News & Analysis

Belarus Steps Up Liberalisation of Business


Although many private companies are still reluctant to invest in Belarus, where 80 per cent of all industry remains in state hands, Prime Minister  Andrei Kobyakov has reiterated that the government wants to continue supporting entrepreneurship.

“The role of entrepreneurship in the national economy, the creation of new jobs and sustainable social development, is high,” Mr Kobyakov said. “This segment of the economy can respond quickly to changing market conditions, generate innovative ideas and embody them into real projects, occupy new niches in the markets for goods and services, and expand its presence in foreign markets.”

In fact, according to the Development Bank, a specialised financial institution for SMEs established by the government, technologies are rapidly developing in the global markets and Belarus has confirmed its talents and competences, building itself as a start-up nation.

According to the prime minister, this sector employs a third of the total employed in the entire economy. To this end, Belarus has created various preferential regimes: from stimulating high-tech and export-oriented companies to integrated development regions of the country.

“This year we are making another step towards maximum liberalisation of business. In close cooperation with the business community we have prepared a package of 10 drafts laws, eight of which have already been signed by the head of state,” Mr Kobyakov added.