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Free economic zone Vitebsk eager to welcome eight new resident companies in H1 2019

Economy 21.02.2019 | 19:22
A Pixabay photo
A Pixabay photo

VITEBSK, 21 February (BelTA) – In H1 2019 the free economic zone (FEZ) Vitebsk intends to register eight new resident companies, BelTA learned from Head of the FEZ Vitebsk Administration Mikhail Skurat at a conference in the Vitebsk Oblast Executive Committee on 21 February.

Their investors intend to implement most of the projects using the new sites FEZ Vitebsk acquired after its territory was expanded in line with Belarus president decree No.346. Sites in Polotsk District, Novopolotsk, and Orsha are among them. The total volume of declared investments exceeds $460 million. Apart from that, there are plans to create at least 400 jobs.

The Lithuanian holding company BMG, which has already started building a woodworking enterprise, is ready to step up its presence in FEZ Vitebsk by setting up an enterprise to make bleached chemi-thermomechanical pulp (BCTMP) at a cost of nearly $340 million. Investors from Sweden intend to start making polymer-modified bitumen. Businessmen from Poland intend to implement two projects. An Estonian company is considering the possibility of starting a furniture business. Besides, in January 2019 FEZ Vitebsk welcomed the first Estonian investor, which brought a project to start processing low-grade wood to make fuel pellets. The volume of investment as part of the project will exceed $15 million.

FEZ Vitebsk is home to 45 companies, with the share of companies with foreign capital exceeding 50%. In 2018 FEZ Vitebsk companies exported $664.4 million worth of merchandise, nearly 20% up from 2017. Their export of services totaled $53.7 million, 254.3% as against 2017. In 2018 the industrial output growth rate totaled 117.3%, with proceeds from sales up by 30%. The net profit of the resident companies amounted to Br62.5 million in 2018. As many as 369 jobs were created. The resident companies paid about Br150 million in taxes and duties to the state budget, nearly 20% up from 2017.

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