News & Events in Belarus
UK encouraged to step up investment in Belarus
MINSK, 26 September (BelTA) – The United Kingdom is encouraged to step up investment in Belarus. President Alexander Lukashenko made the statement as he met with Alan Duncan, Minister of State for Europe and the Americas at the Foreign & Commonwealth Office, on 26 September, BelTA has learned.
“Let’s determine 3-4 substantial pilot projects (because the economy is the foundation of any relations) and implement them,” the head of state said. “Let’s make it simple: the United Kingdom has enough spare money which should be invested in business. We will create the most favorable and preferential conditions for business, and will set up 2-3 joint ventures in Belarus which will work for the benefit of the two countries.”
The president sees a big potential in the joint manufacture of products which will also sell well on the market of the United Kingdom in Belarus. “Let’s set up such production facilities in Belarus,” he suggested.
According to Alexander Lukashenko, he expects that the visit of the UK minister will help form an objective opinion about Belarus. “I hope that you will see Belarus and form a certain objective opinion about our country. I want you to see all things which were overlooked by western politicians and public officials for so long,” the Belarusian leader said.
Belarus and the UK can work with mutual benefits in many industries. “If your visit gives an impetus in this field, if it helps us make the first steps, we will be convinced that our meeting was not in vain, that your visit to Belarus was not in vain,” the president added.
Alan Duncan, in turn, remarked that it was a pleasure for him to be the first British minister to visit Belarus. “Unfortunately, it took a lot of time, this year we celebrate the 25th anniversary of diplomatic relations,” he said.
The minister also conveyed the best greetings from Prime Minister of the United Kingdom Theresa May.
The visit of Alan Duncan is the first visit of the UK government official of this level to Belarus. In October 2016, Prince Michael of Kent, a member of the British Royal Family, paid a visit to Belarus. He also met with the head of state.
The trade turnover between Belarus and the UK made up about $1.5 billion in January-July 2017. It almost doubled over the same period of 2016. Belarus’ export almost reached $1.4 billion. Belarus’ major exports to the UK are oil products, bitumen mixtures based on mineral tars, metal products, furniture. Belarus imported combustion engines, distilled spirits, medications, cars, electric transformers.
The export of Belarusian services totaled $199.7 million in 2016. The volume of investments from the United Kingdom reached $1.46 billion, including almost $1.39 billion worth of direct investments, last year.
There are three subjects of the commodity distribution network of Belarusian exporters in the UK, including BNKUKLtd (an affiliated company of ZAO Belarusian Oil Company), AdaniLimited (on office of the unitary enterprise Adani). An office of the Development Bank of the Republic of Belarus was registered in London in December 2015.
There are 264 enterprises with British investments, including 158 joint enterprises and 105 foreign ones, in Belarus.
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