Belarus has all conditions to attract foreign investors, Economy Minister says |
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All necessary conditions to attract foreign investors have been created in Belarus, Belarus’ Economy Minister Nikolai Snopkov told reporters on 28 June. The progress in the FDI attraction on net basis in 2011 was high on the agenda of session of the Council of Ministers’ Presidium. Nikolai Snopkov said that the documents aimed at improving the investment climate in the country, such as Directive No. 4, form a good legal environment to promote investment activities. “We believe that superfluous preferences do not create or stimulate the development of competitive environment. Thus we think that the investment climate in Belarus has all necessary administrative, legal and fiscal conditions,” Nikolai Snopkov said. According to him, in order to attract more investments Belarus’ economy needs to meet a number of reuirements. First, the country should guarantee that the terms of the investment agreement will be the same during the contract’s validity. “Second, the ministries, regions and state authorities should be interested in attracting investors. They should also realize that it is not just a certain task but also the necessity to boost the economic growth of the country,” Nikolai Snopkov concluded. The Economy Ministry of Belarus is not satisfied with the rates of foreign direct investments attraction to Belarus, Economy Minister said. “Despite the fact that more than$743 million has been raised on net basis so far (near 75% of the 2010 volume), such rates are unsatisfactory, as the goal for this year is $6.5 billion,” Nikolai Snopkov said, stressing that the Belarusian economy needs these funds as a source of modernization. And the country needs new technologies and new management rather than mere money. The investments will consolidate the positions of Belarusian companies in the global economic relations. Nikolai Snopkov considers the activities of the ministries, government agencies and regional executive committees on the FDI attraction insufficient. “We have outlined the approaches we need to analyze within a month. It relates to legal acts and the investment field structure. We will get back to this issue in a month.” When asked about the priority areas for FDI attraction, Nikolai Snopkov noted that it is the traditional areas, which make up the considerable ratio of the GDP. “First of all, we need to upgrade and integrate into global economic relations these areas, as it is new sales markets, to say nothing of new technologies and money,” he added. In his words, Belarus has to seek cooperation with transnational corporations. The interaction with these corporations will provide the Belarusian companies with guaranteed sales markets. Biotechnologies, electronic engineering, IT-technologies, and fine chemistry are also among the priority areas for investments, Nikolai Snopkov said. The Belarus-China industrial park is expected to specialize in three main industries, namely biotechnologies, fine chemistry and engineering, Belarus’ Economy Minister told reporters. Nikolai Snopkov noted that the industrial park is a beneficial project for both countries. “Belarus will create business conditions, Chinese partners will introduce hi-tech production there,” Nikolai Snopkov said. He added that the development of business with China is beneficial for Belarus as it provides additional opportunities to branch out into the fast growing Asian market. Nikolai Snopkov also believes it is promising to cooperate with European industrial countries. It is essential to promote cooperation with Germany in information technologies; Israel is a promising partner in biotechnologies. In fact, the geography cannot be limited to certain countries. Business efficiency should be the primary objective, Nikolai Snopkov said. |
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