MINSK, 25 August (BelTA) – The implementation of a number of major projects in Minsk Oblast is now in its active phase. The fact is a prerequisite for the growth of the region's economy in H2 2016. The statement was made by Pavel Yukhnevich, Chairman of the Economy Committee of the Minsk Oblast Executive Committee, during the session held on 25 August to discuss results of the social and economic development of the region in January-June 2016, BelTA has learned.
According to the source, pharmaceutical, chemical and food industry enterprises continue to be the drivers of the regional economy. Light industry is doing well, stated Pavel Yukhnevich. The construction market is showing good signs. “The implementation of the main projects — BelGee, the [China-Belarus industrial park] Great Stone, the second Minsk ring road — is in an active phase. The reconstruction of the M6 Minsk-Grodno motorway has begun. There are reasons to believe that economic indicators will grow in the second half of the year,” said the official.
Pavel Yukhnevich remarked that the growth rate of the Minsk Oblast economy in H1 2016 was dissatisfactory. The GDP growth rate totaled 92.7% as against the same period of last year or below the country's average. “But we should bear in mind that the industrial giant Belaruskali had to reduce output due to complicated market conditions,” said the official.
At the moment the Minsk Oblast economy just like the national economy is gradually increasing industrial output, the volume of construction and installation services and so on. In January-July 2016 the growth rate of the gross regional product reached 93.4%, with positive trends expected in the future.
Speaking about efforts to raise foreign direct investments, Pavel Yukhnevich said that Minsk Oblast managed to attract about $100 million in FDI in H1 2016. “New projects involving FDI emerge. The volume may not be as large as we would like it to be but there are some projects with FDI. The measures the central government is taking will help improve the investment climate and open the economy. Minsk Oblast will definitely be able to hit this year's FDI target,” concluded the Chairman of the Economy Committee of the Minsk Oblast Executive Committee.
