MINSK, 22 August (BelTA) – The Economy Ministry expects Belarusian companies to be more active as far as their investments are concerned, BelTA learned from Belarusian Economy Minister Vladimir Zinovsky on 22 August.
“At present the state budget cannot allocate as much resources for investment activities as we would like, this is why it is important to raise foreign direct investments, preferably on a net basis,” noted the Economy Minister. Cooperation with foreign investors, including by means of setting up joint manufacturing facilities and greenfield projects, can bring state-of-the-art technologies to Belarus and allows Belarusian companies to make competitive products.
Speaking about foreign credit resources, the Economy Minister said that the number of projects that can be implemented effectively in Belarus using such credit resources is low for now. “Every director of an enterprise and the minister think how the loans will be repaid, this is why projects with a short payback period are preferred,” said the Minister. “Many are cautious about taking out loans for retooling projects.”
Vladimir Zinovsky reminded that China had lent $7 billion to Belarus, including $3 billion on preferential terms. “Preferential credit resources will surely come in handy. There are projects that will be implemented using these resources. And we would like to convert the other $4 billion into investments in order to avoid inflating the external debt,” said the official.
The Great Stone industrial park is being created in Belarus in association with Chinese partners. Belarus is interested in bringing into the project major foreign companies, including European ones, and is ready to offer preferences and privileges to them. “We are enabling all the necessary conditions. They may be as good or even better than those in similar zones in Europe,” stressed the Economy Minister.
