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17 August 2022, 18:57

Belarusian private sector looking for new types of activity to substitute imports

Sergei Mityansky
Sergei Mityansky

IVANOVO, 17 August (BelTA) – Belarusian entrepreneurs are looking for new types of activity for the sake of import substitution, BelTA learned from Belarusian Deputy Economy Minister Sergei Mityansky in Ivanovo, Brest Oblast on 17 August.

Sergei Mityansky said: “Entrepreneurs are ready to change in current conditions. They are looking for new types of activity in order to substitute the foreign companies, which used to sell equipment, raw materials, and components to us.” The official pointed out that the government is ready to help small and medium businesses and new support tools are being made available. For instance, the Belarusian Fund for Financial Support of Entrepreneurs organizes meetings of major industrial enterprises with small and medium businesses. They find points for cooperation, the entrepreneurs are getting integrated into manufacturing cooperation chains of major manufacturers. The Belarusian Universal Commodity Exchange has created an import substitution platform where real sector players place their orders and information about products. The Development Bank of the Republic of Belarus also has a package of proposals for the private sector.

Sergei Mityansky went on saying: “In H1 2022 within the framework of regional import substitution plans Belarusian SMEs made over $1.5 billion worth of merchandise. The figure was close to $747.3 million in Q1 2022. Over $8 billion worth of merchandise was imported from unfriendly countries last year. This is why small and medium private enterprises have something to aspire for. I think the private sector will look for reserves for import substation.”

A meeting with entrepreneurs was organized in the town of Ivanovo on 17 August to discuss business development. Representatives of the Economy Ministry and other central government organizations, the Brest Oblast Executive Committee took part in it. The key purpose was to talk about how support can be provided to Belarusian SMEs and learn about the problems that the private sector encounters. Such meetings are organized in Belarus' regions every week. “On the part of the government and the head of state everything possible is being done to keep the economy operating steadily, to preserve jobs, and honor social guarantees to the population,” Sergei Mityansky concluded.

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