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Investment Policies in Russia: The Northern Dimension

Investment Policies in Russia: The Northern Dimension. by Rainer Geiger Deputy Director, OECD Financial and Enterprise Affairs The Northern Dimension Forum St. Petersburg 13 May 2008. Investment trends and policies in the Russian Federation.

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Investment Policies in Russia: The Northern Dimension

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  1. Investment Policies in Russia: The Northern Dimension byRainer Geiger Deputy Director, OECD Financial and Enterprise Affairs The Northern Dimension Forum St. Petersburg 13 May 2008

  2. Investment trends and policies in the Russian Federation • Strong performance in inward and outward investment • Recent policy developments • The 3rd OECD Investment Policy Review • A strategy for business climate development for the Northwest Federal District

  3. Russia’s inward and outward FDI 2000-2007

  4. Russia’s FDI inflows: Sectoral distribution, 2007 (%)

  5. Russia’s FDI: Country of origin2007 (%)

  6. Russia’s FDI in comparison with emerging market economies Source: EIU (2007), World Investment Prospects to 2011: Foreign Direct Investment and the Challenge of Political Risk, September 2007.

  7. Recent policy development • Strategic sectors • Strategic corporations under state control • Russia’s policy framework for energy investment

  8. The Northwest District: Regions with unexploited opportunities • Access to large markets • Natural resources • Good industrial and technological base • Potential for trans-border investment

  9. Challenges to improve the policy environment in the regions • Public sector integrity and corporate governance • Policy transparency • Modernisation of regulations • Infrastructure • Human resources – SME • Access to finance

  10. A business climate development strategy with a Northern dimension • Based on the OECD Policy Framework for Investment • Benefiting from experience with regional programmes (e.g. the Investment Reform Index of the South East Europe Investment Compact) • Backed by Knowhow of OECD / World Bank • Interactive process of local / regional partnership

  11. The Policy Framework for Investment • Identifies 10 core policy areas and 82 questions to help governments maximise the benefits of international and local investment • Promotes tailor-made solutions regarding good practice • Is the most comprehensive multilaterally endorsed investment instrument to date

  12. How to take advantage of the PFI • Self evaluation • Comparative benchmarking in a regional context • Policy coherence at government level • Public-private sector dialogue on reforms • The Business Climate Development Strategy

  13. The business climate development strategy – Key features The Business Climate Development Strategy (BCDS) as a whole is targeted at… • Improving the business environment to increase investment and competitiveness, thereby contributing to growth and employment • Supporting a dynamic and sustainable reform process It is a systematic approach involving three basic steps: Define baseline Set Priorities Implement • Synthesis of existing evaluations using OECD methodology for policy prioritization • Stock-taking of existing business climate reform projects. Define time-bound strategic priorities with government leaders, including consultations with other stakeholders Support the design and implementation of improved policy at national and regional level

  14. BCDS Framework • I.Business Operational Environment • Investment Policy and Investment Promotion • Strategies for Privatisation and SOE Management • Tax Policy and Administration • Trade Policy and Facilitation • Competition Policy • Better Business Regulation II. Business Integrity • Anti-corruption • Corporate Governance and Corporate Social Responsibility • Regulatory reform and judiciary system • III. Factor Markets • Infrastructure (including land, transport and IT) • Human Capital (including labour regulations) • Financial Markets Development

  15. Methodology • Methodology successfully applied in South East Europe: Investment Reform Index • Breakdown of Chapters in Sub-dimensions and Indicators • Indicators with five assessment levels, ranging from least to best practice • Self-assessment by Country Economic Team and external assessment by OECD experts

  16. BCDS Creating value for the Northwest District 1. Provide a single comprehensive document defining a business climate reform strategy based on best practice in OECD countries; 2. Leverage existing evaluations of the business climate including those by the OECD, The World Bank and the European Commission; 3. Support leadership in federal, regional and local governments to ensure coordination and consensus on priorities for reform throughout a broad range of policy areas affecting the business climate; 4. Involve continuously government and private sector throughout the process to increase buy-in for business climate reform; 5. Identify priorities for action and provide support for implementation.

  17. Conclusions – Moving forward • Increasing the competiveness of the region as a location for investment • Identifing investment opportunities and increase sectoral competitiveness • Improving policy coherence and capacities for implementation • Developing effective tools for communication

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