Business news

MINSK, 22 August (BelTA) – A new resident company – Borisov Heat Exchange Systems Factory YAXING BATE – has been registered in the free economic zone (FEZ) Minsk, representatives of the FEZ Minsk administration told BelTA.

The new resident will be the 118^th company residing in the free economic zone Minsk. The investors intend to pour at least $3.340 million in starting the production of heat exchange systems for cars. Plans have been made to create at least 100 jobs.

The project will be implemented with assistance of the Chinese company Tianjin Yaxing Century Industrial Company.

The new factory is meant to substitute imports. Another resident company – Borisov Automobile Components Factory HONGLI – was registered in FEZ Minsk about one month ago. The two companies will contribute to another important investment project – car assembling at SZAO BelGee.

The free economic zone (FEZ) Minsk was established in 1998 with a view to raising domestic and foreign investments for setting up and developing manufacturing projects powered by new and advanced technologies in addition to enabling favorable conditions for the economic development of the region. The main economic branches the FEZ Minsk resident companies operate in are mechanical engineering and metalworking, chemical and petrochemical industries, forestry industry, and civil engineering.