Business news

23 Jun 2020

Minister: Belarus’ investment legislation corresponds to best international practices

Aleksandr Chervyakov. An archive photo

MINSK, 23 June (BelTA) - Belarus’ investment legislation corresponds to the best international practices, Belarus’ Economy Minister Aleksandr Chervyakov said, BelTA learned from the National Center of Marketing at the Ministry of Foreign Affairs of Belarus.

“Our investment legislation complies with the world’s best practices, and we continue to improve it in order to further increase the protection of investor property rights, to reduce the financial burden during the implementation of investment projects, ease the entry to the Belarusian market,” Aleksandr Chervyakov noted. "Our long-term goal is to create the most competitive conditions for investing and doing business in the Eurasian Economic Union.”

The National Center for Marketing at the Ministry of Foreign Affairs provide support to foreign companies interested in working in the Belarusian market. “We conduct comprehensive market research. We search for partners, organize business visits and conferences. We know that when making a decision on entering a foreign market, a investor needs to get answers to many questions,” said Valery Sadokho, Director of the National Center for Marketing.

The 8th issue of Doing Business in Belarus, a business manual for foreign investors, has been published in Belarus. Today it is available online. The annual national manual is which is meant to help foreign and national businesses. In plain language it tells about the Belarusian business environment and the practices of law application in respect to large, medium and small companies. “Investments, retail, construction, gambling, IT… Doing Business in Belarus offers recommendations in a variety of areas: from the most common to local and innovative. In addition to the industry reviews, the manual also provides information about the current state of the Belarusian economy, antimonopoly regulation and other preferences given to business, and also contains recommendations on the choice of the tax regime,” the press service said.

Doing Business in Belarus has been drawn up by the REVERA law firm with the support of the ministries of economy and foreign affairs. Access to the manual is free. It is available online and in two language versions: English and Russian.

Entering the market of a new country is always difficult given the mentality, economic system and legal regime of a particular state, the press service said. Free economic zones, favorable geographical location and well-developed transport infrastructure are the business cards of Belarus, which contribute to attracting foreign companies. In January-September 2019, the real sector of the country's economy raised $7.1 billion in foreign investments, of which $5.2 billion were direct investments.