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Economy
02 November 2022, 16:58

Correct specialization believed able to accelerate economic development in Belarus' regions

Yuri Chebotar. An archive photo
Yuri Chebotar. An archive photo

MINSK, 2 November (BelTA) – A correct specialization helps with the accelerated development of economies in the regions. Belarusian First Deputy Economy Minister Yuri Chebotar mentioned it at an offsite session of the council for interaction of local self-government bodies under the Council of the Republic of the National Assembly of Belarus in Petrikov District, Gomel Oblast, the ministry's press service told BelTA.

According to Yuri Chebotar, by focusing on manufacturing industry as the main growth point Petrikov District has been able to demonstrate a faster development pace in comparison to the rest of the oblast. In January-September 2022 the industrial output rose by 2.8 times, which is way higher than the oblast's and the country's averages. Meanwhile, the production sector is not operating only to inflate the stock in storage. The financial state of the enterprises shows stable dynamics of net profit. The share of loss-making enterprises is steadily below the oblast's average, the official remarked.

The results were attributed to progressive dynamics of merchandise export, Yuri Chebotar added. In January-August 2022 merchandise export rose by 8.1% from January-August 2021. A foreign trade surplus was secured. The Petrikov District share in Gomel Oblast's total merchandise export is growing. It is an important trend, too. The district also boasts a surplus of trade in services. As a result, local salaries are now much closer to the oblast's and the country's averages. Unemployment remains low. The realization of projects on the basis of the district's competitive advantages will give a powerful boost to further development of the district. Those are primarily further modernization of existing enterprises, efforts to find investors for vacant industrial sites, and certainly effective use of Petrikov District's transportation, logistics, and recreation potentials.

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