Regional News

FEZ Vitebsk’s new resident company to launch veneer production

Karelia Veneers has been registered as a new resident company in the Free Economic Zone Vitebsk to launch veneer production, BelTA learned from the FEZ administration.

The company is founded by a Spanish investor. Veneer is widely used in the production of furniture, musical instruments and also as finishing materials. Raw wood necessary for veneer production will be supplied from Russia. Finished goods will be shipped to the CIS and non-CIS markets. They will also be used by the investor from the Pyrenean Peninsula. The veneer production will be launched in Sector No.2 of FEZ Vitebsk in the industrial zone of the city in Q1 2021. The project will create at least 80 new jobs.

Karelia Veneers has become the first company in FEZ Vitebsk with Spanish investment. The FEZ has so far registered 48 resident companies with investment from 14 countries, including Germany, the Czech Republic, Russia, Poland, the UK, the United States, Israel, Cyprus and Estonia. In January-June 2019, the FEZ resident companies invested some Br103 million, up 94% year-on-year. Over the period they netted Br70 million, which is 1.5 times up from the first six months of 2018. The FEZ resident companies employ more than 16,600 workers. In January-June 2019, the average salary made up almost Br926.

BELARUSIAN NEWS