AMERICAN-BELARUSIAN JOINT VENTURE IS CREATED IN FEZ GRODNOINVEST

American-Belarusian joint venture PolyUnipack, plastic window-sill producer, has become a resident of free economic zone Grodnoinvest.

FEZ administration informed that the investment volume of the new resident will exceed $1.2 million. The company plans to spend $100,000 in 2004. PolyUnipack will start serial production in November-December 2005.

PolyUnipack became a FEA Grodnoinvest resident within the framework of the import-replacing programme. The company will create 34 jobs.

The FEZ administration is getting ready to sign an agreement with Polish EuroPackets LLC. The company plans to produce argon-filled double-glazed windows. The agreement will be signed in January 2005.

FEZ Grodnoinvest was created on April 16, 2002. Nowadays the FEZ has 23 residents, 19 of which were founded using foreign investments. There are 16 operating resident companies in FEZ Grodnoinvest. Since the FEZ Grodnoinvest foundation and as of October 1 it has been able to attract $24.5 million in investments. FEZ residents have been able to attract $7 million in investments, including $3.2 million in foreign investments.

In January-September 2004 residents of free economic area Grodnoinvest attracted BYR 7.3 billion in fixed capital investments or 350 percent up on the corresponding period of 2003.

In January-September FEZ residents produced BYR 28.8 billion of commodities (10 times up) and exported $12.6 million worth of merchandise (200 percent up against the respective last year period). The import totalled $10.4 million (200 percent up).