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March 2009

Recent legal & business developments in Belarus, March 2009

1. In accordance with the Regulation of the Council of Ministers № 313 dated 13 March 2009 the order of organization and holding of contractor tenders has been amended. According to the document, holding of contractor tenders is not obligatory for orders for construction of objects fully financed at the expense of foreign investors and cost of which exceeds 50 000 basic units (625 000 USD).

2. Finnish company Ingman plans to purchase stocks of Gomel ice-cream plant and create joint venture. The according negotiations are to be held in April. The investor plans to invest more than 3 mln USD in the production of ice-cream.

3. In Belarus was developed and approved by the Head of the Government the joint plan of foreign investments. At present, 114 investment offers are considered by the government, the total amount of investments exceeds 19 bln USD. Belarus is offered to cooperate in the spheres of industry, energy, construction, transport and other fields.

4. 20 March 2009 during the meeting with Russian Ministry of Finance A. Kudrin Belarusian Prime minister announced that the governments of both countries are actively working on the issue of participation of Russian investors in projects of processing industry of Belarus, milk industry.

5. 20 March 2009 leaders of 27 countries – members of the European Union, during the meeting of the European Council in Brussels have approved participation of Belarus in the politic of Eastern Partnership. 

6. Belarusian authorities can allow big foreign investors to obtain land plots for construction in ownership during realization of investment projects of special importance. The investors will also be granted with tax benefits. These measures are stipulated by the draft of regulation which was prepared by the Ministry of Economy and is to be approved in the nearest future. 

7. Sberbank of Russian Federation is considering the possibility of participation in privatization of one of the largest banks on Belarus – Belpromstroybank. As Ilka Salonen Deputy Head of the Board of Russian bank, the final goal of the bank is to have 100% share in Belpromstroybank.