this spreads through the economy in the form of consumption, which in principle is actually from the point of view. uh, the use of gdp consumption is the main driver. yes , the way we go shopping, the way we use financial services, and household services. this, among other things, also determines economic growth, which is why the so-called multiplier arises here. yes, that is, when we not only accumulate capital, but also, in general, increase the country's gdp, but, if we talk directly about the investment policy of belarus, this is what its essence. what are its priorities, tools and mechanisms for implementation in the program of socio-economic development , the priorities of the country's investment policy are determined by everyone, you can familiarize yourself with them. this is a program approved by all the belarusian people's assembly priorities of the investment policy. they are implemented quite consistently in each such program , the president pays a lot of attention. the issues of the development of our economy, first

of all, the increase in investment volumes, that is, if you rephrase it, then such are two key priorities. e, high-tech production, yes, and their development, and the second is regional development, that is, the formation of e -infrastructure in the regions, and so on and so forth in order to create prerequisites for the further development of these territories and alignment. here is the branch regional. well backlog, which is present in any case in virtually all countries of the world. and ruslan borisovich, implementation tools. here's what can be attributed to them, as for the implementation tools, but first of all, and i i would like to note that the president's order, on which we are all working now, is one region, one so-called project in each region. we must create one investment project each. it should be noted that now we have for this. a whole range

of instruments. first of all, this is a product created by the development bank just for the implementation of this order and for import-substituting projects, preferential credit resources. just aimed at these goals. moreover, it is important to note that in this context, e is not only one enterprise in region. can use preferential loan product. this list is not limited and, upon the proposal of the regional executive committee, it can be supplemented with new projects. in addition, within the framework of integration projects from the credit resources of the russian federation, we can implement integration projects. the so -called orders of the order of the prime minister-210. and here we can also use this tool, in addition to the program, and support for small and medium-sized businesses, a tool that allows both executive committees to compensate up to 50% refinancing rate for small and medium-sized businesses for the implementation of investment projects, but in terms of regional

development, the mogilev region also has an additional unique tool under the presidential decree. we have the opportunity to compensate the investor for the implementation of investment projects up to 35% of capital costs during the implementation of the project, and we also undertake the entire construction of the entire engineering infrastructure in the southeast for the implementation of the project. here is everything together. these tools allow us really form, and the floor of investment projects alexander andreevich as regards the instruments and mechanisms of our investment policy. here is your vision. here ruslan borisovich has already noted some. including credit financing initiative, which was initiated by the head of state. this is one district, and one project is the import substitution initiative. this is by far the most important tool, because the goal of these projects is not just to get it right. yes, we had a project in every district. and there are two goals really. the first is definitely the number of workers. which should be

created, the second is not just jobs , but highly efficient jobs that will make it possible to raise the wages of each region to the average for the country. and here we have instruments to support the development bank - these are loans. there is also. uh, a separate loan program. e, which is supported by the government to finance smes, the rate is there 6.75-7.5%. that is, even the rates are lower than the rates refinancing. yes and the third direction. here ruslan borisovich said about him partially this time. this is what is present for the southeastern region of the mogilev region, but, in principle, the same policy is applied in agriculture for the construction of farms for the most important investment projects in the agro-industrial complex. there is also a transfer. that is, you invest money for you, uh, a loan is allocated on comfortable terms and then the state as you drive the object. yes, that is two conditions. first. you have to enter the objects you get now transport. you must enter

the production capacity that you have determined businessman. you receive the second part, total up to 25% of all your investment costs. you are reimbursed by the state, that is , serious support is absolutely certain, and now the government is developing a document that will spread the actions. here is such an approach of such a mechanism of transfers not only to some individual regions or to individual industries, but to the economy as a whole and the amount of the transfer. it will be determined by how important investments are for a particular region, if we call this region lagging behind, yes, where the average wage is lower than the average for the economy, then , of course, in order to implement investment projects there, more incentives and transfer size. he will be bigger. and, if we are talking about developed regions, here , of course, the size of transport will be lower, but it should still be present, because now we are at the stage when we cannot afford not to invest money. first of all, this is a question of the country's technological independence, well, seriously. new tools, i would like

to talk more, about the assessments of the investment policy that is being implemented in the country. but before we do that. uh, we need to remind our viewers of the position of the head of state. we remember during the appeal to the belarusian people and the national assembly. and our president set the task to overcome the so-called investment trend of the past years already this year. let's let's listen. you have to invest seriously. in production, we have not yet sank very much with this. for capital investments, up to 19%. although they completed the implementation of more than 150 innovative projects this year. we simply have to reverse the investment trend of recent years, the topic is also relevant , stimulating conditions for investors , it is necessary to involve them in projects where the production of the products we need is created or it is an indispensable link

in national production chains, we need a package of additional guarantees for responsible investors, for example, the purchase of products by states, the reimbursement of part of capital investments, the creation of ready-made production sites, infrastructure. investor rules. forgive those who want to create new manufacturing jobs. decent pay, not bullshit. social package for employees to introduce innovations and promote the expansion of competence and at the end of the economic topic, one of the most important tasks will maintain the current pace of development of engineering and transport infrastructure, the volume of road construction water housing improvement of settlements is a guarantee of comfortable living in the regions. and

maxim leonidovich, we heard the head of state noted the backlog in terms of capital investments by 19%. but after all, a similar situation develops with other parameters that characterize investment activity, for example, the share of investment in fixed assets. uh, at the end of the twenty-second year. it amounted to 14.5%, which is about 10.5% points less than the threshold of economic security. and here's the most disturbing trend - it's here negative. eh, if there in the nineteenth year the value of this indicator exceeded 21%. now, as we have already noted, 14 1/2. how do you assess, e, our investment policy at the present stage and what factors

have a negative impact on the course of its rea? this year we must enter a new investment cycle this year. we are obliged to ensure, in accordance with the requirements of the head of state, an increase in the volume of capital investments, an increase in investments by more than 22% compared to the level of last year, in order to overcome this a negative trend into a negative value in terms of investment volumes, if in money it is 46 billion rubles. the amount of investments for the current year is quite huge, but this amount allows us to take the first step towards restoring the volume. uh, investment conditions for building up these uh, volumes created, the reasons why there was a drop in investment is also clear to everyone and uh, foreign

financing is credit, foreign credit lines. e-e support for projects from foreign participants e fell by more than 60% last year compared to 2021, this fact cannot be ignored, but this does not mean that we should give up and we should reconcile ourselves with this level of investment. this is the vicious way. we must look for alternative sources of investment, especially since the institutional environment for increasing these investments has been created alexander andreevich tell me a. what investment financing instruments are most often used in belarus and which of them are the most effective and accessible to investors? well, in principle, the structure of investments by sources of funding. she classical. yes first of all, these are the actual resources of the enterprise, and the sources of their own

resources. well, there are two of them. the first is the depreciation that the enterprises accrue; the second is the profit that the enterprise receives and those internal internal production, internal production yes, sources and many enterprises, in fact. why, including e and a certain decline in investment. uh, this is a consequence of the fact that many enterprises took advantage of the opportunity not to charge depreciation. yes, they washed out the means, which they could use to invest. they were faced simply with the absence of these sources from the point of view. here are the investment challenges. it's tendencies they depreciate correctly, and it's absolutely dangerous. this is a trend. this is a way to disguise some kind of inefficiency, and in fact. uh, now uh, the government, including uh, evaluates the activity of the enterprise immediately without taking into account depreciation. that is, you won’t be able to play with numbers and say that i’m working well, but in reality it’s just not charged depreciation, and the second important source is credit resources. this is the money that is presented to the banks by the funds

that are provided by the development bank a-a, the third source, it is similar to the bank, but nevertheless a little different, in fact, this is leasing. yes, this is a financial lease, which also allows you to significantly upgrade your fixed assets. well, first of all, the most popular tools use it. this is leasing. e, various agricultural equipment , road equipment, and annually more than 500 million belarusian rubles, for example, within the framework of 146 of the decree, but is used by the enterprise. and another source is the funds of the population, because one of the types of investment is housing construction and the population's own resources, as well as actually. enterprise resources is an important source. well , there is also a source that is popular all over the world, but is not in demand. with us, this is, in fact, raising equity capital. yes, when a private business e can attract free resources by sharing a share with their organizations. well, we

have not developed this tool. and in fact this is one of the possible channels for expanding investments, and at the expense of a good free source in a situation where there is a drawdown of the own funds of enterprises. difficulties in attracting foreign funding , including foreign direct investment , the state should become the main investor, and uh, this task is now being solved in different directions. firstly, by increasing the volume of state investment programs for investing in infrastructure, which is very important in housing construction. this is also important, a multiplier or an accelerator to increase overall investment, but there are also, uh, special instruments, special institutions that we talked about here, such as the development bank , which offers, uh, the replacement of traditional

foreign credit resources with domestic ones. this is also very important, that is, the emphasis is shifting to internal sources. i mean inside the national sources. and here is the development of this topic. ruslan borisovich has already noted the instructions of the head. the state to create one or two high-tech industries, in each district, which essentially transformed into such a program, one district one project. please tell us how this program is being implemented in the mogilev region. uh, what are the effects? how much investment has been attracted? how many new jobs have been created and well, probably the most important thing is from your point of view. uh, this initiative will allow us to launch a new investment cycle in the regions. ah. most importantly, due to the initiative of the order. we really have a whole range of additional tools right now that we can

take advantage of what we have already talked about today, and now all together in a compartment these tools, about which we spoke and allow. we are now more actively filling out our investment program, as far as the instructions are concerned. yes, we have formed. and the list of such investment projects is one region , one project, only these projects. we will be allowed to create about 1,300 new jobs and e in mogilev in the mogilev region, the volume of investments only for them e, for the entire period of implementation of these projects will be more than one billion rubles, perhaps these are not all projects. not in every region. these will be big projects. we clearly understand this, from the outside it may seem. uh, like, mm , some kind of underperformance, but at the same time , the specifics of the region must be taken into account. it is necessary to take into account the labor potential of the region, it is necessary to take into account climatic natural resources. and that's it. we take this into account, for example, the implementation of certain

projects in the regions, in order to launch a new investment cycle, we have compiled a list of eighty-six commercial investment projects in mogilevskaya areas that they already 86 will allow us to attract investment 2.9. a billion rubles and only this year for these projects. we expect about 416 million rubles. fixed investment thus seeing. uh, here 's the general toolkit. we certainly fill our investment basket. so you are full of optimism that such initiatives will, uh, launch a new investment cycle. we are for it now. uh, we're working hard with the investor. in fact. here i am, if possible, i will add ruslan borisovich and a very good example. uh, i had a trip to mogilev region. i visited the elizava glass factory, which was not included in the one region one project initiative. well, we looked at the production, evaluated the business plan, the implementation of which, in principle, it is possible,

within 2023, at the end of the year, it will be possible to produce new products. e, respectively, e, in. the body kit had a meeting with the governor and within a month. this project has already appeared in the list. and we are ready to start financing it. that is, this is just the same example of when the local authorities. look at those projects that are interesting, if new projects appear, they are promptly added by dear experts. here we are all following the information agenda and we know that last week it was such a significant event for the economic community. i mean the belarusian investment forum, which took place in bobruisk, which attracts the attention of such assessments by an experienced economist, firstly, if earlier such events were held mainly abroad. yes, in international financial centers. it was istanbul it was dubai it was london frankfurt am main and several others then this year. this is already, firstly, inside yes, in belarus

and secondly, not in the capital, but in a regional city. and this is very symbolic from my point of view. e, maxim leonidovich, we know that you spoke at the opening of this event, and now i quote that at the opening of the belarusian investment forum in bobruisk you said , i quote you on the belt, creating the most favorable regime for attracting investments is the main task for the country. tell me, please, how do you assess the investment climate in belarus as a whole and the package of investment incentives and guarantees that investors have. and so the head of state said that we need new guarantees, new incentives. and what preferences? what additional guarantees can be discussed? we see what

a difficult geopolitical situation in the world today is, and uh, the willingness of investors, especially private ones, to invest resources in new production in greenfield, they are very low. does not concern. in our region, this, in principle , concerns the current state of affairs . investments are falling. unfortunately all over the world. this reduces economic growth globally and in this regard. uh, we are obligated to pay attention to the effectiveness of public investment, which i constantly say the state should become the main investor today. we must pay attention to the national investor. these are two important categories in order to continue to dynamically develop our national investment program with regard to work with

private investors, then here uh, a great resource in order to get additional effects. we have created a large number of special regimes aimed at attracting investments in the private spheres of the territory. yes, there is, uh, the high- tech park, there is the industrial park, the great stone. yes, they differ from each other in terms of benefits and preferences that are provided by this park. i counted more than six different regimes, namely investment preferential regimes, and in our country, which, uh, is very strong. friend from friend, perhaps we need to look at these regimes and carry out some kind of unification of these regimes to make some kind of common one. from the point

of view of tax preferences, from the point of view of some kind of budget support. uh, the general mechanism behind alexander andreevich, we know that your team regularly reviews both business plans and investment projects. uh, please tell me which direction the industry scope. these are the most interesting for investors. what advice would you give to entrepreneurs who seek financing from the bank you lead? development of the republic of belarus if we talk about industries. yes, what industries. and here, well, first of all, but industries related to mechanical engineering. yes, but not just mechanical engineering somehow. here, yes, and the whole loop in which she creates these are various parts , assemblies, assemblies. yes, this is the first direction, which is the second - this is the food industry, historically local raw materials. it means that we can process and a large number of projects are associated with this activity, the third is the optics formation.

there are uh, domestic investors are foreign investors with whom we work, who are also ready to invest money in the economy , invest and increase production. uh, the third direction and the fourth direction you know that. well, it's hard to single it out somehow, but here it is, import-substituting products. yes, this is due , first of all, to the departure of a large number of foreign companies from the russian market , new niches are opening up, and, well, first of all, private business. little medium business. he knows how to quickly get some equipment up and running. yah a prime example, let's say. this is the use of pulp for 2022, the use of pulp in the domestic market. it has multiplied. e. well, that's paper. this is a personal care product. these are various other products. that is, we have learned not only to sell everything, yes, but already to make ready-made products, which we also supply to russia and other markets, if we talk about business plans. we consider, and they are

different, there are all business plans that, in principle, can be there for a month consider and quickly agree on the issuance of loans. why because the investor is interested in the fastest assimilation of money, respectively, before going to the bank. he has already drawn his own conclusion. uh, how much he wants to earn on this, respectively, he did all the marketing research. he knows where he will import the equipment from. he understands. uh, what are the markets? what risks are there, and there are projects when hmm often there is no complete understanding. what equipment will be wound up there is a purpose? yes , we want to produce this and that, but it, the sky is goal is unreasonable. yes, that is, uh, who will buy these products, how competitive are these products. is it possible to produce it at all and that's one of the main mistakes that we encounter and then this is confirmed by the facts. this is when, when calculating his business plan, an investor looks at both the cost price and the output products more optimistic, that

is, he takes, there he takes the lowest price for the last 5 years, and takes the highest price for materials and raw materials, at which his products are sold, he lays this to the business plan. he says that he pays for me. give me the money, but in reality, uh, a group of development bank experts. they do not accept this approach. we, uh, take the usual historical data for the last 5-7 years, look at the average value and do the so-called stress test. and only if, within the framework of the stress test, we see positive financial cash flow , the investor will be able to return the money, and most importantly, he provides with his own money. including closing interest closing net capital turnover. only in this case we approve such loans. and in principle, if we talk about the one district one project initiative, we are not just acting as a lending bank. we actually carry out the examination of all these projects. that is, a number of projects will go through the development bank , a number of projects will go through a banks and partners to which we will provide resources, but

a positive expert opinion of the development bank is a prerequisite for issuing a loan. and as for recommendations, here's what you advise potential borrowers, well recommendations, they, in principle, follow from the mistakes that exist. the first thing is to be conservative in your assessments. the second is to approach borrowed money as if it were your own money. well, when you invest your money , you will read 10 times whether you will return their relationship to bank money for some reason, and on the other. here, probably, well, it must be explained that the bank as such does not have its own money. yes, the bank has liabilities; it has attracted loans. where did she invest your liabilities? if someone doesn't pay back the loan to us, then, uh, well, the bank cannot but have the opportunity to return to someone who gave him this money, which means that the second direction is to evaluate and the third important direction. it's still marketing research. no, this is something that we often do not do, but it is a very important element ruslan borisovich well, let's get back to the regional level, tell me how

peshno the investment program was implemented in the mogilev region in the twenty-second year. have you managed to fulfill your plans and what trends are recorded in terms of investments, here in the region, they positive negative. well, here, first of all, it is necessary to divide the investment direction into two clear ones, with regard to social obligations, that is, here mogilev was its executive committee, and social obligations implement investment programs of the mogilev region through the implementation of the state investment program. so here as maxim leonidovich already. a designated we have grown significantly in the past year, as well as the country as a whole, this particular source. uh, it's investment growth. last year. we used about 400 million rubles. investments in these areas are social infrastructure projects. in what areas , first of all, we continue, as for several years in a row,

to significantly update our material base of medical institutions, a very active direction, and last year was no exception , we introduced, in fact, a new infectious corps. e, the largest in the mogilev region, the mayor's office constructed a polyclinic in mogilev , reconstructed in slavgorod both a hospital and a polyclinic and a number of other smaller ones directions and this direction we will continue to deal with this year is the renewal of our material base of medical institutions. right now , large projects are being implemented right in mogilev on the basis of the mogilev city emergency hospital. in fact, we are already actively building a medical building for emergency surgery of cardio-cerebrovascular pathology from scratch , a very important area for the residents of mogilev and the mogilev region. we will also reconstruct a number of polyclinics this year. first direction second direction roads. the same topic is on everyone's lips in this direction. we have been active in the past year. and we will significantly intensify this

direction this year from large objects last year. we have completed our ring road, which, in fact, has now become the ring road of the second direction right in the city of mogilev in three stages. we are building an understudy road, which will also untie the infrastructure. we have already commissioned the first stage this year, we are commissioning the second stage, and in the twenty-fourth year we we will completely complete the understudy road in the city of mogilev in total, and the volume of investments in the mogilev region is 2 billion 196 million rubles. and in terms of commercial projects. we definitely felt some decrease in investment activity. and this was the result of those unprecedented sanctions that were applied, and we felt, like the whole country as a whole. well, here's what needs to be emphasized. this is what the state, as an investor , fulfills and overfulfills its plans, so that it is clear. our viewers, as a rule, here

public spending of such social importance. they are enshrined at the regional level in state programs. yes, this or that industry, and in addition to the regional level , annually in our country a state program is approved, aimed at financing the construction and reconstruction of socially significant infrastructure. here is how the program of the current year is being implemented and how much the country is investing in infrastructure projects of social importance. answers in our next story. let's see the state the investment program is an investment in the development of our country to create coziness and comfort not only for us, but also for future generations, and does not save investments on this. in our tomorrows, everything is fun for state investments, the 2023 program has been allocated about one and a half times more than a year earlier, namely, over billions of belarusian rubles this year with an emphasis on anti-social programs and with an emphasis on completion. the number of objects launched in previous years

in the past, for example, i will say that most of the financial injections were concentrated on projects in the industrial sector, three-quarters of the entire investment wallet is allocated for state programs from this money. and this is about 900 million building and repairing roads, housing , ensuring law and order and security at the border, for example, in vitebsk, the pharmaceutical industry is actively developing. they are working on the production of a vaccine against covid and other diseases . they want to be in time for the city day by september, they are expanding vitebsk regional infectious disease, brest regional hospital. start the reconstruction of the scientific and practical center for pediatric oncology about 40 million rubles. allocated for the development of the city of nuclear scientists at the end of the year, a renovated polyclinic will receive visitors, then the construction of a school for road construction in the republic will begin allocated almost 260 million rubles. let's say in the grave.