Session to discuss the most troubled investment projects

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We need the maximum result from every ruble invested in the Belarusian economy, Belarus President Aleksandr Lukashenko said at a government session held on 17 December to discuss the most troubled investment projects.

“Despite a difficult economic situation, we managed to keep a good level of investment in our economy on an annual basis. The main requirement has always been to generate the maximum result from every invested ruble, which means full employment and good salaries,” Aleksandr Lukashenko said.

He stressed that the goal of investments which are the main factor of economic growth is stable regional development and improving living standards. “When investing money in the economy, we were focused primarily on the development of traditional enterprises that process raw materials available in our country. Woodworking means forests. Cement and other materials mean relevant raw materials that we have in the country,” the President said.

“Since gaining independence, we have been supporting and constantly developing industrial manufacturing. We have preserved our biggest companies in mechanical engineering, oil refining, and chemical industry,” the head of state said.

Aleksandr Lukashenko stressed that the woodworking, cement and food industries have been significantly upgraded over the time, and new high-tech facilities have been set up in the national energy system. The country has been actively developing renewable and nuclear energy. “A line-up of passenger cars has been launched, which happened for the first time in the history of independent Belarus. We have also started a large-scale biotechnological project to produce aminoacids,” he added.

The head of state noted, however, that not all the projects had produced the expected results. “Moreover, the commissioning of certain new facilities, which were supposed to be in operation making profits long ago, has been postponed indefinitely,” the President said.

Earlier Aleksandr Lukashenko instructed to scrutinize the problems both on site and in the government and to develop systemic solutions for the effective development of enterprises, with government officials appointed to supervise these enterprises. However, according to him, the government has traditionally prepared the proposals to extend state support by the end of the year. “If this support is justified, we will provide it. But only after it is shown that the applicant needs this support and did not fail the modernization and investment plan,” the Belarusian leader said.

The head of state asked why the investment of significant funds in some projects proved ineffective and what decisions the government has made to stabilize the work of enterprises. “What has been done by the new government to launch manufactures at new enterprises which have consumed a lot of loan resources? What else needs to be done to remove shortcomings. I also want to hear how the manufactures have been developing, what is the status of protection of the Belarusian nature. This is our main wealth and priceless heritage, which belongs not only to us, but also to children, and which we are obliged to preserve. Environmental agencies have plenty of complaints against investors,” the President noted.

The President noted that the meeting is very important as hundreds of millions of dollars are at stake. “I am particularly interested in those projects which have been talked about but have not yet come on stream, or which operate very poorly. The theme is clear, so let's determine what we will do next, especially with several enterprises that should have started working long ago making profits,” he said.