MINSK, Oct 14 (BelTA) — Belarusian Foreign Minister Vladimir Makei told Izvestia newspaper how Belarus will spend the $1. 5 billion loan granted through Russia, BelTA reports.
“We look for tactics to fight. And the easiest way to do that is by working together. We are not as big and tough a state as Russia and, of course, it is difficult to resist those sanctions alone. Therefore, we want to look for alternatives, and import substitution is one of the options. Following the orders of our leaders, we are working very this issue,” Vladimir Makei said.
He noted that Belarus and Russia once gained a full diversity of technologies and products from the West, however, now the scenario is driving either country to generate all this on its own.
“Believe me, we have already made a lot of progress in this area. The $1. 5 billion loan will be used for import substitution. This cash is needed to begin the production of goods that in the past were bought in the West. For example, microelectronics parts, giant bearings, lighting equipment. To date, about 14 investment projects have been developed that can gain advantages in both Belarus and Russia. Some of them are already in the implementation stage. The $1. 5 billion will be used to grow them,” the minister said.