State Investment Policy
The main programme document determining formation of investment policy of the Republic is the National Programme for Attraction of Investments in the Economy of the Republic of Belarus for the period till 2010 on the basis of which the Council of Ministers develops annual sub-programmes which take into account changes the economy underwent.
Strategic aim of investment policy for 2006-2010, aimed at ensuring the Belarusian population well-deserved living standards, is mobilization and effective use of investment resources to implement national priorities and restructure the economy according to the requirements of foreign and domestic markets.
Foreign investors are provided with a preferential investment regime, the state supports efficient investments projects, it means investors gain some benefits, guarantees, and centralized resources; the state establishes and develops free economic zones, foreign investors are attracted to privatization process, improvement of investment legislation and information support of investment process is carried out.
Performing implementation of particular investment projects (creation and development of productions based on new and high technologies, projects to increase competitiveness of Belarusian products and export volumes, creation of new jobs, resolving social problems) an investor is entitled to conclude investment contract granting them additional guarantees on matters of economic and legislative conditions to implement an investment project.
The basis of legal enforcement of investment activity lies in the Investment Code adopted in 2001.
International legal regulation of investment sphere is carried out by means of conclusion of bilateral agreements on the matters of foreign investments and joining international multilateral conventions.
In order to provide quick information support for foreign investors there was developed the data base on investment proposals of Belarusian enterprises and legal conditions for investment activity (site of the Ministry of Economy - www.main.gov.by).
In order to develop existing production base, the Government set the priority spheres for foreign investments. These are machine-building and instrument-making, petrochemical complex, agriproduct processing, telecom, forest, woodworking and paper-pulp industries, and tourism.
The Republic hosts annual forums and conventions on foreign investments. Belarus uses experience of a number of states of Central and Eastern Europe, East and Southeast Asia, Latin America while forming the mechanism of foreign funds attraction.
Such important legislative drafts as Land Code of the Republic of Belarus, Customs Code of the Republic of Belarus, Law “On Economic Societies”, Law “On Foreign Trade Activity” and many others will be submitted to the Consultative Council for Foreign Investments.
The major direction of the state pricing policy is to pursue along the adopted course towards a narrower sphere of price regulation and further liberalization of price formation.
In 2008 – early 2009, a number of decisions were made in the sphere of pricing, aimed at reduction of the scope of price regulation and simplification of administrative procedures in the area of price formation.
The Ordinance of the President of the Republic of Belarus of January 28, 2008, No.1 "On Stimulation of Manufacture and Sale of Goods (Works, Services)" stipulates that all the commercial organizations created after April 1, 2008, in settlements with population up to 50,000 persons shall have the right to independently fix and apply free prices (tariffs) on goods (works, services), except for the list of socially important goods as approved by the Council of Ministers of the Republic of Belarus.
The Decrees of the President of the Republic of Belarus of December 30, 2007, No. 694, of June 12, 2008, No. 322, and of February 6, 2009, No. 70, stipulated the following:
- Cancellation of registration of prices (tariffs) on new goods (works, services), except for tariffs on new paid medical services;
- Exemption of all individual entrepreneurs (except for those rendering paid medical services), legal entities applying the simplified taxation system as well as peasant (husbandry) farms from observance of the limiting indices for changing selling prices (tariffs) and, respectively, from their registration thereof should such indices be established;
- Exemption of legal entities applying the simplified taxation system and peasant (husbandry) farms from economic justification of prices (tariffs).
Besides, the list of goods (works, services) with regulated prices (tariffs) was reduced. In 2009, it is assumed to preserve price regulation only on the goods (services) of organizationsmonopolists
and on certain socially important goods, which define the living standards of the population.
In 2008, the state antimonopoly policy was concentrated on the following main directions:
• Prevention, restriction and suppression of monopolistic actions of economic entities, especially of state administration bodies;
• Control over economic concentration;
• Extinction of unfair competition;
• Development and improvement of international relations in the sphere of competition.
In 2009, with the aim to ensure the necessary conditions for efficient operation of sales markets, promote and develop fair competition, the measures of state antimonopoly regulation will
assume the following:
• Identification and rectification of violations of the antimonopoly legislation, committed by national and local state bodies, state organizations, subordinate to the Government of the Republic of Belarus and economic entities, holding those responsible as required by law;
• Outlawing of collusion, price arrangements and abuse of the dominant position resulting in unreasonable price rise by state bodies and economic entities, including those occupying dominant positions in sales markets;
• Lifting of bans or restrictions on free transport of goods in the Republic of Belarus.
