Boosting Exports of Goods and Services to Remote Countries Set for 2024 in Belarus
Belarus has unveiled a strategic plan to boost its exports of goods and services by 7.6% or $3.8 billion in 2024. The plan, announced by Julia Zubar, head of the external trade forecasting department of the Ministry of Economy, aims to diversify markets beyond traditional partners and access new international markets.
Key entry points for the African market have been identified, including Egypt, Kenya, Nigeria, Zimbabwe, South Africa, and Equatorial Guinea. An increase in exports of food products, machinery, equipment, and chemical industry products is planned as part of this strategy.
Maintaining a presence on the Russian market is another key task for Belarusian exporters. The Ministry of Economy plans to use financial support under the decrees of the head of state No. 534 and No. 466 to ensure this continuity. The share of Belarusian imports in the Russian market should be maintained at no less than 9%.
To facilitate decision-making, the Ministry of Economy believes that the Business Support Infrastructure Map will be beneficial. Exporters have already gained access to loans in Chinese yuan under decree No. 534. More than Br360 million has been allocated in the budget for financial support for exporters.
Actively increasing supplies to distant countries, particularly Africa, is another key task for Belarusian exporters. The transition to a notification-based system for compensating losses from export financing has been decided to support this endeavour.
Belarus aims to achieve this expansion despite geopolitical challenges and EU/Russia sanctions. The strategic economic plans focus on diversification and leveraging state programs to promote export growth, as well as improving product competitiveness and developing logistics infrastructure to access new international markets.
However, concrete export targets and detailed measures for distant countries beyond Africa are not explicitly detailed in the current data. The focus remains on the strategic objectives and the path towards achieving them.
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