Based on the analysis of the international rankings, favorable business environment indices are directly correlated with index of state competitiveness and the level of foreign investments. Despite intense reforms conducted in Belarus during past years private sector share in GDP remains below 30%. This could indicate both the nominal nature of reforms and the shortcomings of the methodology ratings. However, new reforms in the field of legislation and business environment regulation are being held in Belarus. These reforms are undertaken in the most problematic areas of business regulation, i.e. taxation, licensing and pricing. Even though they are not immensely intensifying Belorussian business environment, they are still improving it. If liberalization of Belorussian business climate continues, the country will be able to improve its competitiveness on global market for goods, services and foreign investments.