Belarusian People’s Congress

Among the projects is the construction of the nuclear power plant, production of BelGee cars, construction of the Chinese-Belarusian Industrial Park Great Stone, development of potash deposits with the construction of mining and processing plants at the Petrikov and Starobin deposits, construction of a plant to produce sulphated bleached pulp at the Svetlogorsk Pulp and Board Plant and a plant to produce metal sheet and tinned plate at MMPZ Group, construction of the experimental multi-purpose center Minsk Mir.

One of the main goals of the country’s five-year plan is to enhance the efficiency of investment, attract foreign direct investments. According to the document, the investment policy will be based on the market principles of providing investment resources, their efficient use and improving business climate. In the next five years the priorities of the investment policy will be shifted towards the real economy sector and high-payback projects. This, first of all, envisages the renewal of an active part of the fixed assets, the acquisition of advanced technologies, IT systems and robotic technology.

Investments will be primary directed into projects to set up highly efficient and export-oriented production facilities, new jobs in the services sector, priority social programs, and construction of engineering infrastructure.

State support and preferential loans for investment projects will be provided on a tender basis as part of government programs and their focus on the implementation of the country’s social and economic development priorities. Investments that do not have a direct economic impact and return but aimed at ensuring national security and addressing the strategically important social issues will be allocated within the budgetary possibilities. Investments with state support across the key areas will be allocated within the framework of 20 government programs.

“Foreign direct investments are the priority source of economic modernization in the current five-year period,” reads the document. The instruments of economic policy will be used to attract them and ensure effective use. The document provides unconditional guarantees of the right of the investor to the profit and dividends, free movement of capital. The system of guarantees for international investors will be improved on the basis of best international practices.

Belarus is set to develop industrial cooperation within the framework of the Eurasian Economic Union, and build Belarusian companies into the global value-added chains. The status of the National Agency for Investment and Privatization will be increased and its powers expanded. A key indicator of the effectiveness of the work of the ministers and governors will be the volume of attracted foreign direct investment.

The flow of additional funds into the economy will be facilitated by the further development of cooperation with international financial organizations. Implementation of investment projects on the principles of public private partnerships, efficient distribution of risks and responsibilities between business and the state will help implement long-term infrastructure projects. The share of investment in fixed assets will be maintained at the level of economic security - not less than 25% of the GDP.