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Belarus’ investment activity remains high, Kobyakov says

MINSK, 7 October (BelTA) – Belarus’ investment activity remains high, Deputy Head of the Presidential Administration of Belarus Andrei Kabyakov said at a press conference of the President of Belarus Alexander Lukashenko for Russian mass media.

“Despite all the difficulties that Belarus is going through in connection with rising world prices, particularly for energy, the country’s investment activity remains high today as it has been always been for the previous five years,” Andrei Kobyakov said.

According to him, the share of capital investments in 2010 amounted to 38%. “This is a big enough share of investments, which allows us to not only ensure a simple reproduction of fixed assets but also extend reproduction,” Andrei Kobyakov said. This figure is much lower in other CIS countries hovering around 20-22%. In the EU it is 19.5%.

In January-August 2011 capital investment growth in the country stood at 118.9% from the same time last year. Over the period under review, an estimated 3.2 million square meters of houses were built in Belarus. “Five years ago it was an annual target for the country,” Andrei Kobyakov noted.

In his words, an active investment policy leads to high expenses and sometimes necessitates conducting “certain macroeconomic corrections”.

The official acknowledged that the country had been recently struggling with high inflation. “In January-August inflation stood at 53.6%. At the same time the real income of the population increased by 8.3% in comparison with the same period a year ago,” Andrei Kobyakov added.