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Economy
02 June 2022, 15:47

Belarusian Industry Ministry enterprises to make $4.5bn worth of import substitutes in 2022

OAO Lakokraska. An archive photo
OAO Lakokraska. An archive photo

GOMEL, 2 June (BelTA) – Enterprises run by the Belarusian Industry Ministry intend to make $4.5 billion worth of import substitutes in 2022. First Deputy Industry Minister Aleksandr Ogorodnikov made the statement at a conference held in Gomel on 2 June to discuss new manufacturing cooperation and import substitution opportunities for the private sector, BelTA has learned.

Aleksandr Ogorodnikov stressed that the situation on the market and in business has changed radically. Alternative suppliers of goods are in demand. There is a strong demand for hydraulics, rubber goods, ventilators, seats, chains, paints and varnishes, and fire-resistant goods. By mastering the production of such goods, enterprises will be able to work confidently, the official noted.

Belarusian enterprises of the Industry Ministry system intend to make $4.5 billion worth of import substitutes this year and these figures look feasible. Nearly $3.2 billion worth of these goods will be exported.

Aleksandr Ogorodnikov emphasized that a large part of the exports are made by assembly line enterprises of the Industry Ministry system. Those are Gomselmash, MTZ, BelAZ, MAZ, and other enterprises, he clarified. Addressing representatives of the private sector, the official stressed that the companies will have guaranteed work once their products are integrated into the assembly process.

In his opinion, it is important to also pay attention to the secondary market where higher profit margins are available.

“We invite any companies to cooperate,” the official noted. Aleksandr Ogorodnikov reminded that systemic presidential decrees, which foster the development of manufacturers, are in effect in Belarus now.

“Our Industry Ministry system is absolutely flexible and interacts with any enterprises in any areas. If you trust in your business and understand how it can and should grow, we are ready for contacts,” Aleksandr Ogorodnikov concluded.

Representatives of the Transport and Communications Ministry, the Development Bank of the Republic of Belarus, regional branches of Belarusian banks, the Belarusian Fund for Financial Support of Entrepreneurs, municipal authorities, and the private sector of Gomel Oblast also took part in the discussion.

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