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23 May 2024, 13:54

Business incentives stimulate development of domestic production in Belarus

Aleksei Bogdanov. An archive photo
Aleksei Bogdanov. An archive photo
MINSK, 23 May (BelTA) – A complex of measures designed to support private companies in Belarus stimulates the development of domestic manufacturing, BelTA learned from Belarusian Antimonopoly Regulation and Trade Minister Aleksei Bogdanov before the 21st Assembly of Business Circles.

An entire system meant to support entrepreneurship has been established in Belarus. “Small and medium businesses employ quite a large number of people, who work for the benefit of the country’s economy, for the benefit of every Belarusian. If we evaluate retail trade in January-April 2024, we will see positive dynamics,” he pointed out.

According to the minister, the situation is under control. “The state takes measures. Those include the National Security Concept and the measures that regulate government procurement. Preferences are granted to Belarusian entrepreneurs to encourage them to participate in government procurement. Resolution No.992 on consumer lending has also played its part. It allows citizens to buy consumer goods, primarily non-foods, with loans with the interest rate of 4% per annum with installment plans spanning up to three years. As much as Br142 million worth of loans have been granted. We constantly expand the list of domestic manufacturers, which send their applications to us,” he said.

The large complex of measures established by the state stimulates domestic manufacturing, Aleksei Bogdanov is convinced. These measures stimulate small and medium private businesses to actively grow and participate in the country’s economy, the antimonopoly regulation and trade minister said.

The 21st Assembly of Business Circles is taking place in Minsk today. Participants of the forum are expected to discuss topical matters and priority avenues of development of the private sector in Belarus.

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