Business news

25 May 2023

Snopkov: Regional development is coming to the fore in Belarus’ investment policy

BOBRUISK, 25 May (BelTA) – Regional development is coming to the forefront of the government policy in Belarus, Belarusian First Deputy Prime Minister Nikolai Snopkov said at the opening of the Belarus Investment Forum in Bobruisk, BelTA informs.

“A strong economy is the main condition for maintaining the sovereignty and independence of Belarus. We have repeatedly heard this thesis from the president of our country, and this is the point of our meeting today,” Nikolai Snopkov noted. “A strong economy is not just about positive trends and indicators, not just about the increase in company profits or even the construction of new facilities. Behind these figures are people – company heads, entrepreneurs, civil servants, experts, all those who contribute to the country’s development, all those who work daily, take risks, look for solutions and opportunities. Therefore, a strong economy depends on us,” Nikolai Snopkov said.

For the first time in five years, the Belarus Investment Forum is taking place in Belarus, in a big district capital. According to Nikolai Snopkov, this is symbolic. “The development of regions is coming to the forefront of the government policy,” he noted. “And we will provide all kinds of assistance to investors seeking to introduce innovations and implement other projects in Belarusian regions, launch companies that will become flagships and champions, help improve living standards and the quality of life.

The first vice premier expressed confidence that the Belarus Investment Forum will become an effective platform to share best practices, a place for professional discussion. It is here that new ideas will be voiced and response to the challenges facing the Belarusian economy will be found. “Belarus has created all the necessary conditions for domestic and foreign investors,” Nikolai Snopkov continued. “We are open to dialogue with business, this communication is candid, open and is done within the legal boundaries. It has always been like this, we have always tried to create level playing field for foreign and domestic investors,” he added.

However, in today’s conditions, the country can only rely on its internal reserves and domestic investors. “How are these reserves utilized, is it possible to further improve the investment climate, what steps should be taken for this, how else should the government help domestic investors? I hope that the participants of today’s discussion will be able to answer these questions, and we are looking forward to this,” the first deputy prime minister said outlining the areas of discussion.

“The government is ready to listen and to hear the business community, and to translate the dialogue, including the dialogue at today’s forum, into practical work,” he continued. “Another meeting with the business community is scheduled for today. At this meeting we will discuss how large industrial enterprises, the so-called flagship companies, cooperate with small manufacturing companies, what other steps should the government take to make subcontracting more widespread and more profitable for both parties. As the head of state said, the main thing about import substitution is not import substitution per se, but independence from imports. This can be achieved through subcontracting. I am convinced that it is in our power to achieve these tasks and consequently make our economy even stronger and more import-independent. We are waiting for implementing the outcomes of the forum,” he said.



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