Foreign direct investments in the Belarusian economy is projected to reach $5 billion in 2010, the chief of the main investment department at the Economy Ministry Sergei Trofimovich told reporters.

In January-September the amount of foreign direct investments will reach at least $3.5 billion. In January-June this year Belarus raised more than $4.4 billion in foreign investment, which is 4.4% more than during the same period last year. Of them foreign direct investment amounted to $2.6 billion, up 7.2% from January-June 2009. The largest volumes of foreign investments were attracted into the transport sector - $2.2 billion (50.7% of total foreign investment), in the manufacturing industry - more than $1 billion (23.2%), trade and public catering - $689.5 million (15.6%). Over $3.1 billion of foreign investment came from Russia.

For the past four years the growth rate of capital investment made up 198.6% (the target envisaged in the program of socio-economic development of Belarus for 2006-2010 was 198-215%). Given this year’s projections, the five-year growth target will be beaten.

In accordance with Government Resolution No. 169 of 10 February this year “On investment activity in Belarus in 2010”, 542 investment projects are currently underway featuring $5 billion worth of foreign investment. Creating the conditions conducive to foreign direct investment is a priority for the coming years. The government is now busy testing new forms of working with investors: by means of signing investment contracts and attracting investment agents.

A surge in investment activity was seen following Presidential Decree No. 10 of 6 August 2009 “On creation of additional conditions for investment activity in Belarus.” 255 investment contracts worth of about $11 billion have been already registered. According to Sergei Trofimovich, the adoption of this decree now creates a possibility of defining clear relationships with investors: how much investment will be put in a project, what conditions will be and what lawsuits will be possible in case of non-compliance with these conditions. “All this will be fixed in contracts, which will create clear conditions for investment activity,” he said. According to Sergei Trofimovich, a survey was conducted in Belarus among foreign and Belarusian investors. All of them expressed a favorable opinion of the decree. In the future Belarus plans to make it to the top thirty investment destinations, he reminded.

(BelTA)