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31 March 2020, 18:20

FEZ Grodnoinvest raises $436m in investments in 2019

An archive photo
An archive photo

GRODNO, 31 March (BelTA) – In 2019 resident companies of the Grodnoinvest free economic zone raised investments worth $436 million or 25% of all investments attracted by the country's free economic zones, BelTA learned from the FEZ administration.

Over 90% of investments were capital investments, with more than 70% of them coming from foreign investors.

“FEZ Grodnoinvest is one of the country's youngest free economic zones, yet it has already taken the lead in terms of foreign investment. Since it was established in 2002, the FEZ has raised more than $912 million worth of foreign investments, including $348 million in 2019,” the FEZ administration informed.

Most of the investments came from companies from Russia (32% of all foreign investment), the Netherlands (18%), the UK (12%), Cyprus (12%) and Poland (11%). All in all, companies from 40 countries of the world invested in the FEZ, including Japan, Turkey, the United Arab Emirates, and Canada.

Woodworking accounts for 47% of all investments raised by the FEZ, more than any other industry. An efficient furniture cluster was established in Grodno Oblast. It includes more than 20 enterprises that manufacture packaging for wood products, wood boards, furniture and many other product types.

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