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Heavy investments earmarked for Belarusian mechanical engineering industry


There are plans to invest Br17.5 billion in the development of Belarus' mechanical engineering industry by 2030, BelTA learned from Belarusian Industry Minister Vitaly Vovk during the plenary session held on 24 May to discuss the innovation-driven and investment-powered development of the country's mechanical engineering industry.

According to the source, a strategy has been put together to improve the competitive ability of Belarusian products in 2017-2020 and ultimately in the period till 2030. The strategy's implementation will require Br17.5 billion.

The official noted that the money will come as proprietary savings of enterprises, loans from commercial banks, loans from China, grants from the central innovative fund, and money from the central state budget. The money will be appropriated to Belarusian companies in 2017-2030.

Speaking about the development of individual enterprises and holding companies, the industry minister noted that, for instance, the holding company Amkodor intends to invest in the establishment of new manufacturing enterprises. A new instrument-making factory in Kolodishchi, Minsk Oblast will be one of them. In line with the Industry Ministry's strategy BelAZ will get money to develop the production of dump trucks with the carrying ability of 90-450 tonnes as well as other projects. The Belarusian harvester maker Gomselmash intends to create the entire lineup of machines for soil cultivation and tillage in association with private companies. The industry minister also noted that a project for the in-depth modernization of the Belarusian tractor maker MTZ is under consideration.