Work with investors in Belarus will be reformatted. How it can be done was discussed at a session of the board of the Belarusian Economy Ministry on 15 February.
First Deputy Prime Minister of Belarus Alexander Turchin gave instructions to first and foremost determine the format of the work and functions of the National Agency of Investment and Privatization (NAIP). “This organization will have to offer one-stop-shop experience to investors in Belarus. If a company arrives in our country, we should introduce it to the NAIP where it will be able to get the entire spectrum of the relevant consultations and services,” Alexander Turchin believes. Disputes, after investment contracts are terminated with the Belarusian government having to bear responsibility, are a separate problem.
“When we have to deal with international arbitration courts, for some reason the body, which did everything [terminated the investment contract] stays aside while the Council of Ministers and the Justice Ministry have to take care of the dispute wasting government money. The Council of Ministers would like those, who terminate contracts, to spend their own funds on international court disputes if someone’s ambitions instead of the law are to blame for the contract’s termination,” explained Alexander Turchin.
