Business news

Cherepovets, 13 October (BelTA) - Belarus is exploring the possibility of using financial mechanisms of Russia and some Russian banks to promote the export of Belarusian industrial products to the markets of third countries, Belarus’ Deputy Industry Minister Alexander Ogorodnikov told the media in Cherepovets, BelTA has learned.

“This work is being done at the level of an ad hoc working group. We are planning to promote products to the markets of third countries with the use of financial mechanisms including those of Russia and individual Russian banks. Such a mechanism is being worked out at the level of a regulatory document. We hope that such document will be enacted by the end of this year,” Alexander Ogorodnikov said.

The deputy minister stressed that Belarus and Russia have a common goal which is to advance to the markets of third countries. “We remembered how we interacted during the Soviet times and began to rehabilitate this interaction. The Belarusian products are competitive. Non CIS countries account for 21% of Belarusian exports of industrial goods. These are the markets where it is harder to compete, where they did not know us 15-20 years ago. Before you come to a new market with complex equipment, you need to to spend heavily to develop a maintenance service. Secondly, you need to invest in the organization of demonstration sites. When you are a newcomer, you need to offer installment plans to your customers to win their trust in your product,” he said.

Alexander Ogorodnikov took part in a ceremony to open a new line to assemble 120hp Belarus tractors at Cherepovets Foundry and Mechanical Plant. His meeting with Belarusian and Russian journalists was held as part of the press tour “Vologda Region - the largest machine-building cluster of Russia and Belarus” organized by the Union State Standing Committee and the international news agency Russia Today.