Belarus to expand export promotion measures in 2024

Belarus is set to increase the amount of export promotion funds envisaged in the budget by 20% in 2024, Deputy Prime Minister Piotr Parkhomchik said at a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly on 22 November, BelTA has learned.

“Export growth is ensured also thanks to the existing support mechanisms used by manufacturers. Some $12 to $147 of foreign currency proceeds, depending on the support measure, is received from $1 used from the budget to support exports. The budget 2024 will envisage an increase of export promotion funds by 20% than it was in 2023,” Piotr Parkhomchik said.

New tools are considered to promote exports in the markets of the distant countries. Such measures envisage financing for Belarusian organizations for set up their production facilities in foreign countries with the participation of Belarusian capital, using Belarusian raw materials, materials and components.

This year, the government adopted more than 30 legal acts to support the real sector. Support was provided to manufacturers of mechanical engineering, metallurgical, petrochemical industries, as well as light and woodworking industries.

“For the country's consumers, the price burden on energy resources has been reduced by lowering the price of gas at the border and the markup of Gazprom Transgaz Belarus. This became possible thanks to the agreements reached at the level of the heads of state of Belarus and Russia on the terms of gas supply to Belarus in 2023-2025. Tariffs for energy resources have decreased by an average of more than 10% in US dollar equivalent compared to 1 January 2023,” the deputy prime minister said.

Belarus has also taken measures to protect the domestic market. Restrictions have been introduced on the export of domestic raw materials - flax fiber and raw cattle hides, necessary for the Belarusian light industry. Now these raw materials can be exported only with a license. Licensing of imports of certain types of wood products was introduced in wood processing. This applies to the import of chipboard and oriented strand board, fiberboard, as well as multilayer paper and cardboard with all whitewashed layers.