Business in Belarus

     Welcome to Radio Belarus! You are listening to the project ‘BUSINESS IN BELARUS’. I’m Y.K. with a selection of highlights from the Belarusian business arena.

The pharmaceutical industry is the most promising avenue of cooperation between Belarus and India. The two countries would like to intensify cooperation in this field. The matter was discussed at a meeting between Mikhail Myasnikovich, Chairman of the Council of the Republic who is also in charge of cooperation with India, and Dr. Lalit Chokhani, Belarus’ Honorary Consul in Mumbai. Indian companies operating in Belarus get access to the market of the Eurasian Economic Union. “By joining efforts we can implement ambitious and mutually beneficial projects,” Mikhail Myasnikovich noted. Indian investments are used to build three pharmaceutical companies in Belarus, namely in Beshenkovichi (Vitebsk Oblast), Skidel (Grodno Oblast) and Kolyadichi. In August 2018 the National Academy of Sciences of Belarus and Cipla, an Indian pharmaceutical and biotechnology company, launched another joint project to set up a sci-tech center to produce medicines in Minsk. The cornerstone ceremony was attended by Non-Executive Chairman of Cipla Dr. Yusuf Hamied. Mikhail Myasnikovich urged to speed up work on this project and suggested drafting a roadmap setting forth specific deadlines. “The project should gain momentum; there are no reasons for procrastination,” he emphasized. The speaker noted that Indian investors are also welcome to take part in a project to establish a big multi-modal manufacturing and logistics center in the village of Bolbasovo, Vitebsk Oblast. “If Indian business came here, it would benefit both Belarus and India. There are several lines of business to choose from – manufacturing, logistics, services,” Mikhail Myasnikovich said. The honorary consul noted that Belarus and India have good cooperation prospects; Indian business people show interest in several economic sectors of Belarus. He suggested arranging a meeting of Mikhail Myasnikovich with the Belarusian honorary consuls in India, Bangladesh, and Sri Lanka in Minsk in August 2019 to discuss cooperation prospects and potential joint projects. Mikhail Myasnikovich upheld this proposal. During the talks the parties discussed a number of other matters, like educational partnerships and medical tourism.

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You are listening to the project ‘BUSINESS IN BELARUS’. I’m Y.K. with a selection of highlights from the Belarusian business arena.

Minsk hosted a national seminar on the WTO General Agreement on Trade in Services. The seminar was organized by the Economy Ministry and the Ministry of Foreign Affairs of Belarus jointly with the WTO Secretariat with support of the UNDP.

The seminar was designed to improve the skills and knowledge of Belarusian government officials involved in talks on the access to the market of services in the context of the WTO accession.

As it was pointed out by Belarus’ Deputy Economy Minister Dmitry Yaroshevich, there are plans to finalize the accession of Belarus to the WTO in 2020:

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We are planning to take part in yet another round of talks in February and to finalize the WTO accession process by mid 2020. If we should talk about the services, the positions most countries are negotiating do correspond with the structure of the international trade in services, including telecom services, business services, transportation. This is relevant for Belarus as well. That is why we are going to suggest at least non-discriminatory approach to providers of such services from Belarus. Juan Marchetti, a counsellor at the Trade in Services and Investment Division of the WTO Secretariat, confirmed that WTO believes Belarus is likely to complete all the necessary accession procedures by mid 2020. According to the WTO representative, Belarus has met nearly all the requirements necessary to join the organization. “Belarus has made substantial progress in its efforts to join the WTO. This pertains to the country’s strategic decisions, the legal framework and regulatory enforcement. Therefore, the Republic of Belarus is getting closer to the WTO accession. At the current moment, the country is in the final stage of talks,” Juan Marchetti said.

Commenting on the plans of the Belarusian government to join the WTO by mid-2020, Juan Marchetti said that “it is absolutely possible, because Belarus has more than a year ahead to complete the negotiating process”. “If Belarus makes every effort, rounds off the talks and reaches an agreement with the WTO members, the accession will become a reality within the time frame specified,” Juan Marchetti added. The issues that have to be addressed include the talks on the trade in services. Investment policy is another area of focus.

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You are listening to the project ‘BUSINESS IN BELARUS’. I’m Y.K. with a selection of highlights from the Belarusian business arena.

The European Union is confident that the Twinning project will be successfully implemented in Belarus, Martin Dinkelborg, the project’s supervisor on the part of the European Union, told media in Minsk. Financed by the European Union, the Twinning project offers a platform for a dialogue and the development of joint decisions, which are topical for Belarus’ central bank and central banks of European Union member states.

Martin Dinkelborg. He thanked the National Bank of the Republic of Belarus for the excellent organization of all events as part of the project. He also mentioned outstanding professional skills of the bank’s personnel and the Belarusian side’s dedication to implementing the project

ASB Belarusbank reported almost Br342 million in profits in 2018, which was well above the projected Br292 million, the bank’s communications department told BelTA following the board meeting.

“2018 was a successful year for the bank. We kept our leading positions in the major lines of business. Profitability, return on equity and assets have increased twofold,” Chairman of the Board of Belarusbank Viktor Ananich said.

Last year the Bank’s share in the corporate deposit market stood at 42.1%, retail deposit market at 45%, and corporate lending market 43.3%. Belarusbank retains leadership positions on the consumer lending market (18.7%).

Belarusbank is the largest financial and credit institution in Belarus. It is the leading Belarusian bank in terms of proprietary capital, assets, loans, and deposits. The bank's charter capital exceeds Br2.669 billion.