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Each of us would like to live better and therefore we buy new up-to-date goods. To attract customer’s attention, a producer needs to invest continuously in upgrade programmes and new projects. In the era of globalization we cannot rely on internal resources only. All the countries seek to borrow more from other countries. In H1 2008, the Belarusian economy attracted foreign investments at the amount of more than $3.3 billion, or 1.5 times up as against the same period last year. Belarus’ Investment Forum, which will be held in London on November 16-18, may become a powerful impetus to an inflow of capital to Belarus. What kind of arguments will we use to convince foreigner partners to invest in Belarus?
 We have addressed this issue to First Deputy Economy Minister of Belarus Piotr Zhabko.
- Mr Zhabko, what investment projects will be presented in London? They say, for example, we will display ‘Eastern Lighthouse of Minsk’, a development project near the National Library… Why will the forum be held in the capital of Great Britain?
- During the forum in London, Belarus will present more than 70 investment projects. British and other foreign companies and banks can take part in them by either investing directly in them or by providing loans. As the number of projects is big we have divided them into four sections: ‘Banking and Insurance’, ‘Investments in Manufacturing, Petrochemical and Energy Industries’, ‘Investments in Agriculture, Food and Light Industries”, “Regions, Free Economic Zones,
Small and Medium-Sized Business”.
For example, we will present a project aimed at developing the new production of Euro-3 and Euro-4 trucks and a project to upgrade the existing production facility at the Minsk Automobile Plant at the amount of $1.5 billion. We have a number of the projects in energy, microelectronics, food industry, transport and logistics. I am sure that many of them will be of interest.
As for the venue of the forum I would like to say that the choice was not accidental. In H1 2008, Belarus attracted British investments at the amount of $474.7 million. As of the beginning of 2008, Belarus had 255 organizations featuring British capital including 130 joint ventures and 125 companies with 100% British capital. We are sure that we will receive more. We understand that London is one of the biggest financial centres of the world. I am sure that such large-scale event as the forum will strengthen the positive perception of Belarus by international business as an economically sound and mature partner.
- Mr Zhabko, what countries can invest in Belarus? And what sections of the Belarusian economy are the most attractive for foreign investors?
- Over the recent four years we have seen a significant growth of foreign investments in the Belarusian economy: in 2004 Belarus attracted $1.51 billion of foreign investments, in 2005 - $1.82 billion and in 2007 Belarus $5.4 billion.
Speaking about the results of H1 2008, Russia ranks first with the investment of around $1.1 billion or 33% of the total foreign investments. As for other big partners, this is Switzerland ($674.3 million, or 20%), Austria ($358 million, 11%), the United Kingdom ($475 million, 14.2%), Cyprus ($262 million, 7.8%).
In H1 2008, major part of foreign investments went into the manufacturing industry (almost $1.5 billion, 44% of the total investments), commercial activity to ensure market functioning ($1.1 billion, 33.7%), trade and public catering ($220.2 million, 6.6%), transport ($193.8 million, 5.8%).
In 2008, manufacturing industry, instrument making, chemical and petrochemical industry, communication, food industry, energy branch and social services have been implementing more than 150 projects with the help of foreign investments.
- During the global financial crisis, the competition for investments is growing. What arguments can Belarus offer to convince to invest?
- Belarus is an attractive country for foreign investors because of advantageous geographical location, an access to the markets of the European Union and Russia, the single customs area with the Russian Federation, economic, social and political stability, high human potential development and the low level of corruption, absence of regional and national conflicts.
Belarus is a dynamically developing economy, the country which has been continuously upgrading such industrial giants as the Belarusian Automobile Plant, the Minsk Tractor Works, the Minsk Automobile Plant, the Belarusian Steel Works and others.
Recently the interest to Belarus on the part of foreign business has increased significantly on the back of economic reforms, stable growth of macroeconomic performances, measures taken to liberalize the investment climate, develop business and improve business environment.
Belarus is the only CIS country which has adopted the Investment Code which is aimed at stimulating the investment activities, providing government support, protecting the rights of investors in the country.
In the World Bank’s Doing Business Report 2009, Belarus ranks fourth among the top ten countries – legislation reformers.
Only for the recent six months, Belarus passed more than 30 legal acts to improve the investment climate. The country will continue working on improving the business environment. We are confident that with the help of our foreign partners we will move forward to take a place among the top 30 countries in the World Bank’s Doing Business Report.
And we welcome you to Belarus!
Belarus to take part in World Travel Market Exhibition.
The National Travel Agency of Belarus will present Belarus National Booth at the World Travel Market Exhibition which is hosted by London this week. At the forum Belarus will present its tourist possibilities. The main themes of the presentation are investment attractiveness of the Belarusian tourism industry and the tourist potential of the Belovezhskaya Pushcha National Park. During the World Travel Market Exhibition, Viktor Yankovenko, the director of the tourism department of the Belarusian Ministry of Sport and Tourism, will tell about Belarus’ plans to improve the investment climate with a view to attracting more foreign investors in the tourist industry. For the past year Belarus has implemented several significant economic reforms aimed at promoting the investment activity and facilitating access of investors to the country. In the World Bank’s Doing Business Report 2009, Belarus ranks fourth among the countries which have been implementing the most efficient economic reforms.
It will be the seventh time that Belarus will present its national booth at the World Travel Market Exhibition in London. Apart from the National Travel Agency, the national booth will also feature nine companies – co-exhibitors. Within the period of 2003 - 2008, Belarusian has presented its national tourist booth in more than 60 international tourist forums. In 2008, the National Travel Agency took part in exhibitions in Israel, Latvia, Estonia, Italy, Lithuania, Germany, Russia, China and Poland.
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