Vice premier shares details about Belarus-Russia import substitution projects

When asked about progress to implement import substitution projects with Russia, Piotr Parkhomchik noted: “The most difficult part was to develop business plans. And we did it. These plans have gone through all approval stages, now they are at the implementation stage. We already have 14 approved projects. We have begun to utilize funds that were allocated to us under a Russian loan. We have already withdrawn about Br900 million. These funds will be used by Gomselmash, the bearing plant, and Belarusian Steel Works."

The deputy prime minister also mentioned the investment projects that are being successfully implemented and financed by Belarusian banks. “The Development Bank is financing a very good project in Orsha - the development of ring blanks. The project also provides for the construction of production facilities on the area of up to 25,000m2. We have already completed this work. Equipment delivery will start at the end of the year, about $30 million has already been allocated for this purpose. The Development Bank and Belarusbank financed investment projects for Legmash in Orsha. That was a substantial amount - $20 million. By now about 60 pieces of equipment have been delivered, installed and launched there. And today these machines are already used to make products,” he said.

Piotr Parkhomchik added: “We have accelerated all these projects to reduce deadlines to 1.5-2 years, but this is not enough. We need to work much faster and use the resources allocated by the Russian Federation as quickly as possible. If not us, then someone else will get in on the work.”