PM Kabyakou: Belarus, Russia suspend MAZ-KAMAZ merger
The project to merge Belarusian truck-maker MAZ with Russia's KAMAZ has been suspended, Belarus' Prime Minister Andrei Kabyakou said in an interview with the Russian news agency RIA Novosti .
“Regarding the project of MAZ-KAMAZ integration, taking into account the difficult economic conditions that have emerged today at automobile markets in Eurasian Economic Union member states, in September 2015 in the framework of the Council of Ministers of the Union State decision was taken to suspend work in this direction," said Kabyakou.
He also mentioned the other projects with the involvement of the Russians which also had to be suspended. In the view of Belarusian premier, Russian counterparts have a different vision of integration, focusing on ownership and control over property. Belarus is more interested in a more effective use of this property.
Kabyakou mentioned Minsk Weel Tractor Works as an example.
“It is a very promising enterprise. We discussed the possibility of selling the controlling package of shares on condition that the partners would guarantee investments into the further development of the enterprise, even at the scale worth three times more than the cost of the controlling package of shares if need be. We had understanding at initial stages. However, the situation seems to have changed from the point of view of possibilities. We were proposed simply to sell the controlling package of shares. On one hand, money doesn't grow on trees. On the other hand, we have not fought for this," said Andrei Kabyakou.
However, the issue of Minsk Weel Tractor Plant remains on agenda, while "sides are looking for a mutually benfitial resolution."
Belarus has also frozen yet another merger project between chip-maker Integral and Russian company Russian Electronics due to the "lack of confidence by the Russian side about financing sources."
