Brest Oblast is set to attract at least $90 million in foreign direct investments on a net basis in 2020, Brest Oblast Vice Governor Andrei Klets said at a joint session of the Brest Oblast Executive Committee and the Brest Oblast Council of Deputies, BelTA has learned.
The main investment driver is the Brest Free Economic Zone that is expected to account for almost 50% of the total volume of foreign direct investments. The city of Brest aims to raise $15 million in foreign direct investments, Baranovichi and Pinsk over $6 million.
“We plan to inject Br3.4 billion into the fixed capital thanks to investment projects and new enterprises in 2020. This will be up 1% over 2019. More than 38% of investments will be spent on machines, equipment, and vehicles. In 2019, this figure stands at 35%,” Andrei Klets said.
Participants of the joint session discussed the social and economic development forecast and the budget of Brest Oblast for 2020. The growth rate of the gross regional product is expected to total 102.8% year-on-year, with merchandise export growth at 103.9% and services export at 103.8%. Plans are in place to create at least 6,300 new jobs at new enterprises.
Brest Oblast intends to meet these targets by boosting industrial output by 3.6% (23% in the five-year term), which will be possible thanks to upgrading and re-equipping of existing enterprises and setting up new ones. For example, Pinsk-based company Polesye intends to increase output by at least 8.7%, Ivatsevichdrev – by 2.5%, Malorita Vegetable Canning Plant – by 3%, KvartsMelProm – by 43%, and Antopol Cotton Mill – by 69%.
“Merchandise export is expected to increase by about 3.9%. We have already taken steps in order to meet this target. The joint plan of action of the Brest Oblast Executive Committee and the Belarusian Ministry of Foreign Affairs to enhance trade and economic cooperation with other countries for 2020 has been drafted and sent for coordination. We have also already set targets for organizations and Brest Oblast districts,” Andrei Klets noted.
In January-October 2019, merchandise export surged by 9.3%.
Source: information agency BelTA
