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Belarusian Economy Ministry working on nationwide industrialization plan

The Belarusian Economy Ministry is busy putting together an industrialization plan, which provides for implementing over 1,700 investment projects, BelTA learned from Belarusian Economy Minister Vladimir Zinovsky after the government conference held by the head of state on 3 May.

Vladimir Zinovsky reminded that the head of state had previously instructed the government to raise the GDP up to $100 billion by the end of 2025. This year’s GDP is expected to reach $60 billion.

“The Economy Ministry worked hard the entire last year and early this year to put together the plan for the so-called industrialization of the country. Each of the 118 districts will be assigned certain investment projects, including projects voiced by ministries or worked out by the oblast governors. We have 1,740 projects like that so far,” said the economy minister.

The Presidium of the Council of Ministers is expected to discuss the industrialization plan in July. “If the plan is implemented, we can definitely raise the GDP to $100 billion,” believes Vladimir Zinovsky.

The projects are supposed to be implemented using investments and proprietary assets of enterprises. “Interest rates for loans for Belarusian companies should be as little as 5-6% per annum. I always say that. Then, Belarusian companies could use these loans to expand their operation or start new projects as part of the program,” he noted.

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