Business Opportunities Belarus

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Business opportunities in Belarus

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Belarus, a country in Eastern Europe with Minsk as a capital, borders Russia to the north and east, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the north .

Business and Economy

After independence from the USSR in 1991, Belarus has slowly adopted market reforms and privatization. Nearly 80% of the industry still remains in the hands of the State, and foreign investment are difficult to attract because of hostile business environment. The economy still remains dependent on Russian subsidies. The GDP growth rate was 11.4% in 2004 and 9.3% in 2005. But despite all this Belarus has one of the highest standards of living among the former republics of the Soviet Union because it inherited a rather well-developed industrial base.

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Industry and international trade

With collective farms that still occupy more than 80% of the cultivated land, agriculture contributes nearly 9.5% to country’s GDP. The main crops are potatoes, sugar beets, and wheat. Forests cover about one-third of the land, and lumbering is an important occupation. The industrial sector contributes nearly 40% to the GDP. The main industries are: heavy machinery (3rd largest producer of tractors in the world), chemical & fertilizer, construction material, and textiles. The services sector contributes nearly 50% to the GDP.

Belarus still relies heavily on Russia and other ex-Soviet countries both for export markets as well as supply of raw materials and energy. Two-thirds of Belarussian exports go to Russia. The country’s most important export partners are: Russia, the Netherlands, the United Kingdom. It mainly exports mineral fuels and oils, vehicles, fertilizers, machinery and iron and steel. Its most important import partners are: Russia, Germany, and Ukraine. Commodities mainly imported are: mineral fuels and oils, machinery, iron and steel, vehicles, and electric and electronic equipment.