Vladimir Semashko: Russia is Belarus’ key trade partner

Russia remains the key partner for Belarus in trade and economic cooperation, First Vice Premier of Belarus Vladimir Semashko said at a Belarusian-Russian business forum in Minsk on April 23. He remarked, in 2008 the trade turnover between the two countries may reach $34-35 billion. In Q1 2008 the growth rate of the trade between Belarus and Russia totalled 170% as against the same period of last year. In 2007 the trade between Belarus and Russia amounted to $26 billion. According to Vladimir Semashko, there is a certain algorithm in economic relations between the two countries. The implementation of Union programmes has allowed preserving entire industries in the economies of the two countries. While for Belarus Russia is the main market for exports and buying raw materials, for Russia Belarus is a major transport and transit corridor. The official also mentioned the importance of strategic integration development of the two countries. Belarus is working hard upgrading the existing manufacturing facilities, implementing innovation projects. Around 60% of the gross domestic product is exported, including exports to Russia (49.7% of the GDP in Q1 2008). Vladimir Semashko stressed the importance of attracting investments into the Belarusian economy. At present the country’s need for investments is estimated at $37 billion. In view of this interest in Russian partners is on the rise in Belarus. “We, the government, contact Russian partners practically every day,” said the First Vice Premier. Vladimir Semashko highly estimated the importance of the Belarusian-Russian economic forum (the first one in the history of the Union State), which was organised by chambers of commerce and industry of Belarus and Russia. “We cannot but rejoice at successes of Russia, our ally and partner,” said the First Vice Premier. “It is no secret that the business of Belarusian industrialists depends on how well things in Russia are”. Vladimir Semashko is convinced, the Minsk business forum will establish new contacts between the countries and reinforce the existing ones, will allow improving the competitive ability of the economies, actively promoting investment cooperation.