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Import substitution, new technology seen as major prospects for Belarusian industry

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MINSK, 19 August (BelTA) - In order to increase industrial production, it is necessary to focus on the development of import substitution and improving the efficiency of industries and enterprises through the introduction of new technologies, Belarusian Deputy Prime Minister Viktor Karankevich in an interview to the Belarus 1 TV channel, BelTA has learned.

According to the vice premier, industry remains a crucial driver of economic growth. Thus, the growth of industrial output in January-July 2024 amounted to 7.5% compared with the same stretch a year ago. “In order to maintain such positive trends, it is necessary to focus on such major issues as import substitution, including within the framework of the integration projects with the Russian Federation. This is further work to stabilize woodworking enterprises and increase the production of relevant products, including amid external restrictions and sanctions pressure. This also includes efforts to increase the efficiency of industries and enterprises through the introduction of new technologies, equipment, machinery, and mechanisms,” Viktor Karankevich said.

Special attention should be paid to the implementation of import substitution projects. For example, 27 import substitution projects have been agreed with Russia for a total amount of about RUB168 billion. Significant funds have been used for 25 projects that are under implementation. “Here we can single out separate projects aimed at upgrading existing production facilities, increasing production volumes and expanding the range of products at such large industrial enterprises as Gomselmash, Minsk Bearing Plant, BELAZ, AMKODOR and others. If we take the petrochemical complex, it is the modernization of the main production assets of Grodno Azot, as well as the implementation of investment projects to produce new products in oil refining (Mozyr Oil Refinery, Naftan),” the deputy prime minister said. Some projects are implemented in woodworking.

All these measures are taken to increase the volume of competitive products, which are in demand both inside and outside the country.

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