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Economy
05 November 2021, 17:58

Work to lower investment barriers in Belarus continues

Aleksandr Chervyakov
Aleksandr Chervyakov

MOGILEV, 5 November (BelTA) – Work to lower the barriers standing in the way of investment activities continues in Belarus. Belarusian Economy Minister Aleksandr Chervyakov made the statement during the plenary session of the 12th international investment forum Mill of Success in Mogilev, BelTA has learned.

Aleksandr Chervyakov said: “The government has approved a set of measures to launch a new investment cycle, which is aimed at reducing barriers and enabling additional conditions to stimulate investment activities. Work proceeds in three key blocks. The first one focuses on ensuring the predictability and stability of conditions for implementing investment projects. The law on investments is being amended to introduce the so-called stabilization proviso and new mechanisms to realize investment projects are being worked out. The second block focuses on reducing the investor's costs during the implementation of investment projects. Improving the legislation on property, land, and construction types of activities is the key. The third block focuses on increasing the sources, creating resources and capitals, and expanding the segment of long money in the economy, including by invigorating the stock market and adjusting insurance business terms. We would like investors to use all these approaches. We would like to see interest in them.”

The official said that one year ago the head of state came up with a formula for the investment-driven development of regions. “At least one manufacturing project in every district. At least one significant and major project per region. Our work on forming a five-year investment program is based on this formula today,” Aleksandr Chervyakov stressed.

The economy minister mentioned pharmaceutics, biotechnologies, optics, electronics, and production of medical equipment as priority sectors for making investments in Belarus for the next five years. The creation of Belarusian effective kinds of electric transport and production of spare parts for this transport represent another promising direction. “Apart from that, investments in information and communications technologies look promising. A lot of attention is paid to investing in science, engineering, healthcare, recreation, and tourism,” Aleksandr Chervyakov noted.

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