Posted: 05.04.2023 15:33:00

80% of Belarus’ exports reoriented to friendly markets

Recently, President Aleksandr Lukashenko demanded from the Government, heads of ministries and enterprises not to limit themselves to import substitution under the conditions of Western economic sanctions, but to move towards import independence. Well-known Belarusian specialist in the world economy, Doctor of Economics, Professor Irina Novikova shared her views regarding what caused and how to make this transition.

“This question is not new for economists and is connected with the fact that the globalisation of the world economy – which developed throughout the post-war period in the form of transnationalisation – died a long time,” the Professor replied. “There is a transition to interaction within the framework of large macro-regional economic groups: the SCO, the BRICS, the EAEU, the Union State. What is it connected with? Not even so much with biased accusations against Russia and Belarus. Digitalisation is gaining momentum, when every country and regional group is increasingly concerned about maintaining their jobs. Accordingly, there is a need to establish local production. This is especially true for countries with natural and energy resources.”

The specialist underlined that the previously taken course for import substitution was fully justified. Out of 100 percent of Belarusian exports, 80 percent have already been reoriented to other, friendly markets. And each of us feels on their wallet whether the position has improved as a result. The salaries of state employees are being raised, pensions are growing... Economic integration with Russia within the framework of the Union State will further strengthen economic independence, since the countries of this union have almost all the necessary natural and energy resources to produce modern products in demand and enter the markets of the EAEU countries with it, as well as China and other SCO states, which Belarus intends to join in the near future.”