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28 February 2020, 17:29

Economy minister outlines Belarus' economic development goals

Aleksandr Chervyakov. Archive photo
Aleksandr Chervyakov. Archive photo

MINSK, 28 February (BelTA) – Belarus Economy Minister Aleksandr Chervyakov outlined promising areas of Belarus' economic development as he spoke a session of the ministerial board, BelTA has learned.

“Despite the fact that in 2019 we achieved two main goals – increasing income of the population and maintaining macroeconomic balance – the economic growth has slowed down. It is obvious that in the next five-year period we will have to work in new conditions. They will be defined by the economy's transition to world energy prices and digitization. These factors present not only risks but also new opportunities. We do not look at out future through an oil or gas pipe. We need to adapt to new conditions, and as soon as possible,” Aleksandr Chervyakov said.

The minister outlined several areas that hold potential for Belarus' economic development. The first one is to make upgraded enterprises of the traditional economic sector deliver maximum results. The main goal for such enterprises will be to reach the same labor productivity as companies of the private sector. Another area is advanced processing of domestic raw materials (concrete, wood, peat, milk, meat, and so on) and production of goods with high added value.

Moreover, Belarus will need to build up export potential of some facilities, including the Hi-Tech Park, the China-Belarus industrial park Great Stone, the free economic zones, and the Bremino-Orsha special economic zone. “We should also step up import substitution efforts where it is economically viable and digitize economic sectors. Special focus should be made on the services sector,” Aleksandr Chervyakov noted.

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