Abstract
A federal FDI agency holds a central position in FDI promotion and advice, both at enterprise and government levels. A long-term, systematic approach tofDI enhancement demands a powerful institution which is exclusively responsible for policy initiation and implementation, coordination and supervision of all matters concerning FDI. Investment approvals of strategic projects and advisory functions related to them should also be centralized within the agency.1 Competitor LEMs have instituted such agencies to handle these crucial and sensitive issues.2 The move has to a large extent gained trust and confidence among investors.
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Notes
A. G. Witt, ‘Promoting Transnational Investment: Organizing to Serve Approved Investors’, Transnational Corporations Journal, 2(1), February 1993, pp. 86–88.
A. G. Witt, ‘Public Marketing of Foreign Investment: Successful International Offices Stand-Alone’, International Journal of Public Sector Management, 5(5), 1992, pp. 38–39.
Sh. Rangnekar, ‘States Given More Latitude to Attract FDI in Core Sectors’, The Economic Times, 8 May 1998, p. 1.
See also G. Magione, ‘The Agency Model: The Growth of Regulation and Regulatory Institutions in the European Union’, Eipascope, March 1997, pp. 9–14. These control mechanisms in fact refer not only tofDI agencies, but also to other regulatory bodies and ‘non-majoritarian’ institutions, i.e. institutions that, by design, are not directly accountable to voters or their elected representatives (e.g. central banks, supranational bodies like the European Commission and courts of law).
See also R. Mason et al, Strategic Management, 1994, p. 482.
According to the medium-term investment plan of the Ministry of the Economy, FDI has to be increased from US$2 billion in 1997 to US$10 billion in 2000. See OECD, Economic Survey, Russian Federation, 1997, pp. 123–9.
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© 2000 Paul Fischer
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Fischer, P. (2000). Institution-building and FDI Agenda. In: Foreign Direct Investment in Russia. Palgrave Macmillan, London. https://doi.org/10.1057/9780333977590_18
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DOI: https://doi.org/10.1057/9780333977590_18
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