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Opinions & Interviews

10 Jun 2019

PM: Belarus seeks to expand presence in foreign financial markets

PM: Belarus seeks to expand presence in foreign financial markets

LONDON, 10 June (BelTA) – Belarus would like to expand its presence in foreign financial markets, Belarus Prime Minister Sergei Rumas said at Belarus Capital Markets Day at London Stock Exchange, BelTA has learned.

For Belarus it is big to have Belarus Capital Markets Day is at London Stock Exchange, one of the largest financial sites in the world with an impeccable reputation and highest-quality standards, Belarus prime minister said. “Thus we show our interest in expanding our presence in international markets,” Sergei Rumas noted.

The prime minister noted that Belarus is a country with an open economy. Two thirds of the output are exported and the country is exposed to the economic processes taking place in the world.

Today new points of growth have emerged in the Belarusian economy, Sergei Rumas said. Along with the traditionally strong industries (mechanical engineering, agriculture, food industry), Belarus has seen its services sector gaining steam (transportation and logistics, tourism). The IT is the most promising sector, Sergei Rumas said. “Its rapid growth (30% per year) and export capabilities are superior to any other sector of the economy. The decision to promote the digital economy has been adopted in Belarus at the highest level, the prime minister said.

The Hi-Tech Park is Belarus’ IT hub. It offers unprecedented preferences and guarantees for  its resident companies. “Investors have believed (trusted?) us. We highlighted the IT sector at Belarus Capital Markets Day to show you that The Wall Street Journal has not exaggerated by calling Belarus the Silicon Valley of Eastern Europe,” he noted.

In his words, Belarus returned to the international financial market with sovereign eurobonds in 2017. Eurotorg Company became a corporate borrower on the foreign market. This year, the Development Bank of Belarus floated a maiden issue of eurobonds. The bank made both a classical issue in U.S. dollars and the country’s first issue in Belarusian rubles. “The presence of issuers from Belarus will continue to expand on the international financial market,” Sergei Rumas said.

In 2018, Belarus’ standing in the Country Risk Classification of the Organization for Economic Cooperation and Development (OECD) was upgraded to the sixth group. According to the prime minister, the country will not rest on its laurels. “We know how conservative the international rating agencies are. We are interested in having open meetings with investors and providing first-hand information on any matter. We demonstrate sincere readiness to establish business ties with new partners on the principles of openness and transparency, respect of mutual interests,” Sergei Rumas said.

Capital Markets Day is Belarus’ first event of the kind at London Stock Exchange. Keeping in mind London’s role as the world’s financial hub, Belarus sees a huge potential of bilateral cooperation in the banking industry and finance. London has already hosted a big number of Belarusian investment forums and presentations.

Belarus Capital Markets Day targets investors in fixed-interest securities and equity portfolio investors. The event will comprise a series of themed blocks: “Macroeconomics and Monetary Sector of Belarus”, “Private Company’s Debut at the International Capital Market”, “Banking Sector of Belarus”, “Technology as a Driver of Belarus’ Economy”. Attending the themed blocks will be representatives of the banking and corporate sector of Belarus, including the current or potential eurobond issuers, organizations that plan to sell shares to foreign investors and representatives of international financial institutions.

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