Business news

30 Jan 2024

Vice premier optimistic about prospects of Belarus-Russia import-substitution projects

An archive photo

SAINT PETERSBURG, 30 January (BelTA) – Belarus-Russia import substitution and industrial projects are gaining momentum, Belarus’ Deputy Prime Minister Pyotr Parkhomchik told journalists on the sidelines of the Union State Supreme State Council summit in Saint Petersburg on 29 January, BelTA has learned.

Answering a question about import substitution, the deputy prime minister said: “A lot has been done. All those programs, agreed with the Russian Federation, are now gathering steam.”

According to Pyotr Parkhomchik, the number of investment agreements signed with the Russian side is gradually growing. These funds do not only fuel Belarus’ economic growth, but also help solve a number of issues facing the Russian Federation and address temporary difficulties caused by the sanctions and withdrawal of Western partners. The potential of cooperation in this field is far from being exhausted. “We need to come up with new big strategic projects,” the deputy prime minister said.

He cited the project of Belarus’ Mogilevkhimvolokno and Russia’s Tatneft as an example. They have recently announced plans to set up a joint venture to make polyester products in Belarus. The project was estimated at a quarter of a million dollars.

Speaking about other promising areas of cooperation, Pyotr Parkhomchik named mechanical engineering, as Belarus has preserved its industrial potential and can now meet Russia's demand for a number of component parts. “Our task is to maximize the localization of production of component parts. We want to produce enough to meet the needs of the domestic economy and the economy of Russia,” he said.

Another promising joint project that is under discussion is production of a 12-seat light aircraft in Belarus. The country has a wealth of experience in repairing a wide range of aircraft, but this project will take it to a completely different level. “We are already learning certain skills in order to be able to design and develop this jet,” Pyotr Parkhomchik informed.

The same plans provide for production of high-speed gearboxes for electric passenger cars in Belarus. This matter, by the way, has recently been raised during the visit of the Belarusian president to the BelGee automobile plant. “Neither Russia nor Belarus produce such gearboxes. These are high-quality gears with aluminum bodies. We need to create such capacities not only for the passenger car industry in Belarus, but also for the Russian Federation,” deputy prime minister said.

“We can do anything if we really want it. Therefore, this work is gaining ground already. And there are still a lot of issues that we need to address. It is very important to keep working and to identify projects that will benefit the Union State,” Pyotr Parkhomchik said.