The project to construct a shopping centre at the Chervensky market in Minsk involving the DIDAS Co. from Iran will be launched in 2009, Leonid Senko, a deputy chairman of the board of directors of Belcoopsoyuz (Belarusian Cooperative Union), told a press conference on July 2.

“The preparatory work goes according to the schedule. The Iranian company has opened an office in Belarus; the work on setting up a joint venture is well under way,” Leonid Senko said. According to him, the amount of DIDAS investment in the project is not finalized yet as there is no design and estimate documentation. The Iranian company is expected to invest $150 million.

A decision to construct a hypermarket in Minsk involving a Latvian investor will be taken in the next few months. The investment is estimated at more than $30 million, Leonid Senko said.

Belcoopsoyuz plans to conclude an agreement with the Latvian company to reconstruct several facilities. The organisation also would like to find investors for the construction of chain stores across Belarusian regions. The work on choosing the sites for such stores is under way. “We suggested that the sites should be allocated by resolution of the regional authorities rather than by auction. The Government has approved the proposal,” Leonid Senko said.

Currently there are few companies with foreign investment in the system of consumer co-operatives. Belcoopsoyuz has been working hard on changing the situation.