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Investments in Gomel Oblast economy 16% up in 2019


More than Br4 billion was invested in the development of Gomel Oblast’s economy in 2019, 16% up from 2018, BelTA learned from Gomel Oblast Governor Gennady Solovei at a session of the Gomel Oblast Council of Deputies. The session was held to review the performance of the oblast administration in 2019.

The southeast region of the country is home to over 300 companies with foreign capital from 32 countries. In 2019 foreign direct investments exceeded $196 million, including $77 million as net FDI. The most important investment projects include the organization of industrial processing of glass at OAO Gomelglass, the retooling of the nail shop at the Rechitsa-based hardware plant RMZ. The commissioning of a new line allowed SvetlogorskKhimvolokno to become one of the largest manufacturers of spunbond fiber in the Commonwealth of Independent States. Over 90% of the new nonwoven material is exported to 25 countries across the globe.

The implementation of major investment projects continues in 2020, including the development of the Petrikovskoye potash salts deposit, the commissioning of new facilities at Mozyr Oil Refinery, the steel mill BMZ, and Gomselmash.

Gennady Solovei stressed that Gomel Oblast is busy securing its stance as an industrial leader of the republic. The oblast exceeded the foreign trade target, the merchandise export target, and the services export target set by the government in 2019. The oblast also turned out over Br23 billion worth of industrial goods in 2019. More than 65% of the total volume is exported to 99 countries across the globe. Gomel Oblast’s contribution to the country’s total export exceeded $4 billion (12.5%) without the export of oil products, which are shipped by Belarusian Oil Company.

In 2019 Gomel Oblast accounted for over 10% of the country’s GDP, over 20% of the country’s industrial output, 15% of the country’s agricultural output, 15% of the country’s fixed-capital investments, and about 12% of the country’s retail trade turnover.

According to Gennady Solovei, a lot of work was done in 2019 to develop the economy and raise living standards of the residents. “We have something to be proud of and something to work on,” the head of the Gomel Oblast administration concluded.