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Opinions & Interviews

22 Jun 2017

Belarus, Russia make effective use of economic potential of regional cooperation

Belarus, Russia make effective use of economic potential of regional cooperation

MINSK, 22 June (BelTA) – Belarus and Russia effectively exploit the capacities of the regions to expand bilateral cooperation, Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich told the media in Minsk on 22 June.

The regions of the two countries have been steadily developing contacts in the trade, economic, investment, and scientific areas, expanding humanitarian partnership. The regional relations are promoted by the annual forums of the regions of Belarus and Russia. "At each forum we sign new export contracts worth $250-300 million or more," Mikhail Myasnikovich said.

During the Fourth Forum of Regions the two countries plan to sign contracts worth more than $400 million. The companies of Brest Oblast are expected to sign $17 million worth of contacts. The companies of Vitebsk Oblast mull over signing contracts worth some $30 million, those of Gomel Oblast - $65 million, Grodno Oblast - $61 million, Mogilev Oblast – about $30 million, Minsk Oblast - $135 million, Minsk - $64 million. Belneftekhim will conclude new export contracts worth up to $70 million.

According to Mikhail Myasnikovich, the volume of Russian FDI in the Belarusian economy rose 8% to $3.5 billion last year. Belarus also increased its FDI in the Russian economy to $2.1 billion in 2016. The Russian Federation is home to 210 Belarus-funded organizations. Belarus maintains close ties with 79 Russian regions. The top five are Moscow Oblast, Smolensk Oblast, Tyumen Oblast, Moscow and St. Petersburg. In Q1 2017 the growth of the Belarusian exports to the Russian Federation made up 28%. In 2016 Belarus increased its exports to 41 Russian regions.

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