Belarus’ industry minister unpacks growth strategy for industrial companies

After being introduced to the staff of the Industry Ministry, the newly appointed Industry Minister Aleksandr Yefimov told reporters about his vision to develop enterprises affiliated with the Industry Ministry, BelTA has learned.

Russia and China were identified by the head of state as key partners for growth, noted Aleksandr Yefimov. “Of course, we will try hard to establish our presence in new markets. A number of stumbling blocks impeding our progress in the last couple of years have already been removed. The time has come to expand our presence and regain our positions in the markets of third countries. The Industry Ministry will continue to implement the concept of the three “i”s laid out by the head of state several years ago,” the minister explained.

The first “i” stands for innovation. “We must be ahead of the curve with our products, technologies, and managerial solutions, and to deliver solid results,” Aleksandr Yefimov remarked.

The second “i” is investment. “The Industry Ministry has recently launched an important investment cycle. We are implementing many projects, including joint projects with partners from the Russian Federation. We are going to pay more attention to this, as we need to make sure that our managerial techniques and production methods are effective, and our products are of high quality and can successfully compete on the market,” he said.

And the third “i” stands for import substitution. “First of all, this is crucial for ensuring technological and industrial sovereignty of our country. We should produce all key components and systems on our own; this task was also set by the head of state. We should wean ourselves off our reliance on other producers. These targets are key elements of the development strategy for enterprises affiliated with the Industry Ministry ,” the minister added.

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