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OECD’s work on setting FDI standards and definitions

OECD’s work on setting FDI standards and definitions. By: Ayse Bertrand Investment Division, OECD ayse.bertrand@oecd.org. OECD involvement in FDI statistics. Part of the mission of the OECD Investment Committee Setting international standards and definitions for FDI statistics

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OECD’s work on setting FDI standards and definitions

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  1. OECD’s work on settingFDIstandards and definitions By: Ayse Bertrand Investment Division, OECD ayse.bertrand@oecd.org

  2. OECD involvement in FDI statistics • Part of the mission of the OECD Investment Committee • Setting international standards and definitions for FDI statistics • FDI data collection and dissemination • Analysis of FDI trends and developments • Assessing regularly compliance of OECD members with international standards [IMF/OECD SIMSDI] • Developing FDI globalisation indicators • Assistance to non-members (as required)

  3. OECD Sets international FDI standardsand definitions • OECD Benchmark Definition of Foreign Direct Investment • Provides clear orientations to countries to develop or to improve their FDI statistical systems • Improves the basis for economic analysis, particularly for international comparison • Offers objective standards for measuring FDI activity

  4. OECD Benchmark Definition • Prepared under the auspices of the OECD Investment Committee • Technical work conducted by the OECD experts of the Workshop of International Investment Statistics –WIIS (of the Investment Committee) • BMD first issued in 1983 and revised twice • BMD Fourth edition – forthcoming in 2008 (1st half)

  5. Revision of theBenchmark Definition • Purpose • Recommendations • The approach • Work method • Time table • Structure

  6. Revision of the Benchmark Definition Purpose: How to better meet user requirements • To review international statistical standards and definition to measure FDI • To bring them into line with the economic and financial developments since the last revision in 1995. • Dichotomy of FDI: • Part of Balance of Payments statistics/ financial account • FDI statistics – independent set of statistics (including globalisation indicators)

  7. Revision of the Benchmark Definition Recommendations • BOP related • Only a few changes – continuity of historical time series • Useful clarifications of existing concepts and methods • New challenges& methodologies [developmental work] • Mergers and Acquisitions (as type of FDI) • Defining M&As, Greenfield investment, extension of capital • Developing methodology for M&As resulting from exchange of shares • Developing meaningful presentations of FDI excluding transactions through Special Purpose Entities (SPEs) and other capital in transit • Developing methodology to identify ultimate investing/ultimate host country • Developing methodology to identify round-tripping of transactions • Research agenda with other items

  8. Revision of the Benchmark Definition • The approach • 􀂾 Wide international co-operation • IMF/OECD DITEG • Timely co-ordination of outcomes, information, etc between IMF BOPCONM and OECD WIIS • 􀂾 Transparency of documents, discussions • Issues papers • Background documents • Outcome papers • 􀂾 Focus on user requirements • OECD Investment Committee and its Secretariat • UNCTAD and other international and national entities

  9. Revision of the Benchmark Definition • Working method Under the general supervision of WIIS • 􀂾 OECD Benchmark Advisory Group (BAG) • 􀂾 Drafting group of WIIS to assist the Secretariat • 􀂾 Held 3 meetings (April and November 2005, April 2006) • 􀂾 Expected to hold 3 more meetings (October 2006, March and October 2007) • 􀂾Project groups (focus on new recommendations) • SPEs • Ultimate investing/host economy • Mergers and acquisitions • Income

  10. Revision of the Benchmark Definition • 􀂾 Very tight calendar (extended by one year) • Basic recommendations: 1st drafts to be approved by OECD WIIS –end 2006 • New recommendations to be developed in 2006-2007 • SPEs • UIC/UHC • M&As • All texts to be approved (including new recommendations) in Oct 2006 by WIIS • Approval by the OECD Investment Committee – End 2007 • Approval by the OECD Council – 2008 -1st half 2007 • Publication – 1st half 2008

  11. Revision of the Benchmark Definition Contents • Introduction • Uses of FDI statistics • Main concepts and definitions • Scope of FDI • Measuring FDI • Special entities • Country attribution and industry classification • FDI and Globalisation • Annexes • Bibliography • Glossary • Index

  12. Revision of the Benchmark Definition Annexes • List of methodological changes from BMD 3rd edition • Standard presentation of FDI statistics • List of borderline cases • Framework for direct investment relationship • Valuation of unlisted equity • Reinvested earnings • SPEs • Collective investment instruments • M&As • Ultimate host/investing country • Currency Unions • Reporting methods, data confidentiality, data transmission • Research agenda • OECD Council recommendation

  13. Thank you. Ayse Bertrand Manager, International Investment Statistics Investment Division Directorate for Financial and Enterprise Affairs Tel: 33 1 45 24 91 24 Fax: 33 1 45 24 13 34 E-mail: ayse.bertrand@oecd.org

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