Belarus' economy ministry: Investment is key factor behind new industries, people's income growth

Investment is the key factor behind the emergence of new industries, jobs and people's income growth, Belarus' Deputy Economy Minister Anzhelika Nikitina said at a session of the Mogilev Oblast Council of Deputies, BelTA learnt from the press service of the Economy Ministry.

In her speech Anzhelika Nikitina emphasized that attracting investments is a priority for the regions and industrial sectors because without them there is no development: no new production facilities and workplaces, no growth of people's income.

“To secure development, systematic work is underway in several directions. First, it is the legal framework. Updated draft Decree No.10, draft Tax Code, draft laws on investment and free economic zones have been prepared. The documents have already been considered by both chambers of Parliament. The proposed amendments to the legislation will increase the attractiveness of the Belarusian jurisdiction and encourage businesses to implement manufacturing projects in the regions,” she said.

Secondly, these are investment projects. “Next year we need to launch a number of major business initiatives of regional importance. For Mogilev Obast, it is, for example, a waste recycling plant, construction of a power plant on renewable energy sources in Bykhov, production of laminated plastics, technical upgrading of Osipovichi plant of automotive units,” the deputy minister said.

Third, it is infrastructure. “It is necessary to prepare empty or non-optimally used industrial sites for the arrival of the investor, to develop necessary infrastructure. This is the most important task of local authorities and FEZ administrations and the key condition for launching a new investment cycle,” Anzhelika Nikitina stressed.

During the session, deputies were interested in the development of the concept of the government's regional development policy. The deputy minister explained that the algorithm of actions had been defined following the working group's initial meeting. At present the legislation norms, which have proved their efficiency, are analyzed with the purpose of their introduction into the document. MPs, government agencies, expert and scientific community and other interested parties are actively involved in this process. In Q1 2022 plans are in place to reach a concrete result and submit the concept to the head of state.