Landlocked Belarus shares borders with Poland, Lithuania, Latvia, Russia and the Ukraine. While formally committed to private ownership, the government maintains a tight grip on the economy, and key industries, including telecommunications, transport and food production, remain under state control.
Opportunities exist for investors willing to look for them – the electricity sector is expanding rapidly and the government has introduced a series of tax breaks for companies working in the IT sector. The country’s capital, Minsk, is home to Hi-Tech Pillar, an industrial park hosting 250 tech companies, employing thousands of workers.
Belarus has retained its solid industrial base, and around 23% of the workforce are employed in industry. Key industries include petrochemicals, metal-cutting machine tools, tractors, trucks, earthmovers, motorcycles, televisions, synthetic fibres, fertilisers and textiles. Forests cover a third of Belarus, and logging is a major industry.
Key mineral resources include peat, clay, sand, chalk, dolomite, rock and potassium salt. Around 51% of Belarus’ workforce are employed in the Service sector.
HLB Yurisaudit has considerable experience in the provision of professional services in the market of Belarus.
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