Hungarian Business Delegation Visits Belarus

29/06/2012

From June 29 to July 1 delegation of the business circles of Hungary is in Minsk with a working visit. State Secretary of the Ministry for National Economy of Hungary, Chairman of the Hungarian side of the Belarus-Hungary Intergovernmental Commission on Economic Cooperation, Róza Nagy heads the delegation.

During the visit the sides will assess the current state of the current economic cooperation between Belarus and Hungary, outline the directions for expansion of the bilateral trade, cooperation in credit and investment spheres, and participation of the Hungarian businesses in the privatization of Belarusian enterprises.

The delegations will examine the course of implementation of the agreements, reached within the Belarus-Hungary Intergovernmental Commission on Economic Cooperation, will discuss the issues related to its next meeting, scheduled for October 2012.

On June 30, within the framework of the visit the Hungarian delegation will take part in the ceremony of signing the Agreement on general contract with the Hungarian company “Graboplan” on the reconstruction of the large sport arena of the capital's Dinamo stadium.

Note: During January-April of 2012 bilateral trade between Belarus and Hungary reached US$ 77,3 million (108.6 percent to the same period of 2011). Exports are US$ 33.6 million (130.0 percent), imports are US$ 43.7 million (96.4 percent). The balance of trade is negative for the Republic of Belarus at US$10.1 million.

In January 2012 Hungarian company “Graboplan” won in a bidding for turnkey reconstruction project of the Large sport arena of the Dinamo stadium in Minsk, valued at  €150 million. As expected, a syndicated loan of Hungarian banks will be drawn to finance this project with insurance coverage by the Hungarian Export Credit Insurance Agency (MEHIB).

The duration of the project will be 28 months, as announced by the company. Construction works are expected to start in November 2012.

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