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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 l.jpg

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


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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


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Russia’s inward and outward FDI 2000-2007


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


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Russia’s FDI: Country of origin2007 (%)


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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.


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Recent policy development

  • Strategic sectors

  • Strategic corporations under state control

  • Russia’s policy framework for energy investment


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The Northwest District: Regions with unexploited opportunities

  • Access to large markets

  • Natural resources

  • Good industrial and technological base

  • Potential for trans-border investment


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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


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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


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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


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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


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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


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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


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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


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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.


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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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