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Economy
14 April 2022, 10:47

Economy minister: Belarus' FEZ should retain competitive edge, favorable business terms

Photo courtesy of the Economy Ministry
Photo courtesy of the Economy Ministry

MINSK, 14 April (BelTA) – It is necessary to maintain competitive advantages and a favorable business climate in free economic zones (FEZ) amidst the sanctions, Economy Minister Aleksandr Chervyakov said at an online meeting with heads of oblast executive committees, the Minsk City Council and FEZ administrations, BelTA informs.

According to the economy minister, preferential zones help translate the country's investment, innovation, production and export potential into promising business projects. These projects, in turn, contribute to the sustainable development and dynamic growth.

“In the face of the increased pressure, we should strive to mitigate the risks to business activity in the FEZ, to maintain competitive advantages and favorable business terms for resident companies. A number of decisions have already been taken by the government in this regard. Last week, the prime minister signed a comprehensive plan to support the domestic economy. The document contains five blocks of measures that seek to maintain normal operation of exporters, redirect imports from Ukrainian and European markets to the markets of friendly countries. An additional incentive will be given to cooperation in the manufacturing industry and import substitution. Thus, the regions, industries and FEZ administrations need to develop a common vision of what else should be done in order to maintain the efficiency of each of the zones,” Aleksandr Chervyakov emphasized.

The heads of FEZ administrations spoke in detail how they are implementing investment projects, producing and promoting products, building logistics, making payments amidst the sanctions.

Summing up the results of the discussion, the economy minister concluded that certain issues undoubtedly require careful and comprehensive consideration and balanced decisions should be taken by regional authorities and the Economy Ministry.

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