Republic

Foreign investors show interest in Belarus, Sergei Martynov says

The interest of foreign investors in Belarus has been growing for the past several years, Foreign Minister of Belarus Sergei Martynov told BelTA. This is a practical rather than theoretical interest as attested to by the growing foreign investment in Belarus’ real production sector. In 2002 foreign investment in Belarus amounted to $722.2 million, while in 2004 the investment increased more than twofold to $1.5 billion. For the past three years it has upped 3.5 times to $5.4 billion. “Yet, the proposals of foreign investors do not appear out of the blue, so to speak. They rather come as a result of the system-based work of the Government to improve the business-climate in the country. The recent measures were the abolishment of the golden share rule, introduction of the declaratory principle in business registration, unprecedented benefits to companies created in the towns with a population under 50,000,” Sergei Martynov said. Belarus is the only CIS country that has adopted the Investment Code to stimulate investment activity and protect investors’ rights. The mission of the Consultative Council for Foreign Investment headed by the Prime Minister is to enhance the investment climate in the country. Belarus has also set up the National Investment Agency, six free economic zones which have been granted preferential terms of activity. Belarus is the CIS leader in terms of economic development. The country is distinguished by the beneficial geographical position - between the European Union and the Russian Federation. By arriving in Belarus, an investor gets an access to the vast Russian market and the markets of the Customs Union member states. “And these are not all the advantages that Belarus offers as an investment destination,” the Foreign Minister said. Russia is ranked first among Belarus’ main investors. In 2007, Russian investments accounted for 33.5% of the total investments in Belarus. Other investors are Great Britain ($860.7 million, or 15.9% of the total foreign investments), Switzerland - $606.4 million, or 11.2%; Austria - $594.3 million, or 11%. For the past several years Switzerland has been our main direct investor. In 2007, the volume of Swiss direct investment made up $580.3 million, or 44.2% of the total direct investments. In Belarus there are a great many joint and foreign companies created with the participation of American, German, Polish and Lithuanian capital.