Belarus ready to create favourable environment for UAE investments
Belarus is ready to create most favourable conditions for investments from the United Arab Emirates, Belarusian Prime Minister Sergei Sidorsky said as he met with Ambassador Extraordinary and Plenipotentiary of the United Arab Emirates to Belarus Mohammed Maer Abdullah Al Raisi in Minsk on February 20. “We are ready to create favourable conditions for investments from the United Arab Emirates in Belarus and set up best conditions for work,” Sergei Sidorsky said. UAE’s companies operate on the Belarusian market.
The government hopes that all these projects will become groundbreaking in the near future. According to Sergei Sidorsky, Belarus considers the United Arab Emirates as a strategic partner. The two countries have recently set up a good legal environment for business. At the same time, the trade between the two countries is not big and the number of tourists visiting Belarus is not high either, the Prime Minister noted.
The UAE is not going to give up investment projects in Belarus, Ambassador Extraordinary and Plenipotentiary of the United Arab Emirates to Belarus Mohammed Maer Abdullah Al Raisi said as he met with Prime Minister of Belarus Sergei Sidorsky.
The diplomat confirmed the determination of his country to develop investment cooperation with Belarus.
The Ambassador informed that the UAE companies are ready to launch the investment projects in Belarus. “Unfortunately, the investment has slowed down following the global financial and economic crisis, but all the selected projects will be implemented,” he added.
Mohammed Maer Abdullah Al Raisi underlined that despite the external shocks, Belarus managed to preserve political and economic stability. The diplomat admitted that the bilateral trade is insignificant, but expressed his hope that the trade between the two countries will be increased.
The United Arab Emirates is a major Belarus’ partner among the Arab countries of the Persian Gulf. The Belarusian exports to the UAE peaked in 2003 when they reached $37.3 million. In 2006 they exceeded $24 million, in 2007 they stood at $19.3 million, while the imports were $3.6 million. In 2008, the Belarusian exports to the UAE made up $17.6 million, the imports $3.8 million. The major Belarusian exports were truck tractors, bearings, petroleum products, tyres. In 2008, Belarus posted a trade surplus of $13.8 million.
In 2007, the UAE investments worth $0.5 million were attracted in the Belarusian economy. Approximately the same amount of investments was put in the country’s economy in the previous years. In 2008, the Emirati investments amounted to $1.6 million, half of which were direct investments.
Preserving jobs and the level of salaries is the key goal today
In December 2009 the average salary in Belarus should be 5% higher in US dollar terms than the average salary paid in 2008, First Vice Premier of Belarus Vladimir Semashko told a session of the National Council for Labour and Social Affairs on February 20.
Preserving jobs and the level of salaries is the key goal today, stressed the First Vice Premier. “These matters are interrelated because the most promising and active workers tend to leave first when salaries are poor in a company or an industry. If we lose this labour and intellectual resource, we will virtually lose enterprises,” said Vladimir Semashko.
He pointed out that cutting salaries or wasting workforce is not an option.
The natural gas price Belarus pays may total $100 per 1,000 cubic metres by the end of the year, First Vice Premier of Belarus Vladimir Semashko told a session of the National Council for Labour and Social Affairs.
Taking into account oil price changes the gas price may drop as well, explained the First Vice Premier. “If the oil price continues to stay under $50 per barrel, by the end of the year we may get the price for gas at $100 per 1,000 cubic metres,” he said.
Vladimir Semashko reminded, Belarus’ development forecast expects the gas price to be at $148 per 1,000 cubic metres. The increase from last year’s price of $128 is small, added Vladimir Semashko. This is why electricity tariffs in US dollar terms have not been raised in Belarus, only heating prices have been.