 |
|
| За да научаваш какво правим
|
|
|
 |
|
|
Attracting Foreign Direct Investment to Bulgaria
публикувано от: George Stratev, 24 март 2003
|
|
|
| |
George Stratev, New York
According to recent data of the Bulgarian National Bank (www.bnb.bg) foreign direct investment in Bulgaria has declined significantly during 2002. The FDI flow during January-December 2002 is $458.0 million which is $354.9 million lower than 2001 ($812.9 million). At 43.6% the fall is almost precipitous.
The Bulgarian Government claims that the reduction in foreign direct investments is due to the world economic slowdown and the reluctance of foreign companies to invest internationally. However, OECD indicates that global slowdown is only between 5-10%. As a result, there are other factors explaining the 43.6% reduction of FDI in Bulgaria. Economic MInister Nikolay Vassilev pointed out during the election campaign of NDSV that the attraction of foreign direct investments would be a top priority for the new government. Unfortunately, the government has not been able to deliver on its promise. Unless Bulgaria attracts more investment the current account deficit will worsen ($679 million in 2002, or 4.4% of GDP). The trade deficit deteriorated by $40 million last year and reached $1,618 million (10.5% of GDP). If FDI and the trade balance continue to weaken the government will have to borrow to finance the current account deficit. Privatization is almost completed and the borrowing remains the only option in light of the poor performance of the government's policies.
The solutions for high foreign direct investments are not hidden in a pandora box. During the meeting of the Stability Pact in Vienna on July 18, 2002 the Bulgarian representative puts their signiture under a Ministerial "Declaration on Common Principles and Best Practices on Attracting Investment to South Eastern Europe (SEE)". Economics and Trade Ministers agree to improve the overall investment climate through clear regulations, effective governance, a level playing field and the rule of law. The representatives of the SEE countries, including Bulgaria, sign on the following principles and best practices which contribute to more favorable environment for foreign direct investments:
- Transparency of national policies, laws and regulations and administrative practices affecting foreign and domestic investment;
- Coherence and stability of these laws, regulations and administrative practices; changes made in light of evolving circumstances should respect the rights of investors established by that time;
- National treatment for foreign investors at both the pre and post establishment stage; exceptions should be clearly and precisely formulated and periodically reviewed with a view to phasing them out;
- Timely and unrestricted transfer of the proceeds of the investment and guarantee for the repatriation of the capital when the investment is terminated;
- Fair and equitable treatment of domestic and foreign investments with full protection of property rights including intellectual property; high standards on expropriation and compensation;
- Unrestricted access of investors to effective dispute settlement mechanisms including international arbitration;
- Movement of key personnel for the investment and simplification of visa regulations;
- Transparency of incentive measures;
- Simplification of administrative procedures for the establishment of new companies, the take-over of existing companies, the granting of permits, concessions and licenses as well as for other operations or transactions needed for the establishment or development of private investment;
- Transparent and equitable regulations and procedures for privatisation and de-monopolisation;
- Respect of internationally agreed principles of corporate social responsibility including the OECD Guidelines for Multinational Enterprises;
- Good corporate governance and integrity in public administration;
- Removal of barriers to trade, which have a negative effect on investment, through increased regional co-operation;
- Promotion of investment policies and measures consistent with their commitments to sustainable development, protection of the environment and the observation of internationally recognised core labour standards.
With the exception of the modifications in the commercial law allowing for faster bankruptcy procedures and the attempts to protect minority shareholder rights, the government is doing little to create the appropriate investment and business climate. The administration remains large and ineffective. The number of licencing and regulatory regimes continues to be staggering (420 in total). The Bulgarian Foreign Investment Agency, the Trade Promotion Agency and the Agency for Small and Medium-size Enterprises continue to consume tax payers' money without any tangible results. The Rule of Law is a dream rather than reality and the efforts of the administration for a judicial reform have waned. Overall, the Bulgarian people should not expect to see an 'improvement in the living standards' in the near future. The flow of foreign direct investments is an excellent measure for the performance of the government.
|
|
|
|
|
|
|
|
|
| |
|
| Attracting Foreign Direct Investment to Bulgaria | | 4 Коментари |
|
| | Коментарите принадлежат на авторите им. Ние не носим отговорност за тяхното съдържание. |
Re: Attracting Foreign Direct Investment to Bulgaria
(Оценка: 1)
от Nikolay Gertchev на 15 април, 2003 - 16:23
|
Georgi,
Tova che chujdite preki investitsii sa spadnali niama nikakvo znachenie poradi dve prichini, purvata ot koito e osnovna.
Pri "chujda priaka investitsia" ima samo, SAMO, smiana na sobstvenik: sobstvenostta ot mestna stava "chujda." Ako utre vsichki aktivi BG budat kupeno ot chujdentsi, chujdite preki investitsii chte sa mnogo visoki. I kakvo ot tova? Ima li poveche kapital v BG? Ne. Znaem li sus sigurnost che chujd sobstvenik chte e po-efikasen ot mesten? Ne.
Vtoro, i tova suchto ne e bez znachenie, ako chujdenets otkrie fabika v BG, kato si dokara machinite otvun, koeto stava dosta chesto, tova ne se broi za chujda investitsia. Broi se za vnos. Takiva sa pravilata na natsionalnoto schetovodstvo. Zabeleji che tochno v tozi sluchai na bulgarska teritoria se uvelichava kolichestvoto kapital!
Ot gornoto sledva, sam razbirach, che ne sum suglsen s poslednoto ti izrechenie. Prosto zachtoto to e v razrez s ikonomicheskata teoria.
Pozdravi,
NG
|
Re: Attracting Foreign Direct Investment to Bulgaria
(Оценка: 1)
от George Stratev на 26 юли, 2003 - 20:11
|
Николай,
Благодаря за коментара, но мисля че той противоречи на икономическата логика. Разбира се, че когато чужди инвеститори купуват български предприятия капиталът се увеличава. Не знам на базата на какво твърдиш обратното.
Това дали чуждия собственик е по-ефикасен или не зависи от това от къде идва инвестицията. Аз твърдя, че ако тя идва от западна развита страна, много вероятно е тя да е по-ефективна. Резултатите на българските РМД-та и западните предприятия в България подкрепят този аргумент.
Навярно сме чели различни книги, защото в моите пише, че чуждестранната инвестиция не е само капитал, но и know-how и нови технологии. Ако чужденец внесе машини от вън, но е закупил сградите и земята това отново е инвестиция и принос в повишаване на конкурентността на икономиката.
Следователно, последното изречение в моя анализ си е съвсем на мястото. Просто трябва да почетеш още малко или да напишеш твоя икономическа теория, след което да я защитиш.
Георги
|
|
| |
|
|
