Belarus interested in raising investments of small foreign firms

2011-10-14 15:35:39

Belarus is interested in inward investment from small overseas businesses, Director of the Entrepreneurship Department of the Economy Ministry Alexander Gruzdov said at a national conference on development of infrastructure to support small and medium-sized business in Belarus on 14 October.

Today Belarus had gained extensive experience of working with large investors. The National Investment and Privatization Agency has been set up to serve this purpose. On the other side the country still lacks a well-developed system of attracting investment of small overseas companies. “They often do not know where to go to inquire about investment opportunities in Belarus,” Alexander Gruzdov said. This issue needs special attention. The work in this direction will help boost investment in Belarus and contribute into the country’s image as an attractive investment destination.

Belarus has a good outlook for small and medium-sized business development, President of the German-Belarusian Economic Club Klaus Baier stated. Representatives of the German companies who attended the conference spoke about the development of small and medium-sized business in Germany. “We believe that small business in Belarus can achieve the same level,” said Klaus Baier. But for this there is a need to establish channels of communication that will enable fledgling small and medium-sized enterprises in Belarus to communicate with small foreign companies who want to advance to the Belarusian market. To attract investment in small and medium-sized businesses, it is necessary to set up small enterprises. According to Klaus Baier, a small German company will not work with large Belarusian state-run concerns for it is going to be too difficult for it. Therefore, to encourage investment in small business, there is a need to “introduce some changes in the structure of the economy of Belarus, increase the number of small and medium-sized enterprises.”

There is a small business support center in Belarus which has been created with the participation of the German side. This is MAP ZAO in Minsk district. This is one of the advanced business support entities in Belarus.