Business news

MINSK, 8 January (BelTA) – The radio electronics company KB Radar, the managing company of the holding company Radiolocation Systems, is now a resident in the free economic zone (FEZ) Minsk, representatives of the free economic zone administration told BelTA.

The company KB Radar will set up a modern enterprise to make radio electronics. Administrative and manufacturing premises and warehouses will be built. The company intends to invest over €2 million in the new enterprise in 2018-2022. At least 66 jobs will be created.

KB Radar is an R&D company specializing in radio location, radio navigation, communications interception, electronic warfare, radio communication, telemetry and data transmission solutions. The government owns 100% of the stock in the public joint-stock company (OAO) KB Radar.

The free economic zone Minsk was established in 1998 with a view to attracting domestic and foreign investments for the sake of setting up and developing enterprises based on new and high technologies, for enabling favorable conditions for the economic development of the region. Since its inception FEZ Minsk’s area has increased by more than 100% and now occupies 2,600ha.

FEZ Minsk is home to over 110 resident companies with Belarusian and foreign investments. Thirty-nine factories have been built and rebuilt in the zone for manufacturing purposes, 12 enterprises are being built, and another 12 are being designed. The local enterprises specialize in mechanical engineering and metalworking, chemical and petrochemical industries, forestry industry, and civil engineering. Capital from 23 countries has been invested in these enterprises. Major investors include Russia, the UK, Germany, Cyprus, Estonia, Latvia, and the USA.