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Trade and public catering

507

17,00

375

5,38

733

5,96

1201

10,20

Market servicing commercialactivity

145

4,86

1629

23,37

2299

18,70

1426

12,11

Finance, crediting, insurance,pensions

406

13,61

2024

29,04

4763

38,74

900

7,64

Other

535

17,93

395

5,67

696

5,66

2959

25,13

Source: Russian State Committee onstatistics (Goskomstat)

As for the production sphere, the greatestinvestment attractiveness has remained with the branches of the naturalmonopolies and high monopolization facilities of the processing industrieswhose products see the high demand in both the domestic and foreign markets.The significant part of the accumulated foreign investments in the industry wasreceived in the form of the credits from the international financial entities.The industries oriented to the domestic market have significantly lowerinvestment attractiveness for the foreign investors. The only exception here isthe food industry: in 1998, the investments in it were US$1.47billion, or12.5% of the total volume of investments.

Fig. 2.28

Structure of foreign investments inindustry

In 1998, the cooperation with the foreigncompanies under the investment projects went on in the oil extraction, oilprocessing, aircraft construction, automobile construction, extraction of thediamonds and gold, mechanical engineering, communications, conversion of thedefense enterprises, agrarian production complex, and food industry.Notwithstanding the complex situation, the foreign companies are trying tosafeguard their positions in the Russian market. The large-scale investment ofthe production share type in the field of the oil extraction are continuing tobe implemented. In 1998, the projects Sakhalin‑1 and Sakhalin‑2 were invested aboutUS$360million. About US$20million were invested in the development,exploration, and geophysical works and re-equipment of the offshore platformfor the Sakhalin‑3project. According to the pre-estimate, the aggregate expenditures onimplementation of this project will make about US$35billion for the wholeperiod of implementation.

During the last three years, the number ofthe enterprises with foreign investments has increased.

Among the enterprises with foreigninvestments really operating today, 35.2% operate in the trade and publiccatering, 26.4% operate in the industry, 8.5% operate in the transport, andabout 6% act in the general commercial activity of the market servicing. Theefficiency of operation of the enterprises with foreign investments calculatedas the product manufactured per employed person is twice higher than theaverage level of the Russian ones.

Fig. 2.29

Number of operating enterprises withforeign investments and main specific indexes of their activity

In 1998, the foreign exchange share of theenterprises with foreign investments in the foreign exchange share continuedgrowing. These last years have been characterized by the growing intensity ofthe import activities of the enterprises with foreign investments. The greatestactivity in the import comes from the enterprises with foreign investmentsfunctioning in the trade, public catering, and industry. The share of theseenterprises in the aggregate Russian import during the last three years hasconstantly exceeded the other specific indexes of their activity. In manyaspects, this has been due to the stabilization of the economic and politicalsituations in Russia and introduction of the currency corridor during theperiod from August 1995 to August 1998. Beginning from 1995, the constantgrowth of the number of the enterprises with foreign investments has beenobserved; these enterprises have been founded in the infrastructure and foodindustry and oriented to the domestic market.

The export of the enterprises with foreigninvestments is, mainly, of the feedstock character: the crude oil, chemicalgoods, timber, sea products, non-ferrous metals and their scrap prevail. In1995, the reduction of the export growth rates with the enterprises withforeign investments was, in many aspects, conditioned by the reduction of theactivity of the foreign investors in the extracting industries andredistribution of the direct foreign investments between the sectors ofeconomy. The main factors of growth of the cost of export under the aggravatingexternal economic situation and reducing average contract prices were thegrowth of the physical volumes of the exported feedstock resources.

The growth of the share of the enterpriseswith foreign investments in the relevant Russian indexes and the growthof their production volumes in the Russian GDP during these last three yearshave evidenced, first, the deepening of the tendency of inflow of the foreigninvestors in the industry, and, second, the expansion of the import of theequipment and components for the domestic manufacture.

However, in whole, the influence of theenterprises with foreign investments on the macroeconomic indexes of Russia hasnot been significant: they have manufactures only about 5% of the RussianGDP.

Naturally, the crisis situation in theRussian economy in the second half of 1998 hag the negative effects on theactivities of the enterprises with foreign investments. The consequences of thefinancial, budget, and currency crisis having affected the enterprises withforeign investments have been the following: the absence of access of theenterprises with foreign investments to their financial assets due to thecrisis of the banking system; the losses due to the non-payments; the reductionof the demand on the goods and services; the destruction of the distributionnetwork; and the alteration of the external trade structure. All these haveresulted in the delays of the payments to the creditors, reduction of thenumber of employed and labor remuneration fund; and reduction and suspension ofthe manufacture. However, the danger of loss of the positions in the large-sizeand non-mastered Russian market have resulted in that only a small number ofthe enterprises with foreign investments have suspended their activitiesthere.

During the last three years, the structureof the foreign investments by countries has undergone the significant changes.In 1998, the positions of France and Germany strengthened; as of today, theyown the 24.2% (13.4% in 1997) and 13.1% (1.7% in 1997) of the respectiveforeign investments. The share of the four industrial countries (USA, Germany,France, and UK) has grown 2‑fold compared with 1996. In whole, the industrial countriesprevail among the foreign investors. Over 90% of the foreign investments fallon them.

Table 2.25

Distribution of foreign investments bycountries, US$million

Inflow

Including

Total

% ofbalance

direct

portfolio

other

Totalinvestments

11,773

100%

3,361

191

8,221

of them:





Germany

2,848

24.2%

328

0.0

2,520

USA

2,238

19.0%

1,170

143

925

France

1,546

13.1%

15

5

1,526

UK

1,591

13.5%

205

11

1,375

Netherlands

877

7.5%

610

2

265

Switzerland

411

3.5%

40

0.4

370

Source: Russian State Committee onstatistics (Goskomstat).

As for the regional aspect, in 1998, themain share of the foreign investments fell on the Central region (59% of theaggregate volume or US$6.96billion). The importance of Moscow,St.Petersburg, and Moscow region as the centers of the business activityremains; these attract 50.6% of the aggregate investments in the real sector ofthe Russian economy. In whole, the 5economic regions uniting the43administrative regions (48.8% of the aggregate number of the Federationsubjects) accumulate thew 93% of the aggregate foreign investments.

Fig. 2.30

Distribution of foreign investments byeconomic regions of RF, % of balance

Table 2.26

Grouping the regions by specific shares ofinflow of foreign investments

Specific sharesof foreign investments inflow in regions in aggregate volume, %

Number ofregions

Specific share in aggregate number of regions,%

1996

1997

1998

1996

1997

1998

0 — 1

76

78

78

86.36

88.64

88.64

1,1 — 2

5

6

5

5.68

6.82

5.68

2,1 — 50

6

3

4

6.82

3.41

4.55

exceeding 50

1

1

1

1.13

1.13

1.13

Source: Russian State Committee onstatistics (Goskomstat).

The practice shows that the low activity ofthe foreign investors often contradicts the favorable investment climates ofcertain regions with the high enough investment potential and low investmentrisk.

Table 2.27

Distribution of administrative regions by5economic regions by levels of economic potential and investmentrisk*

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