BELARUS: The Government expects investment, innovation boom in 2013

The Belarus government expects a skyrocketing growth of investment and innovation efforts in the country in 2013, Prime Minister of Belarus Mikhail Myasnikovich said on 19 September.

Mikhail Myasnikovich said: "In 2013 the government expects a vigorous growth of investment and innovation activities in the state sector and the private sector. To make it happen, we have allowed unprecedented conditions of financial support for the production sector and the services sector".

Enterprises of all types of ownership will have direct access to innovation funds. The state budget has appropriated over Br2 trillion for that. This is direct budget money intended for breakthrough innovative projects that can be implemented by private and state-run enterprises alike, explained Mikhail Myasnikovich. Besides, considerable funds are set aside to partially compensate the interest rate on loans issued for innovation development and modernization projects.

Private business is an important innovator in all the countries, stressed the Prime Minister of Belarus. For now no major landmark projects and initiatives are put forth by the business community in Belarus. "The government is ready to help those, who invest in the future and create enterprises of tomorrow, on equal terms," Mikhail Myasnikovich made it clear.

There are plans to deploy a system for microfinancing the business in Belarus in 2013 in addition to plans to issue loans for the business establishment and plans for microleasing. Insurance will be improved. There are plans to further streamline tax administration and accounting reports.

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