Foreign Direct Investment in Russia: A Strategy for Industrial Recovery

By Paul Fischer | Go to book overview
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13
FDI Sourcing Potential in the World's Leading Economies

13.1 Focus on G7 economies

To rebuild its industries, Russia will have to increase foreign investments from the current level and it will need to source FDI from the EU, North America and the leading Asian economies. 1 A good understanding of the industry structure in these countries will enable it to identify suitable companies and to approach them systematically. Together with continuous benchmarking with the major competitor LEM economies 2 and monitoring of Russia's own industrial assets, 3 the observation of macroeconomic and industrial developments in the world's most advanced nations is essential for formulating and implementing an effective FDI strategy. Gradually, the overall technology sourcing potential will thus become more transparent enabling Russia's FDI authorities to attract appropriate players.

The leading OECD countries G5, G7 4 and the rest constitute the cen-trepiece of Russia's foreign and international economic policy. In 1995, Russia was officially invited to participate in the G7 summits of heads of state and government. At these summits, global economic and financial issues are discussed so that adequate steps can be taken for macroeconomic stabilization. These meetings are now referred to as G7 + 1 or G8 summits in recognition of Russia's participation.

Today, the Russian government coordinates policy areas concerning trade, finance, environment, defence and internal security (combat of international terrorism and drug traffic) with its G7 partners. The governments of France, Germany, Japan, the United Kingdom and the United States also provide technical assistance to Russia's fledgling market economy. They also decide on multilateral finance and debt rescheduling for Russia at international organizations such as the IMF, World Bank, WTO and OECD. 5

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Foreign Direct Investment in Russia: A Strategy for Industrial Recovery
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