Business news

VITEBSK, 13 November (BelTA) – The free economic zone (FEZ) Vitebsk and the Kocaeli City Chamber of Industry, Turkey intend to assist with the advancement of manufacturing cooperation between Belarusian and Turkish companies in addition to uniting efforts to help the companies penetrate new markets. The plans are stipulated by the partnership agreement, which was signed during a recent visit of the Vitebsk delegation to Turkey, BelTA learned from Yulia Mikolaichik, aide to the FEZ Vitebsk administration head.

The document creates the foundation for sharing the best practices, for assisting with the advancement of cooperation between Belarusian and Turkish companies in innovations and technology. The agreement will help the partners provide more effective legal support to trade and investment efforts of the companies. The document allows the partners to work together to arrange events, during which representatives of business circles will be able to share their best practices. All of that will help bolster trade and economic turnover between the two regions.

During the negotiations the sides agreed that a Turkish business delegation will visit Vitebsk in Q2 2018. Apart from that, work is in progress to consider signing partnership agreements between FEZ Vitebsk and the Foreign Economic Relations Board of Turkey (DEIK) and between FEZ Vitebsk and the Gebze Organized Industrial Zone (GOSB).

There is a considerable potential in trade and economic relations with Kocaeli since the city is home to 13 industrial zones and three technology parks. Over 2,500 enterprises and organizations are members of the Kocaeli Chamber of Industry. Among them are enterprises run by Ford, Hyundai, Honda, Pirelli, Bridgestone, and Goodyear. Over 80 Kocaeli business structures are among Turkey’s top 500 companies.

The Gebze Organized Industrial Zone (GOSB) was founded in 1986. It is located near Istanbul and occupies 537ha. It is home to 156 companies, including over 40 foreign ones. Their export is estimated to exceed $1 billion, with the volume of raised investments close to $1.4 billion.

The free economic zone (FEZ) Vitebsk was established in 1999. It occupies over 2,400ha and comprises 13 locations, including seven in Vitebsk, four in Orsha District, one in Vitebsk District, and another one in Postavy District. As many as 37 companies with capital from 12 countries operate as FEZ residents in such spheres as mechanical engineering, electronics, veterinary science, chemical infrastructure, fuel industry, food industry, light industry, and other areas. They employ nearly 10,800 people.