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22 March 2024, 17:59

Belarusian companies encouraged to invest in their own development

Photo courtesy of the Economy Ministry
Photo courtesy of the Economy Ministry
MINSK, 22 March (BelTA) – The future success of an enterprise hinges on investments in development. Belarusian Economy Minister Yuri Chebotar made the statement during a trip to Mogilev Oblast, the Economy Ministry press service told BelTA.

The economy minister visited the trout farm Lokhva. The company has created a closed-loop production cycle on a massive scale ranging from buying fish eggs to the processing of commercial fish. The fish farmers intend to implement an investment project to increase the output capacity of the existing farms.

Yuri Chebotar also met with top officials of the administration of the free economic zone (FEZ) Mogilev. FEZ Mogilev’s performance in 2023 and tasks for 2024 were discussed. In 2023 the companies residing in FEZ Mogilev secured an increase in wages in excess of 18%. Four new companies with the total volume of declared investments in excess of $64 million were added to the number of residents.

Yuri Chebotar remarked: “The free economic zone achieved rather good results in 2023. At the same time the FEZ Mogilev administration has to put more efforts into looking for and attracting investors intent on making new kinds of products, including out of local raw materials. It is also necessary to more actively assist the resident companies with increasing export volumes and penetrating new target markets.”

Apart from that, the economy minister visited OAO Olsa, which products are known well in Belarus and more than 20 other countries. The company is now implementing an investment project to substitute imports and increase the quality and output.

Yuri Chebotar examined the project’s progress and met with workers. The economy minister talked about the current situation in the Belarusian economy and answered a number of questions the workers were interested in.

“New technologies always underpin progress. In essence the scientific and technological sovereignty of a state is a guarantor of its political and economic independence. This is why today it is important for every enterprise to invest in its development: carry out modernization, launch new kinds of innovative products, implement import-substituting projects, and realize their export potential as much as possible,” the economy minister stated.

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