이 책자가 전달하고자 하는 핵심적인 메시지는, 외국인투자가 현재의 경제위기를 빠른 시일 안에 극복하는 데 도움을 줄 뿐 아니라 우리 경제가 지속적으로 성장할 수 있는 기틀을 마련하는 데 매우 중요한 역할을 한다는 것이다. 따라서 앞으로도 보다 많은 외국인투자를 유치하기 위해서는 투자유인제도, 투자자관계관리, 국경간 M&A, 공기업의 해외매각, 경쟁정책 및 무역관련 투자장벽 등의 분야에서 나타나는 문제점들을 제거함으로써 전반적인 투자환경을 개선하려는 노력을 기울여야 한다. 그러나 아무리 좋은 제도를 갖고 있더라도 외국인투자에 대해 국민들이 부정적인 인식을 갖고 있다면 외국투자자들이 기꺼이 투자하려 하지 않을 것이다. 우리나라에서 기업활동을 하고 우리 경제에 도움을 주는 기업이면 국적이 어디든 우리 기업으로 받아 들이고 격려해 주는 동시에 외국상품이라고 해서 무조건 배격하지 않는 열린 마음을 갖는 것이 무엇보다 중요하다.
1. Countries as diverse as the United Kingdom, Chile, and Mexico have successfully utilized foreign direct investment (FDI) to overcome financial crises. FDI contributed to these economic turnarounds by creating jobs and facilitating technology transfers. Thailand and Malaysia are two Asian countries that have been active in promoting FDI by removing restrictions on such investment and selling off financial institutions to foreign investors.
2. A major advantage of FDI is that it induces stable foreign capital without increasing domestic debt. Furthermore FDI facilitates financial and corporate restructuring. Such factors not only quickly contribute to the financial and corporate health of countries, but recent empirical studies show that a higher level of FDI is associated with a lower incidence of currency crisis and IMF rescue loan arrangements.
3. FDI increases consumer welfare by enhancing competition and boosting productivity through transfers of advanced technology and management know-how, benefits not normally associated with portfolio investment. A list of the benefits of trade and investment liberalization appearing in a recent publication of the OECD include greater freedom of choice, an increased degree of specialization and exchange based on comparative advantage, downward pressure on the prices of goods and services, productivity gains, technology and knowledge spillover, and a more efficient allocation of resources
4. Among these benefits, the spillover effect of advanced technologies of foreign invested firms is particularly important for developing countries. In Korea, the foreign subsidiaries Motorola Korea and Du Pont Korea have contributed to the upgrading of the technological capacity of domestic subcontractors. Such transfer has taken place through the operation of technology assistance centers, on-the-job training of quality improvement, and technical and managerial guidance. These subsidiaries also assisted former employees in establishing their own firms by transferring machines and later purchasing their products.
5. Besides these technology spillover effects, FDI promotes competition in domestic markets, thereby raising efficiency, and increases consumer welfare through lower prices. FDI liberalization alone has the ability of transforming entrenched monopolistic domestic markets into strongly competitive centers of activity.
6. Some worry that FDI may tip the current account of a country into deficit due to imports of intermediate goods, upward pressure on local currency, income transfers and the repatriation of profits by foreign multinationals. While some of this may be true, in the long-term, FDI improves current account due to its tendency to foster increases in -locally produced contents of intermediate goods,-exports,-follow-up and new investment that follows initial FDI, and-export competitiveness realized through transfers of advanced technology and management know-how.
7. FDI also creates jobs and, according to a recent OECD study, is complementary to environment protection. The foreign invested firms in the Masan Free Export Zone created over 50,000 jobs in the mid-1970s. Yuhan Kimberly has been campaigning for forest conservation since 1984, the first large-scale corporate environment protection campaign in Korea.
8. In Korea there is a lingering view that the privatization of state-owned enterprises (SOEs) will bring in bids below actual value. However, case studies of other countries demonstrate that the sale of SOEs to foreign investors not only bring resources needed for restructuring but also induce additional foreign investment by raising international credibility. According to a study by the Foreign Investment Advisory Service (FIAS), every dollar of FDI through privatization fosters an additional 0.88 dollars of FDI.
9. The Korean government has been undertaking active promotion of FDI by liberalizing cross-border M&As and foreign land acquisition, announcing liberalization of foreign exchange transactions and enacting the Foreign Investment Promotion Act. Such efforts have made Korean investment laws as liberal as those in advanced economies.
10. Thus, Korea should now focus its deregulatory efforts on improving efficiency of the internal regulatory environment. The transparency of regulations need to be enhanced through making laws more clear, removing any contradictions. Korea needs to eliminate those laws that hinder targeted deregulation while boosting the efficacy of those regulations that promote needed restructuring. In particular, it is urgent to lift regulations which deter foreign investment in small- and medium-size companies.
11. Now that investment incentives have been strengthened, the remaining task is the efficient applications of these incentives. For this purpose, local governments must be supported in the attempts to acquire expertise in inducing investment and be given greater autonomy.
12. When privatizing SOEs, the additional indirect benefits cannot be overlooked. Thus the government should implement privatization programs with firm objectives and avoid putting too much emphasis on the actual sale price of the SOE.
13. The bilateral investment treaties (BITs), such as the treaty currently being negotiated with the United States, can reduce foreign investor skepticism of Korea's true commitment to liberalization. Such treaties also introduce an effective dispute settlement mechanism. Hence, in pursuing the establishment of such treaties, Korea should employ flexibility to promote implementation of BITs.
14. Meanwhile, it is necessary to remove all possible import restrictive measures which act as investment barriers. Customs procedures also need to be streamlined to reduce the delay on customs clearance. In addition, there should be continuous efforts to fight corruption and lower hidden costs in doing business.
15. Finally, the Korean government needs to promote awareness in the general public of the benefits of FDI. Public officials, consumers, and workers need to be shown that FDI is not a 'win-lose' but a 'win-win' proposition. In particular, our young must be educated in a way that fosters an open and rational mind.
Ⅱ. 외국인직접투자의 개념 및 자유화의 필요성
1. 외국인직접투자의 개념
2. 세계경제통합 심화과정에서 직접투자의 중요성
3. 금융위기와 외국인직접투자 : 아시아, 중남미, 영국의 사례를 중심으로
4. 최근 국제직접투자의 흐름과 전망
Ⅲ. 외국인투자 자유화의 효과
1. 외환위기 극복 및 예방 효과
2. 세수증대 효과
3. 후생증대 및 기술이전 효과
4. 국제수지 개선 효과
5. 고용창출 효과
6. 외국인투자와 환경보호
7. 개별사례를 통해 본 국경간 M&A의 효과
8. 공기업 해외매각의 경제적 효과
Ⅳ. 외국인투자 자유화의 진전
1. 범세계적 외국인투자 자유화의 확대
2. 외국의 외국인투자 제한 현황
3. 우리나라의 최근 자유화 조치
Ⅴ. 외국인투자 촉진을 위한 향후과제
1. 투명성 제고 및 규제개혁
2. 투자유인제도의 효율적 운용
3. 투자자관계관리의 개선
4. 국경간 M&A의 활성화
5. 공기업 해외매각 계획의 이행
6. 양자간투자협정의 활용
7. 무역관련 장애요인 제거
8. 부패척결 및 준법사회의 구현
9. 내부역량의 강화
10. 투자관련 통계의 체계적 수집 및 분석기능 강화
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