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27 Oct 2017

Belarus to keep economy open, attract foreign investment

 LUXEMBOURG, 27 October (BelTA) – Belarus is resolute in its intention to keep the economy open and attract foreign investments. Prime Minister of Belarus Andrei Kobyakov made the statement during the opening ceremony of the Belarusian-European investment forum Belarus. Invest in Tomorrow in Luxembourg on 27 October, BelTA has learned.

Andrei Kobyakov said: “We resolutely intend to preserve the open nature of the economy and attract foreign investments. Any state-run enterprise can set up a joint venture. The manufacturing sector – I am referring to mechanical engineering, petrochemical industry, and electronics — accounts for one quarter of Belarus’ GDP. We welcome the arrival of transnational companies and market leaders in these and other spheres.” The prime minister underscored that the money the state budget will get is not the most important thing. An effective owner, the future of the enterprise, and the owner’s contribution to the creation of new jobs in addition to economic growth in Belarus are the things that matter.

“We are convinced that the freedom of private enterprises, a low tax burden, budget discipline and macroeconomic discipline are the necessary conditions for long-term growth. The necessary conditions but not sufficient ones. We are ready and we will do more to bolster the competitive ability of the national economy and its appeal for foreign investors,” stressed the prime minister.

Andrei Kobyakov said that the Belarusian government has a strategy that produces results. The structure of export is transforming in favor of new high-tech products. The Belarusian economy is becoming more innovative, with the share of the IT sector in the GDP on par with that of the most developed economies.

“You can rest assured we will not disregard your proposals and concrete investment projects. Our taxes for greenfield projects in the China-Belarus industrial park Great Stone are virtually nothing. For the sphere of services and science we offer the largest IT park in Central and Eastern Europe,” Andrei Kobyakov told participants of the forum.

The key purpose of the Belarusian-European investment forum is to create an effective and result-oriented different-level platform for establishing stable interaction of Belarusian credit and finance institutions and Belarusian commercial entities with European partners in addition to promoting strong and largely unique aspects of the Belarusian economy (information technologies, logistics) among Western business circles.

A plenary session and panel discussions are supposed to be held. In particular, European investors will be made familiar with Belarus’ investment climate, the banking system, and the liberalization of the country’s financial legislation.

 

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