Commerzbank AG: Belarus can improve its Doing Business rating

Belarus has every chance to improve its Doing Business rating, Commerzbank AG representative Per Fischer said at the Minsk Forum on 4 November.

“The Belarusian economy has every chance to go up the rating of the WB’s Doing Business Report, strengthen its structural reforms,” said the representative of the bank. In his words, Belarus has a good market and is interested for foreign investors, especially as part of the Customs Union. Highly-qualified specialists also play an important role here. Business development is another significant factor. “Belarus’ business mentality is close to the western, and this psychological factor benefits the country,” Per Fischer said. All the aforesaid opens up new chances for the economy of Belarus.

“In Belarus remain bureaucratic and administrative overlays in business regulation, which hinders its development,” Per Fischer said. He praised Belarus’ moves to place Eurobonds, and attract Chinese loans. Per Fischer stressed that the investor is interested in long-term cooperation in Belarus.

“In Belarus there are many bureaucratic procedures, but they are all clear and intelligible including in the banking sector,” said the deputy chairman of the board of the Belarusian Bank for Small Business Levon Khanikyan at the Minsk Forum. He stressed that he could not say the same about the other CIS countries, where he worked and where there are serious obstacles of this kind. According to Levon Khanikyan, “in Belarus, we did not spend a single ruble on corruption bribes. We have not encountered corruption manifestations here.”

As for the business doing reforms in Belarus, Levon Khanikyan believes that the rating is not all-important. “China’s position on the rankings is much lower. But please, show me an investor who would not want to work with that country,” he added.

According to