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Excellent opportunities for investors in Belarusian free economic zones pointed out

MOGILEV DISTRICT ( BelTA) – A free economic zone has become a good symbiosis of state preferences and a responsible attitude to the realization of investor's obligations. Prime Minister of Belarus Roman Golovchenko shared the point of view during a working trip to Mogilev Oblast, BelTA has learned.

Roman Golovchenko remarked that the conditions enabled in free economic zones are effective. They are effective for export, for raising investments, and for profit growth. The figures are self-explanatory. The regime initially selected for free economic zones has been justified as well as individual corrections, which were introduced taking into account how countries compete for investor's money. This is why the free economic zones offer the best conditions. However, an investor, who comes into one for the sake of manufacturing, always keeps in mind the market and its capacity. Russia looks more preferable in this regard. But Belarus keeps up with the times, too: the Eurasian Economic Union allows penetrating any market regardless of where the manufacturing division is located. “Thanks to this factor our free economic zones with our legal terms and prompt decision-making have performed admirably,” Roman Golovchenko stressed.

The prime minister went on saying: “In a free economic zone investors enjoy a number of privileges and preferences. One can say they are outstanding. The fact has a positive effect on the economy of any project. In addition, the state uses its own money to build the infrastructure. As much as Br170 million has already been spent on that. But there is a great demand for this money because the interest persists and even grows stronger. In 2022 and so far in 2023 we registered over 50 new FEZ resident companies. A number of other residents are still preparing documents. I am convinced that we will continue developing this area. Moreover, we already have examples of exterritoriality: we can allocate additional land plots outside existing borders [of free economic zones] in order to implement particularly important or significant projects.”

According to Roman Golovchenko, the government follows the policy of simplifying and improving administrative work: not only tax preferences lure investors to free economic zones. “They also spend less time on legal paperwork. We facilitate administrative procedures concerning the arrival of investors, simplify the procedure for allocating land plots within limits of a free economic zone, and the demolition of unused buildings,” the prime minister noted. “In other words, we create a business environment oasis that enjoys the strongest demand. And certainly, we will try and spread the best practices onto the entire country. Essentially free economic zones are kind of a testing area for some experiments from the point of view of administrative procedures.”

The prime minister stressed that Belarusian free economic zones operate successfully. “The enterprises we've visited today tripled and quadrupled their output within literally a year and nearly quadrupled their export. Virtually everything uses Belarusian raw materials. There are certain moments left to be addressed in import substitution. It is a vivid example of the lucky symbiosis of state preferences and a responsible approach to the realization of investor's obligations.”

The realization of investment projects, construction of dairy farms, and import substitution efforts are on the agenda of the working trip of Prime Minister of Belarus Roman Golovchenko to Mogilev Oblast today. The first stop was companies with a share of foreign capital in the free economic zone (FEZ) Mogilev – IOOO Omsk Carbon Mogilev and OOO BelEmsa. After that the prime minister visited a dairy complex under construction of OAO Tishovka and the natural landmark Polykovichi Wellspring.