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Monday, 08 April 2019 12:39

Kosinets: Manufacturing upgrade ensures Belarus' economic security

Modernization and renovation of manufacturing facilities ensure economic security and independence of Belarus, Aide to the Belarusian President Aleksandr Kosinets said in an interview to the ONT channel on 7 April, BelTA has learned.

The large-scale comprehensive modernization and upgrade program was launched in Belarus in 2005. The amount of resources being utilized to implement investment projects is estimated at $25 billion, which is nearly half of the country's GDP. The modernization and upgrade program covers nearly 37 companies. These companies will be up and running in 2019-2021. According to the presidential aide, this will help manufacture export-oriented products, which will contribute to the country's security and independence and will give a powerful boost to the domestic economy and the entire country.

Aleksandr Kosinets spoke about some of the most remarkable projects. One of them is the BelGee factory that is expected to roll out 60,000 cars per year at the first stage. The localization level is to reach at least 50%. Apart from that, Chinese partners are to build an engine-making factory in Borisov. There are plans to expand production of radiators.

The presidential aide added that about 2 million square meters of all-electric homes will be built in Belarus as the country is preparing to launch the Belarusian nuclear power plant. There are plans to start producing electric boilers to substitute imports.

The upgrade of Naftan Oil Refinery and Mozyr Oil Refinery is nearing completion. The Novopolotsk-based company will promote small-scale processing of furnace oil. Metal industry, pulp and paper industry and other manufacturing sectors are also on the growth track. In 2018, 447 investment projects were underway in Belarus.

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