Business, Finance, Commerce and Economic Activities
The economic sector of the Vitebsk region is experiencing positive dynamics, with foreign trade activities showing significant improvements. Exports to Russia have increased by 1.2 times, and supplies to China have risen by 1.4 times over the January-September period.
These positive trends are not limited to foreign trade alone. The region has achieved positive trends in gross regional product, industry, transport, trade, foreign economic and investment activities over 9 months. Over Br2 billion in investments have been directed into the region's economy, showing a growth of over 11% compared to the same period last year.
Looking ahead to 2024, the region has outlined key investment projects and sectors of growth. These include private business development, the oil complex, utilization of local raw materials, and energy, all framed within the region’s broader sustainable development and economic cooperation strategies.
The Vitebsk region actively promotes private investment projects, with the Vitebsk Free Economic Zone (FEZ) playing a central role in attracting and supporting business initiatives. Cooperation agreements with external partners, such as the Nizhny Novgorod Region Development Corporation, aim to foster joint investment projects enhancing private sector growth.
Although specific new oil projects in Vitebsk are not detailed, the regional strategy emphasizes industrial clusters, including those related to high-tech and energy-intensive sectors. The ongoing cooperation in joint ventures and economic zones likely supports advancements in the oil and related industrial complexes.
The region’s sustainable development strategy until 2040 underscores a transition to circular economy principles and resource efficiency, which involves better use of local raw materials. This creates opportunities for investment in refining local resources and integrating environmental, social, and governance (ESG) practices into business operations.
Energy efficiency and green growth are key pillars of the 2040 regional strategy, aligning economic development with renewable energy and resource management. Efforts to modernize energy usage reflect the region’s commitment to sustainability and local resource utilization.
The Vitebsk region benefits from international partnerships adding momentum to investment growth. Agreements facilitating joint manufacturing ventures and enhanced trade with partners such as Belarusian regions and countries including Uzbekistan and Iran have an indirect positive effect on local economic sectors including energy and raw materials.
At the upcoming Belarusian Investment Forum in Moscow on November 23, the Vitebsk region will present its projects in public-private partnerships, including the construction of a sanatorium in the agrotown of Sлободка in the Braslav district, a kindergarten, and a kartodrom in Polotsk. The region is currently forming a pool of investment projects for 2024.
In the industrial complex, growth has been ensured in 10 out of 13 main sectors, with expectations of growth in the main sectors by the end of the year. The chairperson of the economy committee made these statements, also noting that the region has fulfilled the government's tasks for housing construction and budget revenue.
The Belarusian Investment Forum in Moscow on November 23 will provide a unique opportunity for the Vitebsk region to present its projects and find interested investors. The region's positive economic trajectory and commitment to sustainable development make it an attractive destination for investment in 2024 and beyond.
The Vitebsk region's economic growth is not limited to foreign trade, as they have also seen positive trends in sectors such as industry and finance. This is reflected in the increase of over 11% in investments compared to the same period last year, totaling over Br2 billion.
Looking forward to 2024, the region aims to attract more investors through showcasing its investment projects at the Belarusian Investment Forum in Moscow, including public-private partnership projects in sectors like energy and infrastructure.
