Belarus, Russia coordinating another 9 import substitution projects worth RUB25bn An archive photo
16:10, 22 November
Photo: soyuz.by
Belarus and the Russian Federation are coordinating another nine import substitution projects worth RUB25 billion, Belarus' Deputy Prime Minister Pyotr Parkhomchik said at a joint meeting of the House of Representatives and the Council of the Republic, BelTA reports.
- Share on Facebook
- Share on VK
- Share on Twitter
Medium-term and long-term investment projects aimed to replace imported industrial products will be implemented in all regions of Belarus. Some of them will be funded by a government loan of the Russian Federation. By now the Ministry of Industry and Trade of Russia and the Industry Ministry of Belarus have agreed upon 23 import substitution projects that will receive a total of RUB105 billion in funding. “Loan agreements for 13 projects have already been concluded with banks; contracts for equipment supply have been signed. The first five projects will be completed in 2025,” Pyotr Parkhomchik informed.
In addition to that, nine more projects totaling about RUB25 billion were submitted to the Russian Ministry of Industry and Trade for approval. This work will continue throughout 2024. “These projects will make our enterprises more technologically advanced. They will also benefit Russian consumers, as they will reduce dependence on imported components and equipment,” the deputy prime minister emphasized.
For example, Gomselmash will launch its own production of component parts for its combines and also meet the needs for these products of Russia's Rostselmash. The export of axle kits and mechanical transmission components to Russia is expected to increase significantly.
Enterprises making part of the Amkodor holding company will launch the production of completely new harvester and forwarder manipulators, new lines of steering and non-steering axles, and hydromechanical transmissions. The existing capacity for the production of forestry equipment will also be expanded.
Minsk Gear Plant will produce crankshafts, gears, gear shafts of the 5th - 7th accuracy classes, which will allow the plant to quadruple sales revenue.
“It is important that these projects will generate employment opportunities: 632 new jobs will be created and more than 350 jobs will be modernized,” Pyotr Parkhomchik remarked.
“The head of state has set an ambitious task for the real sector of the economy - to increase the output of import substitution products by at least 10% this year over 2022. The task is not easy, but achievable. Some 74% of the target was fulfilled over 9 months as far as the production of import substitution products is concerned. “In this regard, 56.1% of such goods are meant for export. Import substitution products account for 51.1% of industrial output in the country, up 7.5 percentage points over the same period in 2022,” the deputy prime minister added.
