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Glimstedt Advises on Chinese-Belarusian Industrial Park

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The Minsk office of Glimstedt has reported that it advised government and business representatives of the People's Republic of China on their investment in a Belarusian-Chinese industrial park in the Smolevichy district of Minsk.

Glimstedt describes the industrial park -- named the "Great Stone" park -- as, "a territorial unit area of about 91 square kilometers with a special legal regime to ensure the most comfortable business environment."

The firm reports that the park is expected to host both industrial and residential areas, offices and shopping malls, and financial and research centers. Ultimately, according to the firm, "it is about construction of a modern international eco-city, with a focus on high-tech and competitive innovation industries with high export potential."

Property in Great Stone is available for investors from all countries -- "regardless of country of origin of the capital" -- and will be made available either for purchase or rent. Glimstedt also explained that the property "is guaranteed by both national legislation and international agreements and special obligations. In addition, investors are given unprecedented privileges and preferences, formed a separate and independent government body, performing comprehensive administrative support to the principle of 'one stop.'"

Vitaly Kachellya, the Managing Partner of Glimstedt in Belarus, is expansive in his description of the park: "The global experience of industrial parks shows that it is an effective tool for the creation and implementation of production projects. The first industrial park in the world was established in 1896. English financier Ernest Tera Hooley acquired land along the sea channel in Manchester, creating in this area famous worldwide Trafford Park, one of the first residents of it was Henry Ford...

For Belarus, the creation of the industrial park is a unique project that can get rapid development thanks to the accumulated positive world experience. Glimstedt practice shows that in Belarus can be successfully implemented green field projects, which, coupled with the concept of the park, its location, the availability of skilled labor and the provision of essential benefits and preferences promises high profitability.

'Great Stone' has just started. To be pioneers in some aspects is not easy, but we, as a legal partner willing to support residents at any stage. It is important to bear in mind that in the future it can be difficult to come into these globally significant projects because of a higher threshold compared to that offered today."