Business news

6 Aug 2024

Belarus seeks to expand economic cooperation with Russia's Yakutia

An archive photo

MINSK, 6 August (BelTA) – Belarus aims to expand trade, economic and investment cooperation with the Republic of Sakha (Yakutia), Belarusian Economy Minister Yuri Chebotar said at a meeting of the working group on Belarus-Yakutia cooperation in Yakutsk on 6 August, BelTA has learned from the Economy Ministry of Belarus.

Yuri Chebotar underlined that over 27 years of productive cooperation, Belarus and Yakutia have formed strong ties. Last year was one of the most successful in the history of bilateral cooperation as the mutual foreign trade doubled in 2023 over a year prior. However, the range of sales is still relatively limited, and Belarus is ready to expand it.

"Our industrial enterprises are interested in increasing supplies of loaders, tractors, dump trucks. We see great potential in the development of cooperation in petrochemistry, pharmaceutical industry, construction, and are ready to step up supplies of cable products and equipment for modernization of the region's electricity system," the minister emphasized.

Yuri Chebotar offered Yakutia to intensify cooperation in agriculture by exporting finished products, production and processing technologies. The minister noted that the development of industrial and investment cooperation is particularly important under the current conditions.

"Belarusian manufacturers seek closer ties with the Republic of Sakha. The Belarusian law on investment that has been recently updated provides for effective stimuli mechanisms. Since April, Belarus and Russia have been implementing a joint set of measures to stimulate investment activity, to simplify and boost joint production initiatives,” the minister said.

The participants of the event discussed the implementation of the agreements reached during the previous meeting of the working group, and the opportunities to expand cooperation between the parties in various avenues: from the manufacturing sector and agriculture to sport, tourism, and humanitarian ties. A cooperation agreement between the Belarusian Fund for Financial Support to Entrepreneurs and the Chamber of Commerce and Industry of the Sakha Republic (Yakutia) was signed at the meeting.