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OECD Investment Policy Reviews: Russian Federation 2004

Progress and Reform Challenges

image of OECD Investment Policy Reviews: Russian Federation 2004

The 2004 Investment Policy Review of the Russian Federation evaluates the progress made since the publication of OECD's 2001 study on this topic.  The report finds that Russia has made significant improvements in its business environment and has signed investment and double taxation treaties with a number of countries.   Nevertheless, the Russian Federation has attracted relatively little FDI and has experienced large-scale capital flight.   The report recommends further reforms that are needed.

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Addressing Remaining Non-descriminatory Barriers to Investment

The progress reviewed in Chapter 3 above presents an impressive number of concrete reform steps, supported by a large body of new or amended legislation. The resulting improvements in the overall investment environment should be evaluated against these criteria:

Is there an adequate, rules-based legal and regulatory environment for investment?

Does it apply consistently, for all, across the territory of the Russian Federation, or are there inconsistencies and regional variations?

Are the rules being properly implemented and enforced, or are they being thwarted through corrupt behaviour and rent-seeking by economic agents?

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