Chinese To Invest in Klaipeda Port in Lithuania
- New Europe Investor
- July 16, 2015
It is being reported in the Lithuanian media that China is prepared to invest in the port of Klaipeda to facilitate the countries trade with neighbouring Belarus.
Reports suggest that as much as $500 million will be invested into the port by the Chinese through a Hong Kong based conglomerate called China Merchants Group.
It is part of China’s vision to connect the Silk Road with Europe by land and sea to bolster trade throughout Eurasia. Klaipeda port is also strategically well located as a sea port for landlocked neighbour, Belarus.
China-Belarus Industrial Park
Trade between Belarus and China is set to be ramped up thanks to the China-Belarus Industrial Park, also known as Great Stone Industrial Park.
The 8,000 hectare site is located 25 km from the Belrusian capital, Minsk. It is the largest Industrial zone in Europe in which China is involved.
The idea was conceived in 2010 with a small portion of the site (350 hectares) currently in the construction phase.
Thus far, according to reports, seven companies have registered with another 23 on the verge of doing so. These are Chinese, Belarusian and Russian in origin.
It was reported in the Belarusian media revently that the park was expecting $120 million of investment in 2016, on top the $90 million already put in.
The park will offer companies exemption from corporation tax for 10 years, and 50% off for the subsequent 10 years.
It’s director, Kirill Koroteyev stated last month, “We would be happy to see European companies among our residents.” Investment in the port of Klaipeda in Lithuania would be a good step towards this target.