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05 May 2023, 15:50

Economist: Production cooperation secures Union State's technological sovereignty

MINSK, 5 May (BelTA) - Production cooperation between Belarus and Russia secures technological sovereignty in the Union State, Doctor of Economic Sciences Valery Bainev told BelTA.

According to him, the focus on deep integration, including in the industry, has worked in the prevailing conditions. “Under the conditions of external pressure we need joint strategies in various sectors, including the industry. First of all, in microelectronics and machine tool building. The development of these areas will ensure technological sovereignty. Apart from that, Russia has announced a large program to upgrade industrial enterprises. This is an opportunity for us to get funds to solve these issues. I am confident that in the near future industrial cooperation between the two countries will make it possible to replace all critical imports from the West, increase mutual trade, strengthen the economy of the Union State and improve the wellbeing of our citizens,” he said.

According to Valery Bainev, in February 2023 Belarus and Russia signed an intergovernmental agreement on a common industrial policy. “A common space is being developed, where common rules and laws will be used in terms of industrial policy. It is important that the mechanisms to support projects in the Union State are expanded, barriers are reduced, the production of new types of competitive products is encouraged. Most importantly, conditions are developed for the use of progressive financial products,” the expert added.

In his words, Russia has allocated a loan of RUB105 billion to Belarus for the implementation of import substitution programs. Twelve large-scale projects are planned for implementation in 2023-2024. “These are new jobs, new and in-demand products. All this will strengthen the economies of the two countries,” he said. “We need to understand that comprehensive cooperation with Russia is the best and most profitable way to improve the wellbeing of our citizens,” he said.

According to Valery Bainev, Belarusian specialists are in high demand in various branches of the Russian economy today. “The common labor market and the high level of labor migration between Belarus and Russia are the most important indicators of the healthy functioning of the economies,” the expert added.

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