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Economy
07 December 2022, 18:14

Belarus' Economy Ministry names main drivers of export growth in 2023

An archive photo
An archive photo

MINSK, 7 December (BelTA) – Belarus' First Deputy Economy Minister Yuri Chebotar delivered a report on Belarus' economic performance in 2022 and forecasts for 2023 at the meeting of the Council of the Confederation of Industrialists and Entrepreneurs (Employers) of the Republic of Belarus, BelTA learned from the press service of the Economy Ministry.

The key task of the government is to achieve the targets set by the five-year program, to increase the GDP by 3.8% in 2023. One of the drivers of growth is the export of goods and services. “The export is expected to amount to $48.9 billion, up by 5.5%. The $2.6 billion increase is to be achieved through deliveries to Russia, the markets of Asia and Africa, expansion of cooperation with China. There will be a number of measures to boost export. They include financial instruments - Decree No. 534 and Decree No. 466. Measures to support the certification of food products envisaged by Decree No. 412 will also be enforced. Export loans will exceed Br4 billion,” Yuri Chebotar said.

He also noted an increase in investments will be essential for economic development. They are projected to make up at least Br46.8 billion in 2023. The main areas of investment are housing and infrastructure (Br8.6 billion), infrastructure in the regions (more than Br7 billion), investment projects and technical re-equipment of enterprises (Br31.2 billion)."Simultaneously, we will be creating favorable conditions for investment. Among the key measures: the introduction of the institute of special investment contracts, instruments of state financial support for investment projects," the first deputy minister said.

Stable business conditions will contribute to the achievement of the most important forecast targets. "In 2023, the basic rent amount is projected at Br16.9. The VAT will remain at the level of the current year. The state will continue to minimize the administrative burden on business. Plans are in place to digitize at least 100 administrative procedures," Yuri Chebotar added.

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