produced 6,700 so far and is not expected to reach 11,000 by 2018,” Vladimir Semashko noted.
He also touched upon the prospects of the Belarusian Automobile Plant (BelAZ trademark). The company is busy implementing major investment projects. “BelAZ has received almost $800 million worth of investment. The plant has fully satisfied the market's demand for our products. BelAZ' share in the global market has been growing, too. Today it amounts around 30% while five or six years ago it was some 17-18%. We have set up the whole line of equipment with a lifting capacity from 25 to 450 tonnes. We have also made the first unmanned haul trucks,” Vladimir Semashko remarked.
The vice premier continued to discuss the self-sufficiency of Belarus' mechanical engineering in steel.
“In 2015 Belarusian Steel Works (BMZ trademark) launched a small-section rolling mill which helped satisfy 60% of the industry's demand. This is a totally competitive company that is about to enter the international market. But we should not stop at this point. BMZ has a task to fully satisfy the demand of mechanical engineering for steel. This is quite an ambitious goal requiring $800-850 million in investment. And we have to settle this problem,” Vladimir Semashko said. According to him, he is waiting for the Belarusian Industry Ministry to draw up a feasibility study.
The vice premier highlighted that the country is interested in attracting investors to its enterprises.
