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Investment Policy Review - Republic of Belarus

image of Investment Policy Review - Republic of Belarus

After independence in 1991, Belarus chose to maintain a centrally-planned economy with limited forays into privatization. The foreign direct investment (FDI) attraction performance of Belarus was negatively affected. However, since 2007, the authorities have embarked upon a vast reform programme to ease the constraints on private sector development, reduce the role of the State in the economy and attract FDI. The investment policy review (IPR), carried out at the request of the Government, finds that the reforms are heading in the right direction to deliver a more transparent, predictable and competitive business environment — indispensable for attracting high-quality investors. As requested by the Belarusian authorities, the IPR also outlines the key elements of a strategy to support small and medium enterprise (SME) development through FDI.

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The investment framework

The Government of Belarus has made FDI attraction a key policy objective. In his State of the Nation address to the Belarusian people and the National Assembly on 29 April 2008, the President set forth a new target, namely to advance Belarus to the list of the 30 countries with the best business climate.I9 It is against this ambitious objective that this chapter reviews the policy framework of Belarus and recommends improvements to the investment climate.

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