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10 May 2022, 13:13

Economy ministry: Updated set of measures will improve doing business conditions in Belarus

MINSK, 10 May (BelTA) – A set of measures updated to launch a new investment cycle will improve the conditions for investing and doing business in Belarus, said Belarusian First Deputy Economy Minister Yuri Chebotar on 10 May, BelTA learned from the press service of the Belarusian Economy Ministry.

According to Yuri Chebotar, improving the investment environment in Belarus is one of the ministry's priority activities aimed at long-term economic growth.

“Last year, the implementation of a set of measures to launch a new investment cycle made it possible to significantly improve the competitiveness of the current legislation. The measures helped improve the laws “On investments” and “On free economic zones”, draft the amendments to the law “On public-private partnership”, approve the National Action Plan on Green Economy for the period of five years, and improve the legal regime of the Great Stone Industrial Park and the conditions for transactions with securities,” he stressed.

First Deputy Prime Minister Nikolai Snopkov approved the updated set of measures to launch a new investment cycle on 25 April. According to Yuri Chebotar, the document is aimed at further improvement of legislation in investments.

“We will continue working on the law on public-private partnership in order to bring it in line with the requirements of the time. To stimulate and improve investment in the economy, to update the conditions for the implementation of investment projects and support persons implementing them, we have launched work on the provisions of Decree No.10 to make them law. We also envisage activities for the further development of the Great Stone Industrial Park and free economic zones,” said the first deputy economy minister.

In his words, a separate block of measures is aimed at reducing investors' costs in the implementation of their projects. The matter pertains decisions aimed at accelerating the investment cycle in construction projects as well as improvement of land and property relations.

The ministry will continue work on stimulating investments in the regions of Belarus, the cities with the population over 80,000 people in the first place. The focus will be placed on the development of investment sites and systematic approaches to the development of these territories. This will help to attract investors to these regions in the future.

“The strategic block of the renewed set of measures means the expansion of sources of creating resources and capital, as well as the expansion of the long money segment of the economy. It foresees the creation of conditions for the development of green financing, the introduction of instruments for financing infrastructure projects. We will cover the maximum range of financial instruments. First of all we need to ensure their availabity for business,” said Yuri Chebotar.

In his words, the implementation of these measures helps create a competitive environment for investment and business in Belarus, including among the EAEU member states.

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