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Belarus, Egypt seek to increase localization of joint ventures

Economy 18.06.2019 | 13:30

MINSK, 18 June (BelTA) – Belarus and Egypt are working to increase the level of localization at joint ventures, Belarus' Minister of Antimonopoly Regulation and Trade, co-chair of the Belarus-Egypt trade commission Vladimir Koltovich told reporters, BelTA has learned.

“Of course, we want to be a success on the Arab market. Today Egypt, one of the most authoritative countries of the Arab world, positions itself as a gate to the markets of Africa and the Arab world. In this regard, our primary task is to achieve a certain level of localization, so that our joint products will sell under the Made in Egypt label,” the minister said.

In his words, talks are in place at the level of senior officials of ministries and agencies to determine clear rules of the game and terms of Belarus' operation on the Egyptian market. “Egypt is a very competitive market, and we realize that our primary task is to make high-quality products and sell them at reasonable prices,” Vladimir Koltovich said.

In the past two years the Belarusian-Egyptian trade almost doubled – from $57.8 million in 2016 to $108.7 million in 2018. The export of Belarusian products nearly doubled as well – from $43.3 million to $83 million. Belarus and Egypt are currently mulling over and implementing over 15 joint projects in manufacturing, agriculture, science, personnel training. Belarus helps Egypt to increase the industrialization level, upgrade technologies and create new jobs. A joint project to produce MAZ equipment was launched in February 2018. A multi-industry enterprise in Alexandria makes Belarus tractors, Gomselmash grain harvesters and other agricultural equipment. The factory produced 302 tractors and created 40 new jobs last year. Assembly lines for Amkodor loaders and Bobruiskagromash farming equipment were launched jointly with the Egyptian Ministry of Military Production.

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