Business news

11 Apr 2019

Belarus-China industrial park to have 60 resident companies by 2020

MOSCOW, 11 April (BelTA) – The number of resident companies at the China-Belarus Industrial Park Great Stone will increase to 60 by the end of the year, Igor Leshchenok, First Deputy Head of the industrial park administration, told reporters on 11 April, BelTA has learned.

“The park has 43 resident companies already. According to our estimates, their number will increase to at least 60 by the end of the year. These companies represent businesses from around the world, including Belarus, China, Germany, Austria, the United States and Russia,” he said.

Igor Leshchenok underlined that priority infrastructure is already in place at the park. “By the end of the year, the area where infrastructure is available will grow from today’s 3.5 km2 to 8.5 km2. These are fully-equipped venues with all the necessary engineering facilities and standard manufacturing and office buildings,” he noted.

Citing international experts, including Forbes, Igor Leshchenok emphasized that there is no other place in Europe and Asia that offers so many preferences as the Great Stone park does. “Such preferences are not available anywhere else. They include exemption from all taxes (we even call it a manufacturing offshore). To be more precise, resident companies are exempt from the profit tax for ten years, after that, they will pay only 50% of this tax till 2062. They are also exempt from the land and property tax, import customs duties and VAT on equipment till 2062. The industrial park also offers a great number of nonfinancial preferences, like the single point of contact inside the park where investors can do all the necessary paperwork.

Advantages of doing business in the China-Belarus Industrial Park Great Stone were presented in the Business and Cultural Complex of the Embassy of Belarus in Moscow on 11 April. Taking part in the event were ambassadors and heads of commerce services of about 60 diplomatic missions accredited in Moscow as well as representatives of the Association of European Business, the Standing Committee of the Union State of Belarus and Russia, the innovation fund Skolkovo, Russian and foreign business circles.