Business news

MINSK, 5 April (BelTA) – Belarus and Russia have established a joint engineering company to develop the machine tool industry, Belarusian First Deputy Industry Minister Gennady Svidersky told journalists after the opening of the expo Mechanical Engineering on 5 April, BelTA has learned.

“In late 2015, jointly with the Russian Industry and Trade Ministry we decided to set up an engineering company that would combine the capacities of Belarusian and Russian machine tool manufacturers. The company has been established. Now it is taking inventory of the Belarusian and Russian enterprises,” Gennady Svidersky explained.

In his words, this is necessary for drawing up a common strategy for the development of this industry. “We should decide what aspects to focus on to avoid investing in similar enterprises in Belarus and Russia. We do not rule out the possibility that interested foreign partners will invest in our companies. It is too early to talk about any specific amounts of investment, but no money will be allocated from the budget,” Gennady Svidersky emphasized.

He also spoke about the amount of products stocked at warehouses of the Belarusian manufacturing enterprises. “There has been a slight increase, but it is due to the seasonal character of the agricultural machine-building industry. As for the sectors that are not affected by seasonal changes, the stocks have remained at around the same level,” Gennady Svidersky pointed out.

All the Belarusian enterprises are working to implement a strategy to increase the industrial output without a build-up in stocks of unsold goods and reduce receivables. “This formula is much needed today as loans are very expensive and indebtedness leads to a decline in the productivity of plants. This is why the key task is to provide enterprises with working capital, which is only possible if the receivables and expenses do not grow,” Gennady Svidersky said.

A large-scale industry and technology forum is underway in Minsk on 5-8 April. The forum features expos Mechanical Engineering, Litmetexpo. Casting and Metallurgy, Welding and Cutting and Corrosion Prevention. Covering. The expos cover a wide range of industrial technologies in mechanical engineering, metal working, construction materials and the efficient use of resources.

The official support is provided by the Industry Ministry of Belarus, Russia’s Stankoinstrument Association, the National Academy of Sciences of Belarus, the Belarusian National Technical University, the Association of Casters and Metallurgists of Belarus.