VITEBSK, 27 March (BelTA) – OOO POLSPO-KlASS has been registered as a new resident company of the free economic zone (FEZ) Vitebsk. Among other things the company intends to make protective gear, including special-purpose gear and gear for active recreation, BelTA has learned.
An investor from Russia is the initiator of the project. The investor intends to set up an enterprise at a site in Polotsk. The site became part of FEZ Vitebsk in 2018 in line with the relevant presidential decree. The enterprise will buy raw materials from OAO Polotsk-Steklovolokno.
The enterprise will primarily make products of its own design out of fiberglass and impact-resistant plastic, including crash helmets, hardhats for various industries, knee and elbow protectors for active recreation fans, and special-purpose products. The enterprise intends to export more than 90% of the output. About ten jobs will be created as part of the project.
OOO POLSPO-KlASS is FEZ Vitebsk's eighth resident company to implement projects with assistance of Russian capital. FEZ Vitebsk is home to a total of 52 resident companies with capital from 15 countries. They work in more than 25 branches of economy, including chemical industry, light industry, food industry, manufacturing of veterinary drugs, radioelectronic and cable products, provision of services in the sphere of transport and logistics.
The share of FEZ Vitebsk residents in the total merchandise export of Vitebsk Oblast in 2019 amounted to 31.3%. Their share in the total export of services was 31.1%, with their share in the oblast's industrial output at 8.5%. Products made by FEZ Vitebsk resident companies are exported to more than 60 countries. Australia, Argentina, Venezuela, Colombia, Iran, Singapore, and other countries are viewed as promising target markets.