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Belarus to remove restrictions regarding foreign investors

MINSK, 27 June (BelTA) – Restrictions related to foreign investors will be removed in Belarus, Deputy Economy Minister of Belarus Anatoly Filonov told reporters at the Belarusian parliament on 27 June, BelTA has learnt.

“The new law on investments passed in the first reading today encompasses all the wishes of investors regarding investment protection, guarantees of independent profit management, and non-interference with private business of investors,” Anatoly Filonov underlined.

The law spells out nationalization procedures, he added. “If nationalization is needed, it should be approved by a special law. I mean, the Constitution contains a lot of restrictions for such a move,” the Deputy Economy Minister said.

The law lifts restrictions regarding foreign investors. “The previous Investment Code required investors to put at least $20,000 as the authorized capital. The new law has removed this requirement. The law also allows investors to do whatever they want with their after-tax profits, for example, they can transfer them in any currency to any country. I believe it is a very progressive law that should considerably improve the investment climate in our country,” the Deputy Economy Minister said.

“The draft law on concessions is in the pipeline. It will complement virtually all existing legal acts in part of investment activities and will help enhance Belarus’ rating in the world,” Anatoly Filonov said. The draft law was already submitted by the Council of Ministers to the parliament and is now being examined by permanent commissions.

The draft law on antimonopoly regulation is being developed, too. “This is the second most important law that will shape the business climate of Belarus. The elaboration of the draft law will soon be completed,” Anatoly Filonov said. In his words, the draft law might be ready this year. He added that the new draft law will preserve the notion “dominating”. “This notion will remain, naturally. Even the new law on investments provides that if investors want to put money into a “dominating” economic entity, they should get the approval of an antimonopoly agency,” Anatoly Filonov said.