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The economic development of the regions will give impetus for enhancing public-private partnership

Towards shared interests

The rapidly changing environment of economic activity today raise many questions about the search for optimal ways of economic development, improving the effectiveness of the measures taken.

The intensification of activities to attract investments to the regions, initiated by the Head of State within the framework of the instruction "One region — one project", will give impetus for enhancing public-private partnership and reducing the volume of administrative procedures in opening new production facilities. The focus of the Belarusian economy on regional development dictates the need to search for new opportunities to effectively attract and implement private initiatives.

Today, it is important for local authorities to form a relevant portfolio of promising investment projects that safeguard accelerated economic development in their region. Meeting such challenges requires a direct dialogue between the district administrations and business. The readiness of its participants to meet each other's interests will be a catalyst for mutually beneficial cooperation.

Heads of regions and cities of 80+ should be given special powers in decision-making to create the most comfortable investment climate. First of all, because the accelerated development of these localities is one of the prerequisites for regional growth on the whole. In addition, in the shortest possible time, only large investment projects that require substantial financial injections can give a tangible economic effect on the territory of districts and localities with more than 80 thousand residents. Attracting large investments is a task for a manager who is not afraid to take responsibility for decisions made and has the appropriate reputational baggage behind his shoulders. Making a list of preferences is not enough, it is also necessary to convince a potential partner of the inviolability of the agreements reached, and this is already a zone of personal qualities and competencies.

The fact that nothing is impossible here is proved by the example of the Lida district, where, assisted by the district executive committee, a large-scale investment project is being implemented by a private enterprise to build a modern facility for growing and processing turkey meat products with a maximum production capacity of 400 thousand heads, designed to open 250-270 new jobs. The estimated cost of the facility is about €10 million, the estimated revenue from the sale of products, works and services of this enterprise that had been included in the list of investment projects implemented in line with the instructions of the Head of State, should make 2.4 percent of the total revenue of the region.

Apart from setting horizontal ties between representatives of local authorities and business environment, optimization of the system of bureaucratic procedures should give a serious impetus to the development of investment activity, contributing to the maximum simplification of the introduction of new business ideas. This is especially true for small projects driven by private initiative.