The Belarusian government has opened a special economic area at Bremino-Orsha in the Vitebsk Free Economic Zone in the northeast of the country, Belta has reported.
According to the state-run news agency, the special economic area, which consists of industrial and logistics sectors, will offer several investment discounts for foreign companies, including tax preferences and deductions, such as no income tax for the first nine years, no real estate tax for the first 20 years, no value added tax on exported manufactured goods outside the Eurasian Economic Union and no dividend tax until 2033.
Manufacturing companies operating in the area will produce household appliances, pharmaceuticals, food products, car parts, cosmetics, chemicals and jewellery while the zone itself will offer services in processing, wholesale trade, e-commerce, logistics, warehousing, communication, administration, research and development.
Vitebsk is one of six free economic zones (FEZs) in Belarus where the government allows international investments under special conditions to boost the Belarusian economy. Currently, more than 280 resident companies operate in FEZs in Belarus, employing more than 61,000 people.