Business news

CAIRO, 16 January (BelTA) – Belarus President Alexander Lukashenko sketched out the country’s competitive advantages during the opening ceremony of the Belarusian-Egyptian business forum in Cairo on 16 January, BelTA has learned.

Alexander Lukashenko said: “The economic potential of our state relies on mechanical engineering, metalworking, chemical and petrochemical industries, light industry, food industry, timber and woodworking industry, production of construction materials, pharmaceutics, and microbiology. I told the [Egypt] president today that we have technologies based on the most advanced scientific research. He was interested in the matter. He suggested right away that our scientists should meet with each other in Belarus. The president said he would like our cooperation to rely on advanced science and technologies. It is only right.”

Belarus specializes in making trucks, buses, and utility vehicles. Belarus is also a major manufacturer of agricultural machines. The country accounts for 30% of the world’s output of haul trucks (BelAZ) and 17% of the world’s production of harvesters. Minsk Tractor Works (MTZ) is one of the world’s top eight manufacturers of wheeled tractors. Alexander Lukashenko noted: “Belarus makes chemical fibers, fuel, and potash, nitrogen, and compound fertilizers, which sell well abroad. Belarus is a leader in the area of high technologies among European nations. I am convinced that many of you already use software developed in Belarus such as Viber, for instance.”

Alexander Lukashenko pointed out that agribusiness is an important part of the Belarusian economy. Belarus is recognized as one of the largest exporters of dairy products on the global market.

The Belarusian head of state said: “It is also important that favorable business terms have been enabled in Belarus. The protection of private property and investments is guaranteed. The right to repatriate profits is secured. The National Agency of Investment and Privatization and the World Bank are busy introducing modern approaches to privatization, which are open and understandable in the eyes of foreign companies. We are in favor of implementing any mutually beneficial projects.”