Advantage Austria Show navigation

Belarus and Austria have huge potential for cooperation development

20.03.2007

Belarus and Austria have a huge potential for the development of the mutually beneficial trade and economic relations, said Viktor Gaisenok, chairman of the Belarusian part of the Belarusian-Austrian Trade and Economic Cooperation Commission, Belarus deputy foreign minister, at the seventh session of the commission held on the 15.03.2007.

Belarus and Austria have a huge potential for the development of the mutually beneficial trade and economic relations, said Viktor Gaisenok, chairman of the Belarusian part of the Belarusian-Austrian Trade and Economic Cooperation Commission, Belarus deputy foreign minister, at the seventh session of the commission held on the 15.03.2007.

He noted, in the last ten years the Belarusian-Austrian trade has been stable. In 2006 the bilateral trade turnover amounted to almost $125 million, 28% more than in the previous year. Though last year the Belarusian export grew by 30%, the figure is still 5 times smaller than the import from Austria, which points out the fact Belarus’ foreign trade with the country is misbalanced. Yet the potential for developing the relations is huge.

Viktor Gaisenok informed, Belarus’ main exports to Austria are ferrous metal products, timber products, including furniture; polymers and chemical fibres, fabrics and apparel. However, in 2006 the export amounted to only $21 million, which definitely falls behind the capacity. In order to increase Belarusian exports, it is necessary to study the Austrian market better and establish closer contacts with the business circles, noted the official.

Besides, Viktor Gaisenok believes encouraging Austrian investments in the modernisation of the Belarusian economy is important for the development of the bilateral relations.

In turn, director general for foreign trade policy of the Austrian Federal Ministry of Economics and Labour, chairman of the Austrian part of the commission Johann Sachs noted, the flow of Austrian investment in the Belarusian economy can be accelerated by inviting Austrian banks to partake the development of the bilateral relations. He cited Raiffeisenbank, which owns a share in Belarusian Priorbank, as an example of successful work in Belarus.

Austrian companies export to Belarus mainly medications, metering instruments, food industry equipment and certain other commodities. However, according to Johann Sachs, it is just a small part of what Austria could supply to Belarus. Yet the list of goods imported from Belarus can be extended.

“The foreign trade has a significant potential, which needs to be explored by implementing new projects and cooperation programmes”, said Johann Sachs. He added, Belarus occupies only the 67th position on Austria’s largest trade partners list by accounting for 0.07% of Austria’s foreign trade while Austria maintains trade relations with over 200 countries across the globe.


BELTA

print
©©ADVANTAGE AUSTRIA