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07 June 2024, 15:04

Belarus’ investment potential presented at Belarus-Azerbaijan business forum

Vladimir Naumovich
Vladimir Naumovich
MINSK, 7 June (BelTA) - Presenting the investment potential of Belarus on the sidelines of the Belarusian-Azerbaijani business forum in Minsk on 7 June, Deputy Economy Minister Vladimir Naumovich named five main factors that encourage foreign investors to invest in the Belarusian economy, BelTA has learned.

“The size of the Belarusian economy is more than $70 billion in nominal terms. Belarus is open to foreign investors. Recently, the flow of direct investment in our economy has showed a steady positive balance and growth. Thus, foreign investment in 2023 amounted to about $8 billion, including about $6 billion of FDI. I would like to note that even in 2020 with the raging Covid pandemic, these figures did not fall, despite the fact that investment was sagging all over the world. The contribution of foreign-capital companies in the Belarusian economy is on a steady rise both in terms of total revenue and the number of jobs created,” Vladimir Naumovich said.

Speaking at the the Belarusian-Azerbaijani business forum, the deputy economy minister added that a so-called survey was conducted among foreign investors to learn about their reasons reasons for coming to Belarus and continuing to inject funds in the Belarusian economy. Thus, five key reasons testifying to the investment attractiveness of Belarus were identified.

“The first reason is geographical location. Belarus is located at the junction of two powerful economic zones - the European Union, whose GDP is $17 trillion, and the Eurasian Economic Union with a GDP of $2.5 trillion. Our country is also at the crossroads of several transportation corridors: from east to west and from south to north. We are in the epicenter of economic activity - 25% of the world GDP is produced within a radius of 2,000km from Minsk. The second reason for the investment attractiveness of Belarus is its access to the EAEU market. This means that any goods produced here can be sold without customs duties to Russia, Kazakhstan, Kyrgyzstan, i.e. to the market of 180 million people with average or above average income,” Vladimir Naumovich said.

The third reason that attracts investment from abroad is human resources, because Belarusians are educated and hardworking people, highly skilled workers. The fourth reason is natural resources. These are forests, drinking water, fertile lands. Belarus is famous for agriculture and food products. The deputy economy minister compared: Switzerland produces about 207,000 tonnes of cheese a year, while Belarus - more than 300,000 tonnes. Our country accounts for 7% of the world exports of this product. Finally, the fifth reason is favorable conditions for investment. According to Vladimir Naumovich, export-oriented companies can take advantage of a package of benefits and preferences offered to residents of free economic zones and the Chinese-Belarusian industrial park Great Stone. The updated law On Investment contains additional mechanisms to stimulate production initiatives.

The deputy economy minister encouraged representatives of Azerbaijani business to actively implement their business ideas in Belarus.

Minsk has become a meeting place for business circles of Belarus and Azerbaijan this week. The Belarusian-Azerbaijani business forum and B2B negotiations between representatives of business circles of the two countries are taking place as part of the official visit of Azerbaijan’s Vice Premier Ali Ahmadov to Belarus and the intergovernmental Belarusian-Azerbaijani commission on trade and economic cooperation. The forum is addressing the issues of bilateral interaction and present successful stories of partnership. The plenary part will be followed by B2B negotiations, where representatives of Belarusian companies will be able to establish contacts with the heads of 43 Azerbaijani companies interested in cooperation in agriculture, industry, construction, furniture production, light industry and pharmaceuticals. More than 150 representatives of Belarusian business have confirmed their participation in the talks, which testifies to the high interest in strengthening and developing economic relations with Azerbaijan.
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