Residents of the FEZ "Vitebsk" attracted $38.4 million in investments in January-March

May 17, Vitebsk / Olga Bogacheva - BELTA /. Residents of the "Vitebsk" free economic zone attracted $38.4 million in investments in January-March, which is 3.4 times more compared to the same period last year, the SEZ administration informed a BELTA correspondent. The volume of direct foreign investments amounted to $9.9 million, or 139.2% compared to January-March 2011, and foreign loans and borrowings - $28.5 million. The volume of direct foreign investments on a net basis (excluding debt for goods, works, services) for the "Vitebsk" SEZ amounted to $7.6 million. The main share of direct foreign investments on a net basis is the reinvestment of profits by foreign investors in the development of existing production facilities. In the first quarter, residents of the "Vitebsk" SEZ invested Br268.5 billion in investments, including Br163.2 billion in fixed assets. Taking into account the development of funds from the republican budget for the development of the free economic zone's infrastructure, Br166.5 billion was directed, which in actual prices exceeded the volume of investments in fixed assets in the same period of 2011 by 9.1 times. In total, over three months, SEZ residents produced products worth Br917.1 billion (in actual prices), which is almost 2.8 times higher than last year's level. Excluding enterprises of republican subordination, the production growth rate was 295.9%. Products worth Br1.1 trillion were sold in the first quarter, including Br587.1 billion outside of Belarus. The sales profitability for industrial enterprises of the SEZ in 2011 was 17%. The trade turnover of SEZ resident enterprises in the reporting period increased by 35% compared to 2011 and amounted to $147.6 million. Positive export growth dynamics are maintained: in January-March, this indicator (excluding oil and oil products) increased by 27% to $74.3 million. The foreign trade balance for the SEZ as a whole was positive, amounting to $1 million. The "Vitebsk" SEZ was established in August 1999. The main share of SEZ residents consists of joint and foreign enterprises established with the participation of investors from various countries, including Germany, Poland, the USA, the Czech Republic, Great Britain, Russia, Canada, Holland, and Israel. The enterprises operate in the fields of mechanical engineering, woodworking, food, chemical, fuel, and light industries. As of April 1, 2012, 61 residents were registered in the "Vitebsk" free economic zone. -0-