Opinions & Interviews

MINSK, 19 October (BelTA) – Belarus intends to implement over 80 major investment projects worth $30 billion within five years, BelTA learned from Belarusian Economy Minister Vladimir Zinovsky as he opened the 18^th international scientific conference on social and economic development forecasting and state regulation on 19 October.

The economy minister said that in the current five-year term Belarus will have to implement over 80 major investment projects worth about $30 billion, including $16 billion as external ones. China alone has set aside $7 billion for Belarus. “We and Chinese colleagues are following a joint action strategy, which provides for creating concrete projects. Their number may be small — 10 to 20 — but they must be called for, they must increase the GDP, and, most importantly, they must increase the innovation component,” stressed Vladimir Zinovsky.

The official noted that the current GDP growth of 1.7% confirms last year’s forecasts made by the Economy Ministry and matches the five-year term track.

Speaking about the external factors that determine the country’s development capabilities, the economy minister stressed that according to estimates of leading international organizations, the global economy is expected to demonstrate positive dynamics in the next few years. The world GDP will increase by about 3% every year. Russia’s GDP will rise by 2-3% per year, with the European Union’s GDP expected to gain about 2% per year. Apart from that, China, Kazakhstan, and Ukraine are expected to grow fast. “This is why cooperation with these countries remains one of the most significant factors for ensuring economic growth in Belarus,” he explained.

Vladimir Zinovsky also said that the oil price hit its minimum in 2016 and will vary from $50 to $60 within the next 2-3 years. “Meanwhile, food prices will continue growing, enhancing the competitive ability of Belarusian agriculture. However, one should bear in mind artificial trade barriers enforced by trade partners. This is why in our work we should not rule out the possibility of negative impact of such processes,” noted the economy minister.

Speaking about the domestic factors, Vladimir Zinovsky stressed that thanks to the macroeconomic balance policy and the relevant monetary management policy pursued by the government positive trends with regard to inflation and keeping the domestic currency market balanced have been secured. In the current conditions there is a real potential for further growth.

At the end of the speech Vladimir Zinovsky mentioned economic growth drivers such as science and innovations, effective employment, higher investment activity, efforts to increase the export potential, and manufacturing cooperation in the Eurasian Economic Union.