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FEZ Vitebsk companies advance into six new markets in 2016 Economy

20.02.2017 Resident companies of the Free Economic Zone Vitebsk branched out into six new markets, namely Israel, Singapore, Iraq, Mongolia, Angola and Rwanda in 2016, BelTA has learned from the FEZ Vitebsk Administration.

In 2016 the resident companies of the Free Economic Zone Vitebsk exported products worth $325 million (20% of Vitebsk Oblast's total export), which was up 7.8% from 2015 and well above the target of 4.5%). They sold goods into 49 countries, with the EU accounting for 26.9% and the CIS countries for 70% of the total export. Exports increased significantly to Uzbekistan (28.3 times), Bulgaria (26.9 times), Hungary (9.3 times), Finland (7.4 times), Georgia (5.6 times), China (3.9 times), and Serbia (3.4 times). The FEZ Vitebsk Administration engages Belarusian embassies, Belarusian Chamber of Commerce and Industry and its official representative offices abroad to help its resident companies establish trade and economic relations with foreign companies. In 2016 the administration signed cooperation agreements with six foreign organizations that can help find potential investors. Those were Lublin business club and Lodz Regional Development Agency of Poland, German consulting company Schneider Group and Belarusian-Turkish Business Club. Vitebsk FEZ includes 36 enterprises with investments from 14 countries in mechanical engineering, electronics, veterinary science, chemical, fuel, food, light industry and other areas. Total number of employees is around 10,800. In 2016 the resident companies raised $20.5 million in foreign investments. The investments in capital stock totaled more than Br111.8 million, which was up 4.5 times from 2015. More than 70% of investments was channeled into the acquisition of machinery and equipment. The industrial output surged by 32.4%, the overall output amounted to Br714 million. The share of innovative products exceeded 16%. Established in 1999, the Free Economic Zone Vitebsk occupies the territory of more than 2,400 hectares. It consists of 13 sectors, including 7 in the city of Vitebsk, 4 in Orsha District, and one in Vitebsk District and Postavy District each.

BelTA.
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