Belarusian Ministry of Industry blames Cyprus for failures

The global financial crisis was named the reason for excess stock on Belarusian plants.

This statement was made today by deputy minister of industry Ivan Dzemidovich.

According to AFN news agency, the centre of the financial crisis moved to Cyprus putting two biggest banks of Europe's offshore zone on the brink of bankruptcy. However, Cyprus, like the entire EU market, doesn't buy production of Belarusian industrial enterprises, according to information available.

“It is seasonal overstock. But the global financial crisis has its effect too,” Dzemidovich said.

“We have held a number of serious meetings to solve these issues. We have started today seasonal selling of equipment, first of all tractors, trailers and direct-connected equipment,” the deputy minister said. He doesn't share the plans of the Ministry of Industry on tackling the “global financial crisis”.

It should be reminded that stock reserves of Belarusian industrial enterprises grew 33.8% in the last two months and reached 75.2% of the average monthly production output on March 1. Being not able to compete with foreign goods and meeting no demand, products of Belarusian industrial plants only fill warehouses.

Photo: gredx.ru