Alexander Subbotin: “The key driver of Vitebsk region development in 2024 was the growth of investment activity”

In the Vitebsk region in 2024, the volume of attracted investments will exceed 3.8 billion rubles, which is the best indicator for five years. At the same time, over the past two years, their size has been increased by almost a third. This was stated by the chairman of the regional executive committee Alexander Subbotin today at a session of the Vitebsk Regional Council of Deputies when summing up the preliminary results of the outgoing year.

For investment growth, an investment portfolio of the Vitebsk region was formed taking into account the specialization of regions, the availability of competencies and labor resources, and possible growth points. Measures to stimulate private initiative at local levels have been taken at all levels of government, and a wide range of instruments for state support of entrepreneurship is provided.

– As a result, the key driver of the region’s development has become the growth of investment activity in almost all sectors, – emphasized Alexander Subbotin.

The bulk of investments are in industry (35%), including the bulk of them, about 60%, in manufacturing. This allowed us to increase production volumes more than 2-fold in metallurgical production, 1.4-fold in the production of electrical equipment, machinery and equipment, and 1.3-fold in transport vehicles over the four years of the five-year plan.

This year, 33 new industrial enterprises and production facilities have been created in the region. Within the framework of the Agreement between the Republic of Belarus and the Russian Federation, three integration projects have been launched using a Russian financial loan; three more projects are being developed under this scheme (OAO BelVitunifarm, UP Vitstroytekhmash, OAO VZEP).

Vitebsk region retained its leading position in terms of the share of shipped innovative products, which amounted to 35.9 percent of the total volume of products. More than 150 types of import-substituting products worth approximately one billion dollars are produced annually.

In 2025, it is planned to allocate about 4.5 billion rubles of investments for the development of the economy. According to Alexander Subbotin, these are projects that are initiated by domestic investors, and also developed in the region with subsequent attraction of financing from the regional and republican budgets, credit resources of the banking sector. At the same time, the main investment flow is provided by private investors, including those who return to their homeland and want to organize a successful enterprise in the regions of Vitebsk region. All in all, it should ensure investment growth, Alexander Subbotin is sure.

All news