Business news
Belarus, Estonia interested in enacting investment protection agreement soon
MINSK, 25 April (BelTA) – The Belarusian and Estonian ministries of foreign affairs are taking steps for the agreement on protecting investments to come into force as soon as possible. The statement was made by Belarusian Deputy Minister of Foreign Affairs Alexander Guryanov in an interview with the Estonian newspaper Delovyye Vedomosti, BelTA has learned.
The agreement was signed in 2009. “Right after it was signed, we were told it is necessary to adjust the text taking into account requirements of the European Commission. We have raised the issue at the level of the two ministries of foreign affairs. It is likely that bilateral negotiations between experts of the legal departments will take place by the end of the month to discuss how we can adjust the text as soon as possible and get it ratified on the Estonian side,” said the Belarusian Deputy Minister of Foreign Affairs.
Apart from that, Alexander Guryanov mentioned Milavitsa Company as a good example of Estonian investments in Belarus. “It is one of the largest enterprises in Belarus, in which the Estonian company Silvano Investment Group owns 81%. Milavitsa positions Belarus as an advanced manufacturer and supplier. If we talk about the market of women’s underwear, the company is a solid medium-level producer that is recognized in many countries. We have managed to combine the manufacturing experience and technologies of Belarus with Estonia’s investment capabilities,” he remarked.
Asked about excessive regulation of the private sector on the part of the Belarusian government, the Deputy Minister of Foreign Affairs explained that tax revenues are reduced if a major enterprise encounters problems. “In accordance with the Belarus legislation the government can suggest increasing the state share in order to replenish the charter capital. We are not talking about state ownership of the company or interference with how the business is run,” added Alexander Guryanov.
In his words, the state does not have the spare resources to buy out privatized assets. Apart from that, as a minority shareholder the state is interested in the commercial stability of the company. “We continue privatization but there are no plans for re-privatization. The state does not intend to spend public funds on keeping ineffective enterprises afloat. We are now working hard to improve business operation terms in the Republic of Belarus,” concluded the Belarusian Deputy Minister of Foreign Affairs.
print version
make home page
add to bookmarks
