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FEZ Vitebsk resident-companies invest over $100m in projects in past 10 years

  For the past ten years resident-companies of the Vitebsk Free Economic Zone have invested over $100 million in projects and created more than 8,000 jobs, Oleg Kondratovich, chief of the investment and foreign economy department of the FEZ Administration, told reporters at the exhibition organized by the Vitebsk Free Economic Zone. The event is held within the framework of the autumn business forum and is dedicated to the 10th anniversary of the Vitebsk Free Economic Zone.

The Vitebsk Free Economic Zone has 34 resident-companies featuring investments from 13 countries including Germany, Poland, the USA, the Czech Republic, Great Britain, Russia, Canada and other countries. Seven new companies with the registered investment of more than $40 million joined the Vitebsk Free Economic Zone in 2008-2009. The core of the FEZ is made up of the companies involved in machinery construction and metal working, food, chemical, fuel and light industries. In 2008 the Vitebsk FEZ reported the output to the tune of Br500 billion, up 21% from 2007. Last year’s export amounted to almost $150 million accounting for more than 70% of the output. In 2008 the resident-companies paid Br75 million worth of taxes.

The Free Economic Zone Administration is looking for potential partners. As of today, the Vitebsk Free Economic Zone has made certain progress in the negotiations with China, India, Japan, Venezuela, the United Arab Emirates, Iran, and Korea. Russian and western European businessmen show a great interest in the investment potential of the free economic zone. The FEZ Administration cooperates with Belarusian embassies abroad, the foreign diplomatic corps in Belarus, Oleg Kondratovich added.

All in all, the exhibition features products of more than 20 resident-companies of the Vitebsk Free Economic Zone. A conference is also scheduled. It will present the investment results of the ten-year activity of the Vitebsk Free Economic Zone and new promising projects. The FEZ Administration will inform the active and potential investors about the development of the potential of the zone and its infrastructure. Shareholders of resident-companies will share experience of implementing projects in the free economic zone. Potential investors are expected to tour of resident-companies and industrial sites which are ready for new investments.

The Vitebsk Free Economic Zone was founded in August 1999. The economic zone is composed of seven sectors covering 1,200 hectares.

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