After independence in 1991, Belarus chose to maintain a centrally-planned economy with limited forays into privatization. The foreign direct investment (FDI) attraction performance of Belarus was negatively affected. However, since 2007, the authorities have embarked upon a vast reform programme to ease the constraints on private sector development, reduce the role of the state in the economy and attract FDI. The investment policy review (IPR), carried out at the request of the government, finds that the reforms are heading in the right direction to deliver a more transparent, predictable and competitive business environment, indispensable for attracting high-quality investors. As requested by the Belarusian authorities, the IPR also outlines the key elements of a strategy to support small and medium enterprise (SME) development through FDI.
