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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

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

investment trends and policies in the russian federation
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
russia s fdi in comparison with emerging market economies
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.

recent policy development
Recent policy development
  • Strategic sectors
  • Strategic corporations under state control
  • Russia’s policy framework for energy investment
the northwest district regions with unexploited opportunities
The Northwest District: Regions with unexploited opportunities
  • Access to large markets
  • Natural resources
  • Good industrial and technological base
  • Potential for trans-border investment
challenges to improve the policy environment in the regions
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
a business climate development strategy with a northern dimension
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
the policy framework for investment
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
how to take advantage of the pfi
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
the business climate development strategy key features
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

bcds framework
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
methodology
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
bcds creating value for the northwest district
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.

conclusions moving forward
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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