07.08.2012 [News]

Law on state innovation policy and innovation activities adopted in Belarus

On 10 July, 2012 the President of the Republic of Belarus signed the Law of the Republic of Belarus № 425-3, "On the state innovation policy and innovation activities in the Republic of Belarus" which creates a legal framework for the innovative development of the country.

In compliance with the new Law, the aim of the state innovation policy in the Republic of Belarus is to create a favorable socio-economic, institutional and legal environment for innovation and competitiveness of the national economy.

The main tasks of the state innovation policy are the following:

  • Ensuring the economic and social development of the country through the effective use of intellectual resources of the society;
  • Ensuring the legal regulation which stimulates the innovative development of the national economy;
  • Forming and integrated developing of the national innovation system, ensuring its integration into the global innovation system based on national interests; 
  • Creating favorable conditions for innovation and, in particular, for the investing in this area;
  • Encouraging the authors (co-authors) of an innovation;
  • Promoting the set up and development of legal entities involved in the innovative activities, as well as stimulating the activity of individual entrepreneurs in innovation;
  • Developing of the market for innovations;
  • Creating favorable framework innovation players to the material, financial and intellectual resources needed to implement the innovation activities;
  • Promoting the creation and development of innovation infrastructure;
  • Developing of public-private partnership in the innovation activities;
  • Forecasting of technological development;
  • Organizing of training, re-training and advanced training in the field of innovation;
  • Promoting the international cooperation in innovations;
  • Ensuring the public interests (defense and national security) in the area of innovation.

For the first time in the country the issues if managing of a venture capital fund and mechanisms of venture capital projects financing have been fixed in the legislation. According to Igor Voitov, Chairman of the State Committee for Science and Technology of Belarus, “these rules will enhance the attraction of private and foreign investment in innovation, as well as diversify the sources of financing”. He also focused on public-private partnership in innovations, which is based on the equitable interaction between the government and business entities of non-state forms of ownership, including that in terms of free and open access to the implementation of the state innovation policy, joint R&D, risk sharing, revenues and responsibilities within joint implementation of innovative projects, programs, innovative development, etc.

The Law comes into force in 6 months. Within this period, the legal acts approved earlier will be accordingly changed.

Read the full text of the Law in Russian.

Source: Olga Meerovskaya, BelIsa