OREANDA-NEWS. Belarus needs reforms and modernization in order to overcome infrastructural problems, Belarus' Economy Minister Nikolai Snopkov told the October Economic Forum.

The idea behind the forum is to create effective regulations and institutions, which will form the country's living space, Snopkov said.

"Economic growth in Belarus is slowing down not only because of unfavourable external factors. The country has encountered considerable internal problems related to infrastructural development and for this reason the priority will be modernization, changes and reforms," Snopkov said.

In his words, modernization should be viewed as a compound problem, as opposed to a task based on the following formula: "money-technologies-licence-production".

There are no universal solutions and each country is supposed to develop its own national formula for modernization, Snopkov said.

He accentuated the point that the reforms should be based on the vision of the future and long-term prospects as opposed to present-day needs.

Looking into the future, the government cannot predict the technologies of 2030 and the types of business that will be widespread at that time, Snopkov said. However, the government should focus on forecasting human needs and demands of the future and create a corresponding legal framework.