Business news

MINSK, 10 July (BelTA) – The free economic zone (FEZ) Minsk has registered a new resident, ZAO Armisinvestgrupp, for the implementation of an investment project to set up production of metal structures for electrical engineering industry, BelTA learned from the website of FEZ Minsk.

At least $570,000 will be invested under the agreement. The products of the enterprise will be designed to suit the needs of ZAO Katek, a manufacturer of factory-assembled transformer substations, low- and medium-voltage electrical equipment.

The free economic zone Minsk was established in 1998 with the aim of attracting domestic and foreign investment for the development of enterprises based on new and high technologies, ensuring a favorable environment for the economic development of Minsk Oblast. Since the establishment of FEZ Minsk, its resident companies have built or upgraded 37 plants, 14 companies are busy building and renovating facilities, 12 resident companies are at the stage of design work. The main industries in FEZ Minsk are mechanical engineering and metalworking, chemical and petrochemical industries, woodworking, construction industry, and others. FEZ Minsk is as large as 2,600 hectares, with over 1,000 hectares in Minsk and 1,600 in Minsk Oblast. The territory is divided into 21 areas. FEZ Minsk has more than 120 resident companies with Belarusian and foreign participation.