Сборник материалов международной научной конференции студентов, магистрантов, аспирантов
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В.С. КлименкоРеспублика Беларусь, Брест, БрГТУ Научный руководитель – И.С. Сидорчук BELARUS AS THE WORLD INVESTMENT DESTINATIONNowadays investment activity is a very important indicator of social and economic development of every country. Today, during the process of integration of the Republic of Belarus into the world economy, attracting direct foreign investments becomes an essential problem. We should admit that over the period of 2005–2012, investment differentiation of the regions increased. That is related to the expected growth of investment activity. Thus, the share of Minsk city and Minsk region in the fixed asset formation reached 43.5 % in 2012 (42.5 % in 2005). It is necessary to stabilize the situation by balancing the investment processes in every region of the Republic of Belarus. First, to increase the level of Belarus’ investment attractiveness, there are some measures provided by the Program of Social and Economic Development of the Republic of Belarus. According to this Program, Belarus is expected to be among the 30 countries with the most favourable conditions for doing business (according to the worldwide rating “Doing business”) by the end of 2015 and also to improve its positions in several other economic ratings. The second point of this plan is to simplify export and import operations by reducing the number of documents, costs and time required for relevant procedures. The third point – effective negotiations about Belarus’ joining the World Trade Organization (we should admit that Russia has already joined and Kazakhstan is going to do this in the near future). This fact can seriously reduce Belarus’ level of competitiveness on the territory of the Common Free Market Zone. There are several possible ways of multiplying investment attractiveness and these ways demand partnership at both regional and national levels. The first stage is to enhance the investment image of the country. Investment image is a set of general concepts about a definite region or country that foreign investors can admit. Investors are ordinary people with their own psychology and way of thinking. Thus, the formation of a good image is closely related to the development of innovative high-tech manufacturing, expanded infrastructure, growing exports of goods and services, more funding for research and other activities. The second stage is to develop a proper regulatory and legal framework. It is a very important tool to stimulate investment. In Belarus it is introduced by the Investment Code of the Republic of Belarus of 2001 and Investment Law of 2013. The most negative factors for early foreign investors were the risk of nationalization and extremely long privatization processes. Today Investment Law provides total protection from nationalization: “Property formed by investment or as a result of investment cannot be nationalized or confiscated”. Besides, more than 500 government organizations are currently being transformed into JSCs, but there is low demand for the shares of denationalized organizations. This situation has an explanation: unstable exchange rates and a high inflation rate make it extremely difficult to plan and forecast the performance of the company maximizing the value of its assets. As a result, a lot of foreign investments flow into quick-impact industries, because nobody wants to risk more than they do. The third stage is to improve the country’s tax system. Belarus ranks the 129th /189th in the “Taxes” section of the international rating “Doing business – 2013”, which means “+27 positions” after 2012. In addition, the reduction of the income tax rate from 24% to 18% became a very important achievement. Nevertheless, the tax burden still remains high enough. To improve the country’s tax system the following measures should be taken:
The fourth stage is optimization of the Free Economic Zones. To increase the incoming investment stream into FEZs of Belarus it is necessary to distinguish strategically important ways to work and produce, which depends on the region. We can create specifically oriented productions in the weakest regions and provide more privileges and preferences for them. Residents of FEZ won’t pay income tax until they return 30, 40 or 50% of their investments (depends on the chosen region). To support smaller enterprises the limit of investments return should be increased by 10% for medium enterprises and 20% for small enterprises. Thus, investment streams can be distributed between regions. That is the solution of the incoming investment quality and quantity problem. Direct foreign investment (DFI) is of significant importance, too. DFI is a derivative of all the other factors. From the investors’ point of view, the main issues in choosing an investment object are:
We should remember that it is necessary to adopt all the activities to the conditions of economic integration with Russia and Kazakhstan of 2012. Investment policy should be oriented not only to the quantity of incoming investments, but also to their quality and efficiency and then direct these investments to the high-tech, innovative and export-oriented productions. To sum up, it should be noted that increasing the region’s competitiveness level and the DFI attractiveness depends on the Belarus’ position in international ratings, which is directly related to the necessity of creating a favourable investment image. A better investment image will provide investment activity growth that will allow Belarus to take prominent positions in the world’s leading ratings. This is the cycle of sustainable economic growth.
В статье рассматриваются основные пути привлечения зарубежных инвестиций в экономику Беларуси, анализируется ряд экономических проблем, которые необходимо решить на пути к повышению инвестиционной привлекательности белорусской экономики. Yüklə 1,51 Mb. Dostları ilə paylaş:
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