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Economy
27 June 2022, 16:14

Opinion: Belarus has coped with economic challenges

An archive photo
An archive photo

MINSK, 27 June (BelTA) – The Belarusian economy has managed to handle the existing challenges; the economic slowdown will be reversed, First Deputy Director General of the China-Belarus Industrial Park Great Stone Development Company Kirill Koroteyev told reporters, BelTA has learned.

“In January-May, there has been a slight slowdown in economic growth - by 3.4%. However, in the face of the sanctions and the external shocks of March-April, this figure is actually not disheartening, because the economy has managed to cope with such a serious challenge. Individual enterprises and entire industries are dealing with the sanctions with minimal losses although we had to completely restructure our operations, because supply chains, product delivery, payments were disrupted, and we had to urgently solve logistics issues. We can say that domestic companies have already adapted to the new environment by and large, they have found their bearings and understand how to move forward. The slowdown is expected to be reversed in the second half of the year,” Kirill Koroteyev said.

The expert named several points of growth for the domestic economy. “These are, first of all, the measures that the government and the economic headquarters are working on. I must say that our enterprises are also participating in this work. The second point of growth is the increased cooperation with the Russian Federation. Belarus regularly hosts delegations from Russian regions, the government and representatives of various companies. Literally a year ago, there was no such cooperation and no such interest. All this will bring results. I think some new projects will be launched in the autumn,” he said.

Another important area of work is cooperation with Asian countries, primarily China. “Direct flights to Beijing are to be resumed. Of course, this is a big deal, because it will enable us to resume direct business contacts. In addition, Belarus and China are working to enter the biggest marketplaces with 0.5 billion consumers using the opportunities of the industrial park. Direct access for our consumer goods to this market will also be a great boost to our economy,” Kirill Koroteyev stressed.

He expects a slowdown in cross-border investments, but this trend will be offset by import substitution. “We at the industrial park see a great interest in this area of work - businesses from Belarus and neighboring countries come forward with their ideas in various economic sectors, for example, fine chemicals, pharmaceuticals,” he noted.

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