Vladimir Karyagin. Chairman of Minsk Capital Association of Entrepreneurs and Employers. www. allminsk.biz,
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1 Vladimir Karyagin Chairman of the Presidium of the Republican Confederation of Entrepreneurship Chairman of Minsk Capital Association of Entrepreneurs and Employers www. allminsk.biz, Tel./fax+375(17)
2 BUSINESS IN BELARUS Opportunities for investment, industrial and trade cooperation
3 Belarus: economy s profile in 2011 GDP - $54,6 bln. (70 th in the world) Industrial production- $67 bln. Agricultural production- $11 bln. Fixed capital investment - $18 bln. Retail turnover - $22 bln. Export ~$46 bln. Import ~$48 bln. Government spending~39% GDP (~$21 bln.), budget surplus in 2011 Belarusian banks assets ~$24 bln. (in foreign currency - $14.7 bln.) Foreign debt (as of ) - $34,3 bln. (62,3% GDP), government debt - $12,4 bln. (22,5% GDP)
4 On January 1st, 2012 the Common Economic Space was created (Belarus, Kazakhstan, Russia) Belarus can become a solid ground for European companies seeking to get access to the vast market of the Common Economic Space. 4
5 Free Movement of: Capital Products Services Workforce
6 Product 2006, $ mln 2007, $ mln 2008, $ mln 2009, $ mln 2010, $ mln 2011, $ mln Belarusian Export Spread 2011 to 2010, % The product s share in export in 2011, % The product s share in export in 2010, % The product s share in export in 2009, % Gross export , Mineral products ,2 36,0 28,2 37,9 Chemical industry products ,8 16,4 13,0 12,4 Transport ,1 10,5 9,2 6,8 Fertilizers ,7 9,4 9,7 7,4 Machinery and equipment ,5 6,9 8,8 8,0
7 Belarusian Import Product 2006, $ mln 2007, $ mln 2008, $ mln 2009, $ mln 2010, $ mln 2011, $ mln Spread 2011 to 2010, % The product s share in import in 2011, % The product s share in import in 2010, % The product s share in import in 2009, % Gross import , Mineral products ,6 41,7 35,4 40,3 Machinery and equipment ,2 13,6 16,6 15,5 Metals and metal products ,8 10,0 11,2 8,8 Chemical industry products ,5 6,3 7,4 7,2 Transport ,2 8,4 6,3 5,8
8 Geographic structure of export Country Share in the gross export, % Total, mln. $ Russia 34,7 36,5 32,2 31,5 38,9 34,0 The Netherlands 17,7 17,8 16,9 17,3 11,0 15,3 Ukraine 6,3 6 8,5 8,0 10,2 10,3 Latvia 2,3 4,1 6,6 7,8 3,7 7,8 Germany 3,8 3 2,5 4,6 1,8 4,5 Poland 5,2 5,0 5,5 3,9 3,5 2,8 Lithuania 2,2 2,3 1,9 1,7 1,8 2,1 China 2 2 1,9 0,8 1,9 1,6 Sweden 0,01 0,003 0,002 0,003 0,003 0,002 CIS 43,6 46,1 43,8 43,8 53,5 48,4 EU 45,5 43,8 43,9 43,6 30,1 39,0
9 Geographic structure of import Country Share in the gross import, % Total, mln. $ Russia 58,6 59,9 59,8 58,5 51,8 54,5 Germany 7,5 7,6 7,1 7,8 6,8 5,6 China 2,5 2,8 3,6 3,8 4,8 4,8 Ukraine 5,5 5,4 5,4 4,5 5,4 4,4 Poland 3,4 2,9 2,9 2,8 3,1 2,8 Sweden 0,005 0,004 0,004 0,005 0,005 0,004 CIS 64,9 66,2 66,0 63,8 58,8 61,4 EU 22,3 21,8 21,6 22,9 21,6 19,0
10 Trade turnover between Belarus and Sweden, mln. $ ,50$ 150,60$ 175,20$ 217,50$ ,95$ 72,70$ 77,60$ 91,50$ Belarus' export Sweden's export
11 Trade Structure From Belarus Potash Peat Tyres Timber From Sweden Electricity generators Trucks Cars Communication equipment
12 Private Entrepreneurship in Belarus
13 Belarusian business, as of legal entities Agriculture- 4723, Food industry 1039, Textile industry 1917, Timber industry 1993, Rubber and plastic products production 1310, Machinery and equipment production 1178, Trade 42371, Building 9977, Hotels and restaurants 2447, Transport and communications 8885, Public utilities individual entrepreneurs
14 Number of small and medium-sized private enterprises 14
15 Share of small and medium-sized enterprises in GDP, % (1-250 employees) 15
16 Division of small and medium-sized private enterprises according to the spheres of activity Trade 41% Industry 20% Transport 8% Agriculture 3% Building 11% Other 17% 16
17 Belarus in Doing Business report, Doing Business Rank Paying Taxes Starting a Business
18 Republican Confederation of Entrepreneurship The main priorities: 1. Creation and promotion of the Belarusian National Business Platform. 2. Development of public-private partnership in Belarus. 3. Protection of rights and representing interests of the business community. 4. Creation of the republican business network. 5. Consolidation of the business community through the dialogue between business and government. 6. Development of social partnership. 18
19 Since 2006 the business community has created the National Business Platform, which is updated annually. It is presented to the government, civil society and international organizations. 19
20 Areas of the business climate improvement (as in the National Business Platform of Belarus ): I. Macroeconomic environment improvement. II. De-monopolization, fair competition within the Common Economic Area. III. Expansion of private initiative and responsibility sphere. IV. Regulating and tax burden optimization. V. Improvement of corporate and public management quality. VI. Partnership of business, society and government. 20
21 President s Directive #4 December 31, 2010 On the development of the entrepreneurial initiative and incentives for business activity in the Republic of Belarus 21
22 575 Administrative procedures Three times less than in 2010 Taxation Profit tax 18% Income tax 12% Value-Added tax 20% Dividend tax 12% Social Security tax 35%
23 Decree 6 of May 7, On incentives for entrepreneurship in medium and small towns, and rural areas 23
24 For 7 years newly created enterprises are exempt from: Profit tax Income tax Real estate tax License duty Payments to innovation funds 24
25 Enterprises get the right: To independently choose types and amount of raw materials purchased, terms of products sale, suppliers and buyers. To insure property rights with foreign insurance companies To be exempt from import duties and VAT on products imported as investment into the statutory fund of the enterprise To possess incompleted buildings and constructions, on condition that they will be finished in 5 years. 25
26 Privatization All enterprises can be privatized. It is a matter of price and conditions А. Lukashenka, April 2012 Price Volume of purchase (control stock or not) Maintenance of jobs Investment into the privatized enterprise Preservation of company s profile Product delivery to the domestic market
27 Investment environment: advantages Common market with Russia and Kazakhstan Capacious domestic market for SME s Security Developed infrastructure (roads, energy, water supply, telecommunications), healthcare and education High quality of human capital Relatively low competition at the domestic market Special conditions of business in Free Economic Zones
28 Investment environment: disadvantages Different market conditions for private and public sectors (taxation, licenses, access to lending, lease) Unstable legislation High inflation Expensive credit resources Complicated tax legislation
29 Trade deals (import/export) Greenfield projects Privatization, acquisition of public assets Joint ventures
30 The possibility of success is higher in cooperation with Belarusian private companies All privatization offers should be profoundly analyzed High prospects of orientation towards Russia s market High potential of modernization and recapitalization of many enterprises Usage of the European market s credit means
31 Business web-pages Republican Confederation of Entrepreneurship Minsk Capital Association of Entrepreneurs and Employers Strategy Analytical Centre Foreign Ministry Belarusian business-portal International Finance Corporation 31
32 Investment legislation Weekly overviews of investment events Monthly overviews of auction results Investment news Plans of privatization Handbook for investors 32
33 Serafimovicha Minsk Belarus Tel./fax: +375(17) /
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