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Economy Ministry to work out proposals on improving import substitution effectiveness

Nikolai Snopkov

MINSK, 18 August (BelTA) – The government expects the Economy Ministry to work out proposals on improving the effectiveness of import substitution. The matter was discussed during the Council of Ministers’ Presidium session held on 18 August to review the implemented import substitution measures and the necessary measures to improve import substitution effectiveness, BelTA has learned.

First Deputy Prime Minister Nikolai Snopkov noted: “Import substitution is one of the priorities in the country’s development in the near future. The key question is by how much results of rational and effective import substitution have affected the country’s balance of payments, what their net effect is.” He specified that effectiveness is determined by the cost of imports, which are brought to Belarus to make import-substituting materials.

The official reminded that in May the head of state gave instructions to work out and implement additional measures in 2020 in order to make the products, which enjoy the strongest demand on the home market and can be exported.

Nikolai Snopkov identified four problems standing in the way of effective import substitution. Those include outdated technologies, insufficiently prepared proposals on effective retooling of manufacturing facilities, insufficient motivation of heads of enterprises and personnel. Apart from that, the potential of the enterprising private sector is not used as part of manufacturing cooperation chains.

Nikolai Snopkov asked the Economy Ministry to produce an objective evaluation of the import substitution work and suggest efficient measures to improve its effectiveness.

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