MINSK, 14 December (BelTA) - Belarusian MPs ratified the intergovernmental Belarusian-Chinese agreement on the Chinese-Belarusian Industrial Park on 14 December. The park will be unmatched in Belarus. It will be located in Smolevichi District, Minsk Oblast, and will gradually spread over 80 square kilometers. The park will house new major plants to produce household appliances and electronics, engineering and biomedicine facilities. According to estimates, the project may reach $30 billion. Belarus will provide necessary investment, customs and tax privileges for the park, special regimes in the field of public procurement, monetary, financial and labor regulations. The project is large-scale and unique in what regards its management mechanism which is to be a three-tier one. The most important issues will be considered by the intergovernmental coordination council. The council will comprise representatives of government bodies of Belarus and China. The park will be run by its administration consisting of specialists of the two countries. With this, administrative functions such as registration, project approval, consultations and other procedures will be provided in a one-stop shop format. Besides, the relevant Belarusian and Chinese organizations will set up a company to develop the park, i.e. to conduct construction works, business activities and management of the facilities of the park. According to MP Valentina Zhuravskaya who presented the document at the meeting, the industrial park will give a powerful impetus to the development of the Belarusian industry as well as research, logistics, trade, housing and other sectors of the Belarusian economy.

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