OPPORTUNITIES, that shall be undertaken
Belarus and Austria have a great potential for the development of mutually beneficial trade and economic cooperation
Besides, Viktor Gaisenok believes encouraging Austrian investments in the modernization of the Belarusian economy is important for the development of the bilateral relations.
In turn, director general for foreign trade policy of the Austrian Federal Ministry of Economics and Labour, chairman of the Austrian part of the commission Johann Sachs noted, the flow of Austrian investment in the Belarusian economy can be accelerated by inviting Austrian banks to partake the development of the bilateral relations. He cited Raiffeisenbank, which owns a share in Belarusian Priorbank, as an example of successful work in Belarus.
Austrian companies export to Belarus mainly medications, metering instruments, food industry equipment and certain other commodities. However, according to Johann Sachs, it is just a small part of what Austria could have supplied to Belarus. Yet the list of goods imported from Belarus can be extended.
“The foreign trade has a significant potential, which needs to be explored by implementing new projects and cooperation programs”, said Johann Sachs. He added, Belarus occupies only the 67th position on Austria’s largest trade partners list by accounting for 0.07% of Austria’s foreign trade while Austria maintains trade relations with over 200 countries across the globe.