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Economy
05 November 2015, 11:42

Kobyakov: Integration will help withstand global economic challenges

MINSK, 5 November (BelTA) – Integration will help withstand global economic challenges, Belarus' Premier Andrei Kobyakov said during the CIS international financial and banking forum called Minsk Business Meetings on 5 November, BelTA has learned.

According to Andrei Kobyakov, today many countries are facing crisis developments in the economic sector. In this respect the most important issues for discussion are the following: how to avoid a slow growth trap when investment solutions are postponed and the systems of transforming savings into investment still operate inefficiently, what mechanisms for promoting economic growth amid the uncertainty and increasing global risks are, how to secure trust in the current economic policy.

According to the Prime Minister, integration can be an answer to all these challenges. “Integration should be comprehensive and well-balanced – in trade, investment and the financial sector. It is important to promote a wide economic integration in the CIS, the Eurasian Economic Union, and the Union State,” he said. It is equally important to develop a full-fledged financial market and harmonize the legislation in all its segments, be it banking and insurance sectors, the securities market. “One more thing is the setting up of big companies and the implementation of large projects. Here, the government has necessary instruments, for instance, guarantees, modern financial services,” he added.

Andrei Kobyakov emphasized that structural reforms are much talked about today. "In fact, it is a choice of a model of development for every country. We must seek a response to the external challenges and threats not outside but inside,” he said.

The Belarusian head of government stated that the National Bank of Belarus will be vested with the functions of the single regulatory body in the financial market.

The forum "Minsk Business Meetings" is running in the Belarusian capital on 5-6 November. The event has brought together representatives of the government, banking and business community of the CIS states and the international institutions of development, including from Europe and Asia.

The participants in the forum are expected to discuss the topical issues of development of the financial markets of the CIS states, export promotion and investment in the economies of the CIS countries, seek solutions to overcome the financial-banking crisis. Experts will also discuss the new formats of investment cooperation (the EEU/BRICS/SCO) as additional opportunities for financial and economic cooperation and tools to reduce country and corporate risks in the new economic realities. The panel discussion "New banking technologies and products in the CIS countries" will be held as part of the forum to examine the current trends in the development of national and cross-border payments, the future of the transfers and payments market and other matters.

The event has been organized by the CIS Financial and Banking Council jointly with Belarusbank, with the support of the Belarusian government, the CIS Executive Committee, VTB Bank and the Association of Belarusian Banks.

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