15 Apr 2024 17:29

Russia, Belarus endorse package of measures to encourage investment

MINSK. April 15 (Interfax) - Russia and Belarus signed a package of agreements to stimulate investment activity following negotiations between Belarusian Prime Minister Roman Golovchenko and Russian Prime Minister Mikhail Mishustin on Monday, the Belarusian Economy Ministry said.

"To provide an incentive for investment interaction, Economy Minister Yury Chebotar and Russian Economic Development Minister Maxim Reshetnikov have signed a package of measures to stimulate the two countries' investment activity," it said.

The document provides for developing mechanisms and instruments for raising capital and expanding cooperation in the monetary and financing and science and technology sectors, with a determination of key areas for investment in the real sector, it said.

Russia is a key economic partner and one of the principal sources of capital for Belarus, the Belarusian economy minister said.

"The volume of Russian investment in Belarus amounted to $5.1 billion last year, having grown by nearly one third from 2022. The number of organizations with Russian capital in our country was 2,260. Belarusian investment in Russia has grown by 45% over the past five years, and its volume is comparable to Russian investment in our country. Russian investors in Belarus are interested in logistics, oil and gas processing, and financial services projects. Belarusian investment in Russia is concentrated in the machinery and equipment manufacturing sector," Chebotar said.

The document will promote implementation of new promising projects in Belarus, primarily those under joint import substitution programs with the use of existing support mechanisms (free economic zones; the Veliky Kamen industrial park), as well as updated ones under investment legislation, including investment contracts, a special investment contract, preferential projects, and budget transfers, the Belarusian Economy Ministry said.