Belarus has become one of the leaders in the improvement of investment law’s framework in the World Bank’s annual report Doing Business 2014. The reforms have allowed Belarus to move to 63rd place out of 189.
The priority goal for the Government is to be on the 30 top countries with the best business climate. Many steps have been taken to achieve this goal over the past few years: changing tax law; the “golden share” rule was cancelled; the impact of regulatory bodies in business activities was reduced; setting up the company by a declarative principle; some licensed activities was chancel; new privatization policy was accepted.
Experts noted these changes and in the last two years Belarus has improved its place in the Doing Business ranking by 28 notches, leaving behind its nearest neighbors Russia and Ukraine (92nd and 112th respectively).
Belarus is one of the most attractive countries not only the region but also in the world in terms of property registration (3rd) and starting a business (15th).
Source: Tut.by
Foreign investors can take a number of preferences that Belarus offers.
If entrepreneurs start business the six free economic zones, the Hi-Tech Park and the Belarusian-Chinese Industrial Park, as well as in rural areas and in small and medium-sized towns, they have reduced tax. These territories are 89% of all towns and many investors have already used the advantages of doing business on these favorable terms.
Sedat Igdedzhi, CEO of the Development company, one of them. The company with Turkish capital prefers investing in small regions. It has several completed projects in the capital, but exactly small towns have become a priority for investment by a foreign businessman. He invests in the construction of hotels, gas stations, office buildings and residential homes across the country.
“The Belarusian authorities are interesting in creation attractiveness business climate. Investors can get the help at all levels, including those that provide a variety of preferences. Besides, I’m interested to invest in the regions because if the investment project is unique for the city or area, in the luck of competition, it will pay for itself and has a profit,”- says Sedat Igdedzhi.
The company is already built apartment blocks in Polotsk and Novopolotsk, which will be finished by 2015. A few more buildings with trading facilities and consumer services on the first floor will be in Pinsk and Baranovichy.
The Development company will have finished at the end of this year a complex of roadside services near the border crossing point “Kotlovka”. The next project will be the construction of gas stations in Mjadelsky area, on the road to lake Narach. The second project with automobile repair shop, hand car wash, cafe, shop and an inn, will be located by the famous Bison monument, clearly visible from the M1 highway.
A three star hotel in the heart of the ancient capital of Belarus — Polotsk, and one hotel — in the strategically important Astravets — will soon be open for guests. The size of the investment in the project amounted to about US$ 7 million.
Sedat Igdedzhi – is just one of many investors, which Belarus has managed to attract by creating favorable conditions for projects. In the first half of the fiscal year, the total amount of foreign investments in the economy, rose to US$ 8.33 billion, which is half a billion more than in the first half of 2013. If they do not rest on their laurels and continue to improve the investment attractiveness of the country, it is very likely to be among the 30 top countries with the most favorable conditions for doing business. A target set by the leadership of the Republic of Belarus, an ambitious goal that could become a reality.