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21 June 2024, 19:11

High growth potential of Belarusian manufacturing sector pointed out

MINSK, 21 June (BelTA) – The Belarusian manufacturing sector has high potential for growth. Belarusian Economy Minister Yuri Chebotar mentioned it during the seminar-conference of the House of Representatives of the National Assembly on efforts of Belarusian automobile manufacturers to reach goals of the Year of Quality, BelTA has learned.

Yuri Chebotar noted that the manufacturing sector secured a growth rate of 107.7% in 2023, with the growth rate of the mechanical engineering industry exceeding 113%. New record highs were reported in the production of haul trucks, buses, trucks, and cars. The fact that this branch of the economy has high potential is also confirmed by this year’s results: plus 9% in January-May. The manufacturing sector and the mechanical engineering industry in particular make a considerable contribution to export.

The manufacturing sector’s reserves for growth were the central topic of the report made by the industry minister.

“Manufacturing facilities are operating at 100% of their capacity to make a number of products the market needs. Respectively it is necessary to think about expanding the manufacturing facilities and creating new ones,” Yuri Chebotar said.

The diversification of shipments to faraway markets is also important. Yuri Chebotar spoke at length about manufacturing localization and import substitution.

Apart from that, according to the industry minister, in order to enhance the competitive ability of the enterprises, attract investments, clients, and new partners it is necessary to more actively adopt lean manufacturing and quality management tools. The Economy Ministry will forward the relevant proposals to the government soon.

All the regulatory bodies will soon have to start working out strategies to guide the development of specific industries till 2035, work out concrete guidelines on growth points of the manufacturing sector for the period till 2030 and ensure methodical work on them starting with R&D work and ending with the manufacturing of ready products.

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