Opinions & Interviews

MINSK, 14 November (BelTA) – Belarus has created necessary conditions for investment, Belarus’ First Deputy Prime Minister Alexander Turchin said at the parliamentary hearings on the legal and practical aspects of improving the investment climate in Belarus on 14 November, BelTA has learned.

“Our country has created a favorable climate for investment. The investor can rely on the political and social stability, the absence of any shocks. Belarus, in turn, sees foreign investment as an additional source of financial resources for the renovation and expansion of fixed capital. The country’s investment legislation is based on international principles, guarantees the protection of investors’ rights, does not divide them into domestic and foreign investors, envisages the application of British and another other law and arbitration,” said Alexander Turchin.

Belarus’ law on investment has been developed with the participation of the International Finance Corporation. “We have signed over 60 international agreements on the promotion and protection of investments. Belarus is a full member of the Multilateral Investment Guarantee Agency. All this guarantees the protection of the investor’s rights and insurance against risks according to international standards. Belarus provides preferential regimes of tax, customs privileges and other advantages for the successful implementation of projects. These regimes are available in free economic zones, small and medium-sized urban settlements, rural areas, the Great Stone Industrial Park, the Hi-Tech Park, and the Augustow Canal,” said the first deputy prime minister.

Work to improve business and investment climate in Belarus is carried out on a systematic basis. “The government has recently adopted a new action plan through 2020. The improvement of investment climate is described in the document as one of the priorities of the country’s economic policy for the near future. An ambitious task has been set forth to create the best conditions in the EAEU for attracting investment,” Alexander Turchin said.

Improving the mechanism of providing guarantees for foreign investors and promoting business are among the priorities. “We have been working together with the House of Representatives of the National Assembly on the bill to amend the investment law to improve the standards concerning the safeguards guaranteeing protection of investors’ rights. Proposals have been drawn up to improve the conditions for investment activity and to make the interaction between government bodies and investors more efficient. These proposals have made the basis of the draft presidential decree, which implies the amendment of Decree No. 10. This will reduce the burden on investors during an investment project implementation period. The transparent and predictable legislation will be the guarantee of stability of work in our market,” Alexander Turchin said.