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

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. III.3. Sectoral opportunities BSEC countries have achieved substantial success in attracting foreign direct investment in a number of key sectors. Based on past performance, FDI inflows have ranged from US$155 million in Armenia to US$13 billion in Russia (see Table 21). However the per capita level of FDI inflows indicate that Bulgaria and Romania have achieved the best performance in the region, with per capita inflows reaching $287 and $297 respectively, while the worst performance was achieved by Ukraine ($32). In terms of inward stock, Turkey has the largest stock of FDI. Only Azerbaijan, Russia and Turkey have recorded significant FDI outflows. Table 21. Investment inflows and outflows in BSEC Countries (2005) Inflow Per capita Inward stock Outflow Per capita Outward stock ($Mio) in US$ ($ Mio) ($Mio) in US$ ($ Mio) Albania 260 83 1,680 82 Armenia 155 51 1,024 7 2 32 Azerbaijan 1,392 170 13,876 1,221 146 3,686 Bulgaria 2,224 287 9,173 316 41 127 Georgia 450 101 2,320 - 90 -20 Greece 662 60 22,455 46 4 12,339 Moldova 225 54 1,129 0 0 28.1 Romania 6,437 297 25,918 - 13 -1 242 Russia 13,072 91 20,351 13,126 92 120,417 Turkey 8,546 118 63,285 1,086 15 8,315 Ukraine 1,497 32 8,364 275 6 466 Serbia and Montenegro 1,481 181 5,428 5 1 Source: ITC Investment Map, 2007 Table 22 presents data on foreign affiliates in selected BSEC countries and gives the information on the leading investing country, in terms of affiliates in the country. The establishment of foreign affiliates in BSEC countries is an indication of the success in pulling in foreign enterprises and also an indication of the increasing competitiveness in these countries. Russia is by the far the most successful country in attracting foreign affiliates, followed by Turkey and the Ukraine. Nevertheless Turkey has the largest workforce employed in foreign affiliates, with over twice the number of employees in comparison to Russia. The leading investor country is Germany for Russia, Turkey, Ukraine and Serbia and Montenegro. The Russia Federation is the leading investor country for Armenia due to its interest in the energy sector. 64/135
Table 22. Data on foreign affiliates in the BSEC countries (2005) Number Number of parents Sales Employees No of Recently established Leading home country Albania 13 12 913 1,889 2 Switzerland Armenia 15 15 15 2,097 … Russian Federation Azerbaijan 27 26 … 3,596 1 United States Georgia 16 13 … 981 3 United States Moldova 21 17 2,900 … 3 Spain Russian Federation 1510 1030 718,404 509,255 257 Germany Turkey 990 728 223,349 1,175,455 334 Germany Ukraine 419 342 69,561 150,127 90 Germany Serbia and Montenegro 193 162 29,658 42,669 67 Germany Note: … Data not available; Sales in US$ ‘000. Source: ITC Investment Map, 2007 The following tables summarise the industries which have attracted FDI in a selection of the BSEC Member States, which provides a broad indication of sectors which have the potential to attract FDI in each country. Tables 23a-23g display for each country the total FDI inflows in absolute terms and in relative terms, the total inward stock in 2005 and the percentage change in inflows since 2002. It is interesting to note that whereas Armenia traditionally attracted FDI in the energy sector (where FDI stock amounts to US$198 million), it has recently experienced an increase in high technology sectors such as precision instruments, and services. FDI in Bulgaria has been targeted at service industries such as finance, business services, construction and transportation. FDI in Greece has been primarily directed at the energy sector, transportation services, business services and agro-processing. Romania has experienced a large inflow of FDI in the energy sector, followed by services (retail and financial) and heavy manufacturing (metallurgy). Russia has also received a substantial inflow of FDI in the energy sector. Other areas which have received a large amount of FDI include services (business, retail, finance), as well as light manufacturing (agro-processing and wood). Turkey is atypical in so far that most of its FDI inflows have been directed at services (finance and transportation) and to a lesser extent, manufacturing (textiles and chemicals). Finally, the Ukraine has attracted most FDI in the 65/135
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Black Sea Economic Cooperation: Stu
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. Table of Contents Abbreviations .
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. Table 15d. Greece’s Commitments
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. Abbreviations BSEC EBRD EU EUROST
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. econometric model, referred to as
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. In this regard, travel services h
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. 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
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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 62 and 63: . Table 16 Foreign direct investmen
Page 64 and 65: . In terms of existence of a legal
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
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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
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Annex 2.5. Results of Trade Flow An
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. Note: Excludes energy and tobacco
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