OREANDA-NEWS. November 19, 2010. About 20 investment agreements worth USD 2.7 billion were signed at the Belarusian Investment Forum in Frankfurt am Main, Prime Minister of Belarus Sergei Sidorsky told.

“Twenty agreements were signed yesterday. They relate both to the economic development of Belarus with the help of German capital, and with the capital from other EU countries,” the Prime Minister said. As an example of major projects, Sergei Sidorsky cited the construction of a new sheet rolling plant in Zhlobin jointly with an Italian company. A business plan of this project with a rigid construction schedule will be prepared within the next months. Estimated investment under the project is EUR 0.6-1 billion.

An agreement was reached to set up a glass production facility in Gomel.

An agreement was signed to build a mining enterprise in Smorgon with the investment amounting to EUR200 million. It is planned that the facility will export all its output.

Apart from large projects, regional authorities as well as ministries signed smaller contracts that are believed to give a boost to the Belarusian economy, too.

The premier mentioned his meetings with representatives of the banking community. He added: “With the help of banks we have established cooperation with such large companies as Siemens, Klaas, and the European Potash Company that have made a series of investment proposals to Belarus”.

All in all, over 140 projects were presented at the Belarusian Investment Forum in Germany.

According to Sergei Sidorsky, initially five cities were considered as the place to hold the forum. Frankfurt am Main was chosen as the host of the Euro Finance Week. Belarus’ investment potential was presented as part of the Week.

“We were pleasantly surprised that the forum was attended by over 700 representatives of different companies from 36 countries. The Belarusian Investment Forum in Frankfurt am Main aroused a genuine interest,” the premier said.

Belarus is interested in assimilating technologies of the German company BASF at Belarusian chemical enterprises, Prime Minister of Belarus Sergei Sidorsky told after visiting a BASF chemical enterprise.

Expanding Belarus’ chemical capabilities was one of the issues the visit to the enterprise was supposed to address. BASF is a major corporation and the leading manufacturer of petrochemical goods. Comparison with BASF allows assessing the competitive ability of the Belarusian economy in this area. “BASF uses one tonne of oil to make over 8,000 chemical products. Belarusian enterprises cannot do it,” said Sergei Sidorsky. The turnout of Belarusian chemical enterprises is considerably lower. “It is incommensurable with the volume such chemical enterprises can turn out,” said the Prime Minister.

This is why it is necessary to analyze the possibility of transferring licensed technologies to Belarusian chemical enterprises in order to cooperate with BASF to start manufacturing specific products soon and sell them in the Customs Union and abroad, said Sergei Sidorsky.

The German company BASF was founded in 1865. It is the world’s leading chemical corporation and unites 385 enterprises. In 2009 BASF’s turnover amounted to EUR50.7 billion.

A BASF representation was opened in Belarus in 1992. The representation helps establish and maintain contacts between BASF and Belarusian partners, supervises the fulfillment of contracts, aids the organization of technical service for BASF product users. The representation does not pursue its own business. BASF raw materials are supplied to Belneftekhim concern, MAZ, Atlant. The German company is the leading supplier of crop protection agents.

In 2009 Belneftekhim and BASF signed an agreement of intent to promote cooperation in petrochemical and chemical industries.

In 2010 Lakokraska licensed a BASF technology to make polyurethane enamel while the Gomel chemical plant licensed a BASF technology to manufacture crop protection agents.