The development of the economy depends on the growth in the production of competitive products - Kosinets

The development of the economy largely depends on the growth in production volumes of competitive products. This point of view was expressed today to journalists by the Chairman of the Vitebsk Regional Executive Committee, Alexander Kosinets, in response to a question from a BELTA correspondent.

"Without volumes and liquid products, there will be no added value that would allow for budget formation, decent living, and economic development," the governor emphasized. Vitebsk region is currently leading in terms of gross regional product growth rates in the country. For January-October, the government's target was overfulfilled: the growth rate was over 110%. According to Alexander Kosinets, these indicators could have been higher, but in September-October, planned repair work was carried out at Naftan OJSC, which did not allow the enterprise to operate at full capacity. This work has now been completed. The Chairman of the Regional Executive Committee sees significant reserves for increasing the gross regional product in the agro-industrial complex, construction, trade, and the service sector, which will allow the region to reach a growth rate of 112-113% by the end of the current year.

The region is carrying out targeted work to reduce inventory levels. Currently, they stand at 27-31%, which is a minimal indicator for the country. Labor productivity outpaces wages by 7-8%. However, Alexander Kosinets is confident that labor productivity should be even higher.

The forecast indicators for product exports in January-October were overfulfilled by the region, largely due to the work of enterprises of communal ownership. With the government's target set at $290 million, exports have already reached $1.5 billion. "This is a significant contribution to replenishing the country's gold and foreign exchange reserves," stated Alexander Kosinets.

At the same time, with Russia's accession to the WTO, the situation in this market will intensify. Therefore, local authorities consider their main task to be supporting manufacturers producing innovative products that are in demand on the foreign market.

Diana Kurilo - BELTA