OREANDA-NEWS. September 18, 2009. A surge in the inflow of foreign direct investments into Belarus is expected to take place by the end of the year, Director of the National Investment Agency Viktor Kovalenko told a press conference on 18 September.

So far five financial groups have outlined their plans, said Viktor Kovalenko. He refused to name them citing commercial secret reasons, however, he added that the investment portfolio is quite substantial. In particular, a financial corporation operating in Europe and Asia can invest around USD 100 million into the Belarusian economy while investments of another potential partner into the industrial production can approach USD 70 million.

Viktor Kovalenko attributed the increase in the inflow of foreign investments to the enforcement of decree No 10 and decree No 413 which are supposed to provide the most favored treatment to foreign investors on the Belarusian market. “At present it is all quiet due to objective reasons as investors are waiting for the preferences that they will get at the end of the year,” specified the Director of the National Investment Agency.

Viktor Kovalenko remarked that the inflow of foreign investments into the national economy has been rising in recent years. Despite the world financial and economic crisis in H1 2009 Belarus’ economy received \\$4.23 billion in foreign investments, 27% up on the same period of last year. Foreign direct investments totaled USD 2,477.5 million, twice as much as the amount received in January-June 2008.

Among the main investor countries Viktor Kovalenko named Russia, Switzerland, Austria, the UK and Cyprus. He also remarked that the largest investment projects involving foreign investments are in progress at Gomelglass, Mozyr Oil Refinery, Borisov Automobile and Tractor Equipment Plant, Lidselmash. Mining concessions look a promising form of investment cooperation in Belarus. Belarus offers licenses to mine iron ores, gypsum and aqua gels.