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MINSK, 2 November (BelTA) – Dmitry Klimenkov, Head of the Main Department of Investment and Construction Activity of the Belarusian Economy Ministry, discussed the reasons behind the growth in fixed capital investment in a new episode of BelTA’s Nation Speaks project.
He confirmed that the positive trend which began in 2023 has continued this year. “For the third consecutive year, we are seeing steady growth in fixed capital investment. The increase is significant –over 10%. This year, it stands at approximately 15%, with a precise growth rate of 15.3%,” Dmitry Klimenkov stated. “This expansion is driven by increased investment across all key sectors: housing construction, social and transport infrastructure, critical infrastructure, and national security.”
The primary focus, he noted, remains on developing the real economy – the sector that produces goods, adds value, ensures exports, and pays wages. Growth has been recorded in all three investment areas this year. “In monetary terms, growth amounts to roughly Br9 billion compared to last year, and over Br3 billion above the plan. The annual target has already been met, which was an increase of 7.8%,” emphasized the official. “According to our forecasts, the positive trend will remain in place. Any potential slowdown is expected to be minor.”
Dmitry Klimenkov explained that the recovery in investment activity that began in 2023 resulted from a combination of factors. The initial period of adapting to sanctions, which significantly impacted markets and supply chains, has passed.
“Tighter restrictions were imposed on top of the existing ones, which led to the blocking of markets for product sales and equipment supplies. Naturally, businesses needed time to adjust. Thanks to the decisions and efforts made, gradual recovery growth has begun. This is the first thing,” he emphasized.
Furthermore, a lot of efforts were invested in infrastructure, including social infrastructure, which has improved the quality of life, he added. “These factors formed the basis for growth. While the results aren’t always visible in the short term, there is a steady improvement in the long term. Important steps included revisions to the investment law and the creation of new incentives and credit products. Our joint efforts in these areas have yielded positive results,” the Economy Ministry representative explained.
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