Belarus’ economy to focus on export, logistics, import substitution

Economic support measures will rely on export, logistics and import substitution, Deputy Economy Minister Dmitry Yaroshevich said as he met with students and staff of Belarusian State Economic University, BelTA learned from the press service of the ministry.

The university hosted an open dialogue on  the country’s social and economic development. “The government took progressive support measures in the past, too. The new thing about the support measures that are under discussion now is the speed of making managerial decisions. Responding ‘now for today’ is the imperative of the time, there is no escaping it. Future economists should cultivate this quality in themselves from the student’s bench,” the deputy minister stressed.

Dmitry Yaroshevich received many questions from students and university staff. The conversation covered many topics, including support for small businesses, currency exchange rates, the withdrawal of international brands from the Russian and Belarusian markets, as well as labor market trends in Belarus, including for future university graduates.

The deputy minister provided details about the proposed measures to support the domestic economy and named the key components of the economic support policy. “Firstly, export diversification and support. Restrictions imposed required an immediate change in commodity flows. Government agencies, big enterprises and businesses are actively addressing this problem. Simultaneously, effective tools are suggested to stimulate deliveries of our products to traditional and new markets. Logistics is the second component. It is clear that high-quality and reasonably priced Belarusian goods continue to be in demand in the markets. Therefore, together with partners from friendly countries, we are exploring new delivery routes,” Dmitry Yaroshevich said.

The deputy minister also mentioned such an important aspect as the promotion of import substitution. “A large-scale overhaul of imports has been launched in the Union State. Lists of products that can be replaced using the existing potential, competencies and capacities are being drafted. This is a significant reserve for the development of mutually beneficial cooperation in the manufacturing sector between Belarus and Russia,” Dmitry Yaroshevich stated.