BELARUS NEWS AND ANALYSIS

DATE:

29/12/2007

Gorizont, Media Group to Broaden Cooperation at Joint Venture

MINSK. Dec 29 (Interfax) - Belarus' Gorizont will broaden cooperation with China's Media Group at a joint venture formed in 2007, deputy general director Alexei Mozzhukhin told Interfax.

"The joint venture will start its activity with micro-wave ovens. In the future we will produce the entire range of household appliances, which may be exported to CIS and EU member countries," he said.

Gorizont and Media Group have settled the formalities and are preparing to start the production.

"We are preparing the prospective production facility and receiving Chinese investments. We are buying equipment with this money," he said.

The production will start in the second half of next year. "As of now, we comply with the schedule and expect to start the production on time, in the second half of next year," he said.

The joint venture was registered in October. China has 30% in the venture's charter capital, while Belarus has the rest. The charter capital amounts to $7 million. China will soon invest $150-200 million in the production.

Source:

http://www.blackenterprise.com/yb/ybopen.asp?section=ybaa&story_id=113244935&ID=blackenterprise