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Yermolovich names areas Belarus should tap into to promote economic growth
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MINSK, 20 October (BelTA) – Deputy Head of the Belarus President Administration Maksim Yermolovich has addressed the 24th international scientific conference on problems of forecasting and state regulation of social and economic development, BelTA has learned.
According to Maksim Yermolovich, it is important to understand what tools the government can use to respond to challenges. “Over the past 30 years, we have faced the same problems as now to one degree or another: sanctions, obstacles to foreign trade,” he said. “We had to adapt to the changing external environment. The new challenges included sanctions, disruption of long-standing contacts with now unfriendly countries, the loss of a number of key markets. Due to the government control of the economy, the process of overcoming these crisis did not take so long. We quickly refocused from one market to another, changed payment mechanisms overcoming the sanctions-related restrictions, and built new transport and logistics routes,” he continued.
Now Belarus is facing a new task - to keep the domestic economy going and to launch a new investment cycle. “This is also a challenge, we need to make up for the lack of investment in recent years. This year the government has an ambitious task to fulfill - to increase the volume of investment in the economy by 22%. To catch up with technologically developed countries, we need to grow by at least 20% annually. This involves the upgrade of our enterprises, the creation of new production facilities, which is given great importance. In line with the president’s One District, One Project initiative, each district should implement one investment project within a short period of time, create new jobs and, most importantly, launch high-tech, import-substituting and export-oriented facilities,” Maksim Yermolovich emphasized.
Belarus also needs closer cooperation with partners, technology partnerships with the most advanced countries in the world: Russia and China. “We should look for technological solutions to upgrade our own production facilities and create new ones. It is important for the state to build a new institutional environment,” Maksim Yermolovich concluded.
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