Lazarevich: Minsk fulfilled programme for import substitution, growth of foreign investment and wages

Last year, Minsk completely fulfilled the import substitution programme covering over 300 businesses which produced over 500 types of goods – worth about $2bn – as noted by Nadezhda Lazarevich, the First Deputy Chairperson of the Minsk City Executive Committee, at a meeting to discuss the results of Minsk’s socio-economic development in 2023 and tasks for 2024. The session was attended by the authorised representative of the President in Minsk, Chairperson of the Council of the Republic Natalya Kochanova, ministers, heads of district administrations, alongside directors of enterprises and organisations.

“Last year we reached a recovery dynamic in gross regional product,” noted Nadezhda Lazarevich. “Retail and wholesale trade turnover is showing good growth, with both rising by more than 13 percent. The rate of receipt of revenue from enterprises increased by approximately 15.5 percent while the number of unprofitable businesses dropped by 155. Moreover, foreign investment increased by 1.3 times. Based on the already available results of January 2024, we can say that all indicators are being met, meaning that we are progressing in the right direction.”

Moreover, the First Deputy Chairperson of the Minsk City Executive Committee, Nadezhda Lazarevich, cited figures on wage growth, “In 2023, the nominal accrued average monthly wage in Minsk exceeded Br2,500, including Br3,240 for December. The growth rate was 113.1 percent while real wages increased by 7.6 percent. The growth of wages, their timely payment and the reduction in the number of unprofitable enterprises are under the Minsk City Executive Committee’s control. Investments are also a priority: last year, $832.2m of FDI was attracted into the economy – 1.3 times more compared to 2022. The financial stability of enterprises and an increase in industrial production by 7.7 percent have been also ensured.”