Business news

MINSK, 7 August (BelTA) – Investors are ready to invest $850 million in the establishment of new enterprises in free economic zones (FEZ) in Belarus. The information was released by First Deputy Prime Minister of Belarus Vasily Matyushevsky after the government conference held by Belarus President Alexander Lukashenko to discuss ways to bolster the performance of Belarusian FEZs, BelTA has learned.

Vasily Matyushevsky said: “The total volume of declared investments in all the six free economic zones is close to $850 million. Those are new projects. We and the oblast administrations have asked to expand the free economic zones for them.”

In his words, the discussion during the government conference went beyond giving additional privileges to companies residing in the free economic zones.

In particular, the central government suggests additional financial sources, which the companies may use to create the necessary infrastructure, primarily natural gas and electricity. Besides, the territories of the free economic zones may be expanded to accommodate the new projects the investors are willing to implement.

All the proposals are stipulated by the relevant draft presidential decree. The head of state backed them on the whole, this is why the document is supposed to be polished and signed soon.

Vasily Matyushevsky explained that the availability of the free economic zones gives Belarus an edge in the fight for investments in the Eurasian Economic Union. “Belarus didn’t invent free economic zones. Such zones exist in other countries, too. This is why as we compete for investors, we should offer terms at least as good [as competition’s]. Because investors always have a choice,” noted the official.