The Parliament Passes Law on Support for Innovation Activity

June 30, 2004

The Council of the Republic, the upper house of the Belarusian parliament, passed the bill on state support and guarantees provided for innovation activity. Two days before that, on June 28, 2004, the bill had been passed by the House of Representatives.

"Belarus has resolved to follow the innovation way of the development of its economy, which implies production of goods and services on the basis of high technologies,” was said by Anatoly Novikov, Chairman of the Social Issues Commission with the Council of the Republic.

The law determines legal framework for innovation activity in the areas of science and industry, defines the basis for state innovation policy and conditions of providing state support and state guarantees for innovation entities.

The law envisages the provision of short- and long-term loans, tax preferences and customs preferences for imported component parts and equipment which are not produced in Belarus and are used for high-tech production.

Besides, the law provides for direct state financing of innovation projects and state’s participation in financing and patenting of intellectual property entities used in Belarus’ domestic production.

According to the law, the State Committee on Science and Technologies, the National Academy of Sciences, the Ministry of Economy, and the Ministry of Finance should develop the procedure of creation and guidelines of activity of technology transfer centers.