Business news

MINSK, 25 November (BelTA) – Belarus has a big potential for investment mobilization, Head of the EBRD Office in Belarus Alexander Pivovarsky said at the Minsk forum Belarus-Germany-EU: Prospects for European Neighborhood and Security on 25 November.

“For the European Bank for Reconstruction and Development Belarus in an important country of operation as it has a considerable potential for economic transformation. Belarus also has a big economic potential for mobilizing domestic and foreign investments. This is a very important market for us,” Alexander Pivovarsky said.

In his words, the country has recently stepped up its efforts in structural reforms. Not long ago an annual report was published to describe examples of the changes that have recently taken place. He particularly noted the increasing utility tariff cost recovery by the population, gradual reduction target-financing economic programs, lowering the proportion of goods and services at administrative prices, strengthening the connection between the wage growth and labor productivity, improving the doing business climate. “We know that the conditions here are better than in some neighboring countries,” said Alexander Pivovarsky.

He stressed that the government and the National Bank took necessary steps to stabilize the economy. “The country introduced new Belarusian rubles and we see that the country understands that this currency should be protected from instability, devaluation,” Head of the EBRD Office in Belarus said.

Alexander Pivovarsky noted that in September the EBRD adopted a new strategy on Belarus through 2020. “It is a landmark document both for us and Belarus. We are able to expand considerably the range of promising activities in Belarus with the help of this new strategy,” he said. Alexander Pivovarsky pointed to the start of work with pre-privatization investment for state companies. The range of activities in the area of infrastructure and energy will also be widened, he added.

The Minsk Forum is scheduled for 24-26 November. It has been organized by the German-Belarusian Society. The co-organizers include the Johannes Rau International Education Center in Minsk and the public association Discussion and Analysis Society Liberal Club. The forum has been arranged with assistance of the German Ministry of Foreign Affairs.