There are clear signs that Belarus is finally opening up to western investors more than it has ever done in the past. The former Soviet republic has long had the unenviable reputation of Europe’s last dictatorship and the continent’s only remaining controlled economy.

But times are clearly changing and Belarusian president Alexander Lukashenko realizes that the only way he can safeguard his country’s sovereignty in the face of growing Russian power is by closer contact with the West.

Germany appears to be seizing on the opportunity faster than any other western nation. A new programme has already been launched, which has been entitled the Belarus-Baden-Wuertemberg International project.

This programme aims to augment the use of innovative technology in Belarus and delegations from Germany have visited the former Soviet republic on five occasions over the past three years.

According to the most recent statistics, Germany had become Belarus’ fourth largest trading partner over the course of the past several years and the level of trade between the two countries soared by an impressive 20 percent, totalling $2.9 billion by the end of last year.

More than $309 million are invested by German interests in Belarus each year and according to official state-issued statistics, there are currently a total of 360 privately and publically held firms in the country which are at least in part owned by German interests.

The textile, construction and wholesale trading sectors are apparently especially keen on working with German interests.

As we reported earlier this month, the government in Minsk is seeking a financial package from Western organizations, including the IMF. One of the key requirements of any such aid will almost certainly be a liberalization of the country’s economy.