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21 October 2021, 14:38

Yaroshevich: Belarus needs to modernize its industry to remain competitive internationally

Photo courtesy of the Economy Ministry
Photo courtesy of the Economy Ministry

MINSK, 21 October (BelTA) – We need to understand how to modernize the country's industry in order to remain competitive in foreign markets, Belarusian Deputy Economy Minister Dmitry Yaroshevich said at the international scientific conference " Forecasting and State Regulation of Social and Economic Development" hosted by the Research Institute of Economics at the Economy Ministry of Belarus, BelTA learned from the ministry's press service.

In his welcoming address to the participants of the roundtable "Belarus' Strategic Choice: Global Challenges or New Opportunities" Dmitry Yaroshevich noted that the world is on the verge of off-the-charts turbulence and volatility. “Environmental, social, and governance (ESG) criteria are currently the central item on the agenda of the international expert community. In terms of social approaches, Belarus has quite big and universally recognized achievements. We do not see any risks here," the deputy minister said.

Dmitry Yaroshevich emphasized that environmental standards are often used as a way to edge out competitors. “Their introduction can be quite expensive, while the quality of goods does not increase proportionally. Therefore, Belarus, a small open economy, must take all this into account when deciding in how and in partnership with whom we will be modernizing our industry in order to remain competitive in foreign markets. This is very important today,” the deputy minister added.

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