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In the year 2007 it is planned to finalize the major developments in the special economic zones (SEZ): utility facilities, including information and telecommunication networks, as well as transportation lines. The registration of residents-investors is also foreseen in SEZ.

Adoption of the Federal Law on arrangement of special economic zones of tourist-recreation type in June 2006 became one more noticeable event to the potential investors. With regard to the high potential of national and external tourism this measure will provide an immediate and significant effect.

The works are being completed on the draft Law on creation of special economic zones in the seaside and riverside ports and in cargo terminals of international airports.

. Izryadnova Foreign Investments in Russian Economy Russian economy is getting more and more attractive for foreign investors. Within the first six months of 2006 foreign investments in the Russian economy have grown by 41.9 per cent and came up to $ 23.4 billion.

*** Russian economy is getting more and more attractive for foreign investors. As of July 1, 2006 accumulated foreign investments in Russia, including those of state members of CIS have reached $ 128,0 billion, which is by 42 per cent higher than the level of July 1, 2005 and exceeds the indicator of the beginning of the current year by 14,4 per cent. Foreign investments made in the Russian economy within the first six months of 2006 have grown as opposed to the relevant period of 2005 by 41.9 per cent and made $ 23.4 billion (within the first six months of 2005 a reduction of foreign investments was observed in comparison with the first six months of 2004 by 13.1 per cent).

Dinamics of Foreign Investments Volume in Russian Economy (excluding the monetary and credit control and the bank sector).

40000 0 Inflow volume Accumulated volume (by the end of period) Source: Rosstat.

In the first six months of 2006 $ 7.3 billion were withdrawn and transferred outside the country in the form of income of foreign investors and interest for credits services; this indicator is 5.5 per cent lower as compared to the relevant figure of preceding year. Alongside with that, in the first quarter of 2006, like in previous years (excluding the first quarter of 2005), a significant outflow of capital was observed, although in the second quarter only 3 per cent of foreign capital invested in the Russian economy were withdrawn. All in all, throughout the first six months of 2006 31.0 per cent of funds invested in the Russian economy were withdrawn (46.5 per cent within the first six months of and 52.2 per cent within the first six months of 2004).

Throughout the past years other investments prevail in the structure of all foreign investments in the Russian economy. A negative factor of the current year is a decrease of the share of direct investments to 17.0 per cent in the structure of all foreign investments. However, due to considerable growth of direct investments during the first quarter of 2006, when that indicator overcame the level of the relevant period of 2005 twice, the results of the first six months of 2006 demonstrate growth of direct foreign investments to the level of 43,6%.

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Table Foreign Investments in Russian Economy in 2002-Withdrawal of Inflow of foreign foreign investments Accumulated by Withdrawal vs. inflow, per investments the end of period cent 1 Q. 2002 3789 4977 34436 131.4% 2 Q. 2002 4579 865 38150 18.9% 3 Q. 2002 4537 2885 39802 63.6% 4 Q. 2002 6875 3749 42928 54.5% 1 Q. 2003 6268 6165 43031 98.4% 2 Q. 2003 6394 1084 48341 17.0% 3 Q. 2003 8237 2983 53595 36.2% 4 Q. 2003 8800 5381 57014 61.1% 1 Q. 2004 6171 6121 57064 99.2% 2 Q. 2004 12812 3781 66095 29.5% 3 Q. 2004 10152 2818 73429 27.8% 4 Q. 2004 11374 2806 81997 24.7% 1 Q. 2005 6021 2924 85094 48.5% 2 Q. 2005 10482 4756 90820 45,4% 3 Q. 2005 10326 4672 96474 45.2% 4 Q. 2005 26822 11461 111835 42.7% 1 Q. 2006 8789 6819 113805 77.6% 2 Q. 2006 14621 438 127988 3.0% Source: Rosstat.

Structure of Foreign Investments in Russian Economy within 2001-90% 6% 80% 5% 70% 60% 4% 50% 3% 40% 30% 2% 20% 1% 10% 0% 0% Direct Investments Other Investments Portfolio Investments Source: Rosstat.

Domination in growth rate of direct foreign investments over relevant indicators for other and portfolio foreign investments is observed for the second year in a row and is accompanied by a consistent decrease of the share of other investments, from 81.3 per cent in the first six months of 2004 to 71.per cent in the first six months of 2005 and 70.4 per cent in the first six months of 2006.

Portfolio Investments 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . Table Structure of Foreign Investments in Russian Economy in the first six months of 2002-$, mln % vs. previous 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 -23.2.9 times 2006 23410 6445 499 16466 41.9 43.6 39.more Source: Rosstat.

In terms of sectors of economy, foreign investments, involved in the Russian economy within the first six months of 2006, were rapidly growing in such industries as transportation, communications and financial sector.

The rates of investments growth in those sectors have come up in the first six months of 2006 in comparison with the first six months of 2005by 2,4 times and 2,6 accordingly.

Structure of Foreign Investments in Russian Economy in the first six months of 2003-2006 With a Brake-Down by Sectors $, mln % vs. previous year 2003 2004 2005 2006 2003 2004 2005 Industries 4326 10250 8026 11362 34.2 54.0 48.6 48.Transportation and communica741 337 1677 3946 5.9 1.8 10.2 16.tions Trade and catering 5686 6113 4917 5092 4.9 32.2 29.8 21.Market commercial services 1072 924 1153 1240 8.5 4.9 7.0 5.Finances, credit, insurance, pen112 468 526 1387 0.9 2.5 3.2 5.sion services Other sectors 725 891 204 383 5.6 4.6 1.2 1.Source: Rosstat.

Volumes of investments in trade and catering in the current year remained at the level of $5 billion, their growth in comparison with the first six months of 2005 is estimated at 3.6 per cent. This growth rate is quite low, though total volume of investments have grown by 41.9 per cent, but the share of trade and catering decreased to 21.8 per cent.

The results of the first six months of 2006 show that mineral resources extraction became most attractive for foreign investments made in industries in total; $5.86 billion has been invested in this sector. This figure is more than twice higher than the relevant indicator of 2005.

$5.3 billion is invested in the first six months of current year in processing industries (+6.7 per cent versus the first six months of 2005). In the first six months of 2006 investments in oil and gas extraction have grown by 2.4 times (to $ 5.4 billion), investments in chemical production increased fby 7.per cent (to $ 628 billion); investments in metallurgy were decreased by 24.5 per cent ( to $1.5 billion). Therefore, the structure of foreign investments in industrial sector has been changed in the first six months of 2006.

Structure of foreign investments in industrial sectors in the first six months of 2006.

(in brackets - indicators for the first six months of 2005) Other industries;

34,00% (30,10%) Fuel and energy;

47,30% (37,90%) Chemical and petroleum Metallurgy; 13,20% industries; 5,50% (24,70%) (7,30%) Source: Rosstat.

The trend of previous yeas to increase the share of direct investments in the industrial sphere is maintained in the structure of investments in this sector. The percentage of direct investments in industrial sectors is higher than the cumulative level; basing on the results of the first six months of 2006, it makes 40.2 per cent (in the first six months of 2005 and 2006 it was 39.5 and 24.4 per cent accordingly). The share of other investments in industries in the period of current year under review is estimated at 57.3 (58.5 and 75.0 per cent in the first six months of 2005 and the first six months of 2004).

Like in preceding years, direct investments, made in industries in the first six months of 2006, make over 70 per cent of cumulative direct investments in Russian economy.

Structure of Foreign Investments in Industrial Sector in the first six months of $, mln Difference vs. first six months of Direct Portfolio Other Direct Portfolio Other Industry 4563 288 6502 44.3% 75.6% 38.7% Including:

3 times Mineral resources extraction 3410 0 2450 67.1% -100% more Metallurgy 69 131 1299 -9.2% 16.4 times more -31.7% Chemical and petrol industry 147 4 477 2.8% 8,5 times less. 16.3% Other industries 937 153 2276 3.8% 44.3% 45.7% Source: Rosstat.

Over 70 per cent of funds from direct investors made in the first six months of 2006, were addressed to mineral resources extraction (51.2 per cent), in processing industries (17.5 per cent) and to trade and catering (4.4 per cent). In the first six months of 2005 direct investments in those economic spheres were estimated at 45.5, 22.7 and 9.4 per cent accordingly.

Other investments in industries for the relevant period are estimated at 28.5 per cent oof cumulative volume of other investments in the Russian economy (39.6 and 49.8 per cent in first six months of 2005 and 2004).

There are some changes in the geographical structure of foreign investments made in the first six months of 2006.

, 1 2006 .

( 1 2005 .) ; 3,3% (3,4%) ; 5,7% (4,5%) ;

;

34,3% (26,8%) 17,1% (16,9%) ; 10,5% (11,4%) ; 7,1% ;

(2,3%) 16,3% (17,1%) ; 5,7% (17,6%) Geographical Structure of Foreign Investments Made in Russian Economy in the First Six Months of 2006.

Other countries: 34.3% (26.8%) USA: 3.3% (3.4%) Germany: 5.7% (4.5%) Great Britain: 17.1% (16.9) Cyprus: 10.5% (11.4%) Netherlands: 16.3%(17.1%) Luxemburg: 5.7% (17.France: 7.1% (2.3%) Source: Rosstat.

According to the results of the first six months of 2006, the leading position in the list of the largest countries-exporters of capital to the Russian economy is occupied by Great Britain, which has increased investments in the RF as compared with the first six months of 2005 by 43.2 per cent (to % 4.billion).

Netherlands, like for the first six months of 2005, take the second place; the country has invested in the Russian economy in the first six months of 2006 $ 3.8 billion, by 35.9 per cent more than the level reached during the first six months of 2005.

Investments from Luxemburg, which had a leading position among the major countries-investors to the Russian economy as per results of the first six months of 2005, have decreased by 53.7 per cent countries. Therefore, according to results of the first six months of 2006, Luxemburg has moved to the sixth place. France and India have joined the list of the first five countries-exporters of capital in the Russian economy; their investments for the period in question are estimated at $ 1.7 billion and $ 1.billion. Total capital amount, invested by France in the first six months of 2006, has been increased by 4.4 times as opposed to the first six months of 2005. Investors from France and India have preferred mineral resources extraction, this industry has received 71.1 per cent of French and 95.2 per cent of Indian investments.

The structure of investments of three leading countries, which have invested in the Russian economy the largest volume of capital, with a break-down by sectors, can be presented as follows:

Table Structure of Investments of the Leading Countries-Exporters of Capital to the RF within the first six months of Great Britain Netherlands Cyprus % vs.total % vs.total % vs.total % vs. total investments % vs. total investments % vs. total investments in the sector in the sector in the sector Processing industries 20.3 15.3 2.7 1.9 21.7 10.Trade and catering 56.0 44.0 .. .. 16.9 8.Transportation and 19.8 20.1 39.6 38.4 .. ..

communications Mineral resources .. .. 43.5 28.4 .. ..

extraction Commercial activities .. .. 4.2 13.1 18.9 37.Financial activities .. .. .. .. 23.1 41.Source: Rosstat.

Alongside with that, like in the first six months of 2006, the share of ten largest investors in the current year makes over 85.8 per cent in the total volume of investments, accumulated as of July 1 (in the first six months of 2004 it was 87.3 per cent). The first ten countries-exporters of capital to Russia make 85.5 per cent of direct cumulative investments (86.1 per cent in the first six months of 2006).

Portfolio and other investments make 68.4 per cent (89.7) and 87.1 per cent (88.3) accordingly.

One of the key incentives for the new investors to enter the Russian market and for those who are already working here, to extend the volumes of their investments, are the ratings of the world agencies Fitch, Moody's S&P. At the end of July 2006 the Fitch was the first among the world agencies who has raised the sovereign rating of Russia to + level. At the beginning of September 2006 Standard&Poors rating agency has also raised Russian rating to + level. Long-term Moody's rating is one point lower than those of Fitch and Standard&Poors.

The significant incentives for the new investors to enter the Russian market and for those who are already working here to extend the volumes of investments, are not only the high credit ratings of the world agencies, but the efforts of the government to improve the investment climate in the country as well. At the end of August 2006 the government has approved the Program for technoparks in Russia.

Before October 1, 2006 it is planned to select projects for tourist-recreational zones. Those measures are addressed at expansion of the spheres for foreign investors in the Russian economy.

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