BELARUS NEWS AND ANALYSIS

DATE:

21/11/2007

Leviev Group to invest in Belarus

MINSK. Nov 21 (Interfax) - Israel's Leviev Group is interested in carrying out a number of investment projects in Belarus, Lev Leviev said Tuesday after a meeting with President Alexander Lukashenko.

"During the meeting we discussed a number of specific projects related to the opening of a new jewelry production facility, development of the cement industry, construction of entertainment and shopping centers and residential buildings," Leviev said. "At the end of this year we'll sum up the results of the negotiation process and begin making investments."

The president's press service told Interfax that Leviev and Lukashenko discussed the issue of "the Leviev Group entering the Belarussian jewelry market."

The company is already working with Belyuvelirtorg, but has voiced interest in building a new jewelry production facility.

First Deputy Prime Minister Vladimir Semashko said at the meeting that "at the initial stage the Leviev Group's investment in jewelry production could amount to about $30 million," the press service reported.

Also discussed at the talks was the possibility of Leviev Group participating in projects to move a number of enterprises out of Minsk, and the construction of the Minsk City development.

Leviev Group has also made proposals concerning "long-term social cooperation," including financing of construction of a hospital, outfitting it and maintaining it for 20-30 years.

Leviev Group has annual turnover of $3 billion, of which its diamond business generates more than $1 billion, according to various estimates. The group has more than ten diamond cutting factories in Russia, India, China, South Africa, Armenia and Ukraine. The group also has a joint jewelry brand with Italy's Bulgari and a joint venture with H.Stern for managing a chain of jewelry stores in Russia and the CIS.

Source:

http://www.interfax.com/3/337760/news.aspx