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Economy
22 June 2016, 15:31

Export promotion agency to be set up at Development Bank of Belarus

MINSK, 22 June (BelTA) – An export promotion agency will be established at the Development Bank of the Republic of Belarus, Belarusian President Alexander Lukashenko said when speaking at the 5th Belarusian People's Congress, BelTA has learned.

An export promotion agency will be set up at the Development Bank in order to simplify and facilitate export lending from the Bank. The agency will operate on a one-stop shop principle, the President said.

“If we want to be competitive, we need a set of measures to promote national exports. This is the goal of the national export promotion program for 2016-2020,” the President noted. Belarus will set up specialized agencies to promote exports of small and medium-sized businesses, and facilitate the participation of the business community in shaping foreign policy. The country will improve the national system of export financing and launch a single web-portal for foreign trade activity,” Alexander Lukashenko said.

Alexander Lukashenko urged a more efficient work of the diplomatic corps, specialists in foreign trade. The heads of enterprises and industries will be held responsible for export growth along with the Ministry of Foreign Affairs.

The President believes that these measures will help increase the exports of goods and services, diversify commodity and geographical structure to ensure a foreign trade surplus. “Products of new manufactures and new services are projected to account for around 30% of exports,” Alexander Lukashenko emphasized.

“There is fierce competition in foreign markets, trade wars and fight for each commodity with the use of a wide set of tools,” Alexander Lukashenko said. “Therefore, we must be fully prepared. Success will come only when we improve the quality of products, reduce costs, and provide pre-and post-sale maintenance services meeting the world's best standards,” the head of state summed up.

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