Business news
FEZ Vitebsk resident companies’ export up almost 30% in Q1 2021
VITEBSK, 20 May (BelTA) – In Q1 2021, resident companies of the free economic zone (FEZ) Vitebsk exported more than $163 million worth of goods, which was up by almost 30% year-on-year, the FEZ Vitebsk administration told BelTA.
FEZ Vitebsk resident companies accounted for more than 35% of Vitebsk Oblast’s total export in January-March 2021. This year, they have traded with partners from 62 countries, including 22 member states of the European Union, export to which grew by 21% to almost $47.6 million. As economic conditions in major export markets deteriorated, resident companies with support from the FEZ Vitebsk administration have stepped up export diversification efforts. Thanks to this, they more than doubled supplies to Hungary, Denmark, Ireland, Slovakia, Slovenia, and France. Export to another nine EU countries went up by 10% or more.
FEZ Vitebsk resident companies also boosted exports to other regions. For example, supplies to countries of Southern Africa rose by almost 20%, to India – fivefold, and to Israel – more than sixfold. Getting access to new export markets is also seen as a priority. In Q1, FEZ Vitebsk resident companies delivered the first batches of fiber optic cables to Afghanistan, electrical cables to France, fur skins to China, glass fiber products to Mexico, and linen to Chile.
In January-March, FEZ Vitebsk resident companies increased output by 29%, and their revenues soared by 36.4%. Projects running in the free economic zone attracted more than $12.2 million in foreign direct investments on a net basis, which made up more than 40% of the total foreign direct investments in projects implemented in Vitebsk Oblast.
In Q1 2021, the FEZ Vitebsk administration registered three new resident companies. They will develop the production of hydraulic forging presses and construction materials and upgrade manufacturing facilities that make import-substituting parts for farm machinery and passenger cars. A number of projects are in the pipeline, with the companies scheduled for registration in H1 2021.
A total of 56 investment projects involving investors from 15 countries, including Germany, Czechia, Russia, Poland, Lithuania, the UK, Israel, Cyprus, and Spain, are being implemented in FEZ Vitebsk. The average number of employees of the FEZ companies exceeds 16,500 people. In Q1 2021, the average monthly salary went up by almost 17% and work productivity improved by over 30%.
FEZ Vitebsk was established in 1999 and comprises 16 sectors with the total area of nearly 2,800 hectares. Eight sectors are located in Vitebsk, five in Orsha District, one in Novopolotsk, one in Postavy, and another one in Polotsk District.
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