Business news

MINSK, 9 January (BelTA) – In 2018 Minsk Oblast intends to increase merchandise export and the export of services by 4% in comparison with the previous year. The targeted figure does not take into account companies accountable to the central government and oil and petrochemical industry companies, representatives of the Economy Committee of the Minsk Oblast Executive Committee told BelTA.

In 2018 Minsk Oblast intends to export $4.5 billion worth of merchandise and $570.9 million worth of services. “In both cases the growth rate will reach 104% as against 2017,” said the source.

The regional meat and dairy group Minoblmyasomolprom is expected to drive the export growth. Its enterprises will participate in major trade shows in Russia. Work to penetrate the Chinese dairy and meat market will continue. All the Minoblmyasomolprom enterprises have been authorized to export dairy products to China such as butter, cheese, milk whey powder, skimmed milk powder, and sterilized milk. Various schemes for reaching the Chinese meat market are under consideration. Minoblmyasomolprom enterprises are expected to demonstrate export growth rate as high as 107.1% in 2018. Plans have also been made to continue working to sell Belarusian foods in Azerbaijan, Georgia, Kazakhstan, and Turkmenistan.

Geely car sales in Russia and possibly in Kazakhstan are expected to add significantly to export growth in 2018. Companies, which have modernized their manufacturing facilities, and companies, which make import substitutes, will secure an export increase.

As far as the export of services is concerned, it will rely on the steady operation of transportation companies, the development of tourism services, healthcare, information, and computer services. Close attention will be paid to efforts to export more civil engineering and business services. State-owned and private transport companies are expected to export more transport services. They are expected to export about $460 million worth of transport services in 2018.

The construction of the China-Belarus industrial park Great Stone — the largest project in Minsk Oblast — will continue in 2018. Plans have been made to use the newly built transport and logistics hubs for implementing the Belt and Road initiative with a view to creating an economic corridor between Europe and China.

BelTA has been told that the Minsk Oblast administration expects this year’s gross regional product growth rate to reach 103.9% as against 2017. The growth will be fueled by the manufacturing sector (with its share at about 39%), agriculture (12%), trade (11%), and civil engineering (8%). In particular, industrial output growth will be fueled by the development of the mechanical engineering industry, food industry, and pharmaceutics.