Business news

VITEBSK, 29 February (BelTA) – The administration of the Free Economic Zone Vitebsk intensifies its search for partners for its resident companies to secure an investment inflow, Head of FEZ Vitebsk Administration Sergei Yurkevich told BelTA.

Sergei Yurkevich emphasized the weakened investment activity in 2015. Foreign investment totaled 66% in comparison with 2014. It was $31 million, including $15 million in net FDI. The target was not reached. However, at the same time, it made up 40% of total foreign investment in Vitebsk Oblast. In order to improve the situation, the FEZ Administration takes an active part in the search of partners for those who need it. This task is fulfilled alongside with the assistance for companies to enter new markets.

“In this purpose in mind we intensified our overseas trips last year. We were to Finland, Poland, Germany, Lithuania, Latvia, Kyrgyzstan, China. This year we plan as many visits abroad. We also take part in investment promotion events both in Belarus and abroad,” Sergei Yurkevich explained.

FEZ Vitebsk also cooperates with embassies. Last year agreements were concluded to develop cooperation with several FEZ in other countries: FEZ Bishkek, FEZ Naryn (Kyrgyzstan), administration of FEZ Rezekne (Latvia), the economic development zone Kashgar (China), the special economic zone Moglino (Russia). Assistance is also provided by representatives of the free economic zone in other countries – Latvia, Israel. “We are currently working on a promotional catalogue of FEZ resident companies and their products for distribution at events and embassies,” Sergei Yurkevich added. He once again called upon heads of resident companies to address their issues, including the access to foreign markets and gaining footing on them with the help of the abovementioned resources.