Belarus bouncing back after global crises of past years

By Veronika Buta: Today, it is impossible to preserve a country’s independence and political sovereignty without economic stability. The policy of Belarus was built and continues to be based exclusively on its national interests. Belarus is gradually bouncing back after the global crises of the past years.

The construction site of the country’s first nuclear power plant near Ostrovets, Grodno Region, has already turned this agro-region into a real industrial cluster. The first NPP in Belarus s expected to become the largest investment project in the country, as well as to change the economy in general and the lives of thousands of local residents in particular.

Today, Belarus is one of the leaders in the tractor industry, with about 80% of the total volume of the Eurasian Economic Union assembly output. BelAZ is the second largest enterprise in the world in terms of the production of quarry dump trucks. Belarus also holds the sixth part of the world production of potash fertilizers.

Belarusian food products, especially milk and meat, are highly appreciated in the world as well. Nearly 90 countries are familiar with Belarusian food products. The geography is regularly expanding, with a dozen new merkets per year. Belarus is currently exploring the Asian markets. In late 2017, Belarus became the first country in the CIS and the 13th country in the world to have received permit to supply beef to China.

In the past few years, Belarus has firmly established the reputation of a leading IT-country. Over the past year, the export of the Hi-Tech Park Belarus has exceeded 1 bn dollars. This year has also proven to be a success. Over the first 5 months of 2018, over 100 new residents joined the HTP. In June, the Park received 56 new companies. Experts attribute such rapid growth to Decree No. 8 On the Development of the Digital Economy. It significantly simplifies the conditions for joining the HTP and grants new residents tax benefits.

Also, a revolutionary package of documents on the liberalization of business was signed in the country – Decree No. 7 and seven supplementary documents to it. There are more new jobs in the country, and increasingly the Belarusians decide to start their own business.