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16 Nov 2015

Continuous modernization of state regulation named part of Belarus economic development model

MINSK, 16 November (BelTA) – The Belarusian economic development model envisages continuous advancement towards modernizing the mechanisms of state regulation of the economy. The statement was made by Belarusian Economy Minister Vladimir Zinovsky during the opening ceremony of the International Entrepreneurship Forum on 16 November. The forum began the Global Entrepreneurship Week in Belarus, BelTA has learned.

The Economy Minister said: “The Belarusian economic development model is not frozen. Instead it envisages continuous target-oriented advancement towards modernizing the state regulation of the economy. The key goal of the next five-year term is to raise the competitive ability of the economy for the sake of raising living standards and ensuring economic independence and social justice.”

Vladimir Zinovsky also mentioned the main priorities of the next five-year term. In particular, the number includes effective employment of the population and the development of human capital. Efforts will be exercised to ensure transition from the policy of keeping everyone employed to the policy of maximizing the performance of every workstation, explained the Minister.

Efforts to increase and diversify the export of merchandise and services, to balance foreign trade will be another priority. As part of the efforts the Eurasian Economic Union integration potential will be fully utilized. Trade and economic cooperation with the European Union, the USA, China, and India will be expanded. “We will have to bolster the country’s stance on traditional markets and explore new niches in countries of Latin America and Southeast Asia, the Middle East and Africa,” stated Vladimir Zinovsky.

He also noted the importance of securing investments and an increase in labor productivity. In his words, as far as fixed-capital investments are concerned the government intends to focus on investment productiveness instead of going for bigger numbers. Plans have been made to improve the economy administration system and introduce new approaches to economy modernization. State support will be granted purely through competition, through tenders. A full-fledged financial market will be formed.

Zero-deficit in the balance of payments and the state budget will be key conditions in addition to reducing the external untied financial debt and inflation to 5% by 2020. The gold and foreign exchange reserves will be increased to an economically safe level, said the Belarusian Economy Minister.

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