Lithuanian ARVI and VMG Groups are determined to invest an estimated €90 million in opening new productions in Belarus, BelTA learnt from Chairman of the Belarusian Business Council on Trade and Economic Cooperation with Lithuania, First Deputy Chairman of the Board of BPS-Sberbank Vladimir Koleda.

“The banking system of Belarus is ready to become a partner for the Lithuanian business in developing cooperation in our country. Two memorandums at the total amount of about €90 million were signed. The funds will be utilized within the next two years,” Vladimir Koleda noted.

The agreements mean expansion of cooperation between BPS-Sberbank and ARVI Group as well as VMG Group. The bank acts as a financial partner for the companies.

ARVI is currently implementing a project in Belarus aimed at turkey breeding and its meat processing as well as the construction of a plant to process raw animal material for the production of tankage and animal fat. “This project is important for the country. The total investment in the project will make up €50 million,” the BPS-Sberbank representative said.

VMG is building a plant in Mogilev. The total investment in the project will make up about €40 million. “The products of the new plant will meet the world’s best standards. That means that the board which is to be produced not only by VMG but other woodworking companies of Belarus will enjoy high demand on the western markets,” Vladimir Koleda noted. The products that will be made at the plant are currently imported to the country. That is why the project will also address an import-substituting task, the representative of the bank stressed.

He also noted that a cluster of Lithuania-funded companies had already been set up in Mogilev. BPS-Sberbank is ready to allocate up to $300 million to support Lithuanian business in Belarus. The sides signed the relevant memorandum to support financial assistance to the Lithuanian cluster in the Mogilev free economic zone.

According to Vladimir Koleda, the Belarusian-Lithuanian economic forum in Klaipeda is a perfect platform for establishing new business contacts between the two countries. The Belarusian side received an opportunity to get familiar with the latest achievements of the Lithuanian business in industry, transport, trade, logistics and services. “I am confident that the forum would make an impetus for further development of economic cooperation between Belarus and Lithuania,” Vladimir Koleda said.

In turn, Chairman of the Lithaunian Business Council on Economic and Trade Cooperation with Belarus, Chairman of the Board of VMG Sigitas Paulauskas stressed that the range of issues regarding Lithuanian business in Belarus is wide enough. It includes processing industry, energy, tourism, furniture manufacturing.

“The forum confirmed once again that there cannot be unsettled issues. The governments are ready to address all border issues,” he said. It is quite a relevant issue today since the border from the Belarusian side was crossed as much as 2.5 million times in 2012, Mr Paulauskas underlined.

“We are talking not only about big investment projects. We are happy to see our people going to Belarus, Belarusians coming to Lithuania for recreation, going to other countries via Vilnius. These relations are expanding and strengthening,” he added.

The chairmen of the business councils of the two countries signed a joint declaration.