Franck Muller takes over Minsk Watch Plant

Switzerland’s Franck Muller has bought out the shares of the Minsk Watch Plant, Chief of the General Directorate for Innovations and Investments of the Industry Minister Dmitry Korchik told reporters on 27 October.

He reminded that the Belarusian Government and Franck Muller International B.V. signed an investment agreement to upgrade the manufacture and products of the Minsk Watch Plant in June 2010. The Swiss company has bought out the whole stock of the plant; the technical upgrading will begin in 2011.

Belarus has created a legal framework for investment agreements. In line with Decree No. 10 of 6 August 2009, the Government sells out shares of the state-run companies. The companies are being renovated and upgraded to manufacture new products.

The companies subordinate to the Industry Ministry have raised more than $2.5 billion for capital renewal in the recent five years. More than 70% of funds were spent on the equipment renewal. The modernization helped to set up a hot-rolled tubes production at the Belarusian Steel Plant. Belarusian companies have increased the export of washing machines, microwave ovens and other household utilities, which had not been manufactured in Belarus before. The Integral company started commercial manufacturing of new integrated circuits. A large company producing component parts for Mogilevliftmash has been set up in Begoml.

Dmitry Korchik said that the MAZ plants to step up the buses output. As of today, MAZ manufactures about 2,000 buses a year. The MAZ lineup includes both urban and intercity buses.Agency, the Embassy of Belarus in Germany, the Economy Ministry and the Foreign Ministry.

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