Business news

MINSK, 24 September (BelTA) – The Hi-Tech Park is happy to report an unprecedented increase in the number of resident companies and the volume of the export of services, the Hi-Tech Park press service told BelTA.

In January-September 2018 the Hi-Tech Park welcomed about 200 new companies – more than the number registered in the entire 12-year history of the Hi-Tech Park. In addition to higher numbers quality growth of all the resident companies has been reported. In H1 2018 the Hi-Tech Park’s export grew by a record high of 40% without taking into account new companies. The growth rate is higher than last year’s although the year 2017 was also a record year for the Hi-Tech Park: for the first time in its history the volume of export went beyond $1 billion (more than 25% up from 2016).

In early 2017 the Belarus president declared the policy of building an IT country. The year was truly a turning point. “The Digital Economy Development Ordinance does work. We can see it in the colossal growth across the board: the number of resident companies in the Hi-Tech Park is on the rise, export figures skyrocket, and there are many new startups. Not only new companies grow larger. Old resident companies of the Hi-Tech Park have found second wind. Frankly speaking, the results are beyond expectations,” noted Hi-Tech Park Director Vsevolod Yanchevsky.

A third of the new resident companies are busy creating their own products. The number includes Polimaster Company, which makes hi-tech equipment for radiation detection and identification. NTLab-IS Company is focused on cutting-edge healthcare and space industry. The new companies also include the Lunas project, which offers 3D visualization to world design industry leaders. Rewatt Electro Company makes charging stations for electric vehicles. iTrans SmartTechnology is eager to facilitate freight transportation using AI technologies.

There are startups among the new Hi-Tech Park resident companies. Healthy Networks Company offers ways to automatically inspect the state of lungs and monitor patients remotely. RocketBody Technologies designs and makes smart bracelets for healthcare and sport.

“We were initially skeptical about all of it because the Hi-Tech Park was home to large corporations and it was difficult for small companies and startups to become a resident there. Thanks to the Digital Economy Development Ordinance we saw real opportunities for developing business in Belarus and now enjoy the most advantageous conditions,” stressed R-NOX Company Director Vadim Radzivill. The company monitors atmospheric air pollution levels.

“Many companies offer products for the real sector of the economy. The R&D products are actively used in the customs service, road industry, heavy industry, and healthcare. For instance, smart control systems developed by one of the new residents are now part of Minsk’s water supply system. There are a lot of solutions for improving urban conditions – a smart city. It is an excellent trend that companies from countries recognized by the global IT community also come to work in Belarus,” stressed Press Secretary of the Hi-Tech Park Dmitry Titov.

More than 60 new companies have been established by Belarusian citizens. About 20 resident companies rely on investments from a large number of countries. Those include several companies from the USA. Eurus Tech Company develops software for the banking industry. The stock of the American telecommunications company IDT is traded on the New York Stock Exchange.

“We started considering working in Belarus when we learned about the new IT industry regulations adopted in Belarus. The head of state’s strong support for the IT industry and the stable legislation in the Hi-Tech Park were crucial factors for us. Once our business grows larger, we will be ready to invest more in the Belarusian economy,” said IDT Chief Technology Officer David Wartell.

The Hi-Tech Park is now home to companies from China, Norway, Israel, the UK, Austria, Netherlands, Cyprus, France, and Russia.

The Digital Economy Development Ordinance has allowed resident companies to expand their core business. The business models now include the possibility of promoting software to foreign markets, the organization of cybersport events, the use of artificial intelligence technologies and machine learning technologies.

The Hi-Tech Park Supervisory Board has decided in favor of registering 96 new residents. The Hi-Tech Park is now home to 388 companies.

EPAM Company is a resident of the Hi-Tech Park. EPAM Software Engineering Conference (SEC) took place in Minsk last week. It was the largest conference in the entire history of EPAM Company. Speakers at the conference mentioned the large leap made by Belarus and the Hi-Tech Park in the IT sphere in the last 12 months. EPAM Company employees, partners, and clients from Google, Microsoft, WorkFusion, Chevron, and Renesas took part in the event. EPAM stock has been on the rise since 2017. In September the large American funds Morgan Stanley, Fidelity Management Research, and Vanguard Group drastically increased their shares in EPAM. The company’s capitalization now stands at $7.68 billion.