Business news

MINSK, 15 September (BelTA) - Companies with foreign investments provide about a quarter of gross revenues of Belarus, Deputy Economy Minister Pavel Utyupin said in an interview with BelTA.

“Over the past four years the number of companies with foreign investments has increased by 40%. Their growth potential is evident. They account for about 8% of the total number of enterprises in Belarus and provide almost a quarter of gross revenues (23%) and a quarter of exports (23.4%),” Pavel Utyupin said.

Belarus has created comfortable conditions for efficient investment activity, as evidenced by international assessments. Belarus is 37th on the Doing Business 2017 list out of 190 economies. “Major investment projects are underway in the country involving national and foreign capital; all kinds of companies operate in different sectors: from food production, telecommunications services to the automotive industry,” he said.

Major companies with the foreign capital include Coca Cola, Santa Bremor, Midea Horizont, Geely, Kronospan, VMG, Kapsch, and Stadler (manufacturing sector), Raiffeisen (banking) IBM (IT and software). Kronospan (woodworking) and Svavkaliy (potash salt production) are expanding with new operations. China Merchants Group has brought its logistics business to Belarus. The Belarusian companies such as Amkodor, BelAZ, Belarusian Steel Works and others have been actively pursuing industrial upgrade programs.