Belarusian economist sees broad opportunities in Belt & Road Initiative

The China-proposed Belt and Road Initiative will bring broad opportunities to the economic growth of Belarus, a Belarusian economist has said.

The Belt and Road Initiative will benefit Belarus in many ways, including promoting its economic upgrading and high-tech manufacturing, expanding the country's exports and improving the efficiency of its transportation and logistics, Valery Belski, head of the Institute of Economics of the National Academy of Science of Belarus, said in a recent interview with Xinhua.

Proposed by China in 2013, the Belt and Road Initiative aims to build trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes. It comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

The China-Belarus Great Stone Industrial Park is a key project on innovation cooperation between Belarus and China under the framework of the initiative, the expert noted, adding that the industrial park will become an important platform for the two sides to carry out technological cooperation.

In May, Belarusian President Alexander Lukashenko issued a decree to expand benefits for resident companies of the industrial park, in a bid to attract more high-tech enterprises from around the world, including those from China.

According to the decree, resident companies of the industrial park will be exempted from the profit tax for 10 years after the first fiscal period when the resident company generates profits by selling goods or services.

The resident companies and the joint managing company will also be exempted from the land tax for the period of the special legal regime, in other words, till June 14, 2062.

"It is expected that the industrial park's export value could reach 1.5 billion to 5.2 billion U.S. dollars per year by 2020," Belski said.

The expert said the industrial parks in Belarus, through actively participating in various investment projects, will also enjoy great development thanks to the joint efforts of the two countries in promoting the construction of the Belt and Road Initiative.

Under the initiative, Belarus and China will work together to carry out some large-scale infrastructure projects, which will help promote the economic growth of Belarus, Belski added.

Meanwhile, the cooperation projects on the electric upgrading of Belarus' transportation system will not only improve the country's transport capacity but also promote the development of its electric power system, increase the level of safety of its railway system and lower the operation costs, said the expert.