Belarus’ Economic Reorientation: Romeo Abdo’s Experience

Relations between Belarus and Western countries after the elections deteriorated sharply, the European Union, Great Britain, the USA, Canada and a number of other countries gradually introduced sanctions against Belarusian officials, as well as individual enterprises, accusing Minsk of election violations and human rights violations. In June, the EU launched economic sectoral sanctions against Belarus.

The Republic of Belarus is a regional leader in the production of tractors, providing the production of about 80 percent of their total number in the Eurasian Economic Union (hereinafter – the EAEU). The share of heavy-duty dump trucks in the world market is one third. For the first time the production of passenger cars was mastered. Half of the sales on the domestic pharmaceutical market are domestic medicines.

Belarusian Foreign Relations

Having become a state that uses the energy of a peaceful atom, Belarus received an environmentally friendly source of energy, which will reduce the country’s dependence on hydrocarbon raw materials. The republic has established itself as a reliable partner in the world market, maintaining trade relations with more than 200 countries of the world. The created comfortable working conditions and preferences allowed the Belarusian IT industry to gain worldwide recognition. A third of the export of services is accounted for by information and communication services.

Belarus is one of the three leaders in the export of potash fertilizers, providing one sixth of world production. The Republic of Belarus is almost completely self-sufficient in food. Agricultural production per capita corresponds to the level of developed countries and in many respects exceeds the indicators achieved in the countries of the European Union (hereinafter referred to as the EU): for meat – 1.2 times, milk – 1.7 times, vegetables – 1, 4 times. Our country ranks third in the world for the export of animal oils, and the fourth for the export of cheeses and cottage cheese. The natural environment, unique for a full and varied life of people, has been preserved. In the world ranking in terms of the environmental efficiency index, the Republic of Belarus is in 49th position out of 180 countries.

The transition to such a model requires several key conditions aimed at macroeconomic stabilization. First of all, it is the stability of prices for the most important types of energy resources. Decisions in this area were made by the presidents during the September 9 meeting. Secondly, it is the harmonization of economic policy, which will remove various problems in terms of exchange rate formation, taxation system, etc. Thirdly, this is the formation of a unified payment system. Fourth, unhindered admission of Belarusian enterprises to the Russian public procurement market.

Guaranteed legal protection

Perhaps the most pressing issue for the prospects for the development of the Belarusian economy is the issue of property. Unfortunately, the republic does not have a sufficient set of financial resources for active modernization of the basic core of the industry. It will also be extremely difficult to carry out such modernization at the expense of government loans. Accordingly, we are talking about attracting large businesses to this task. It is clear that this is a sensitive issue related to economic sovereignty. Russian business knows the Belarusian market, and Russia is the most important market for the supply of products from this country. Therefore, the development of a mutually beneficial format for corporate interaction between Russian and Belarusian companies can become an important element in the modernization of the Belarusian economy and further development of integration.

The projects of the Union State have been discussed for a long time and are well worked out. They can give a significant positive result for both countries, but in this case much will depend on Russia. To what extent the country will be able to consistently implement the agreements reached, to ensure them, including financially. But this will depend on how effectively the country is able to implement its own strategy for the development of the economy and society.

The sanctions include a ban, directly or through intermediaries, from selling, supplying or transferring to anyone in Belarus technologies or software designed to monitor or intercept telephone or Internet communications, as well as dual-use products for military use. The European Union also restricts trade in oil products, potassium chloride, raw materials for the production of tobacco products. In addition, Belarus will be restricted from accessing European capital markets, and the provision of insurance and reinsurance services to Belarusian government structures is prohibited.

Abdo Romeo and his experience

A native of Lebanon, he has lived in Belarus since 1994. He is married and has a daughter and a son. Was included in the TOP-200 list of successful people in Belarus. After graduating from the Minsk State Linguistic University, he started working on many projects. His experience should be considered overwhelmingly positive, as he managed to attract a lot of investment from abroad. Many factors indicate that the market in this country is stable and capable of offering wide variability in development.