The Economy Ministry of Belarus is not satisfied with the rates of foreign direct investments (FDI) attraction to Belarus, Economy Minister Nikolai Snopkov told reporters on 28 June.

The progress in the FDI attraction on net basis in 2011 was high on the agenda of today’s session of the Council of Ministers’ Presidium.

“Despite the fact that more than$743 million has been raised on net basis so far (near 75% of the 2010 volume), such rates are unsatisfactory, as the goal for this year is $6.5 billion,” Nikolai Snopkov said, stressing that the Belarusian economy needs these funds as a source of modernization. And the country needs new technologies and new management rather than mere money. The investments will consolidate the positions of Belarusian companies in the global economic relations.

Nikolai Snopkov considers the activities of the ministries, government agencies and regional executive committees on the FDI attraction insufficient. “We have outlined the approaches we need to analyze within a month. It relates to legal acts and the investment field structure. We will get back to this issue in a month.”

When asked about the priority areas for FDI attraction, Nikolai Snopkov noted that it is the traditional areas, which make up the considerable ratio of the GDP. “First of all, we need to upgrade and integrate into global economic relations these areas, as it is new sales markets, to say nothing of new technologies and money,” he added. In his words, Belarus has to seek cooperation with transnational corporations. The interaction with these corporations will provide the Belarusian companies with guaranteed sales markets.

Biotechnologies, electronic engineering, IT-technologies, and fine chemistry are also among the priority areas for investments, Nikolai Snopkov said.

BELTA