Bulletin of
Vitebsk State
Technological
University

abstract

Clustering contributes to the achievement of sustainable development goals, as clusters allow: creating jobs, increasing labor productivity, enhancing innovation, developing small and medium-sized businesses. The cluster approach in the Republic of Belarus based on the ESG concept (Environmental (E) – environment; Social (S) – social development; Governance (G) – company management) is proposed to be improved. Clustering allows not only to increase the investment attractiveness of the region and the country, but also to form and develop mutually beneficial cooperation and partnerships between cluster members, the development of related economic activities, and the formation of innovative infrastructure. Therefore, clustering based on the ESG concept will contribute to sustainable economic growth, which confirms the relevance of the topic. The purpose of the study is to justify the directions of using the ESG concept to increase investment attractiveness and develop clusters in the Republic of Belarus. The concept of ESG for the formation and development of clusters is considered in the article. The analysis of investment activity in the Republic of Belarus was carried out. The processes of clustering in the Republic of Belarus are analyzed. The directions of using the ESG concept in clusters in the Republic of Belarus are substantiated, including education in the field of the ESG concept; methodological support of the ESG concept in the cluster; organizational support of the ESG concept in the cluster. Thus, the introduction of the ESG concept in clusters will increase their investment attractiveness for external investors; increase demand for cluster products by increasing customer loyalty and improving the image of cluster organizations; will improve the quality of the workforce through the development of the employer brand, which in general will contribute to the achievement of sustainable development goals.

Improving Investment Attractiveness and Developing Clusters in the Republic of Belarus Based on the ESG Concept