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FEZ Vitebsk, Uzbek Kosonsoy-Pharm to advance investment cooperation

Economy 26.06.2019 | 17:27
Photo courtesy of FEZ Vitebsk
Photo courtesy of FEZ Vitebsk

VITEBSK, 26 June (BelTA) – The administrations of the free economic zone (FEZ) Vitebsk and FEZ Kosonsoy-Pharm will advance cooperation in the sphere of investment and information, representatives of the FEZ Vitebsk administration told BelTA.

The plans are stipulated by the agreement on cooperation that was signed as a delegation of Uzbekistan's Namangan Oblast led by First Deputy Governor Ayubkhon Kamalov visited Vitebsk. The document creates the foundation for sharing the best practices, assisting with the advancement of cooperation between companies, and promoting the business of the two countries onto new markets. It will also shape the foundation for pooling the potential of the partners for joint projects.

FEZ Kosonsoy-Pharm was established in May 2017. It specializes in incentivizing the development of pharmaceutical companies. Several companies residing in FEZ Vitebsk specialize in pharmaceutics. This is why raising investments for projects designed to set up enterprises to make medications and medical goods is one of the most promising avenues of cooperation of the administrations of the free economic zones.

The visit of Ambassador Extraordinary and Plenipotentiary of Uzbekistan to Belarus Nasirdjan Yusupov to Vitebsk in summer 2018 gave an impulse to the advancement of partnership between FEZ Vitebsk and the business community of the regions of Uzbekistan. During this year's visit members of the delegation were made familiar in detail with the terms FEZ Vitebsk offers for implementing investment projects, with the potential of resident companies. Interest in advancing manufacturing cooperation ties with some of them was expressed.

Founded in 1999, FEZ Vitebsk consists of 16 sectors with the total area of nearly 2,800ha, including seven sectors located in Vitebsk, five in Orsha District, and one in Vitebsk District, Polotsk District, Postavy District, and Novopolotsk each. FEZ Vitebsk is home to 47 enterprises representing investors from 14 countries, including Germany, Czechia, Russia, Poland, UK, USA, Israel, Cyprus, and Estonia.

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