A new investment code to appear in Belarus

As is reported by the press service of the Belarusian Embassy to Russia, Belarus is to develop a new investment code, said Deputy Minister of Economy Andrei Tur at the meeting of the Republican Club of Directors under Business Association of Entrepreneurs and Employers by the name of professor M. Kunjavsky on July 16th, 2010.

As is reported by the press service of the Belarusian Embassy to Russia, Belarus is to develop a new investment code, said Deputy Minister of Economy Andrei Tur at the meeting of the Republican Club of Directors under Business Association of Entrepreneurs and Employers by the name of professor M. Kunjavsky on July 16^th, 2010.

“We offer a really significant simplification of conditions for investment activities which results from the immediate development of a new investment code,” noted the Deputy Minister. Of all the CIS countries only Belarus has an investment code. “And 3-4 years ago it was quite a good document,” said Andrei Tur. “But the after-crisis reality indicates that further progress requires a new investment document aimed at maximum promotion of investment activity”.

Today we need more convincing and effective measures to promote and thoroughly support entrepreneurial initiative. And this is the aim of Directive №4, which will determine the measures to encourage and support any entrepreneurial initiative as well as to create proper free competition among economic entities of all forms of ownership, stressed Deputy Minister of Economy. We are to remove unnecessary barriers and restrictions that hinder the development of entrepreneurship. We will also continue to consolidate the dialogue between business and the state.

In this context, a considerable simplification of conditions for investment activities is now one of the main measures aimed at achieving the goals detailed in Directive № 4, emphasized Andrei Tur.

He also informed about the development of additional measures to improve the order of liquidation of economic entities, including the procedures of declaring economic insolvency (bankruptcy).

“We strive to make the legislation that regulates business activity – these are all tax, customs and accounting issues – a long-term and stable one as stability of legislation in the field of business is one of the most significant factors of business promotion,” said Deputy Minister of Economy.