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Import substitution seen as key tool to counter sanctions

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MINSK, 7 December (BelTA) – Import substitution is becoming increasingly important as a tool to challenge sanctions, Economy Minister Aleksandr Chervyakov told journalists prior to the meeting of the Presidium of the Council of Ministers on 7 December, BelTA has learned.

“This year, our country and our economy have faced unprecedented challenges - the pandemic and the sanctions. Naturally, in the conditions when we are not allowed to trade freely on the market and when our contacts are disrupted forcefully, we need to look for the instruments to balance out our losses. Therefore, import substitution as an instrument of countering sanctions is  coming to the forefront,” Aleksandr Chervyakov said.

On 7 December, the Presidium of the Council of Ministers will discuss measures to encourage economic operators to substitute import. Aleksandr Chervyakov named several proposals. Among them are greater localization, expansion of technological chains, processing of local raw materials, attraction of small and medium-sized businesses.

About 170 import-substitution projects worth almost Br13 billion in investment have already been proposed. “We have handpicked 47 most significant projects with an estimated amount of investment of about Br8 billion. These 47 projects will enable us to create products equal to more than $9 billion of import,” the minister said.

“We are fully aware of the importance of import substitution, and we believe that these new tools will incentivize our enterprises to work harder to substitute import,” Aleksandr Chervyakov concluded.

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