What Belarus' economy is counting on in the face of sanctions?

8 апреля 2022
Overcoming the effects of restrictive measures. The government approved the plan to support the economy on April 7. The main task of the large-scale document is reorientation of exports, import substitution, maintaining stability in the labor market, reducing the administrative burden on business and pricing. They will also provide assistance in lending to those who supply products abroad. And by the way, decisions to promote exports are already yielding results: in the two months of the first year, our sales to the Russian market increased by 25%, also an increase of almost 20% is registered in China. 

Responses to sanctions challenges

The continuous sanctions pressure that Belarus lives under requires new approaches for stable and sustainable work of our economy. A comprehensive plan will clearly set priorities and develop immunity to new challenges that may still grow. One of the points of the ambitious document is export promotion. The main task is to re-orient supplies to friendly countries, while building new transport and logistics chains. Today we are heading to the East.

Sergey Dubina, Deputy Minister of Transport and Communications of Belarus:

“Our task is to cooperate with the partners of the eastern vector - this is Georgia Azerbaijan, Turkey, and the far arc including Mongolia, China, Kazakhstan. There are also contacts with these countries. One of the priorities is the practical implementation of the agreement between the Republic of Belarus and China on the beginning of road transportation.“

Ministry of Economics: The implementation of the support plan will add stability to the economy

The import substitution will also be a priority. The emphasis is laid on cooperation with Russia. The maps of competencies of the two countries have already been drawn up. There are also specific proposals on the creation of new joint productions, including with the involvement of investors from China and Turkey. 

Dmitry Yaroshevich, Deputy Minister of Economy of Belarus:

“Certainly, there are competences both in the Russian Federation and in Belarus for the production of goods. This is primarily the manufacturing industry, machine-building. We can together satisfy our markets by producing more components and the finished products ourselves. This pertains not only to mechanical engineering, but also to the light industry. Many brands are leaving Russia now. We are eager to take up these niches. Belarus traditionally produces a lot of fabrics and clothes. We see prospects here as well.“

Set of measures to support citizens and business has been developed.

The entrepreneurs have to adapt to the new reality. Special attention to the creation of a favorable business environment has been given on a large scale. The priority is given to stability in the labor market and support of the employer's efforts to save jobs. 

A wide range of goods at reasonable prices

Undoubtedly, the Belarusians are concerned not only a decent level of wages, but also  about the availability of goods on the shelves. The government promotes the establishment of optimal prices, while taking into account the interests of both sellers and producers.