Libya has become one of the new markets for Belarusian fertilizers, Dmitry Chernyakov, director of the Gomelsky plant, said on January 12, the Libyan Alwasat TV channel reports.
According to Chernyakov, the plant managed to cover losses on the local market at the expense of export earnings. The plant opened Libya as a new market for its products. The Libyan market is more profitable compared to the Asian and South American markets. Since the supply of mineral fertilizers to Asia and South America causes losses in the plant due to high delivery costs.
According to Chernyakov, due to EU sanctions in 2022, the plant lost 95% of exports, which accounted for 70% of the company’s total revenue. But the plant was able to rebuild and survive by redirecting its supplies to Russia, China and Libya.
Remember that Western countries imposed sanctions against Belarusian officials and companies in several stages. The first stage occurred during the 2020 presidential elections. The second is due to the immigration crisis. A new phase of the expansion of Western sanctions occurred due to Minsk’s support for the Russian military special operation to demilitarize and denazify Ukraine, which began on February 24, 2022.
Under the pressure of sanctions, Belarus has deepened cooperation with Russia on the issue of import substitution of components that were previously supplied by countries that have taken restrictive measures against Minsk and Moscow.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.