VITEBSK, 18 February (BelTA) – The private company NOVY VEK Spring has become a new resident of the free economic zone (FEZ) Vitebsk. The company intends to implement a project to modernize import-substituting production of components for agricultural machines, the FEZ Vitebsk administration told BelTA.
The project provides for retooling and upgrading manufacturing facilities, buying modern high-performance equipment. It will allow increasing the overall output by at least 50%, expanding the choice of tines and torsion spring tines, extension springs, and compression springs for agricultural machinery manufacturers.
NOVY VEK Spring is an associated member of the Russian association Rosspetsmash, which unites manufacturers of agricultural machines, construction machines, road machines, trailers and semi-trailers. The Vitebsk-based company sells more than half of its output to partners from Russia. The implementation of the investment project as a FEZ Vitebsk resident company will create additional opportunities for diversifying and increasing export to foreign markets.
NOVY VEK Spring is the third FEZ Vitebsk resident company that has been registered this year. NOVY VEK Spring intends to develop its business using one of the free economic zone's sectors in Vitebsk. Apart from that, two investment projects to set up a cluster of woodworking enterprises and set up an enterprise to make biochar are under consideration for registration in FEZ Vitebsk. Investors from China and Sweden are interested in implementing these projects.
A total of 56 investment projects involving investors from 15 countries, including Germany, Czechia, Russia, Poland, UK, USA, Israel, Cyprus, and Estonia, are being implemented in FEZ Vitebsk.
The free economic zone (FEZ) Vitebsk was established in 1999 and comprises 16 sectors with the total area of nearly 2,800ha. Eight sectors are located in Vitebsk, five in Orsha District, one in Vitebsk District, one in Novopolotsk, one in Postavy, and another one in Polotsk District.
