Belarus is ready to adopt the best international investment practices and guarantee their implementation, Belarusian Prime Minister Andrei Kobyakov said at the opening ceremony of the forum Broadening the Horizons: Investment, Finance, Development in Minsk on 29 September.
“Belarus is ready to adopt the best international practices and guarantee their proper implementation,” Andrei Kobyakov noted.
The head of the government said that despite all the efforts, Belarus has not yet received the amount of foreign investment it has been aiming for. “The insufficient awareness of foreign investors about the country’s potential plays an important role in this. We make targeted efforts to address this lack of awareness. We have organized a number of large-scale events in New York, London, and Vienna. Today’s forum adds up to the list,” Andrei Kobyakov pointed out.
He said that another important goal of the forum is to develop measures to improve the investment environment. “The program of the forum includes roundtable discussions. Representatives of reputable research organizations have been invited to take part in them. I am sure that the forum will provide a platform for fruitful discussions that will result in solutions to improve the investment climate in Belarus,” the Prime Minister emphasized.
According to him, Belarus needs to secure its quality and prompt transition from getting foreign loans to attracting foreign direct investment. “We have a top priority goal to secure quality and prompt transition from currently prevailing foreign credit resources to a full-fledged inflow of foreign direct investment in various areas of the national economy. For this purpose we need to orient our investment policy on concrete investors, understand their expectations and possible fears,” Andrei Kobyakov noted.
In his words, the world is facing unprecedented challenges today. Amid uncertainty and increasing global risks the fight is escalating between the players on the international arena for attracting capital, breakthrough technologies and quality management able to secure maximum return with minimal costs. Belarus is no exception here, he added.
Andrei Kobyakov believes that dialogue with the business community is one of the effective ways to get information necessary for making the right decisions. “Our forum is a bright example of such a dialogue,” the PM stressed.
He also stressed attention, that Belarus is entering a new level of cooperation with international financial institutions. “Belarus is entering a new level of cooperation with international financial institutions. Together, we develop and implement structural policy measures in the economy and finances. The are used in drafting national program documents for the short to medium term,” Andrei Kobyakov noted.
He said that the dialogue with the business community will develop in a similar manner. “Our today’s forum attests to this,” the Prime Minister stressed.
Andrei Kobyakov pointed out that Belarus has developed a good legal framework for attracting foreign investments. “Foreign businesses are invited to enjoy preferential treatment in Belarus’ free economic zones, at the Hi-Tech Park, the industrial park Great Stone, which make up a considerable part of the country’s territory,” the head of the Belarusian government emphasized.
Minsk is playing host to the forum Broadening the Horizons: Investment, Finance, Development on 29 and 30 September. The event is expected to encourage an open dialogue among representatives of Belarusian government agencies, international financial institutions, foreign investors, national business and the expert community who will discuss relevant aspects of investment cooperation. The forum aims to draw the attention of potential investors to Belarus as a promising investment platform.
The event has brought together some 300 participants. The experts discuss strategies for attracting foreign investments to Belarus, prospects for investment cooperation with the financial institutions of the European Union, the Eurasian Economic Union and China, and the opportunities for involving U.S. investors in Belarusian projects. There are plans to develop a road map to set major directions for agreed actions to improve the institutional environment for expanding the investment and funding opportunities. This will contribute to the development of the public and private sectors of the Belarusian economy.