Business news

Measures will be taken to increase export to the European Union, including by means of exporting more merchandise made by retooled enterprises and joint ventures. Belarus will also step up participation in events in distant arc countries, including in countries where Belarusian diplomatic missions and consular institutions are not present.

Belarus intends to work together with the Eurasian Economic Union member states to work out joint measures to increase merchandise export.

The first chapter of the plan outlines measures designed to diversify the country’s export. In particular, a set of measures will be worked out to increase the quality of export-bound products in compliance with requirements of the global market and decrease their prime cost. The combination is supposed to secure competitive export prices and increase the economic effectiveness of export deals.

Plans have been made to bolster and expand the distribution chain of Belarusian manufacturers in Russia for the sake of preserving and increasing the market share in the segments that boast top return on sales. In particular, more Belarusian merchandise will be shipped to regions of Siberia, the Far East, the Southern Federal District and the North Caucasian Federal District.

The document reads that it is necessary to also increase the share of science-intensive and high-tech products in the total export volume in addition to establishing cooperation between Belarusian manufacturers and transnational corporations. Foreign direct investments need to be raised.

The plan also provides for using the Silk Road Economic Belt initiative for the sake of modernizing, expanding the transport and logistics network and manufacturing new export-bound products.

For the sake of making exports other than raw materials capabilities of the China-Belarus industrial park Great Stone, the Hi-Tech Park, and the national R&D park Belbiograd will be used. Plans are mentioned to expand the use of international leasing schemes via OAO Promagroleasing and its daughter enterprises.

Measures are laid down to support foreign economic operations of small and medium enterprises.

Council of Ministers executive order No. 336 has been adopted to approve the action plan meant to implement Directive No. 3 of 14 April 2017. The directive lays down guidelines for bolstering the economic security of Belarus. The directive was updated by Belarus president decree No. 26 of 26 January 2016. The action plan includes a total of 111 items in four chapters.