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Wholesale and retail trade, motor transport maintenance Construction Production and distribution of electrical pow er, natural gas, and water Production of vehicles and transport equipment Production of electrical equipment Production of machinery and equipment Metallurgical production and Chemical production Coke and oil production Pulp and paper production Wood w orking Textile and clothing manufacturing Food production Manufacturing production Extraction of fuel and energy resources Extraction of mineral resources -2,5 -2 -1,5 -1 -0,5 0 0,5 1 1,5 2 2,Fig. 1/ Changes in the structure of investment in fixed assets as broken down by the types of economic activities in the first six months of 2005 in per cent of the figures registered in the respective period of However, whereas investment activity in the production of foods was initiated by growing demand on the domestic market, the major factor behind the developments in metallurgy remained the increasing demand of the external market for products of this industry. It should be noted that while in metallurgy there was simultaneously observed a growth in the shares of investment in manufacturing and extracting industries, a pressing problem in the fuel and energy industries was more perceptible trend towards a decline in investment in oil processing.

As concerns the production of machinery and equipment, the decline in the rates of investment made 8.5 per cent in comparison with the figures registered in the first six months of the preceding year, while investment in production of vehicles and transport equipment fell by 12.1 per cent. Difficulties encountered in the course of setting strategies of development of mechanical engineering industries and targeted support of certain industries result in distortions on the market of investment goods and deterioration of competition. In the framework of the current structure of domestic production of investment goods, imports remain a major source of renewal of fixed capital, reconstruction and modernization of production. In the first six months of 2005, investment in purchase of imported equipment made 22.4 per cent of the total amount of investment in machinery, equipment, and transport vehicles.

It should be stressed that in the extremely favorable business situation observed on the world markets of raw materials and a dynamic growth in proceeds of exporters there could be expected that the respective indicators would be much better. However, the disproportions in the formation of financial resources in extracting and processing industries, high costs of commercial crediting, the lack of efficient and reliable mechanisms of transformation of household savings in investments and their protection from dishonest accumulating firms, underdevelopment of the stock market and institutions of collective investment persist as factors checking business activity in construction.

Among the factors, which could positively affect investment activity in short and medium terms, are: decline in prices of imported machinery and equipment caused by the real Ruble appreciation; a growth in real disposable household incomes; amendments to the tax legislation; more efficient tax administration.

Creation of special economic zones in the territory of the Russian Federation and tax and customs privileges envisaged by the law, developed infrastructures and lighter administrative control should facilitate attraction of investment in enterprises of the manufacturing sector and innovation sectors of the economy.

The recently adopted federal law On concession agreements is aimed to attract private capital to development of infrastructure objects, more rapid modernization of the transport infrastructure, power engineering, housing, and public utilities.

O. I. Izryadnova Foreign investment in the Russia's economy In the first six months of 2005, the foreign investment in Russian economy decreased in comparison with the figures registered in the respective period of the preceding year by 13.1 per cent and made about US $ 16.5 billion.

Dynamics of the amount of foreign investment in the Russian economy (without mone-tary regulation and banking sector) 25000 20000 15000 10000 5000 0 Received amount Accumulated amount (by the end of the period) Source: RF Rosstat.

At the background of a decline in foreign investment in the Russian economy observed in the first six moths of 2005, an amount of US $ 7.7 billion was withdrawn as transferred abroad earnings of foreign investors, payments pertaining to the interest on credits, and repayment of credits, what was by 22.4 per cent below the indicator registered in the respective period of the preceding year. It should be noted that for the first time over the last few years in the 1st quarter of the year there was not registered a significant outflow of capital. On the whole, in the first six months of the year, there was withdrawn 46.5 per cent of the amount of received foreign investment (52.2 per cent were registered in the first six moths of 2004).

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Table Foreign investment in the Russian economy in 2002 through 2005.

Foreign in- Accumulated Ratio between the reForeign in- vestment, with- by the end of the ceived and withdrawn in vestment, received drawn period vestment Q 1, 2002 3789 4977 34436 131,4% Q 2, 2002 4579 865 38150 18,9% Q 3, 2002 4537 2885 39802 63,6% Q 4, 2002 6875 3749 42928 54,5% Q 1, 2003 6268 6165 43031 98,4% Q 2, 2003 6394 1084 48341 17,0% Q 3, 2003 8237 2983 53595 36,2% Q 4, 2003 8800 5381 57014 61,1% Q 1, 2004 6171 6121 57064 99,2% Q 2, 2004 12812 3781 66095 29,5% Q 3, 2004 10152 2818 73429 27,8% Q 4, 2004 11374 2806 81997 24,7% Q 1, 2005 6021 2924 85094 48,5% Q 2, 2005 10482 4756 90820 45,4% Source: RF Rosstat The decrease in the amount of withdrawn capital is a consequence of the decline in the specific weight of amounts of other investments in the total amount of investments made in the Russian economy over preceding periods. At the same time, over the last few years, other investments have persistently made the largest share of the structure of foreign investment made in the Russian economy.

Structure of foreign investment in the Russian economy in 2001 through 90% 6% 80% 5% 70% 60% 4% 50% 3% 40% 30% 2% 20% 1% 10% 0% 0% Direct investment Portfolio investment Other investment Source: RF Rosstat.

By the end of the first six months of 2005, the structure of foreign capital invested in the Russian economy has changed. Whereas in the first six months of 2004 the lower rates of growth in direct inInvestments not defined as direct or portfolio investments are indicated as other investment and include trade credits, credits granted by foreign governments against guarantees of the Government of the Russian Federation, credits of international financial organizations, and bank deposits.

Portfolio investment 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . vestments in comparison with the respective indicators of other and aggregate foreign investment resulted in the fact that the share of other investment in the total amount of investment registered in the first six months of 2004 made 81.3 per cent, while the share of direct investment declined and made 18 per cent, in the first six months of this year direct foreign investment increased by one third at the background of the drop of other investment by 23.3 per cent, therefore, the specific weight of direct investment grew and made 27.2 per cent, while the respective indicator relating to other investment declined and made 71.7 per cent.

Table Structure of foreign investment in the Russian economy in the first six months of through the first six moths of 2005.

In % of the figures registered in the preceding US $ mil.

year Total Direct Portfolio Other Total Direct Portfolio Other 2002 8368 1872 199 6297 25,2 -25,4 -16,4 59,2003 12662 2533 38 10091 51,3 35,3 -80,9 60,2004 18983 3427 129 15427 49,9 35,3 3,4 52,2005 16503 4489 175 11839 -13,1 31,0 35,2 -23,Source: RF Rosstat.

The sectoral structure of investment made in the Russian economy in the first six months of differs from the respective indicator registered in the preceding year by a fivefold growth of investment in transport and communications, whereas the specific weight of industry declined (in absolute terms, values of indicators characterizing investment in the sector of industry decreased by 21.7 per cent in comparison with the figures observed in the first six months of 2004).

Table The sectoral structure of foreign investment made in the Russian economy in the first six months of 2002 through 2005.

US $ mil. In % of the total 2002 2003 2004 2005 2002 2003 2004 Industry 3245 4326 10250 8026 38,8 34,2 54,0 48,Transport and communications 350 741 337 1677 4,2 5,9 1,8 10,Trade and public catering 3596 5686 6113 4917 43,0 44,9 32,2 29,Commercial activities relating 533 1072 924 1153 6,4 8,5 4,9 7,to market servicing Finance, credit, insurance, 41 112 468 526 0,5 0,9 2,5 3,pensions Other sectors 603 725 891 204 7,1 5,6 4,6 1,Source: RF Rosstat Trade and public catering have still remained a rather attractive sphere of investment of capital, and are ranked second in terms of preferences demonstrated by foreign investors, although the investment in this sphere of economy declined by 19.6 per cent in the first six months of this year (foreign investment in this sphere of the economy increased by 7.5 per cent in the first six months of 2004).

By the end of the first six months of 2005, the investment in manufacturing industries accounted for the largest share of the total foreign investment in industry making US $ 4.9 billion, what was by 8.per cent above the figures registered in the first six months of 2004. Over this period, investment in the fuel and energy complex declined by 44.0 per cent (down to US $ 3 billion), while investment in metallurgy fell by 28.0 per cent and made US $ 2 billion, while investments in chemistry increased 1.times (up to US $ 58.7 billion).

These developments resulted in a significant transformation of the structure of foreign investment in industry.

Structure of investment in industry in the first six months of 2005 (the data for the first six months of 2004 are presented in brackets) Other industries Fuel and energy 30,10% (17,9%) complex; 37,90% (52,2%) Chemistry, petrochemistry Metallurgy24,70% 7,30% (3,0%) (26,9%) Source: RF Rosstat.

The trend towards a decline in the specific weight of other investment and an increase in the share of foreign direct investment is characteristic of both the structure of the total amount of foreign investment and the structure of foreign investment in industry. At the same time, the specific weight of foreign direct investment in industries exceeds the respective indicator pertaining to total foreign direct investment in the Russian economy and makes 39.5 per cent (24.4 per cent in the first six moths of 2004). Over the same period, the share of other investment in industry made 58.5 per cent (75.per cent in the first six months of 2004). The significant differences observed in the structure of foreign investment in industry are related to the fact that foreign investors have sharply decreased the crediting of extracting industries (4.6 times, down to US $ 815 million).

Similarly to the situation observed in 2004, foreign direct investment in industry made in the first six months of 2005 account for more than 70 per cent of the total amount of foreign direct investment in the Russian economy.

Table Structure of foreign investment in industry in the first six months of 2005.

Change in comparison with the figures US $ mil. registered in the first six months of Direct Portfolio Other Direct Portfolio Other Industry 3163 164 4688 26,3% 2,7 times more -39,0% Including:

4, Fuel industry times 2041 16 815 31,0% 16 . less Metallurgy 76 8 1901 24,6% 2,4 , -29,4% Chemistry and petro- 2,1 times chemistry 143 34 410 more 2 times more 42,4% Other industries 903 106 1562 -39,4% 2,7 times more 69,4% Source: RF Rosstat.

The major part of foreign direct investment flowed in the extracting industries (45.5 per cent of the total direct investment, or US $ 2041 million), manufacturing industries (22.7 per cent, or US $ million), as well as trade and public catering (9.4 per cent or US $ 422 million). In the first six months of 2004, foreign direct investments in these spheres of the economy were evaluated to be at 45 per cent, 20.3 per cent, and 11 per cent respectively.

Over the same period, other investment in industry made 39.6 per cent of the total amount of other investment in the Russian economy (49.8 per cent in the first six months of 2004).

Similarly to the situation observed in the first six months of 2004, in the first half of this year the major investing countries in the Russian industry were Luxemburg (US $ 2.9 billion) and the Netherlands (US $ 2.8 billion). However, it should be noted that over this period the investments from Luxemburg declined by 29.4 per cent in comparison with the figures registered in the first six months of 2004, while investments from the Netherlands increased by 42.4 per cent. Foreign investors from Luxemburg made 42.8 per cent of their investment in trade and public catering and 40.8 per cent in transport and communications (in the first six months of 2004, 67 per cent of investment from Luxemburg flowed in the fuel industry). Businesspersons from the Netherlands focused their attention on the extraction of fuel and energy resources (the share of respective investments made 69.7 per cent of the total Dutch investment in the Russian economy (as compared with 73.9 per cent registered in the first six months of 2004).

On the whole, the list of major countries exporting their capitals in the Russian economy in the first six months of 2005 still includes Germany, UK, USA, and France, although the geographical structure of investment in the Russian economy made in the first six months of 2005 has somewhat changed.

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