Business news

24 Feb 2023

Key areas of Belarusian Industry Ministry’s work in 2023 identified

An archive photo

MINSK, 24 February (BelTA) – Belarusian First Deputy Economy Minister Yuri Chebotar has identified key areas of the work enterprises run by the Industry Ministry will have to do in 2023, the Economy Ministry press service told BelTA.

According to Yuri Chebotar, despite the escalation of sanctions Industry Ministry enterprises keep working and have demonstrated good results while making a substantial contribution to the country’s GDP.

The official mentioned the key areas of work the enterprises will have to do in 2023 according to a goal plan. “First of all, they will have to ramp up their output. Our enterprises have an untapped potential. Second, they have to reduce the stock in storage. According to Industry Ministry evaluations, the stock in storage will not get higher in Q1 2023 in monetary terms. However, it is necessary to put more efforts into it. Third, they will have to increase export. Industry Ministry’s export reached a record high in 2022. The increase in the export of machines and equipment, means of transportation showed double-digit figures. It is necessary to increase the volume of deliveries in physical terms. It is also as important to step up export to traditional markets and penetrate new ones while holding on to positions on the Russian market. Competition here is only getting stronger. This is why the government wants enterprises to penetrate and step up shipments to alternative markets. Support measures are stipulated by presidential decrees No.534 and No.466,” Yuri Chebotar said.

Import substitution is the fourth key area of work. “The most important thing is to substitute critical imports and master the production of new import-substituting and export-oriented products. There are plans to implement ten projects. It is also necessary to accelerate the realization of integration-based import substitution projects. Fifth, it is necessary to step up investments. Generation and realization of investment projects are a key matter. Industry Ministry enterprises were busy implementing 80 such projects in 2022. But the existing potential is much higher. Close attention should be paid to the ‘One district – one project’ initiative and to import-substituting projects. Sixth, financial rehabilitation, an increase in profit margins, and reduction of costs. Financial indicators of the Industry Ministry are high, on the whole. Profit margins and net profits are on the rise. The share of loss-making enterprises and the debt burden have been reduced. These are the key performance indicators for heads of enterprises along with export and investments,” the first deputy economy minister noted.

In conclusion Yuri Chebotar emphasized that smooth and effective work of all sectors of the economy and the power vertical is needed more than ever. “Only concerted and fully mobilized efforts will ensure the economic development of the country and decent living standards for our citizens,” he concluded.



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