Screenshot of Belarus 1 TV video
MINSK, 18 April (BelTA) – First Deputy Economy Minister of Belarus Andrei Kartun told the Belarus 1 TV channel about instruments to support Belarus’ exports to far arc countries, BelTA has learned.
“We have prioritized the markets of Africa and Latin America. These markets are huge. Egypt, Nigeria, Equatorial Guinea and South Africa will be our strongholds on the African market. This market is estimated at more than $100 billion,” said Andrei Kartun. “We have developed a number of tools and keep upgrading them, including financial instruments to support exports - the so-called pre-export financing. We are also actively promoting non-financial instruments, like compensation trade. It involves barter transactions in cross-border markets. African partners often say that due to strict currency laws, they cannot pay, only give something in return. We have already tried this and it was a good deal,” he added.
“We have identified our strongholds and use them as gateways. In recent years, 20 new embassies have opened in non-traditional markets, including in Africa, because there is huge potential there,” noted the first deputy minister. “Naturally, it will be difficult for a manufacturer to enter a new market on its own, so we need to use diplomatic channels, financial and non-financial instruments, various kinds of assistance with payments. At this stage banks get involved and try to figure out how they can help. This includes factoring services (search for counterparts to eliminate non-payment risks).
“We have prioritized the markets of Africa and Latin America. These markets are huge. Egypt, Nigeria, Equatorial Guinea and South Africa will be our strongholds on the African market. This market is estimated at more than $100 billion,” said Andrei Kartun. “We have developed a number of tools and keep upgrading them, including financial instruments to support exports - the so-called pre-export financing. We are also actively promoting non-financial instruments, like compensation trade. It involves barter transactions in cross-border markets. African partners often say that due to strict currency laws, they cannot pay, only give something in return. We have already tried this and it was a good deal,” he added.
“We have identified our strongholds and use them as gateways. In recent years, 20 new embassies have opened in non-traditional markets, including in Africa, because there is huge potential there,” noted the first deputy minister. “Naturally, it will be difficult for a manufacturer to enter a new market on its own, so we need to use diplomatic channels, financial and non-financial instruments, various kinds of assistance with payments. At this stage banks get involved and try to figure out how they can help. This includes factoring services (search for counterparts to eliminate non-payment risks).
