There are six free economic zones (FEZ) in Belarus, namely, Brest, Vitebsk, Gomel-Raton, Grodnoinvest, Minsk, and Mogilev, that provide considerable privileges to their residents to organize manufacturing. A total of 281 organizations were registered as resident companies of the free economic zones. 273 of them are active companies.
Free economic zones offer their resident companies tax preferences, which mean fewer taxes as well as tax reductions. In terms of customs dues and tax payments a FEZ can be considered a free customs zone. Both national and foreign currencies are accepted for settlement within free economic zones in accordance with the rules and regulations endorsed by the National Bank of the Republic of Belarus. Foreign investors operating in FEZ enjoy investment protection guarantees by the state.
The priority avenues of the FEZ development include creation of high-tech companies, pharmaceutical, automobile, electronic and mechanical engineering companies. Attracting investments into new export-oriented and import-substituting factories is believed to be the most promising avenue.
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