In the Vitebsk region, over 944 million rubles of investments were attracted to the economy in the first five months of 2021

In the Vitebsk region, over five months of 2021, it was possible to attract more than 944 million rubles of investments from various sources into the economy. This crucial indicator, ensuring the sustainable development of the region, the growth of well-being and the standard of living of the population, is under the constant control of the regional executive committee. In conditions of intensifying competition for resources, there is currently a lag behind the plans, but it is important not to sit idly by, but to persistently create a basis for the arrival of investors – domestic and foreign.

Chairman of the regional executive committee Nikolai Sherstnev drew attention to these points during a meeting of the regional executive committee dedicated to the analysis of investment work in the region. Since the beginning of the year, organizations in 12 districts of the region have reduced investment activity, and it should be taken into account that often the negative dynamics are formed on a low base of last year. Today, it is no secret that a foreign investor finds it difficult to reach Belarus, including not reaching the lake region in the north of the country.

— But this should not be a cause for complacency; efforts must be tripled to create favorable business conditions, increase the investment attractiveness of territories, taking into account local specifics, which can favorably distinguish the region among competitors, positioning it as the best place for the implementation of private initiatives, — emphasized Nikolai Sherstnev.

In total, within the framework of the Vitebsk region development plan for 2021, the district executive committees and the administration of FEZ "Vitebsk" announced 107 production projects for implementation with an investment volume of about 1.2 billion rubles. Analyzing the investment situation, the First Deputy Chairman of the Vitebsk Regional Executive Committee's Economy Committee, Konstantin Cherny, noted that all necessary conditions for activating the investment cycle have been created in the Vitebsk region, there is no shortage of ideas, but it is important to promptly and effectively resolve organizational and financial issues of investment activity support. For now, the main sources of its financing remain the organizations' own funds.

In addition, Konstantin Cherny once again drew the attention of those present to the functionality of official websites. Most of them have problems with attractiveness and the quality of information presentation, which is also not updated.

— In conditions when the regions of the world are actually closed for travel due to the epidemiological situation, interactive information presentation remains the main way to attract the attention of a potential investor. But it is very difficult for businesses to work with the data posted on the websites of a number of city and district executive committees. I want to draw attention to the Internet representation of the Braslav District Executive Committee, where these aspects have been worked out excellently, which was the result of cooperation with international organizations, — said Konstantin Cherny.

The most important aspect of increasing investment attractiveness remains the enhancement of the infrastructural potential of territories. In the Vitebsk region, 129 infrastructure development projects are planned for implementation this year, with an estimated investment volume of 300 million rubles. This primarily concerns the construction of engineering and transport facilities, while social projects account for less than half of the total number. There is a lag in the utilization of allocated resources. It is particularly important to eliminate this lag for projects included in the State and Regional Investment Programs. These programs should include projects with a high degree of pre-investment preparation.

— The inclusion of facilities in investment programs at various levels is a guaranteed source of uninterrupted financing. Therefore, in the Vitebsk region, a more thorough approach should be taken to forming proposals for such program documents. First and foremost, the chairpersons of district executive committees must clearly understand what needs to be done and how realistic the plans are for execution, and only then work on the financial component, including striving for the possibility of inclusion in the investment program, — believes Nikolai Sherstnev.

As is known, one of the most important priorities of the current five-year plan for the socio-economic development of the country is the formation of strong regions. Deputy Minister of Economy Anzhelika Nikitina, who took part in the meeting, recalled that the first year of the five-year plan is dedicated to launching a new investment cycle. The main efforts are aimed at creating a favorable climate for capital inflow into promising projects. Currently, the Ministry of Economy is actively working on regulatory matters. A draft law on amending the law "On Investments" has been developed and considered by the House of Representatives. Its main innovations concern the increased protection of the investor's property rights. In addition, work is being completed on adjusting Decree No. 10. The prepared version of the document enshrines new approaches to the implementation of investment projects with state support. It is proposed to stimulate investment in the economy of certain territories based on the experience of the Orsha district, and a number of other adjustments are prescribed to expand the powers of local authorities, which should increase the speed of decision-making on investment projects.