Deputy PM on prospects for Belarus’ industry

To increase industrial production, it is necessary to focus on the development of import substitution while increasing the efficiency of industries and enterprises via the introduction of new technologies – as noted by Belarus’ Deputy Prime Minister Viktor Karankevich in his talk with the Belarus 1 TV channel

The Deputy PM stressed that industry remains the driver in the economic development. Thus, the growth rate of industrial production in January-July 2024 totalled 107.5 percent compared to the same level last year.

“In order to maintain such positive indicators, it is necessary to focus on further solving such basic issues as the development of import substitution, including within the framework of the implementation of integration projects with Russia. This also envisages further work to stabilise woodworking enterprises and increase the volume of production of relevant products, including with the presence of external restrictions and sanctions pressure. These are also issues of increasing the efficiency of industries and enterprises via the introduction of new technologies, equipment, machines, and mechanisms,” Mr. Karankevich noted.

Special attention should be paid to the implementation of import substitution projects, e.g., 27 import substitution projects – worth about 168bn Russian Roubles – have been agreed with Russia. Significant amounts have been disbursed for 25 projects – currently under implementation.

“In this regard, we can highlight a range of projects aimed at modernising existing production facilities, increasing production volumes, and expanding the range of goods at such large industrial enterprises as Gomselmash, Minsk Bearing Plant, BELAZ, AMKODOR and others. Speaking about the petrochemical complex, this is the modernisation of the main production assets at Grodno Azot and the implementation of investment projects for the production of new products in oil refining (at Mozyr Oil Refinery and Naftan),” the Deputy PM stressed.

Separate projects are also being implemented in woodworking, and all these measures are being taken to increase the volume of competitive products that are in demand both inside the country and abroad.