Business news

NESVIZH, 24 June (BelTA) – Investments play an important role in the trade and economic cooperation between Belarus and Germany, Boris Batura, the chairman of the Belarusian organization Twin Towns and member of the Council of the Republic of the National Assembly of Belarus, said at the ninth meeting of Belarusian and German twin cities and towns in Nesvizh on 24 June, BelTA has learned.

“Germany is a major lender for Belarus. German companies account for a considerable share of direct investments in Belarus. There are over 360 companies with German capital registered in Belarus. Some $360.8 million has been invested into the authorized funds of these companies since their registration,” Boris Batura noted.

Besides, more than 90 representative offices of German companies operate in Belarus today. The country’s industrial sector, transport, agriculture, trade and food-processing industry receive most of the German investments in the Belarusian economy.

Boris Batura specified that in 2015 Belarus attracted $98 million in German investments, including $75.9 million in FDI.

Belarusian economic entities also make effort to gain a foothold in the German market. In 2015, Belarus invested $39.3 million in the German economy, including $11.3 million in FDI.

The member of the Council of the Republic expressed hope that the twinning ties will continue to advance the relations between Belarus and Germany.

Boris Batura emphasized that the twin cities and towns contribute most to the Belarusian-German relations in social sector, culture and sports. The cooperation between the Belarusian city of Brest and Germany’s Ravensburg and Weingarten, Molodechno and Esslingen is a good example of this.

Some partner cities focus their cooperation efforts on humanitarian programs. These include Grodno-Minden, Svetlogorsk-Helmstedt, Luninets-Schonefeld, and Rechitsa-Buxtehude.

Boris Batura stressed that it is necessary to intensify the twinning relations.

“The twin cities and towns can implement mutually beneficial projects and solve many common problems. For instance, they can jointly address issues related to the environment and energy conservation and exchange know-how and information and communication technologies,” Boris Batura emphasized.

Today there are 19 twinning agreements between Belarusian and German cities and towns.