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Economy
08 December 2022, 10:45

Expert: Industrial cooperation with Russia is vital for Belarus in current conditions

MINSK, 8 December (BelTA) - Implementation of Belarusian-Russian projects in import substitution makes it possible to avoid dependence on supplies of components from unfriendly countries, Valery Bainev, Doctor of Economics, told BelTA.

“Today industrial cooperation and import substitution amid the current environment is vital. In the situation of sanctions pressure, we need joint strategies in digitalization of production, biotechnology, pharmaceuticals, microelectronics, space and other areas. All this will make it possible to avoid dependence on supplies of components from unfriendly countries,” he believes.

The economist stressed the importance of the agreements reached by the leaders of Belarus and Russia to provide funding for the development of import-substituting industries in Belarus to meet the common needs. The matter pertains to the allocation of a loan in the amount of RUB105 billion for import substitution projects in Belarus.

“We have a great personnel potential. We will use them in the technical direction,” Valery Bainev said. “After all, industry is the key to successful development. Everything that surrounds us and what we use is thanks to the industry,” the economist said.

Belarus and Russia have agreed on 12 large projects; one of them, worth $300 million, is related to mechanical engineering and will be implemented by the end of 2022.

“All import substitution projects under the agreement will be implemented in Belarus and will provide new jobs, taxes, and will strengthen the country's economy. Over 80% of the allocated funds will be used for civilian projects, and the rest for projects of the military-industrial complex, including the development of microelectronics. Today comprehensive cooperation with Russia is the best and most profitable way to improve the wellbeing of our citizens in general,” the expert said.

One of the first projects under the Russian credit line will be to finance a project of Gomselmash. The project envisages the production of complex technical units for Belarusian and Russian manufacturers of agricultural machinery. The enterprise will prepare a business plan and a corresponding passport for technical re-equipment and modernization by the end of the year.

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