Belarus's Market

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About Belarus

Belarus is a landlocked country in Eastern Europe, bordered by Russia in the north and east, Ukraine in the south, Poland in the west and Lithuania and Latvia in the north. The total land area of Belarus is more than 207,000 square kilometers and its population is around 9.503,8 million. Minsk, the capital of Belarus, is located in the centre of the country. The official languages are Belarusian and Russian. Among the most popular languages of business contacts are Russian, English, and German.

Belarus's Economy

Belarus has enjoyed a substantial economic growth since its independence in 1992. Transformation of the Belarusian economy has been conducted in several directions, included the privatization of state-owned enterprises, liberalization of business activities, creation of favorable conditions for attracting foreign investments to the Republic of Belarus.

Trade, servicing and industrial sectors are the main sources of the country's economic development. Since the late 1990s, Belarus has attained progress in economic reform and stabilization. The country avoided the shut down of its major industrial enterprises and retained one of the highest standards of living in former Soviet Union.

Advantages of Doing Business in Belarus

• Strategic geographical location (Belarus is in the centre of Europe)
• Well-developed transport and communications infrastructure
• Political, social and economic stability
• Industrially developed economy
• Highly skilled personnel and relatively cheap labour forces
• Established legislative, judicial and executive system of government
• Investment code and international treaties to protect investments
• Integrated customs area with the Russian Federation
• Free economic zones with broad economic climate
• Generous tax breaks and other incentives for investors
• Direct access to the 275 million strong CIS (Commonwealth of Independent States) market and improving trade ties with EU via the Eastern Partnership

Belarus's Investment Opportunities

There are significant investment opportunities across Belarus's strong and diverse economy. Key sectors of Belarus are manufacturing, construction, financial and professional services, information technology and telecommunications, tourism, retail, transport & logistics, medical and energy. The leading investors of Belarus are Austria, Germany, Netherlands, Russia, Switzerland and the UK. Belarus' leading trade nations are Russia, the Netherlands, Germany and Ukraine.

Belarus is preparing over 500 leading state enterprises for privatisation in the coming years as well as seeking foreign investment in many state-run projects.

References
1. Official Website of the Republic of Belarus - www.belarus.by
2. Belarusian Chamber of Commerce and Industry - www.cci.by
3. Export.by - export.by

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