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29 April 2022, 16:06

FEZ Vitebsk, China-SCO demonstration zone to develop trade and investment cooperation

VITEBSK, 29 April (BelTA) - The administrations of Vitebsk Free Economic Zone (FEZ) and the China-SCO Local Economic Cooperation Demonstration Zone will promote export-import and investment cooperation between the two countries, Deputy Head of the FEZ Vitebsk Administration Yuri Pchelko told BelTA.

The decision is stipulated in the memorandum of cooperation signed during the International Economic Forum in Orsha. The parties are set to develop advisory cooperation in current projects and promising areas of partnership in trade and investment, to assist in organizing and conducting international events, including exhibitions, forums, and seminars in Belarus and China. Promotion of investment opportunities of FEZ Vitebsk and the China-SCO demonstration zone as promising platforms for international cooperation under the Belt and Road initiative is seen as an important area of cooperation. The parties are expected to pay special attention to the strengthening of existing and establishment of new transport and logistics supply chains of goods, to promote the development of transport corridors from Belarus to China, which are becoming a priority in the current geopolitical situation. Interaction between the administrations of partner organizations will also be aimed at creating favorable and predictable conditions for the implementation of investment projects by businessmen of the two countries and establishing interaction with e-commerce platforms.

The China-SCO Local Economic Cooperation Demonstration Zone was set up in Shandong Province in 2018. Vitebsk Oblast and Shandong Province are linked by a cooperation agreement. The demonstration zone is located 40km from Qingdao city in the coastal area of Jiaozhou city, connected to the land, sea and air communications of the province and represents a new platform for the implementation of trade, economic and innovative cooperation projects between the SCO member states. The potential of the demonstration zone was presented at the International Economic Forum in Vitebsk in December 2021, during which the administration of FEZ Vitebsk established contacts with Chinese partners and reached agreements on preparation of the legal framework for cooperation development.

Free Economic Zone Vitebsk has 53 registered resident enterprises that implement projects with the participation of investors from 14 countries. It includes 17 sectors with the total area of over 2,400 hectares, located in the Vitebsk, Orsha, Polotsk, Postavy, Miory and Dokshitsy districts and the regional center.

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