concrete projects. Russia therefore has a chance to pioneer the concept of an integrated FDI agency supported by an external advisory network.
A proactive FDI policy will eventually help Russia select the TNCs that will contribute most usefully and rapidly to its industrial recovery. This is better than passive acceptance of investors who seek short-term benefits from the market and are not prepared to contribute to socioeconomic development and environment protection.
A ceiling should be established beyond which all FDI projects are supervised directly by the agency, e.g. US$40 million for Greater Moscow, US$20 million for other regions. While the federal agency would supervise all projects originating from the world's top 500 corporations, the regional network could assist in channelling FDI from the 'hidden champions'.
A. G. Witt, 'Promoting Transnational Investment: Organizing to Serve Approved Investors', Transnational Corporations Journal, 2(1), February 1993, pp. 86–88.
Over 60 directors of large and medium-sized companies were interviewed in Germany and Italy for an investor survey conducted for this study during 1996–98.
To support the federal agency, regional subagencies could be opened in the leading regions (e.g. Moscow, St. Petersburg, Samara) for investment projects in the greater economic areas. Regional subagencies should be assisted by 'partner' regions in OECD countries in their efforts to attract target companies.
See Chapters 16.1 to 16.6.
To set up the Centre, the Russian authorities received training and advice from Germany's Ministry of the Economy, the Irish Investment Promotion Office and a number of international organizations.
7 The main tasks and services are presented on the Centre's website www.fipc.ru/fipc (Charter, Section III/12 and 13). 8
Offices have so far been opened or are in the process of being started in Frankfurt, Paris, London, Milan, Amsterdam, Stockholm, Singapore, Tokyo and Washington D.C.
A. G. Witt, 'Public Marketing of Foreign Investment: Successful International Offices Stand-Alone', International Journal of Public Sector Management, 5(5), 1992, pp. 38–39.
Investors report of FDI departments which exist simultaneously in the President's office, the Prime Minister's office and in many other national ministries and regional bodies.
US Chamber of Industry News, Moscow, 1997.
Formerly the FIPB reported directly to the Prime Minister. See Chapter 18.104.22.168.
Sh. Rangnekar, 'states Given More Latitude to Attract FDI in Core Sectors', The Economic Times, 8 May 1998, p. 1.
NRI (nonresident Indian) tycoon, S. P. Hinduja, called for the formation of an FDI ministry at a press conference in New Delhi on 8 February 1999. This proposal was included in a memorandum submitted to the Minister of Finance,
Questia, a part of Gale, Cengage Learning. www.questia.com
Book title: Foreign Direct Investment in Russia: A Strategy for Industrial Recovery.
Contributors: Paul Fischer - Author.
Publisher: St. Martin's Press.
Place of publication: New York.
Publication year: 2000.
Page number: 547.
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