Business news

GRODNO, 24 November (BelTA) - A large Austrian company may construct a wood processing plant in Belarus’ Grodno Oblast, BelTA learned from the administration of the Free Economic Zone Grodnoinvest.

The FEZ Grodnoinvest administration signed a protocol of intent with Austria’s SPB Industrieinvest GmbH. The agreement is designed to boost the investment activity in the free economic zone.

“The company will consider the possibility of registering as a resident company of the FEZ Grodnoinvest in 2018 to set up a wood processing plant in Grodno Oblast,” the FEZ administration said. The site is being selected now. This plant will cover the full processing cycle and produce all kinds of lumber and related goods. The products will primarily be bound for export.

The FEZ Grodnoinvest administration pointed out that SPB Industrieinvest GmbH represents the interests of the Austrian wood processing company Schweighofer which has more than 350 years of experience. Today Schweighofer operates six wood processing plants across Europe with a total output of over 4 million cubic meters of wood a year.