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Belarus’ output of import-substituting products to total $25bn in 2022

MINSK, 27 December (BelTA) - Belarus will manufacture import-substituting goods worth $25 billion by the end of the year, Belarusian Economy Minister Aleksandr Chervyakov said before a meeting of the Presidium of the Council of Ministers, BelTA has learned.

"Import substitution has become a key mechanism and tool for countering the sanctions, a driver of industrial growth. It also helps to reduce imports and improve our balance of payments. By the end of the year, Belarus will make import-substituting products worth about $25 billion, up by 10% year-on-year. 50% will be exported. These are quite good indicators," Aleksandr Chervyakov noted.

The integration is picking up momentum. "About 20 integration projects are underway. We see large reserves on this front," the minister said.

Belarus also pays special attention to increasing localization. "This marks an increase in technological processes on the territory of Belarus and in cooperation with Russian manufacturers. Progress has been made here and the industry Ministry will report on the results today," the head of the Economy Ministry added.

The use of local raw materials is also among priorities. "We paid a lot of attention to the processing of flax, wood, leather. We will consider the points we can tap into to deepen our processing," Aleksandr Chervyakov noted.

Another direction in the development of import substitution is related to the involvement of small businesses into cooperation with large enterprises. "More than 20 business matchmaking events have been held, more than 200 contracts have been concluded," the minister informed.

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