The expansion of the "Vitebsk" FEZ borders by 900 hectares will attract at least $450 million in investments

December 28, Vitebsk / Sergey Kotovets - BELTA /. The expansion of the "Vitebsk" FEZ by including new territories with a total area of over 900 hectares will attract investments of at least $450 million and create more than 1.2 thousand jobs. This was reported to a BELTA correspondent by the administration of the free economic zone. The increase in the area of the "Vitebsk" FEZ is stipulated by Presidential Decree No. 674 of December 24, 2010. As a result of the expansion, the FEZ incorporated sectors located in Vitebsk, Orsha, the city of Baran and the urban settlement of Bolbasovo in the Orsha district. Now, the total area of the "Vitebsk" FEZ is over 2.1 thousand hectares. According to experts, the new FEZ sites have significant investment potential and will allow for the implementation of interesting projects with the participation of foreign investors. For example, in the urban settlement of Bolbasovo, where the Orsha Aircraft Repair Plant is located, suitable conditions have been created for establishing a transport and logistics center. The site in Baran, which houses the RUPP "Les", allows for the implementation of high-tech projects in the future. In general, the additional territories create new opportunities for placing innovative, high-tech projects with significant investment volumes in the FEZ, as well as provide an opportunity to address issues of efficient use of production sites, increase production volumes, build up export potential, and reduce tension in the local labor market. The "Vitebsk" FEZ was established in August 1999. Currently, 37 investment projects are being implemented in the FEZ on leased areas of industrial enterprises and through the construction of new production facilities on land plots. Before the expansion, slightly over 7% of the 353 thousand sq.m of production areas in the FEZ were vacant. These were buildings and structures in unsatisfactory condition, not meeting investor requirements in terms of engineering infrastructure and technical solutions of the construction part. More than 60% of the residents of the "Vitebsk" FEZ are joint and foreign enterprises established with the participation of investors from 13 countries, including Germany, Poland, the USA, the Czech Republic, Great Britain, Russia, Canada, Holland, and Israel. The industrial potential of the FEZ is based on enterprises operating in the fields of mechanical engineering, woodworking, food, chemical, fuel, and light industries. Over 11 years, foreign investments of over $108 million have been attracted to the FEZ, almost Br231 billion have been invested in fixed assets, and revenue from sales of products amounted to over Br2.7 trillion. FEZ residents have exported products worth almost Br620 billion, and paid almost Br286 billion in taxes, fees, and other payments to the budget and extra-budgetary funds. In total, about 3.5 thousand jobs have been created in the FEZ. -0-