Belarus to expand privatization in 2011

Belarusian Deputy Prime Minister Sergei Rumas said Wednesday that the government will greatly speed up privatization in 2011.

Government officials do not know how to efficiently manage state-owned enterprises and heavy government intervention is a major deterrent in attracting foreign investments, Rumas told parliament.

Attracting more foreign direct investment remain the most difficult task for 2011, he said.

Rumas said the government is going to pool public-owned capital, noting that massive purchase of foreign currency at the end of last year by the public showed a lack of investment tools for public funds.

The National Agency for Investment and Privatization, responsible for attracting foreign investment and monitoring the privatization of state property, will begin to work soon, he added.

Previously, the State Property Committee has introduced a draft plan on corporatizing the most valuable state assets, including 134 enterprises like oil giant "Belorusneft" and leading agricultural equipment maker Gomselmash.


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