Foreign Direct Investment in Russia: A Strategy for Industrial Recovery

By Paul Fischer | Go to book overview

as equity for a new venture in Russia (Article 24). Joint ventures with a minimum foreign equity also enjoy special privileges (Article 25); they can export products and import inputs according to their needs and without a special licence. Joint ventures registered before 1 January 1992, continue to enjoy duty-free import of gas, oil and products that they process in Russia. Equity-related imports — e.g. machinery, semimanu-factured goods, as a contribution of these joint ventures to the authorized capital — are exempt from import duties and taxation.

However, protectionist tendencies still remain. Certain communist-led regional governments have joined forces with large local enterprises to demand protection, especially in the automotive, chemical and food industries, thus exerting pressure on the central government for higher duties and stricter certification for foreign companies. But, on the whole, Russia seems to be on the path to full trade liberalization. However, as it prepares to joint the WTO, which promotes free trade and worldwide FDI protection, Russia will need to further liberalize its foreign trade regime.


Notes
1
M. M. Boguslavski, Inostrannyie investitsii [Foreign investment], 1996, pp. 1–12.
2
Total capital forming investment as opposed to gross capital formation, which does not include repairs and investment in nonmaterial and circulating assets. See Goskomstat, Russia in Figures, 1997, p. 229; Russian Statistical Yearbook, 1997, p. 405.
3
See also Chapter 9.4.
4
Federal budget plus budgets of federation subjects (regions) and local authorities.
5
Housing and construction activities accounted for Rb1225.8 trillion or US$41 billion in 1996 — about 60 per cent of gross capital formation.
6
According to official statistics, not even US$2 million were invested in agriculture by foreign companies in 1996. See Goskomstat, Statistical Yearbook, 1997, p. 415.
7
Goskomstat, Statistical Yearbook, p. 530.
8
OECD, Economic Survey: Russian Federation, 1997, Paris, pp. 113–23.
9
BfAI, 'Rußland, fast durchwegs Kürzungen bei staatlichen Investitionen' [Russia, cuts almost everywhere in public-sector investment], Info Osteuropa, November 1998, pp. 8–9.
10
These loans are known as systemic transformation facility or STF.
11
In 1996, GDP was US$625 billion in PPP or US$440 billion in nominal value.
12
Annual transfers to former East Germany, whose population is less than 10 per cent that of Russia, have averaged DM120–150 billion or US$70–90 billion per year since unification in 1990.
13
OECD, Economic Survey: Russian Federation, 1997.
14
Goskomstat, Russian Statistical Yearbook, 1997, pp. 406–9.
15
Chapter 9.3.1.
16
Goskomstat, Russian Statistical Yearbooks, 1997, 1998, 1999.
17
Chapter 14.

-336-

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Foreign Direct Investment in Russia: A Strategy for Industrial Recovery
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • List of Figures xiv
  • List of Tables xviii
  • List of Boxes xx
  • List of Maps xxi
  • Foreword xxiii
  • Preface xxv
  • A Word from the Author xxvii
  • List of Acronyms xxix
  • Introduction: Background and Rationale of the Study 1
  • Notes 13
  • Part I - Fdi Theories and Policy Implications 17
  • 1 - Overview of Main Fdi Theories 19
  • Notes 44
  • Part II - Global Fdi Potential and Opportunities for the Russian Economy 47
  • 2 - Determinants of Global Fdi 51
  • Notes 76
  • 3 - Global Fdi Trends 79
  • Notes 114
  • 4 - Tncs as Global Investors 116
  • Notes 130
  • Annex 4.1 the World's Top 100 Tncs Ranked by Foreign Assets, 1996 132
  • Annex 4.2 Top 50 Tncs of Emerging Economies, 1996 138
  • Part III - Fdi as the Catalyst for Industrial Transformation in Selected Large Emerging Markets 143
  • 5 - Fdi Policies and Prospects in China 147
  • Notes 194
  • 6 - Fdi Policies and Prospects in India 197
  • Notes 237
  • 7 - Fdi Policies and Prospects in Mexico 241
  • Notes 269
  • Part IV - Russia's Key Industries and Fdi Achievements in the 1990s 273
  • 8 - Russia's Economic and Industrial Performance During Transition 274
  • Notes 313
  • 9 - Salient Features of Fdi in Russia 315
  • Notes 336
  • Part V - Towards a Long-Term Fdi Strategy for Russia 339
  • 10 - Strategic State Guidance for Fdi 341
  • Notes 354
  • 11 - Russia and Its Competitor Lems 356
  • Notes 375
  • 12 - The Competitiveness of Russian Industry at the Threshold of the Twenty-First Century 377
  • Notes 403
  • 13 - Fdi Sourcing Potential in the World's Leading Economies 405
  • Notes 449
  • 14 - Strategic Target Setting for Russian Fdi During 2000–05 452
  • Notes 461
  • Part VI - Policy Instruments for Enhancing Fdi During 2000–05 463
  • Notes 465
  • 15 - Framework Conditions for Foreign Investors 467
  • Notes 478
  • 16 - Fdi-Related Policy Instruments 481
  • Notes 528
  • 17 - Institution-Building and Fdi Agenda 534
  • Notes 547
  • Appendix: Definitions and Explanatory Notes 549
  • Bibliography and Selected Reading 557
  • Index 565
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