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President
22 July 2021, 15:24

Lukashenko supports revision of legislation on holding companies

MINSK, 22 July (BelTA) – Belarus President Aleksandr Lukashenko has supported a draft decree on the improvement of legislation concerning the establishment and operation of holding companies. This draft decree was discussed at the meeting with high-ranking government officials hosted by the head of state on 22 July, Belarus' Economy Minister Aleksandr Chervyakov told reporters.

The document includes provisions aimed at the improvement of the legal status of holding companies, the procedure of their establishment and operation, the specifics of operation of holding companies with state participation.

“The decree was initiated by the Economy Ministry. The proposals voiced at the meeting with the head of state were supported,” the minister said.

In his words, the corresponding legislation and rules of the game are needed for the efficient operation of holding companies. “We have discussed these rules of the game in order to improve them, to make them more understandable, transparent, easy for enterprises that are part of holding companies. We have discussed issues connected with management and relations between a managing company and affiliated enterprises. We have simplified the process of providing financial resources inside a holding system and the movement of these resources. We have also revised regulations concerning the movement of unused equipment and the use of the centralized fund,” Aleksandr Lukashenko said.

“I think there will be serious support for raising the efficiency of our enterprises especially within the framework of holding structures,” he added.

The minister also remarked that a five-year plan provides for the establishment of state corporations on the same principle as holding companies are built.

“We have the open economy, the open state, we need to branch out into external markets and compete with large companies. Holding structures are large companies, and they can compete with similar companies on external markets. Today it is very difficult to survive on external markets on your own,” Aleksandr Chervyakov said.

At the meeting hosted by the head of state it was mentioned that at present the state register features 95 holding companies acting as umbrella organizations for 643 enterprises. They account for almost a quarter of the country's industrial output. “You know my attitude to it. First of all, legislation should not be revised often. Second, if we supplement or amend it, we should make sure that everything is taken into account,” the president said.

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