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Plans to raise profile of Foreign Investment Advisory Council in Belarus

Economy 15.04.2019 | 13:16
File photo
File photo

MINSK, 15 April (BelTA) – Plans are in place to raise the profile of the Foreign Investment Advisory Council (FIAC) at the Council of Ministers of the Republic of Belarus, Belarus Deputy Economy Minister Yelena Perminova said in an interview with the STV channel, BelTA has learned.

According to her, the Economy Ministry is discussing the revision of the structure and approaches to the work of the FIAC. “We received the consent from the head of state to raise the FIAC to the level of the head of state so that national and foreign investors, potential investors, who are not yet working in Belarus, should have the possibility to discuss investment issues with the head of state,” Yelena Perminova noted.

Yelena Perminova remarked that since the National Agency for Investment and Privatization is the FIAC secretariat, the regulations on interaction and decree No.273 will respectively be further refined. Work is currently underway on a number of documents. Furthermore, the ministry is now making changes and additions to the law on investment, the document on simplifying the mechanism of investment contracts with the Republic of Belarus and is finalizing a strategy to attract foreign investment up to 2035.

When asked whether local governmental bodies are involved in the process of raising foreign direct investment, Yelena Perminova noted that she knows many examples of bureaucratic delay, unwillingness to start working without orders, expectations that somebody else will do this work. “We are trying to turn the tide. We work, we explain. But a lot depends on a specific person and a subjective approach,” she said,

The Foreign Investment Advisory Council at the Council of Ministers of the Republic of Belarus was established in 2001 in order to enhance the efficiency of raising foreign investment and improve the conditions for investment activity in Belarus.

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