Business news

19 Mar 2019

Swedish investor to launch production of polymer modified bitumen in FEZ Vitebsk

VITEBSK, 19 March (BelTA) – Avestra Bitumen Materials has been registered as a new resident of Vitebsk Free Economic Zone. The company plans to launch the manufacturing of polymer modified bitumen, BelTA learned from the FEZ administration.

A Swedish investor plans to inject more than $25 million in the project. Polymer modified bitumen is widely used in road construction thanks to its high performance and quality. The main sales markets will be Russia, Turkey, Israel and also the Baltic states, African and Eastern European countries. The project envisages more than 50 new jobs.

The company will occupy the area of 8.7 hectares in the western part of the industrial part of Novopolotsk.

FEZ Vitebsk is home to 45 companies set up with the participation of investors from 14 countries, including Germany, the Czech Republic, Russia, Poland, the UK, the United States, Israel, Cyprus, and Estonia. In 2018, the total export of goods made up $664.4 million, almost 20% up from 2017. The export of services reached $53.7 million (up 154.3%). In 2018, the residents of FEZ Vitebsk cooperated with partners from 63 countries, including 24 EU member states. The resident-companies employ more than 16,000 people.