The interest of foreign investors in Belarus is constantly on the rise. The statement was made by World Bank Country Manager for Belarus Alex Kremer during the plenary session of the tenth international investment forum Mill of Success in Mogilev on 29 June.
Alex Kremer noted that Belarus has been very rapidly developing for the last few years. The middle class is evolving, revenues of individuals are on the rise. The economy is very rapidly recovering after two years of recession. World Bank experts expect the economy growth to reach some 3% on the average per annum in the near future. The local private sector is in a very positive mood and the number of visits of foreign investors and delegations has increased considerably. “From my personal experience I can say that I cannot meet with foreign guests on my own and often delegate it to my colleagues,” remarked Alex Kremer.
At the same time the high loan burden of Belarusian state-run companies and the growing external state debt cause some concerns. “But Belarus’ reputation as a reliable partner is very strong. There is no doubt that the country will honor its commitments,” stressed Alex Kremer. “At the same time I would like government agencies in other regions to follow the example of Mogilev Oblast in the support and development of the private sector, in enabling favorable conditions for investments.”
Despite some shortcomings in the development of the economy Alex Kremer was convinced that the number of advantages and positive factors is much larger. A lot has been done in Belarus recently to improve the business environment and the investment climate. Alex Kremer urged participants of the forum and potential investors to invest their assets in the economy of Belarus and Mogilev Oblast. “In my opinion, now is the best time for making investments in the Belarusian economy,” he was convinced.
