The procedure of entering into investment agreements is governed by the Investment Code of the Republic of Belarus.

As is provided by the above Code, an investment agreement may be signed between any national or foreign investor on the one part, and the Government of RB on the other part, with a view to rendering governmental support to implementation of any investment projects which are of importance to the economy of the Republic of Belarus.

This is mandatory requirement that such investment agreement shall include the following information:

• the period of validity of the investment agreement;
• the object and scope of investment activity;
• rights and obligations of the investor, in particular, concerning compliance with the legislation in the field of environment protection and efficient use of natural resources, as well as labour legislation and safety measures;
• additional legal guarantees granted by the Republic of Belarus within the project, agreed for the term of such agreement and related to taxation and customs mode, ecologic standards and any other requirements that are sufficient for the investor and are in force as of the time of signing such investment agreement;
• as well as any obligations related to issue of any licensing documents required by the investor for implementation of such investment project;
• responsibility of the parties for non-compliance with the terms of such investment agreement;
  • procedure of settlement any disputes arising from such investment agreement, and the body into which such dispute shall be brought (in particular, an international arbitration for any foreign investor).

Any investment agreement signed with any foreign investor may provide for waiver by the Government from jurisdictional immunity or immunity from interim remedy of any claim and execution of any court and/or arbitral award.

The investor’s proposals concerning the context of such investment agreement shall be considered by the Government of the Republic of Belarus or by any authorized republican governmental body (state-owned institution subordinated to the Government of the Republic of Belarus) in accordance with the procedure established by the Government of the Republic of Belarus.

The terms of such investment agreements remain in force within the term of validity of such agreements. The terms of such investment agreements may be only changed upon mutual consent of the parties, save as otherwise is provided for in such investment agreement.