Weighty share in balance of payments
Belarus’ Prime Minister, Andrei Kobyakov, and leadership of High-Tech Park Administration JSC to discuss prospects for Park development
Mr. Kobyakov recently toured construction at the High-Tech Park and received a report on its development plan. He has instructed the High-Tech Park’s administration to put together a comprehensive plan for the Park, taking into account housing plans by resident companies.
Park Director Valery Tsepkalo notes that about 150 companies are currently resident, employing over 22,000 people.
Mr. Tsepkalo states that, in 2015, output at the High-Tech Park is expected to reach almost $800m; in 2016, it may reach $1bn. According to Mr. Tsepkalo, up to 90 percent of goods are exported, with export growth standing at roughly 140-150 percent per annum.
He comments, “This year, we’ve seen good growth. As far as geography is concerned, North America accounts for 40 percent of orders, while Europe’s share stands at 43 percent. This year, CIS states account for a much smaller share than last year.”
At present, the High-Tech Park has customers in 55 countries across the globe. In H1 2015, the High-Tech Park’s net forex earnings reached $315m. According to the National Bank of Belarus, these earnings represent 26 percent of the foreign trade service surplus in the national balance of payments.
By Alexander Pimenov