Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...

More documents

Recommendations

Info

. Table 16 Foreign direct investment, net inflows (% of GDP) 2001 2002 2003 2004 Albania 5 3 3 6 Armenia 3 5 4 6 Azerbaijan 4 22 45 41 Bulgaria 6 6 11 8 Georgia 3 5 8 10 Greece 1 0 0 1 Moldova 4 8 4 3 Romania 3 2 3 7 Russia 1 1 2 2 Serbia and Montenegro 1 1 7 4 Turkey 2 1 1 1 Ukraine 2 2 3 3 Table 17 Foreign direct investment, net outflows (% of GDP) 2001 2002 2003 2004 Albania 0 0 0 … Armenia … 0 0 0 Azerbaijan 0 5 13 14 Bulgaria 0 0 0 -1 Georgia 0 0 0 0 Greece 1 1 0 0 Moldova 0 0 0 0 Romania 0 0 0 0 Russia 1 1 2 2 Serbia and Montenegro … … … … Turkey 0 0 0 0 Ukraine 0 0 0 0 Note: (…) denotes data is not available; Compound growth calculated on an annual basis. Source: World Bank World Development Indicators database, 2007 Each country in the Black Sea region is at a different stage of economic development, and investors do not only target one country at the exclusion of its neighbours, so that an attractive climate for investment in different BSEC member states is expected to benefit the whole region. A regional approach is often considered by investors, namely in sectors such as infrastructure development, energy supplies, telecommunications and transportation. The tariff rates across the region, the commitments made by the country in the WTO for liberalisation of services, a stable macroeconomic environment and a predictable legal and institutional environment are all key determinants to investments in the region. Section III.3 considers some of these conditions to identify investment potential. 60/135
III.2. Climate for investment The predictability of government policy in the areas of monetary, fiscal and trade policy are major determinants in investors’ decisions to invest. In this regard, the countries of BSEC have undertaken major market reforms and undertaken fiscal reforms and increased transparency in their government policies. Another major area of importance is the government’s policies with respect to the flow of capitals, the ability for foreigners to invest in the economy and the regulations governing the labour market. Table 18 presents some principal characteristics of the countries in the region concerning the government’s policies in the areas of current account convertibility, investment controls, exchange rate regime, interest policies, wage regulations and land ownership rights to foreign investors. All countries have fully liberalised the current account transactions and interest rates, and only two countries (Azerbaijan and Russia) still apply restrictions on foreign direct investment. Wage regulations are maintained in five countries. Restrictions are maintained by virtually all countries on land ownership (except in the case of Moldova), and only five countries maintain a market determined exchange rate. Table 18. Regulations governing international and national transactions Current account convertibility Controls on inward direct investment Interest rate liberalisation Exchange rate regime Wage regulation Tradability of land Albania full No full managed limited de no float facto Armenia full No full floating no full except foreigners Azerbaijan full Yes full managed limited de no float jure Bulgaria full No full currency full except yes board foreigners Georgia full No full floating no limited for foreigners Greece full No full floating yes n.a. Moldova full No full floating yes full Romania full No full managed limited de yes float facto Russia full Yes full managed limited de no float facto Serbia full No full managed limited de no float jure Turkey full No full floating yes n.a. Ukraine full No full managed limited de no float facto Source: EBRD Transition Report 2006; OECD Economic Studies No36, 2003/1; UHY Doing business in Greece, July 2006; 61/135
Page 1:
Black Sea Economic Cooperation: Stu
Page 4 and 5:
. Table of Contents Abbreviations .
Page 6 and 7:
. Table 15d. Greece’s Commitments
Page 8 and 9:
. Abbreviations BSEC EBRD EU EUROST
Page 10 and 11:
. econometric model, referred to as
Page 12 and 13: . In this regard, travel services h
Page 14 and 15: . stock and foreign affiliates acti
Page 16 and 17: Current account balance (% of GDP)
Page 18 and 19: % of GDP . The dynamism of the priv
Page 20 and 21: . I.2. Background to Trade and Inve
Page 22 and 23: . II. Trade Potential and Opportuni
Page 24 and 25: . As mentioned earlier, the major e
Page 26 and 27: Imports Perspective . There are cer
Page 28 and 29: . II.1.3 Intra-industry trade betwe
Page 30 and 31: j j . x is the value of total expo
Page 32 and 33: . Table 10 provides a summary of th
Page 34 and 35: . Table 11. Twenty five products wi
Page 36 and 37: . Wood and wood products, in parti
Page 38 and 39: . Metal products, in particular HS
Page 40 and 41: Maximum MFN in Region (%) . make cr
Page 42 and 43: . II.4. Services With the exception
Page 44 and 45: . Table 13. Performance of trade in
Page 46 and 47: . Table 14a. Indicative Service Exp
Page 48 and 49: . Table 14e. Indicative Service Exp
Page 50 and 51: . Table 14i. Indicative Service Exp
Page 52 and 53: . divided by each mode of supply, f
Page 54 and 55: . Table 15b. Armenia’s Commitment
Page 56 and 57: . Table 15d. Greece’s Commitments
Page 58 and 59: . Table 15f. Turkey’s Commitments
Page 60 and 61: . Other commercial services (which
Page 64 and 65: . In terms of existence of a legal
Page 66 and 67: . III.3. Sectoral opportunities BSE
Page 68 and 69: . service sector (retail, business
Page 70 and 71: . Table 23b. FDI in Bulgaria (2005)
Page 72 and 73: . Table 23d. FDI in Romania (2005)
Page 74 and 75: . Table 23f. FDI in Turkey (2005) I
Page 76 and 77: . 74/135
Page 78 and 79: . of trade in services performance,
Page 80 and 81: . Egger, P. (2002), An Econometric
Page 82 and 83: . World Bank (2005), Trade, Transp
Page 84 and 85: . Annex 1. Trade Indicators 82/135
Page 86 and 87: . Table A2. Major Import Partners f
Page 88 and 89: . Table A4. Major Import by Product
Page 90 and 91: Albania Armenia Azerbaijan Bulgaria
Page 92 and 93: . HS Description ALB ARM AZE BGR GE
Page 94 and 95: . Table A7 Trade intensity in BSEC
Page 96 and 97: . HS Description ALB ARM AZE BGR GE
Page 98 and 99: . country I and country j’s capit
Page 100 and 101: . Annex 2.3. Results of Gravity Equ
Page 102 and 103: . Georgia Sector / Exports to ALB A
Page 104 and 105: . Russia Sector / Exports to ALB AR
Page 106: . Annex 2.4. Results of Trade Flow
Page 109 and 110: 107/135
Page 111 and 112: 109/135
Page 113 and 114:
111/135
Page 115 and 116:
113/135
Page 117:
Annex 2.5. Results of Trade Flow An
Page 120 and 121:
. 118/135
Page 122 and 123:
. 120/135
Page 124 and 125:
. 122/135
Page 126 and 127:
. 124/135
Page 128 and 129:
. 126/135
Page 130 and 131:
. 128/135
Page 132 and 133:
. 130/135
Page 134 and 135:
. Note: Excludes energy and tobacco
show all

Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...

Create successful ePaper yourself

Delete template?

Save as template?