Region

OAO Mogilevkhimvolokno to become resident of free economic zone

OAO Mogilevkhimvolokno will become a resident of Free Economic Zone Mogilev, BelTA learnt in the administration of the free economic zone. According to specialists, Mogilevkhimvolokno becomes a resident when the company and the administration of the zone will sign all the necessary documents including the agreement on operational conditions. The company intends to carry out several investment projects within the framework of the development programme for 2008-2012. OAO Mogilevkhimvolokno is one of the leading European producers of polyester fibres and threads and the CIS only major manufacturer of dimethyl terephthalaten and polyether granulate, including polyether granulate for food industry. The company exports around 60% of the make. Mogilevkhimvolokno employs around 11 thousand people. The number of residents of Free economic Zone Mogilev is planned to be increased due to the affiliation of the Mogilev machine-building plant, a foreign enterprise with Russian capital. The commission for raising competitiveness has also approved of its registration already. The investment project of the enterprise provides for production of non-standard equipment for cable, polygraphy and packing industry, the launching of which will take place in 2008. About 95% of the products are meant for export. Free Economic Zone Mogilev was set up in January 2002. This combined zone includes production, export and free customs zones. As of January 1 2008, there were 12 residents registered in the zone.