Business news

MINSK, 4 September (BelTA) – The commodity export of Minsk-based enterprises rose by 29.6% to $1.5 billion in January-July 2018, Tatiana Kravchenko, deputy head of the economy committee of the Minsk administration, told the media on 4 September, BelTA informs.

Accounting for about 65% of sales, Russia remains the main sales market for Minsk enterprises. Ukraine goes second, Latvia third. Minsk enterprises sold to 170 countries. The services export went up by 20%. The biggest contribution was made by such sectors as computer (the growth of 140%) and transport services.

“The Belarusian capital secures surplus for the second year in row. We are meeting the social and economic development parameters set out by the government,” Tatyana Kravchenko said.

In her words, Minsk accounts for one third of the country’s GDP. Industry makes up the basis of Minsk’ gross regional product. In January-July 2018 the industrial production index totaled 106.5%, the retail trade went up by 10.8% and public catering sales increased by 18.7%.

In January-July 2018 capital investment soared by 25%. In H1 2018 foreign investment in Minsk economy reached $3.7 billion, including $717 FDI. This year the companies’ revenue grew 22%. The profitability of sales increased to 9.5%. The number of loss-making companies reduced.

According to Tatiana Kravchenko, the city focuses on business development. SMEs receive support in the implementation of projects. All in all, there are about 45,000 legal entities and about 75,000 individual entrepreneurs. Their number increases on an annual basis. “In H1 2018 there were created 2,740 new companies,” said Tatiana Kravchenko.