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Economy
27 April 2023, 13:51

Belarusian manufacturing sector increases import substitution, investments in response to sanctions

MINSK, 27 April (BelTA) – The Belarusian manufacturing sector has stepped up import substitution efforts, innovations, and investments in response to Western sanctions, Belarusian Industry Minister Aleksandr Rogozhnik told BelTA in an interview.

Aleksandr Rogozhnik said: “In his address to the nation and the parliament Belarus President Aleksandr Lukashenko mentioned economy as the third condition (and the most important one) of sovereignty and independence. And manufacturing sector is the engine that drives the economy forward. One job in the mechanical engineering industry is estimated to provide about ten jobs in other industries.”

The official stressed: “I can say with confidence that the war of sanctions has not resulted in the downfall of the Belarusian economy. Moreover, the manufacturing sector has stepped up import substitution efforts, innovations, and investments in response to sanctions.”

According to the industry minister, today every executive, every blue-collar worker understands that the steady development of the enterprise, the region, and the country as a whole depend on smooth, united and creative teamwork.

Belarusian Industry Ministry eager to raise at least Br850m in fixed-capital investments in 2023Belarusian Industry Ministry eager to raise at least Br850m in fixed-capital investments in 2023
Aleksandr Rogozhnik said: “Our maximum goal is to raise at least Br850 million in fixed-capital investments across the Industry Ministry system. A third up from the previous year.”
Plans to spend over Br150m on Belarusian Industry Ministry innovative development projects in 2023Plans to spend over Br150m on Belarusian Industry Ministry innovative development projects in 2023
Aleksandr Rogozhnik said: “As many as 21 innovative projects assigned to the Industry Ministry are included in the government program on innovation-driven development."
Importance of supporting growth trajectory of Belarusian Industry Ministry enterprises stressedImportance of supporting growth trajectory of Belarusian Industry Ministry enterprises stressed
Aleksandr Rogozhnik said: “Our enterprises performed in the black in Q1 2023: the output growth rate totaled 109.6% in comparable prices as against Q1 2022."

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