Business news

GOMEL OBLAST, 24 November (BelTA) – The growth target for gross regional product in January-October was 1.3%. We got 2.5%. The growth of gross value added totaled 6.3% in agriculture, 5.2% in industry, 4.3% in transport and communications, 2.4% in wholesale and retail trade, 2.1% in construction, Gomel Oblast Governor Vladimir Dvornik reported to Belarus President Alexander Lukashenko who is in Gomel Oblast on a working trip on 24 November, BelTA has learned.

Gomel Oblast ranks third in the country in terms of economic growth, behind Minsk Oblast and Brest Oblast.

According to Vladimir Dvornik, Gomel Oblast attracts a big volume of capital investment. In January-October 2017 it went up by 14.5%.

“The modernization of the Mozyr Oil Refinery is ahead of schedule. The goal is to complete the construction and installation works by 1 July 2018 and reach the designed capacity by the end of the year,” Belarus’ Deputy Prime Minister Vladimir Semashko said.

The president was interested in the performance of the region’s biggest industrial companies. “All of them are showing growth, except for the oil refineries,” said Vladimir Dvornik.

The head of state inquired whether the Belarusian Steel Works overcame the recession. Vladimir Semashko replied that the company has been ramping up the production volume and is set to reach the pre-crisis level in 2018.

According to Vladimir Dvornik, the ratio of stocks of finished products to the average monthly output is 26.3%, the lowest among the regions.

In January-September Gomel Oblast attracted $79.6 million in foreign direct investment on a net basis, well above the target of $70 million.