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United Nations Conference on Trade and Development (UNCTAD) Investment Policy Reviews
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Report on the Implementation of the Investment Policy Review - Tajikistan
In 2021 the Government of Tajikistan requested UNCTAD to conduct an assessment of the implementation of the recommendations in the IPR. This Report evaluates the progress made to strengthen the investment environment and highlights additional actions to support the country’s objectives and foster sustainable development based on the Investment Policy Framework for Sustainable Development.
Report on the Implementation of the Investment Policy Review - Ecuador
This publication assesses progress made to improve the investment environment in Ecuador since the publication of the UNCTAD Investment Policy Review in 2003. It analyses recent trends in foreign direct investment flows alongside their contribution to achieving sustainable development in the country. It also reviews the key legal and regulatory instruments for investment assessing the institutional setting that supports it. Finally the report provides key recommendations to further improve the business environment and facilitate the attraction of investment.
Investment Policy Review - Seychelles
The Investment Policy Review (IPR) of Seychelles assesses the country’s legal regulatory and institutional framework for investment. This includes the analysis of FDI-specific regulations (investment laws sectoral investment regulations and international investment agreements) and also general regulatory and operational aspects affecting both domestic and foreign investors (such as issues related to tax policy competition trade environmental protection business operations intellectual property etc.). The IPR provides concrete policy recommendations to foster economic diversification private sector development as well as institutional development and capacity building.
Report on the Implementation of the Investment Policy Review - Nepal
The IPR of Nepal completed in 2003 analyzed the legal regulatory and institutional framework for investment in the country. It examined how to increase the contribution of investment including foreign direct investment to the economy and made concrete recommendations on how to achieve such objective. The report on the Implementation of the IPR of Nepal will review the progress made in implementing the recommendations set out in the IPR.
Investment Policy Review - Armenia
The Investment Policy Review of Armenia makes concrete policy recommendations on how Armenia can improve its investment climate attract higher inflows of foreign direct investment and derive more benefits from them.
Investment Policy Review - Angola
FDI in Angola has been highly volatile and concentrated in the extractive sector. Initiatives to improve investment attractiveness are hampered by various challenges affecting the policy environment. The IPR provides action-oriented recommendations to create an environment conducive to investment and leverage the FDI potential to progress towards sustainable development. The report contributes to the Government’s efforts to achieve the dual objective of graduating from least developed country (LDC) status and meeting the SDGs.
Investment Policy Review - Tajikistan
More than a decade of high economic growth has contributed to poverty reduction in Tajikistan. Following independence the country suffered significant economic losses and social costs which were compounded by the consequences of the civil war that ended in 1997. Since that time peace and political stability have been consolidated and Tajikistan has adopted a reform agenda to progressively enhance its development prospects. The reforms contributed to higher economic growth rates and positive social development. For instance since 2000 gross domestic product (GDP) growth averaged about 8 per cent contributing to significant poverty reduction and the inflation rate fell from close to 40 per cent in 2001 to 6 per cent in 2014 (World Bank 2015a).
Investment Policy Review - Kyrgyzstan
Kyrgyzstan has substantial untapped economic growth and sustainable development opportunities. Strategically located at the crossroads between Europe and Asia on the ancient Silk Road this landlocked mountainous country is an established trading center and has the potential to become a regional transport and logistics hub. Temperate weather and good pasture lands for cattle breeding have made agriculture a major economic activity. Abundant mineral resources have started attracting significant investment from foreign mining companies.
Investment Policy Review - Bosnia and Herzegovina
Bosnia and Herzegovina is a transitional economy striving towards European integration. Soon after independence from the Socialist Federal Republic of Yugoslavia in 1992 Bosnia and Herzegovina plunged into a conflict which came to an end with the signing of the Dayton Peace Accords in 1995. Since then Bosnia and Herzegovina has been committed to democracy and the transition to a market economy.
Investment Policy Review - The Sudan
Sudan has a significant but largely unexploited potential to attract foreign investors notably due to ongoing internal conflicts. The country is also facing the consequences of the secession of South Sudan in particular the loss of the bulk of its oil reserve. In this context reassuring and rebuilding the trust of investors is essential to attract them to Sudan.
Investment Policy Review - Bangladesh
The Investment Policy Review of Bangladesh prepared by UNCTAD at the request of the Government identifies the issues that should be addressed if foreign direct investment (FDI) is to play a larger role in the country's development. The IPR concentrates on the analysis of the regulatory and legal framework that should be considered to reach this objective. The IPR also analyses the contribution of FDI to improving infrastructure.
Investment Policy Review - Mongolia
Mongolia is a resource-rich country with formidable growth prospects. Having adopted a democratic system and a market economy the country is today at a turning point as the discovery of huge mineral resources could pave the way to rapid economic and social development. While many of the building blocks of such development are in place further efforts are required to ensure that the revenues derived from the mining industry are used effectively and geared towards sustainable development. In this regard the UNCTAD Investment Policy Review (IPR) of Mongolia focuses on how to attract and use foreign direct investment (FDI) and other forms of transnational corporation (TNC) involvement to foster economic diversification which is recognized as fundamental to achieving inclusive growth and poverty reduction.
Investment Policy Review - The Former Yugoslav Republic of Macedonia
The IPR of the former Yugoslav Republic of Macedonia analyzes FDI trends and their impact on the host economy provides a detailed evaluation of the legal and regulatory framework for investment including concrete recommendations to improve it and presents an overall strategy to attract investment that feeds into a government programme for stimulating investment covering the period 2011 to 2014.
Investment Policy Review - Republic of Moldova
Following independence in 1991 the Republic of Moldova experienced one of the largest and longest-lasting losses of productive capacity among transition economies. The crisis associated with a severe decline in manufacturing and agricultural activities lasted throughout the 1990s and spurred an exodus of the working age population. An economic recovery started in the early 2000s and continued throughout the decade largely fuelled by migrants’ remittances and services. The economy also proved resilient to the recent global crisis though output remains below its pre-independence level.
Investment Policy Review - Mozambique
The Investment Policy Review recommends that the Government of Mozambique widen the scope of its investment promotion efforts and further improve its regulatory framework in order foster economic activity job creation and sustainable development. It encourages the authorities to look beyond mega-projects and investments in the mining sector for sources of job creation economic diversification and poverty reduction. It warns against the potential pitfalls of relying excessively on mineral resources for development while stressing the need to maximise the positive impact of investment in extractive industries. It also suggests concrete ways through which the business environment could be further improved to foster economic activity.
Investment Policy Review - Guatemala
Guatemala is one of the countries in Latin America with the longest foreign direct investment (FDI) attraction record. This Report reviews the different policies that bear an impact on FDI in Guatemala with a view to recommending concrete policy actions to improve the country's attractiveness and the benefits from FDI throughout the economy and in relation with the strategy sectors identified by the government.
Investment Policy Review - Sierra Leone
Sierra Leone has important investment opportunities and growth potential in various sectors of the economy. The country continues however to bear the impact of the civil war 2002 including in terms of weak economic performance human capital shortages deficient infrastructure network and poor image. The investment policy review (IPR) takes note of the open and favourable FDI regulatory regime and of the guarantee against expropriation. It stresses though that the government policy should target the negotiations of a more comprehensive bilateral investment treaty and double taxation treaty network to boost the country's FDI attractiveness. At the request of the Government of Sierra Leone the report outlines the elements of a strategy to stimulate investment while urging the international community to continue supporting the peace and economic reform processes in Sierra Leone.
Investment Policy Review - Nigeria
Nigeria is well known as a major oil producer. However oil wealth has not been converted unto a comparable improvement in living standards due to decades of economic mismanagement. The report provides an overview of foreign direct investment (FDI) trends and performance; analyses the investment framework; outlines a strategy of “supported market forces” to induce and support foreign affiliates in manufacturing to increase their presence in the country and in so doing the contribution to Nigeria’s development. The final chapter summarizes the main findings of the report and the proposed policy recommendations.
Investment Policy Review - Dominican Republic
Foreign Direct Investment (FDI) has had a presence in the Dominican Republic since as early as 1890 and has played a prominent role in its economic development. A new ambitious development goal has now been set that focuses on making the country a regional leader in high-value-added manufacturing and services. In light of this objective United Nations Conference on Trade and Development (UNCTAD) carried out this Investment Policy Review. It provides an overview of FDI trends and impact examines the investment framework and proposes a new investment promotion framework.
Investment Policy Review - El Salvador
El Salvador made a firm strategic choice to develop as an open market economy decades ago and it has long adopted an open attitude towards FDI. A large number of reforms have been implemented in the past decades that reflect this choice: regional economic integration has been fostered and crucial free trade agreements have been concluded the US dollar was adopted as legal tender competition rules have been enforced and key segments of the economy have been privatized. This strategy has allowed El Salvador to gain macro-economic stability and attract beneficial FDI inflows. Much progress remains to be achieved however to eradicate poverty and reduce income inequality. In addition El Salvador needs to improve the general level of competitiveness of its domestic firms in order to reap the full benefits of openness to global trade and investment flows. The Review offers concrete recommendations to allow El Salvador to generate higher levels of beneficial FDI.
Investment Policy Review - Republic of Belarus
After independence in 1991 Belarus chose to maintain a centrally-planned economy with limited forays into privatization. The foreign direct investment (FDI) attraction performance of Belarus was negatively affected. However since 2007 the authorities have embarked upon a vast reform programme to ease the constraints on private sector development reduce the role of the State in the economy and attract FDI. The investment policy review (IPR) carried out at the request of the Government finds that the reforms are heading in the right direction to deliver a more transparent predictable and competitive business environment — indispensable for attracting high-quality investors. As requested by the Belarusian authorities the IPR also outlines the key elements of a strategy to support small and medium enterprise (SME) development through FDI.
Investment Policy Review - Rwanda
Rwanda is among the world's poorest nations and it faces particular challenges in leveraging FDI for development. The present Investment Review notes that Rwanda has nevertheless achieved remarkable political and social progress since 1994. It has become one of Africa's countries with the highest degree of personal safety and lowest incidence of corruption. It has also started to rebuild its economy and the Government is fully committed to building a peaceful stable and prosperous nation through sustainable private sector led development.
Investment Policy Review - Zambia
To date the performance of the Zambian private sector had been poor due largely to the high cost of capital and domestic inputs for local production which make sustaining competitiveness in an open economy practically difficult. The present Investment Review notes that since the introduction of major economic policy reforms In the early 1990s private investment including FDI had been playing a greater role in Zambia's economy. FDI had also contributed to the long-term policy objective of Zambia which is to diversify its production and export base from mining to other products and services.
Investment Policy Review - Colombia
The present review looks at ways to strengthen the Colombia's investment promotion arm Pro-export. It also proposes policies to attract more technology-driven firms to its growing knowledge-based economy. While praising the government for its market reforms it notes that investors are nevertheless concerned with a number of contradictory fiscal measures and the difficulty of resorting to international arbitration in case of disputes. The review urges the government to extend its network of bilateral investment treaties and double taxation agreements to fully tap market opportunities offered by the bilateral trade agreement with the United States and to begin negotiations with the European Union.
Investment Policy Review - Kenya
Kenya was a magnet for foreign direct investment in East Africa in the 1960s and 1970s. The Review highlights however that the country has underperformed significantly in terms of FDI attraction in the past couple of decades. The reasons include poor or inconsistent economic policies deteriorating infrastructure and poor growth performance. Rising corruption and insecurity also discouraged FDI throughout the 1980s and 1990s. The Review warns the government on the possible drawbacks of the recently adopted Investment Promotion Act which introduces minimum capital requirements for FDI entry. Subsequently the Government has proposed amendments to Parliament to lift these requirements.
Investment Policy Review - Sri Lanka
The Investment Policy Review on Sri Lanka provides an overview of Foreign Direct Investment (FDI) on the Island including the most recent trends and developments. The publication examines the legal investment framework currently in place and identifies new areas of high FDI potential. The Review is intended to improve Sri Lanka’s investment policies and to inform the international private sector of its investment environment.
Investment Policy Review - Lesotho
This Review on Lesotho provides an overview of the Foreign Direct Investment (FDI) in the country including the most recent trends and developments. It examines the legal investment framework currently in place and identifies new areas of high FDI potential. The Review is intended to improve Lesotho's investment policies and to familiarize the international private sector with country's investment environment.
Investment Policy Review - Nepal
This report examines ways in which Nepal can improve its Foreign Direct Investment (FDI) performance. It covers issues such as the country's FDI trends and performance the investment framework currently in place and possible strategies to attract greater FDI.
Investment Policy Review - Ghana
Ghana is making a comeback in terms of attracting Foreign Direct Investment (FDI) after the economy had suffered a temporary setback in 1998. This publication reviews the investment climate in the West African nation. It is divided into four parts. The first part evaluates FDI trends in recent years. The second examines the investment framework of the country. The third part outlines Ghana's FDI potential and the strategic directions that are needed to tap it. The final part highlights the main conclusions and recommendations for an agenda that should be shaped through dialogue between all stakeholders and implemented by the government in close partnership with the private sector.
Investment Policy Review - Botswana
Foreign Direct Investment (FDI) has been the driving force in moving the economy of Botswana from that of a least developed country status to one of a middle-income country. The country aims to continue this rapid growth while at the same time diversifying its economy. This paper reveals how the government plans to develop national business development through citizen empowerment while at the same continuing to seize opportunities to attract FDI. The following topics are covered in this report: Botswana's track record in attracting FDI the investment framework for FDI in Botswana the impact of FDI on Botswana's national development objectives and proposed recommendations and conclusions with regard to FDI policy in that country.
Investment Policy Review - Tanzania
Investment Policy Reviews are intended to help countries improve their investment policies and to familiarize Governments and the international private sector with an individual country's investment environment. This publication was initiated at the request of the Government of Tanzania and it is hoped that the analysis and recommendations made will contribute to an improvement of policies promote awareness of investment opportunities and serve as a catalyst for increased investment in to the United Republic of Tanzania.
Investment Policy Review - Ethiopia
With the signing of the peace agreement between Ethiopia and Eritrea in December 2000 effectively ending the two-year conflict between the neighboring countries there is a renewed hope that Ethiopia will regain the economic growth momentum that it experienced in the post 1992 liberalization period. Key ingredients for renewed growth are increased investment both domestic and foreign in supply capacity including physical infrastructure the generation of relevant skills and the development of competitive enterprises through local technological and innovative capability building.
Investment Policy Review - Ecuador
The Investment Policy Review is intended to help countries improve their investment policies and to familiarize Governments and the international private sector with each countries' investment environment. It is hoped that the analysis and recommendations in this review will contribute to an improvement of policies promote awareness of investment opportunities and serve as a catalyst for increased investment in Ecuador.
Investment Policy Review - Mauritius
The Investment Policy Review of Mauritius gives insight into the country's investment environment and policies. The publication discusses foreign direct investment (FDI) trends and the steadily increasing flow of FDI into Mauritius. It also reviews the investment policy framework which has improved the business climate; analyzes the attractiveness of Mauritius as a location for FDI and the role that FDI plays in the local economy. It is hoped that the analysis and recommendations presented in this review will contribute to an improvement of policies and promote investment in Mauritius.
Investment Policy Review - Peru
Peru's investment climate has dramatically improved in the 1990s. The main objective of the government since 1990 has been to create an economic and political environment that allows privately owned businesses to emerge and develop. Attention must now turn to policies for the next decade that will enhance Peru's potential for FDI. This report examines the strategic directions that would enable the country to continue to attract investment. It emphasizes the need for strategies to deepen the impact of existing FDI and to encourage new investment. This review aims at promoting awareness of the investment environment and contributes to an improvement in policies in Peru.
Investment Policy Review - Uganda
Over the past decade the Government of Uganda has reversed earlier policy and management failures that were destructive to the economy and the investment climate. With economic fundamentals restored investor and donor confidence have grown. The need for Uganda to continue the momentum of recovery towards sustainable development is the central message of this publication. Investment Policy Review discusses foreign direct investment (FDI) trends and the improved economic and investment climate which have placed Uganda as one of the front runners for inward FDI. Reviews the policy and operational framework for FDI and considers opportunities for FDI in utilities infrastructure and financial services. It also provides an eight-point action plan on investment promotion and highlights priority actions to attract FDI.
Investment Policy Review - Egypt
The Investment Policy Review of Egypt gives insight into the country's investment environment and policies. The publication discusses foreign direct investment (FDI) trends and the steadily increasing flow of FDI into Egypt. It also reviews the investment policy framework which has improved the business climate; analyzes the attractiveness of Egypt as a location for FDI and the role that FDI plays in the Egyptian economy. It also illustrates the potential for upgrading FDI in selected industries such as pharmaceuticals textiles tourism electronics and software.
Investment Policy Review - Uzbekistan
Since its independence in 1991 Uzbekistan has made careful progress in the transition from a centrally-planned to a market economy. Recognizing that foreign direct investment (FDI) can contribute to Uzbekistan's growth and development and also ease the country's transition to a market-based economy and integration in the world economy the country has welcomed foreign investors. Investors have shown particular interest in Uzbekistan's manufacturing sector. The combined benefits of FDI would allow the country's industrial sector to gain international competitiveness increase employment opportunities of higher remuneration and through forward and backward linkages develop Uzbekistan's small and medium enterprise (SME) sector.