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Belarus to spend $170m borrowed from India on 22 projects

Economy 02.12.2015 | 13:13
Pankaj Saxena and Mikhail Myasnikovich
Pankaj Saxena and Mikhail Myasnikovich

MINSK, 2 December (BelTA) – Belarus intends to spend $170 million acquired via a preferential credit line from India on 22 projects. The information was released by Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich as he met with Ambassador Extraordinary and Plenipotentiary of India to Belarus Pankaj Saxena on 2 December, BelTA has learned.

Mikhail Myasnikovich added: “We should shortlist top-priority projects so that the finance ministries could work on specific lending terms.”

The head of the upper chamber of the Belarus parliament said he believes that Belarusian-Indian cooperation should focus on four priority areas. Pharmaceutical industry is one of them. “We buy a great deal of active pharmaceutical ingredients and ready-made medications from India. Indian products account for 25% of the imported medications on the Belarusian market. We have no restrictions on importing more medications from your country,” he said. At present projects are being implemented to build pharmaceutical enterprises in Beshenkovichi, Skidel, Kolyadichi, and Nesvizh with assistance of Indian capital.

Military technology cooperation is another important avenue of cooperation with India. The volume of the work can be expanded, said Mikhail Myasnikovich.

Deliveries of Belarusian quarry machines to India are another important avenue of cooperation. Mikhail Myasnikovich specified that on 19 December the BelAZ director general will once again hold negotiations in India. “We would like your assistance with the meeting with the minister of coal industry and representatives of Coal India Company. Three contracts are in the pipeline now, with about 50 large quarry vehicles to be shipped,” said the Chairman of the Council of the Republic of the National Assembly of Belarus.

Mikhail Myasnikovich also mentioned scientific and technical cooperation. “In my opinion, this work is sporadic. It should be done systemically instead,” he noted. The MP also said that it is necessary to more widely use opportunities of regional cooperation for the sake of advancing the relations and work in all of these areas.

Mikhail Myasnikovich noted he had been put in charge of overseeing Belarus-India relations. “You can contact me for all kinds of matters. We will provide assistance and will look for ways to handle even the most complicated tasks,” stressed the head of the upper chamber of the Belarus parliament.

In January-September 2015 Belarus-India trade totaled $365.3 million, with Belarus' export at $263.8 million. Belarus' primary exports to India include potash and nitrogen fertilizers, polycarboxylic acids, non-alloyed steel wire, data storage media, and other products.

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