MOGILEV, 22 June (BelTA) – We have plans to increase the investment activity of Belarus' Mogilev Oblast by attracting foreign capital, Ruslan Strakhar, Chairman of the Economy Committee of the Mogilev Oblast Executive Committee, said at a meeting of the Mogilev Oblast Council of Deputies on 22 June as he emphasized the importance of investment attraction as an instrument for boosting employment and securing economic growth, BelTA has learned.
Ruslan Strakhar pointed out that amid the reduction of the budgetary and credit support, local authorities have to find reserves and sources to attract foreign investment. A priority investment activity is the development of mutually beneficial cooperation with China. “We see processing of agricultural products, power engineering, waste treatment, and several other sectors as promising in terms of investment cooperation. We are also considering different options for the region's participation in the development of the Silk Road Economic Belt,” Ruslan Strakhar noted.
He added that international investment forums help increase the region's investment appeal. For instance, a number of investment projects worth a total of $250 million were signed during the eighth investment forum Mill of Success in November 2016. Work is underway to implement an investment project to build a network of public catering facilities in Mogilev.
To provide employment to the population, the region has been working to attract investment from the European Union, through the United Nations Development Program, the Global Environmental Fund, and the Support Program for Belarus of the Federal Government of Germany. Thanks to these efforts, dozens of projects and initiatives have been launched to promote sustainable development in Mogilev Oblast. The international technical support project “Promotion of employment and self-employment of the population in small and medium-sized towns in the Republic of Belarus” only envisages establishment of two of three small-business incubators. The project is currently at the stage of searching for appropriate sites.
Ruslan Strakhar noted that in Q1 2017, Mogilev Oblast attracted almost $75 million in FDI on a net basis, while the target for the year 2017 is $95 million.
