4.Èíâåñòèöèîííàÿ äåÿòåëüíîñòü è
ôîíäîâûå ðûíêè.
Student Y.D. Shumskaya
Polessky State University, Belarus
State regulation of investment
activity in Belarus
Belarus has
created an effective legal framework for the investment business underpinned by
international treaties and the national legislation.
The Republic of
Belarus is a party to the Investor Rights Convention (28 March 1997),
Investment Co-operation Agreement (24 December 1993); in 1992 Belarus joined
the Convention on the Settlement of Investment Disputes between States and
Nationals of Other States (18 March 1965) and the Convention Establishing the
Multilateral Investment Guarantee Agency (11 October 1985, Seoul).
In addition,
Belarus is a party to a number of bilateral and multilateral agreements
offering the most-favored-investor treatment and (or) introducing a set of
national investment rules that secure investors’ rights at the international
level. Today Belarus is a party to nearly 50 treaties on the promotion and
mutual protection of investment; these treaties offer additional safety
guarantees for investments from the European Union, the CIS member states,
countries of Asia, Latin America and others [2].
General legal
conditions of performance of investment activity in Belarus are determined by
the Investment Code of the Republic of Belarus, which is aimed at stimulating
state support of investment activities, as well as protection of the rights of
investors on the territory of the Republic of Belarus. For example, the
Investment Code of the Republic of Belarus provides guarantees to use the
results of investment activities and investment protection.
Foreign investors in the
Republic of Belarus in accordance with the Investment Code of the Republic of
Belarus shall be recognized:
1. Foreign states and their
administrative-territorial units in the person of authorized state bodies;
2. International organizations;
3. Foreign legal entities;
4. Foreign organizations that are
not legal entities and established in accordance with the legislation of
foreign states;
5. Foreign citizens.
The investor is entitled to
dispose at his own discretion of profit (income) generated as the result of
investment activities, including performance of reinvestment on the territory
of the Republic of Belarus in accordance with the legislative acts of the
Republic of Belarus.
The following benefits for investors include:
1. Strategic geographical location;
2.
Direct
access to SES markets(Belarus,
Russia, Kazakhstan);
3.
A
well-developed infrastructure in
Belarus: transport, logistics and
communications;
4.
Progressive investment legislation in
Belarus;
5.
Guarantees
of investors rights and
investment protection in Belarus;
6.
An
attractive investment climate and favorable taxation policies;
7.
Government support for investors in the form
of guarantees, benefits and preferences;
8. Privatisation opportunities;
9.
6 free
economic zones;
10. Highly skilled workforce;
11. Good
quality of life [3].
In accordance with the
legislation foreign investors have equal rights with the Belarusian legal
entities and individuals.
The foreign investor is
guaranteed after payment by him (it) of all taxes and other obligatory
payments, established by the legislation of the Republic of Belarus, an
unimpeded transfer out of the Republic of Belarus, belonging to him (it) profit
(income) received in the territory of the Republic of Belarus as a result of
performance of investment activities, including transfer of the proceeds from
total or partial disposal of investment property upon termination of the
investment activities [1].
The State gives an investor
the following guarantees:
1. The right to
private property and other proprietary and non-proprietary rights;
2. The equality of
rights and the equal nondiscriminatory protection of the rights and legitimate
interests of an investor;
3. The stability of
the rights to perform investment activities and terminate them;
4. The right to an
independent choice of action and the performance of actions related to the
ownership, use and disposal of the objects and results of investment
activity, including independent disposal of the revenues (profits) and free
transfer of profits abroad;
5. Compensation of
the market value of the invested property and recovery of other loss
suffered by an investor as a result of nationalization or requisition allowed
in exceptional cases only;
6. Recovery of the
loss and damage inflicted upon to an investor as a result of the actions
(or lack thereof) of government officials.
Thus, today’s Belarus is a country open to foreign investments and offers favorable business conditions.
In addition to securing investor’s
rights, the State has created a system of incentives to encourage investment
activity in the country. All the sectors of the Belarus economy are open to foreign investments, except the production
of weapons, narcotics and toxic substances.
References
1.
National Internet Portal of the
Republic of Belarus [electronic resource] / Belarus EU Business Council. –
Minsk, 2015. – Access: http://www.beubc.com/. – Date of access: 09.04.2015.
2.
National Internet Portal of the Republic of Belarus [electronic resource] /
Ministry of economy of the Republic of Belarus. – Minsk, 2015. – Access: http://www.economy.gov.by/. – Date of access:
08.04.2015.
3.
National Internet Portal of the Republic of Belarus [electronic resource] /
Official Website of the Republic of Belarus. – Minsk, 2015. – Access: http://www.belarus.by/. – Date of access: 08.04.2015.