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Foreign Investment To Russia

Дата публикации: 04 сентября 2007
Публикатор: Научная библиотека Порталус
Рубрика: RUSSIA (TOPICS) ECONOMY →
Источник: (c) http://russia.by
Номер публикации: №1188911683


In September 1991, a foreign investment law promoting the transfer of capital, technology, and know-how went into effect. Nonresidents may acquire partial shareholdings or form wholly owned subsidiaries in Russia. Foreign firms may obtain licenses to exploit natural resources. Foreign investors can be exempted from import duties and export taxes, and there is limited relief from profits tax, varying by sector and region. However, foreign investors remain concerned with the overall business climate in Russia. Vague business laws, an incoherent tax system, crime and corruption in commercial transactions, and a weak commitment to reform continue to erode investor confidence.

In 1997, the annual inflow of foreign direct investment (FDI) to Russia peaked at $4.87 billion, but then fell to $2.76 billion in 1998 in the context of the Russian financial crisis. FDI recovered to $3.3 billion in 1999, and for the three years 2000, 2001, and 2002 averaged about $2.6 billion a year. Cumulative FDI in Russia from 1991 to April 2003 was $19.6 billion. Russia's share of world FDI flows has persistently been only about 30% of its share of world GDP, an indication of its lack of success in attracting foreign investment.

As of 2005, roughly three-quarters of the economy had been privatized, although many privatized enterprises continue to have significant state-held blocks of shares. Tax reforms since 2000 have aimed to rationalize the tax system, reducing the number of taxes and the corporate tax burden. The corporate tax rate was lowered from 35% to 24% at the start of 2002. FDI inflows averaged 1.6% of GDP over the 2001-05 period. Investment inflows for the first nine months of 2004 amounted to just over $29 billion (this figure includes direct investment, portfolio investment, and "other" investment--largely trade credits). The top foreign investors in Russia are Germany, the United Kingdom, Luxembourg, the Netherlands, the United States, France, and Switzerland.

Опубликовано на Порталусе 04 сентября 2007 года

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