By Vladimir Vasiliev
Aside from loans, two major sources of injections exist: export revenue and capital invested into the creation of new manufactures and into the development of existing facilities. Decree #4, adopted by the Belarusian President, opens up additional opportunities for those wishing to inject money into Belarus.
Importantly, the Decree allows project documentation elaborated abroad to be implemented into investment projects, which should help businesses considerably save time. Moreover, investors will receive a whole range of financial preferences, particularly, a VAT privilege when establishing a new site. Investors are also exempt from paying land tax and rent (for state-owned land lots) for the duration of the project, allowing engineering and construction. Previously, such privileges were granted on an individual basis only, by corresponding decrees to a particular investor. Now, this package of preferences is available to everyone.
How do experts view the Decree? Georgy Grits, Deputy Chairman of the Belarusian Scientific-Industrial Association on Investment and Innovation Politics, notes that the ‘document will ease the realisation of investment projects and, undoubtedly, will promote the attraction of additional funds to Belarus’. He also stresses that the country’s balance of payment depends on foreign trade figures and on the inflow of foreign injections. The more capital that arrives and stays in the Republic, the better for the economy.