Foundation documents for setting up a Belarusian-Italian joint venture ICLBel specialising in forest harvesting and chip fuel were signed in Vitebsk on November 12. The joint project will be implemented on the basis of Liozno forestry enterprise. Deputy Forestry Industry Minister of Belarus Yuri Nazarov took part in the signing. The Italian side was represented by Global Wood Holding SA. The group of Italian specialists was headed by Vice President of UniCredit Group Fabrizio Palenzona. Press secretary of the Forestry Industry Ministry Ruzhena Novitskaya told BelTA, the Italian investors own 80% of the shares of the joint venture, Vitebsk forestry industry manufacturing association — 5%, Liozno forestry enterprise — 15%. The Italian side invested $2 million into the statutory fund, Liozno forestry enterprise — $20,000, Vitebsk forestry industry manufacturing association — $1,000. The scale of the investment project is impressive. There are plans to process 600,000 tonnes of crude materials per annum and produce 700,000-800,000 cubic metres of chip fuel. According to Fabrizio Palenzona, the investors plan to attract at least $10 million. The landscape is peculiar in the Liozno region and requires special machines, which is why most investments will be poured into purchasing machines and equipment. There are plans to spend around $3 million on setting up the infrastructure of the company. It was no accident the Vitebsk oblast had been chosen for the project. There is a necessity to start processing gray alder lumber here. The lumber will be grown on special plantations. There are also plans to use fast-growing trees (poplars). Tree waste as well as bark will be used as raw materials, too. As the most precious raw stock, coniferous trees will be used for manufacturing wood fit for producing sawn timber and furniture. However, it will be implemented later. The joint venture will employ 200-220 people, which is important for the regional town of Liozno, the source believes.