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Free economic zone Vitebsk reports massive increase in export of services in 2018

Economy 21.02.2019 | 18:04

VITEBSK, 21 February (BelTA) – In 2018 companies residing in the free economic zone (FEZ) Vitebsk exported $53.7 million worth of services, 2.5 times as much as in 2017, BelTA learned from Head of the FEZ Vitebsk Administration Mikhail Skurat at a conference in the Vitebsk Oblast Executive Committee on 21 February.

The surplus of the foreign trade in services was close to $40 million. The top contributors were SOOO TransExpedition (69.9% of the total export of services), OOO Syryevyye Resursy Bel [Raw Material Resources Bel] (12.7%), RUP Orsha Aircraft Repair Plant (6.7%), and OOO Gruzovaya Sluzhba [freight service] (6.5%). The surplus of the foreign trade in merchandise totaled $263.5 million. FEZ Vitebsk companies exported $664.4 million worth of merchandise, nearly 20% up from 2017.

In 2018 FEZ Vitebsk residents attracted $31.5 million in foreign investments, including $31.2 million (100.6% as against 2017) as foreign direct investments. The figure represents more than 40% of the oblast's total. Eight companies with projects, which total declared investments exceed $230 million, were granted resident company status in the free economic zone. Plans have been made to create about 460 jobs. The projects provide for setting up a woodworking enterprise, starting the production of optic fiber, electronic devices and control systems for mechanical engineering industry, metal-cutting tools and auxiliary tools.

FEZ Vitebsk is home to 45 companies, with the share of companies with foreign capital in excess of 50%. 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.

After performance of the companies was reviewed, OAO Display Design Office was named the best resident company in the free economic zone Vitebsk. SOOO TransExpedition was named the best exporter. The foreign-owned enterprise VIC Animal Health was named the best investor. The FEZ Vitebsk administration also lauded a number of other companies for stability and reliability.

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