The progress in implementing the investment project Minsk City is dissatisfactory, said President of Belarus Alexander Lukashenko at the government session held on 13 September to discuss problems of the project.

The Russian company Itera is in charge of implementing the investment project Minsk City.

“Attracting more than foreign capital into the Belarusian economy is a priority avenue of international cooperation for us,” stressed the head of state.

In his words, investors are involved in implementing several programs in Belarus although their number is extremely insufficient.

“Today it is necessary to discuss the future destiny of our hallmark investment project Minsk City. Honestly speaking it is even indecent to involve the president to discuss the problem. The problem has resurfaced before,” stressed Alexander Lukashenko.

He reminded that over 300 hectares of land in the center of the Belarusian capital city was allocated for the project in 2008. The land is extremely precious for city development.

“It is the main investment project of our country,” underlined the President.

“It seemed we had found a respectable investor. Several presidential decrees had been issued for the investor. Following wishes of the company deadlines have been shifted several times and preferences have been granted multiple times,” remarked Alexander Lukashenko.

“I am told the city [administration] will take care of building the social infrastructure. In other words good conditions for work have been created. Unfortunately, the project is stuck. The relocation of the Minsk aircraft repairs plant beyond the city’s boundaries has not been taken care of yet,” stated the head of state.

Alexander Lukashenko demanded an explanation as to why only 0.3% of the declared investment volume had been spent since 2009. “Is the investor no longer interested in the project? Are the local authorities disinclined to pursue a productive dialogue?” wondered the President of Belarus.

“I need an objective understanding of the situation. I need an honest conversation. If you are ready to build, do so. If you are not, there are other investors. Hand over the project to those, who can build,” said the head of state.

He said that there was no need to talk about privileges and preferences. The government had done enough to make concessions for the investors as far as this project is concerned.