OREANDA-NEWS. February 21, 2011. All the major regulations to implement Directive No 4 "On the Development of Entrepreneurship Initiative and Stimulation of Business Activity in the Republic of Belarus" will be adopted in Belarus in H1, Deputy Prime Minister of Belarus Sergei Rumas told an extended session of the permanent committee for foreign investments of the Advisory Board of the Council of Ministers of Belarus.

“The Government of Belarus is determined to pass all the major regulations to enact Directive No 4 in H1 2011. The next step is to finalize other provisions of the Directive as soon as possible via making the relevant amendments to the legislation,” Sergei Rumas said.

The Vice-Premier noted that today the Government discussed an action plan to implement the Directive. “The plan is extensive. It incorporates all the proposals put forward by entrepreneurs. Most of the measures stipulated by the plan are to be implemented in 2011, only some of them will be carried out in 2012,” the Deputy Prime Minister said.

Sergei Rumas reminded that Belarus is going to further ease the tax burden, streamline tax administration, introduce international financial reporting standards, cut down on the number of primary accounting documents and create an environment conducive to the development of the financial market, the insurance sector, the securities market and the leasing services market.

The Vice Premier underlined that Belarus will simultaneously improve the general terms of investment activity to create a favorable environment for all types of businesses.

He emphasized that the attraction of investments to fuel economic growth is one of the country’s priorities. The investment flows should be channeled into the industries and companies that can guarantee competitive and exportable products.

According to Sergei Rumas, this requires new approaches to developing investment strategies. To this end, Belarus is working on an innovative strategy to raise foreign direct investments. The strategy will not only show which industry, which region will need an investor and why, but also help establish cooperation links. Sergei Rumas believes that such an approach will help produce import-substituting products by companies with foreign capital and invite individual investors to Belarus to launch the production of certain types of component parts and raw materials.

“In 2011 the country should increase the inflow of capital investments by 16-17%. At least 21% should be foreign investments. To maintain the sustainable economic growth, Belarus needs to raise \\$6.4 billion worth of foreign direct investments on net basis,” Sergei Rumas said.

The Government of the Republic of Belarus has prepared a three-year privatization plan which lists 245 companies and a plan of reincorporation of 134 state-owned organizations into joint stock companies, Vice Premier said.

In his words, an opportunity is currently considered on differentiating approaches to selling the governmental stake in the joint stock companies. “The decision on the sales of shares of the joint stock companies included into the privatization plan will be taken by the State Property Committee independently. Proposals for selling joint stock companies vital for the Belarusian economy will be considered by the head of state,” the Vice Premier stressed.

He also pointed to the government’s ambitious goal, i.e. to create necessary competitive environment and “well-motivated proprietors”. This move will help enhance production efficiency not only of a certain company but of the country as a whole. Modern instruments for state property privatization are to be used for these purposes.