Clear and simple conditions for doing business to allow northern region drawing investment

11 февраля 2021

A number of initiatives related to the economy were tabled by representatives of the northern region of the country. One of the proposals is to ensure predictability and transparency of business conditions.

Veronika Zaboluyeva, Chairperson of the Economy Committee of Vitebsk Region Administration: "Clear and simple conditions for doing business will allow the region to attract investments and produce goods with high added value. In the near future, it is necessary to achieve maximum return on the already developed markets and enter the new ones: these are the countries of South-East Asia and the Middle East."

Over the past five years, business activity and private initiative have increased in the region. The business sector provides 40% of investment and exports of goods. Every fourth ruble in the budget is made by business. In the next five years, the region will work on increasing the efficiency of import-substituting production. The task by the end of 2025 is to increase the supply of import-substituting products to 70%.