Belarus develops cooperation with Asia
The Belarusian government is studying opportunities for Belarusian issuers on Asian stock exchanges. Belarus and China plan to expand investment cooperation in agriculture. China’s Eximbank will issue a USD 343.9 million loan for the reconstruction of Minsk – Gomel road M-5 / E 271 (Bobruisk – Zhlobin section).
Prime Minister of Belarus Mikhail Myasnikovich, speaking at Russian-Belarusian-Kazakh Business Forum, referring to the economic problems in Europe invited the Customs Union countries to shift the focus on trade and economic cooperation with Asia (including ASEAN).
In the meanwhile, during the official visit to Indonesia and Laos on June 11-14, Belarus’ Foreign Minister Sergei Martynov, met with Secretary General of the Association of Southeast Asian Nations (ASEAN) Dr. Surin Pitsuwan, with Laos President Choummaly Sayasone, Prime Minister of Laos Thongsing Thammavong, Indonesian and Laotian foreign, trade, industry, transport, defense, research and technology ministers, with the leadership of the Indonesian Chamber of Commerce and business communities of both countries.
In turn, the Acting Minister of Agriculture and Foodstuffs of Belarus Leonid Marinich and Chinese Deputy Minister of Agriculture Niu Dun on June 13 discussed enhancement of investment cooperation in the agriculture.
In addition, China continues to increase lending cooperation with Belarus. Thus, Chinese Eximbank will allocate a USD 343.9 million loan for the reconstruction of Minsk – Gomel road M-5 / E 271 (Bobruisk – Zhlobin section). In November 2011 Eximbank issued a USD 340 million consumer loan for the reconstruction of Zhlobin – Gomel section.
Finally, the Belarusian Finance Ministry and Korea Stock Exchange (KRX) on June 12 signed a Memorandum of Understanding. Chairman of the Korea Stock Exchange Kim Bongsoo said that bilateral cooperation will allow sharing Korean stock market experience with Belarus and will create conditions for Belarusian issuers to enter the South Korean financial market.
For reference. In March 2012 the South Korean stock market capitalization reached USD 1.1 trillion. KRX is ranked 9th in the world in terms of listed companies.
Therefore, today Belarus’ foreign policy and trade gradually expand eastwards in order to diversify country’s foreign trade and foreign investment flows against the background of the European and U.S. sanctions.
According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.