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Opinions & Interviews

4 Dec 2019

Minsk Oblast advised to focus on foreign investment

Minsk Oblast advised to focus on foreign investment

MINSK, 4 December (BelTA) – Foreign investment should be number one priority for the Minsk Oblast authorities, Belarus President Aleksandr Lukashenko said as he met with the representatives of Minsk Oblast on 4 December, BelTA has learned.

The head of state expressed concerns that the volume of foreign direct investment has dropped by almost a third. “The decrease will be even bigger if we do not take into account the Great Stone Industrial Park. You know that there are no funds for the construction of companies in the budget. The resources we have are for our people,” the Belarusian leader said. “You know better than me where these resources to allocate. Many of our enterprises, especially the industrial ones, got used to a practice of addressing the government for additional financing, while the government, like post officers, keep sending the president draft decrees and orders on allocation of budgetary funds.”

“What kind of practice is this? A company should operate, provide extended production, ensure its people with salaries, and necessary support,” Alexander Lukashenko stressed.

“You need to focus on foreign investment. Keep a close eye on all major investment projects which are being implemented in the region,” Aleksandr Lukashenko said.

In his words, these projects include the construction of an ore mining and dressing plant and a plant to produce special-purpose machinery, the launch of companies to make heat-exchanging units, electric buses, trolleybuses and high-comfort buses, pharmaceutical substances, and also the development of engineering infrastructure in the Great Stone Industrial Park.

“These are all new ways to strengthen the potential of Minsk Oblast and place the region on an innovative path. The share of companies of the 3rd and 4th technological paradigms is still too high. Innovative products in Minsk Oblast’s total output account for slightly over 11%. This figure is lower than the average across the country, which means the region ranks fourth in Belarus,” the head of state said.

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