The Government of Belarus and Franck Muller International B.V. signed an investment agreement to upgrade the manufacture and products of the Minsk Watch Plant.
The document was signed by Belarus' Industry Minister Alexander Radevich and Managing Director of the Swiss company Franck Muller International B.V. Vartan Sirmakes.
According to Vartan Sirmakes, the investment will exceed USD 10 million. Yet the point is not only about investments. New knowledge and skills are important too. "I am sure the project will be a success," Vartan Sirmakes said.
The Swiss partners want to promote the new products of the Minsk Watch Plant in the Belarus market first. "Then we will advance to the markets of the CIS, Kazakhstan and later on we will go international," they said.
The Minsk Watch Plant is expected to produce the first consignment in March 2011.
Representatives of the Swiss company met with First Deputy Prime Minister of Belarus Vladimir Semashko.
According to Vladimir Semashko, the investment agreement envisages rapid development of the Minsk plant. "You will build a mini-plant. The land parcel has been allocated. The output will increase many times over a short period of time," he stressed.
Vladimir Semashko expressed hope that Franck Muller will find a way to advance Luch to the leading position on the Belarusian market and make it a number one choice of Belarusians.
At the meeting with the representatives of the company Vladimir Semashko emphasized, "We have gone a long way to sign the agreement. We weighed all pros and cons. It took us long to reconcile the business plan and the agreement. We arrived at mutually acceptable solutions. The conclusion of this agreement is the basis for a jump-start."
He reminded that the Luch brand used to be very famous and popular. Almost one third of the Soviet people were owners of the Luch watches.