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Current Status of Foreign Investment and Its Legal System in Russia
By the end of 1997, foreign investment accounted for only 1% of Russian GDP, of which South Korean investment totalled only 100 million dollars.Many western economists criticize Russia's legal system governing foreign investment f..
Youngjoo Chung Date 1997.12.01
Foreign InvestmentDownloadContentSummaryBy the end of 1997, foreign investment accounted for only 1% of Russian GDP, of which South Korean investment totalled only 100 million dollars.Many western economists criticize Russia's legal system governing foreign investment for being poorly developed by international standards. The Russian government blames domestic conservative forces for impeding implementation of a consistent policy. Inconsistent taxation has not only discouraged foreign investors, but the Russian government has failed to raise foreign investor interest in natural resource development, land purchases and M&As.
The Russian government has recently introduced laws that stimulate foreign investment in order to accelerate Russia's economic reform. According to the Draft Law on Foreign Investment, the Russian government is entitled to provide incentives for existing Russian industries and particular regions. Recently, President Yeltsin announced that he would dismantle regulations to allow foreign investors to purchase more than 15% of shares of Russian oil companies. President Yeltsin has also signed a decree to allow naturalized persons and legal entities to purchase land.
All macro economic indicators have stabilized recently and Russia appears well on track towards economic recovery. In this context, Korean investment in Russia should be encouraged as part of a long-term strategy for creating a "new road" to the huge European market. Based on a survey of foreign investment in Russia and the relevant legal system, this study examines prospects for Korean investment in Russia. -
Current Issues of Korea-EU Trade Disputes and Policy Recommendations
Korea's trade diplomats have been mainly concerned with the EU's external barriers to trade in the form of tariffs, duties and quantitative restrictions, which are the most traditional and transparent aspects of trade policy. In c..
Chong Wha Lee Date 1997.12.01
Trade PolicyDownloadContentSummaryKorea's trade diplomats have been mainly concerned with the EU's external barriers to trade in the form of tariffs, duties and quantitative restrictions, which are the most traditional and transparent aspects of trade policy. In contrast, the EU has been primarily concerned with Korea's internal barriers to trade, related to certain aspects of domestic policy, such as its discriminatory tax regime in automobiles and liquor, its frugality campaign, as well as its inadequate IPR regulations.
Korea's primary concerns remain on the EU's anti-dumping duty and, to a lesser extent, recent changes made to its GSP scheme. The EU still imposes ADDs on imports from Korea in key products, namely televisions, microwave ovens, electronic capacitors, microdisks, fax machines and synthetic polyester fibers. In May 1998, Korea will be completely graduated based on the 'graduation' mechanism in EU's GSP scheme. Consequently, Korea's GSP privileges will be entirely removed. The fact that Korea will be graduated is in a sense a compliment to its advanced industrial progress.
The Framework Agreement for Trade and Cooperation between Korea and the European Community and its Member States, signed on 28 October 1996, contains provisions aimed at developing and intensifying trade and bilateral economic cooperation in several fields. The key principles of the Framework Agreement include non-discriminatory market access, an open climate for investment, cooperation between Korean and EU businesses, and technical standards. -
APEC 회원경제의 현황과 대한 관계 : 밴쿠버 APEC 정상회의 배경자료
Co-authors Date 1997.11.15
Economic Relations, Economic Cooperation