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15

14

Trade and publiccatering

n/a

500

TheNetherlands

1436

2 423

Total

1231

914

including: food

636

363

Transport

276

165

Finance, credit,insurance

Pension insurance

82

n/a

Source: Goscomstat

The largest investments in industry camefrom Switzerland during 9 months of 2001 (21 percent of all investments inindustry) with their largest chunk going to chemical and petrochemical industry(59.3 percent), ferrous metallurgy (52 percent) and the fuel industry (17.8percent).

Compared with 2000, the structure ofaccumulated investments by key investor countries underwent changes related tothe growth of direct investments share and shrinkage of the share of otherinvestments, while the relevant indicator of portfolio investments has remainedunchanged. Thus, 51.6 percent of the investments accumulated by the end ofSeptember 2001, were direct ones with 49.6 percent attributed to the 10 majorinvestor countries.

An exception is the USA where the share ofdirect investments in their aggregate accumulated investments in the Russianeconomy in 2001 contracted by 5.1 percent. The biggest changes in the structureof accumulated investments in 2001 were observed in the investments coming fromGreat Britain, where the direct investments share wen up by 10.7 percent withthe other investments shrinking.

Figure 32

Foreign investors, while displayinginterest in investing in the Russian economy, at the same time point out theneed to enhance legislative guarantees, market transparency as well as gettingopportunities for obtaining information about the condition of the Russianenterprises.

To enhance Russia’s investment attractiveness, someamendments to the current legislation were adopted to come into force as ofJanuary 1, 2002. The Code of Corporate Conduct has also been elaborated.

Thus, for example, the RF Governmentapproved, in November 2001, the Law On Incorporating Amendments andAmplifications in Part II of the RF Tax Code, Revocation and Incorporation ofamendments in Some Other Legislative Acts of the RF. The draft Law changes thesystem of taxation in executing Product Sharing Agreements (PSA). Specifically,separate Chapter 24 Taxation System in the Execution of PSA is expected to beincluded in the Tax Code, which will allow to ensure stable workingconditions for the investors while ensuring the interests of the State. If theprocedure of paying taxes and charges as well as the time limits for submissionof tax returns changes during the term of a PSA, the payment of the taxes andcharges shall be effected pursuant to the legislation in effect on the momentof signing the Agreement. Additionally, this draft Law provides for recovery ofVAT under PSA within shorter time periods compared with the norm of effectivelegislation, and also specifies the composition of reimbursable costs. Thevalue of already signed contracts which the regime of the Law On ProductSharing Agreements has been applied to, is about $30 billion.

Federal Law OnInvestment Funds N 156-FZ of November 29, 2001 isdesigned to attract investments in the real sector of the economy. The Lawintroduces uniform standards of regulating relations in the collectiveinvestment area and removes some hurdles to placing uncommitted funds inorganized capital markets. It establishes specifics of creating and a legalstatus of joint stock companies in the investment sphere, licensing of theactivity of joint stock investment funds, liquidation thereof and other issues.It regulates the issues of creation and operation of unit investment funds,specifically, establishes requirements to management companies, specializeddepositories, assessors, agents for placement and redemption of investmentunits. It specifies the procedure for placement and redemption of investmentunits of unit investment funds, calculation of investment unit value. It alsoestablishes the procedure for calculation of the net asset value of investmentfunds, requirements to asset composition, disclosure of information about theactivities of investment funds and management companies, as well as the powersof the Government agency regulating the securities market in the sphere of theactivities of the professional participants to the collective investmentsystem.

2.4. Russian Agrifood Sector

Generalperformance

Growth in the Russian agriculturalproduction continued for the third year round. According to preliminaryestimates its 2001 index amounted to 106.8% pulling up the 1999-2001 average to106.2% (while in the 5-year period preceding the reforms it was slightly over100.1% (Figure 33)). The major contributor to this growth was crop production(e.g. grain output was up 30%). Favourable weather conditions have surely beenan important but not the single factor thereof.

Figure 33

Change in the Russian agricultural output(1985-2001)

Source: State Committee for Statistics ofthe Russian Federation.

The 2001 food production index equalled108.4% (107.1% in 2000).

Growth in the agrifood sector continuesalong with notable increase of imports being a sign of narrowing priceadvantages of basic domestic food products. In other words, the importsubstitution drive is fading. Given expanding imports the rise ofpopulation’s realdisposable incomes by 5.9% is only a partial explanation for the agrifoodsector’s recovery.The country seems to clear up its specialization in the international divisionof labour after the ruble devaluation: in some food segments it becomes a netimporter, in other - a stable exporter. The expansion of exports is the secondby importance (after the restoration of the population’s purchasing power) factor ofagrifood production growth.

The restructuring of Russian agriculturegoes on. The share of large farms is growing, external investors continue toactively invest in agricultural production, the amount of bank credits toagrifood sector is up 6 fold. The restructuring of agriculturalproducers’ debts inthe second part of 2001 will help the sector to get rid of failed farms. Anunconditional collection of agricultural producers’ former debts started by someregional authorities and the growth of direct foreign investments in theRussian agriculture will foster farm restructuring as well.

As to the agrarian policies, a remarkableprogress has been achieved in creating the legal basis foragriculture’sdevelopment. First of all, it applies to land legislation. Besides that, in2001 agrarian policies concentrated on two major problems: the restructuring ofagricultural producers’ debts and protection of domestic agrifood markets. Budgetpolicies in the sector remained actually unchanged.

Agriculturalproduction

In 2001 the crop structure of cultivatedlands changed: larger areas were planted in grains and smaller - in sunflower(Table 29). This is a natural result of higher grain profitability. Theexpected introduction of 20% export tariff on sunflower seeds could also countas well as the need to return to normal crop rotations neglected inregions-sunflower growers for several years. The introduction of tariff quotason raw sugar import didn’t help to enlarge sugar beets plantings.

Table 29

Areas planted in basic agricultural crops,million ha


1995

1996

1997

1998

1999

2000

2001

Grains

54,7

53,4

53,6

50,8

46,8

45,9

47,6

Sunflower

4,1

3,9

3,6

4,1

5,5

4,6

3,8

Sugarbeets

1,1

1,1

0,9

0,8

0,9

0,8

0,8

Potatoes

3,4

3,4

3,4

3,3

3,3

3,2

3,3

Vegetables

0,8

0,7

0,7

0,7

0,8

0,8

0,8

Source: Social and economic situation ofRussia, corresponding years.

The grain crop in 2001 is estimated at 85million tons net weight including 47 million tons of wheat. This volume isbelow the 1991-1995 average gross output and the 1997 record crop but fullycovers the country’sdemand for grain. According to the traditional balance about 5-7 million tonscould potentially be sold to foreign buyers but experts fear that poordevelopment of export delivery infrastructure (sea ports capacities, shortageof railroad cars, etc.) will constrain sales. Growth was observed in productionof almost all grains except for corn (its gross output fell nearly 2 fold),buckwheat, rice and millet. The output of fodder crops is up (that of legumes -by 50% and that of barley - by 40%) evidencing recovery in the livestocksector. The growth of gross output of grains is due to higher yields (up almost1/4) rather than larger planted areas.

The output of potatoes and vegetables grewas well (by 2.6% and 5.5% respectively).

The output of sugar beets was up 3.5%despite contraction of planted areas. Still, the latter shows that theintroduction of tariff quota on raw sugar imports failed to encourage sugarbeets production.

The gross output of sunflower seeds fell by1/3 due to both smaller planted areas and lower yields. It was below the annualaverage for the pre-reform 5-year period demonstrating the still persistingextreme reactions of producers to market fluctuations (in stable economiessimilar drops in output are usually due to natural disasters).

The production of flax fiber notablyincreased (by 13%) and nearly regained the 1994 level.

In 2001 areas planted in winter cropsenlarged by 10% as compared to the previous year. The fact potentially raisesexpectations for next crop since winter plantings are mostproductive.

Livestock and poultry breeding performancewas far less successful. Still, the trend in livestock numbers was mostpositive of all the reform years. Cattle numbers continued to decrease althoughat a slower pace. The number of sheep and goats stabilized. Poultry and pignumbers grew by about 4% and 1.4% respectively. The output of basic livestockproducts was slightly up (Table 30). Poultry production demonstratedunprecedented growth rates - in agricultural enterprises they were as high as20%.

Table 30

Production of basic livestock products as %of the previous year


1998

1999

2000

2001

Livestock and poultry, live weight

96,2

89,8

104,0

100,2

Milk

97,6

96,6

99,1

101,8

Eggs

102,7

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