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.
Latest insights, case studies and news from across the network
Achieving the post-pandemic vision: leaner, greener and keener
HLB’s Survey of Business Leaders aims to inform and stimulate the debate on the actions business are taking in 2021 to achieve their post-pandemic vision. Findings show that, despite great...
The 2021 Tax implications on you
In HLB’s International Tax Webinar eps 17, our international tax experts will discuss the 2021 tax implications on you.
FemTech: The women's health revolution
As the market for female-focused health products, otherwise known as femtech, continues to grow, we explore what the future holds for this new innovation
Get in touch
Whatever your question our global team will point you in the right directionStart the conversation