OECD Investment Policy Reviews: Russian Federation 2004

Progress and Reform Challenges

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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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Progress and Prospects

The Russian Federation, the world’s largest country, with a land area of 17 million square kilometres and a population of 144 million, has attracted relatively little foreign direct investment (FDI). This modest performance of Russia in attracting FDI is particularly evident in comparison with other transition economies in Europe, which have received far more FDI, adjusted for population, and have also exhibited a positive correlation between FDI inputs and GDP growth rates. By the end of 2003 Russia had recorded a cumulative inflow of USD 26.1 billion, less than half China’s annual inflow for 2003 alone, and far below comparable absolute figures for the Czech Republic and Poland. Divided by population, the resulting...

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