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Government signs investment agreement with Swiss watchmaker

The Belarusian Council of Ministers and Franck Muller Group signed an investment agreement on June 29, paving the way for the Swiss company's takeover of Minsk Watch Plant, BelaPAN reports.

While talking to reporters after the signing ceremony in Minsk, Franck Muller Group CEO Vartan Sirmakes said that the investor would spend more than $10 million on the modernization of the plant. At the same time, he added, it is not only spending but also experience and knowledge sharing that matters.

The plant will not move to a new location in the next few years but new buildings for the watchmaker are to be built outside the Minsk Beltway in the future, Mr. Sirmakes said, adding that the plant would debut a series of new models next March.

While meeting with Deputy Prime Minister Uladzimir Syamashka on Tuesday, Mr. Sirmakes noted that the investor wanted the plant to focus on promoting its products in the domestic market and also tap the markets of Kazakhstan and Russia.

The plant will hire Swiss timepiece designers and will make watches of the medium price range, he said.