President backs adjustment of working conditions for Great Stone industrial park residents

The interests of the state and investor will be at the centre of the future development of the Great Stone Industrial Park.

The general line of adjustments in the legal field was outlined today by the President. The meeting in the Palace of Independence discussed the innovations in the business climate for the largest Sino-Belarusian project. The government suggested updating the business environment for the residents of the project. This is a systematic legislative work to attract investments into the economy. And this is the way in many countries of the world! Laws must meet the needs of life. The President is also sure of it.

The agenda includes a number of notable changes. They concern the powers of the administration, the expansion of areas of activity, support for start-ups, and new preferences for so-called anchor investors. This special economic zone, in essence, has already brought together about 70 companies with the prospect of a billion dollars in investments in the next 5 years. And the forthcoming innovations - and the President has supported the proposals - will only speed up the capital flows.

The industrial park near Minsk, which in 10 years has become a magnet for investors, today hardly needs introductions. For the residents it is a profitable business environment and preferences if you are ready to bring something of the know-how of your time to the country. In short, the doors are open for those who create a new product that is not available in the Belarusian market.

The Great Stone is part of the global One Belt, One Road initiative. There are very big advantages here. First of all, logistics: good communication with Europe and the CIS countries. And of course, tax benefits are a very tangible support.

Technology is the foundation of a strong economy. Promptness of production supply, optimization of logistics are just a few advantages over imported analogues. Belarusian aggregates will make automotive equipment more competitive both in the CIS and non-CIS countries.

Automotive components are just one of the basic clusters of the industrial park. They are complemented by electric transport, medicine and pharmaceuticals, as well as integrated logistics. In short, all this is in the area of special interest of the Sino-Belarusian project. And there are many people willing to work for these purposes in the Belarusian business environment.

The lure for investors is not only long tax holidays, but also advantageous geolocation! On the way from Europe to Asia. And vice versa.

But all this must be a two-way road, Alexander Lukashenko is convinced that the principle "what's good for the Germans is not good for everyone" does not work here.

The industrial park calls 69 projects its successful acquisition. Exactly that many residents are now under the wing of Great Stone. And all this is the result of purposeful work in the legal field. Today, it is a kind of trump card in the battle for investment. If the government is sure that the Great Stone has provided such an effect, it means that the development of the park is worthwhile, the President noted. But not only private interests will have to be taken into account.

Those who are already among the residents have invested over 670 million dollars. The prospect for the next five years is a billion! Not less. For every rouble invested, there will be a return of nine. This is to the question of the effectiveness of laws for business. But legal norms should be in line with the times. The government was guided by this principle when it proposed updating the legal framework. So, what is the Cabinet insisting on? There are several directions in the development.

Firstly, the powers of the park's administration will be expanded. Additionally, it will receive around 60 administrative procedures. Previously, they were all the responsibility of the local authorities. This will allow speed (read: efficient!) in decision-making.

Innovation is a separate item in the draft decree. Towards the end of last year, a joint innovation centre was established at the park's site. It will help develop start-ups. It is a risky business: only every tenth idea grows into an independent project. The administration is confident that start-up assistance will improve this statistics. In general, there are resources for this. All that remains is to specify the conditions in the law.

The Great Stone is also expected to be able to expand the pool of potential investors. The main areas will be complemented with new ones. These will include, for example, 5G technology, artificial intelligence or traditional Chinese medicine.

Special preferences will be prescribed for major residents. They are also called "anchor residents". This is the case when investments in a project exceed $50 millipon. The Presiden ordered that decisions should not be delayed.