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22 September 2023, 18:42

Belarusian Industry Ministry enterprises begin new investment cycle

VITEBSK, 22 September (BelTA) – A new investment cycle of the development of the manufacturing sector has begun in Belarus, BelTA learned from Deputy Prime Minister of Belarus Piotr Parkhomchik during festivities held in Vitebsk to mark Machine Builder's Day.

Piotr Parkhomchik
Piotr Parkhomchik

As he visited an exhibition of products made by industrial enterprises, Piotr Parkhomchik said: “For years the Industry Ministry has been the driver of development of the Belarusian economy. For three years they [industrial enterprises] have been not only surprising the country's government but rejoicing at their accomplishments. In 2021-2023 the output growth rate of Industry Ministry enterprises rose by 1.4 times. Export rose by 1.7 times in this period. After just three years of work. In other words, all the tasks set by the Belarusian People's Congress have been fulfilled by the Industry Ministry and the ministry's enterprises over the course of three years.”

Piotr Parkhomchik drew attention to the development of Belarusian industrial enterprises, in particular, to the investment policy the Belarusian Industry Ministry pursues. “It is a very important element. Most importantly, a new investment cycle of the development of the manufacturing sector has begun: 65 investment plans have been developed by the Industry Ministry. The sum of these investments is within Br6 billion. The Industry Ministry and the enterprises will have to accomplish a very serious task of getting this work done as fast as possible. We tell them to do it within four years but we demand that they should do it within the next three years. And most importantly, the government has come up with monetary resources to realize this investment plans. These plans will serve as the next cycle of development of our manufacturing sector in the next five-year term,” the official concluded.

In his words, the share of innovative products is always slightly larger than 40%.

Vitebsk's downtown will serve as an innovative venue for the Industry Ministry for several days. An exhibition of the latest products of the Belarusian mechanical engineering industry opened in Svobody Square in the morning on 22 September. Nearly 20 mechanical engineering enterprises are represented there. The exhibition will work till 19:00 on Saturday and till 16:00 on Sunday.

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