Business news

MINSK, 29 March (BelTA) – The modernization of BelOMO Holding Company will give a competitive edge to its products, Speaker of the Council of the Republic Mikhail Myasnikovich told journalists as he visited Vavilov Minsk Mechanical Works on 29 March, BelTA has learned.

During the working trip, Mikhail Myasnikovich learned more about BelOMO-made components and met with the company’s workers. “BelOMO exports to Russia went down by a third, primarily due to the fact that Russians have increased their capacity utilization and started making analogues. This is why BelOMO has to move forward and work on the modernization to make competitive products that will be in demand,” the speaker noted.

Innovative funds have the money for these purposes. “At the instruction of the head of state, the National Innovation Fund has been set up in Belarus along with regional funds. They can grant the money for a certain project after a proper expert evaluation and feasibility study. This is the way to upgrade some capacities and manufacture higher-quality products,” Mikhail Myasnikovich underlined.

Relevant decisions should be made at the level of the Belarus-Russia Union State to stimulate the production of highly competitive products. “A close monitoring of all the fields of the Union State Treaty implementation is underway. In the autumn we will hold together the 5th Forum of Regions of Belarus and Russia. The key task will be to discuss the problems in the Union State and ways to align and unify the national legislations to ensure proper conditions and fair competition on the common market of Russia and Belarus,” Mikhail Myasnikovich stressed.

Vavilov Minsk Mechanical Works, the managing company of BelOMO Holding Company, develops and manufactures optomechanical and optoelectronic equipment, components for heavy-duty vehicles, gas meters, industrial luminaires, home appliances, and consumer goods. BelOMO Holding Company comprises Vavilov Minsk Mechanical Works, Zenit-BelOMO plant (Vileika), Diaproektor plant (Rogachev), Svet plant (Zhlobin), LEMT R&D company, and Optic Plant (Lida).