Call to intensify cooperation with investors in Belarus
It is necessary to strengthen the work with investors at each stage - from the investment idea to the start of production activities, First Deputy Economy Minister Yuri Chebotar said at the conference “Contemporary Challenges and New Approaches in the Work of FEZ”, organized by the administration of the Mogilev Free Economic Zone on 4 October, BelTA learned from the press service of the Economy Ministry.
According to Yuri Chebotar, today it is of particular significance for Belarus to maintain investment attractiveness for foreign and domestic businesses. The availability of effective preferential regimes, such as free economic zones, plays a special role in addressing this issue.
“Today 425 residents from 35 countries are registered in the Belarusian free economic zones, implementing projects in the chemical industry, electronics, woodworking, mechanical engineering, and metal processing. Over the time the FEZ residents have invested more than $12 billion. In H1 2022, keeping in mind 5% of the average number of organizations in the country FEZ residents produced one-fifth of industrial production, secured a quarter of exports and net FDI. Traditionally, more than 70% of industrial products made by FEZ residents are shipped for export, the geography of which covers 100 countries. The efficiency of FEZ resident enterprises is many times higher than the national average, as evidenced by higher rates of foreign investment, exports of goods and industrial production per employee,” the first deputy economy minister said.
According to Yuri Chebotar, even taking into account the current challenges, the FEZ enterprises promptly take measures to adapt their production to external conditions, expand the range of products, develop new markets, establish transport and logistics chains.
“For its part, the government is taking systematic measures for the successful development of the zones. This year alone, on the proposals of oblast executive committees, new territories for the implementation of new significant investment projects have been included in the boundaries of free economic zones. Necessary infrastructure is being created with the help of the budget in order to increase investment potential. The competence of administrations in land use and protection has been considerably expanded. In the near future we plan to implement new initiatives to improve investment conditions in the FEZ.
Administrations, on their part, need to engage all their professionalism, to strengthen work with investors at every stage - from the investment idea to the start of production activities. Particular attention should be paid to the implementation of key performance indicators - positive growth rates of capital investment and exports of goods, the average monthly salary at a level above the regional indicators, the creation of new high-performance jobs. I am convinced that the measures will promote FEZs as drivers of economic growth and contribute to the development of regions,”the first deputy economy minister said.
At the end of his speech, Yuri Chebotar presented a diploma of the Economy Ministry to the head of the administration of the Gomel Raton Free Economic Zone Antonina Yezhova for many years of conscientious work and personal contribution to the social and economic development of Gomel Oblast and the Republic of Belarus.