Business news

VITEBSK, 17 May (BelTA) – The 7^th international economic forum Innovations. Investments. Prospects has gathered in Vitebsk 42 delegations from 14 countries, Vitebsk Oblast Governor Nikolai Sherstnev said at the opening of the forum on 17 May, BelTA has learned.

The scale of the forum and the number of participants expands every year. “This proves the interest in the forum and Vitebsk Oblast with its business development opportunities,” Nikolai Sherstnev said. He added that in order to take up a decision to run business in Vitebsk Oblast, it is necessary to know how the region is developing and what its industrial and personnel potential is. The government bodies and companies of Vitebsk Oblast are in turn interested in the foreign experience in the implementation of investment projects.

Every year Vitebsk Oblast companies export $2.5 billion worth of products to 87 countries. One third of its exports are high-tech goods. Vitebsk Oblast is comprehensively developing industrial region which features more than 1,500 companies, about 30,000 business structures representing over 40 countries. Innovative products account for 30% of the Vitebsk Oblast industrial output.

Every year Vitebsk Oblast organizations attract over $1 billion in capital investment. Currently, the Russian capital is used to upgrade the production of condensers in Monolit. Over $22 million was injected in the expansion of footwear production at Belwest, another $16 million was used to construct a new plant to produce nontype metalware in Polotsk District. Czech investors set up new companies to produce wooden pellets in Liozno District and peat substrates in Sharkovshchina District. Danish technologies are used to complete the construction of a modern pig-breeding complex in Tolochin District, with the total investment of €32 million.

As for the near economic outlook, the governor stressed that Vitebsk Oblast focuses its primary attention on the rational use of natural resources, industrial and personnel potential. He named a number of projects which look promising for the region. Among them are projects on wood processing, peat production and processing for agricultural needs, flax and colza cultivation and processing, the construction of meat and milk complexes, fish nurseries. Such projects are currently discussed with Lithuanian, Chinese, Ukrainian, Latvian, and Russian companies, and also representatives of Egypt, Kuwait and India.

The majority of events of the forum are held at the Summer Amphitheater. Among the organizers of the forum are Vitebsk Oblast Executive Committee, Vitebsk City Hall, Vitebsk Oblast Marketing Center, and the administration of the Vitebsk free economic zone.