Belarus studying best practices of world’s investment promotion agencies

MINSK, 18 February (BelTA) – Belarus is studying best practices of the world’s investment promotion agencies. To this end, the National Agency of Investment and Privatization (NAIP) attended the WAIPA (World Association of Investment Promotion Agencies) World Investment Conference in Geneva, BelTA learnt from the NAIP.

Dmitry Klevzhits, Director of the National Agency of Investment and Privatization of Belarus, took part in the annual WAIPA World Investment Conference to discuss global trends in raising foreign direct investments.

Experts of the United Nations Conference on Trade and Development (UNCTAD) informed that in 2012 investments dropped by 18% compared to the previous year. According to the experts, the recovery of international flows of foreign direct investments will take more time than expected because of the prolonged crisis.

According to UNCTAD, the key sectors for foreign investments in 2012 included power engineering, telecommunications, transport, and water supply. The experts emphasized the importance of investments in innovations and development of free economic zones and industrial parks around major universities and research centers.

The parties argued about the impact of country ratings on decision making by potential investors. Some experts said that ratings are discriminatory towards developing countries. Therefore UNCTAD does not compile such ratings.

A new WAIPA head was elected at the conference. The presidency was assumed by Simon Galpin, the head of the InvestHK, the investment promotion agency of Hong Kong.

WAIPA (World Association of Investment Promotion Agencies) was founded in Switzerland in 1995. Its membership consists of 165 national investment promotion agencies. WAIPA provides national agencies an opportunity to communicate views and share best practices.

The NAIP was established under Decree No. 273 of 25 May 2010. In line with Decree No. 173 of 22 April 2011 the agency was reorganized into a state-run organization subordinate to the Economy Ministry. The main mission of the agency is to promote foreign direct investment. The main tasks are to implement government policy in investment and privatization, develop and implement activities to enhance the investment image of the country, maintain interaction with government bodies, executive committees and investors, create and maintain a unified database, including a register of projects with foreign direct investment.