FEZ "Vitebsk" to expand its boundaries by incorporating sites in Polotsk and Novopolotsk

The "Vitebsk" Free Economic Zone (FEZ) will expand its boundaries by incorporating new sites in Polotsk and Novopolotsk, as reported to BelTA by the head of the FEZ administration, Sergey Yurkevich.

The region faces the task of maximising the attractiveness of the FEZ, which requires the development of new sites. "A document is currently being prepared on expanding the FEZ boundaries and establishing sectors in Polotsk and Novopolotsk, where a petrochemical cluster may be created in the future. This will contribute to increasing the investment attractiveness of the Polotsk region. I believe the regional executive committee will make a decision on this matter next week. In general, we have been working towards this for about a year. This is because, before initiating the creation of new sectors, groundwork on investment projects is necessary. Vacant areas should be offered either based on existing agreements with investors for enterprise creation, or at least there should be demonstrated interest in them. In any case, such a site within the FEZ should imply that a company will appear here in the near future," explained the head of the FEZ administration, Sergey Yurkevich.

"It is too early to talk about specific investment projects yet, as agreements have not been finalised. However, some of them are quite substantial, with an investment volume of $4-5 million. Since last year, the volume of mandatory investments has been reduced from 1 million euros to 500 thousand euros, with the condition of mandatory investment within three years. This means that the attractiveness of our sites has also increased," noted the head of the FEZ administration. "This also applies to existing sites, for example, in Orsha, where we are currently reaching an agreement on the creation of a new joint venture. The infrastructure development in Sector No. 1 "Zhurzhevo" - the main site in Vitebsk - is also actively continuing. We have plots there with the necessary communications, ready for development, covering a total area of 40 hectares."

Sergey Yurkevich expects that the upcoming International Economic Forum "Innovations. Investments. Prospects," to be held in Vitebsk on May 11-12, will inspire promising ideas for new FEZ sites. It will also help to more broadly present existing offers, infrastructure, and personnel to potential partners – factors that currently play a decisive role.