Реферат: Foreign investments in Russian economy
2.1 Russian position in the world market of investments
By generalizing criteria the investment legislation of Russia and the EU countries are almost similar. At the same time legislative fastening of conditions for foreign investments doesn't mean that the foreign capital operations in our country are not bound free. The main distinction here is that liberal economy of E.U. is in the mature phase, and Russia is at stage of its formation. World experience can be expressed in axiom: at stage of development state should play great role in economy. Focused on result approach to foreign investments that is better, than policy of non-interference that is proclaimed by liberal economists.
Apparently, requirements of the Russian investments restriction supporters correspond to economic behavior of developing country at "stage of accumulation of the capital" (K.Marx). However, the position of the liberals who proclaim desirability of the state non-interference is quite explainable: there is obviously expressed doubt that the state machinery is capable to regulate adequately something on microeconomic level and foreign investments especially.
It is known that the discontent of foreign investors with activity conditions in Russia is connected not with absence or laws rigidity but with randomness of their application. On the contrary foreign firms demand literal application of already available laws and this causes the offence of officials. Foreign partners and managers are involved in some corporations only because it strengthens protection against the unfair officials. It is indicative that representatives of all levels of the power also agree with this regrettable fact.
Modern developed countries experience shows the necessity to pursue consistent and partner policy of protection of the domestic private capital from absorption by the foreign capital.
The Russian specificity consists in fact that this business layer is not politically issued and its interests are consequently reflected in state policy only in form of declarations.
On the other hand, nostalgic dreams of foreign trade activities nationalization are quite explainable: in the country there were serious difficulties caused by avalanche expansion of business by people which are involved in the international business. This problem was raised from level of foreign business regulation to level of the state ideology.
Russia faces similar choice not for the first time. In genesis of the modern approach to foreign investments historical experience of the Russian empire of the end XIX the XX century is put.
S.U. Vitte is the sign person for modern economists-statesmen. He widely used exclusive economic force of the imperial power in the liberal purposes. In the end of 1890th years it has supported unlimited attraction of the foreign capital in Russian industry and railway business. It was named “medicine against poverty”.
Vitte's system promoted economy development: by 1900 Russia went on 1 place in the world on oil extraction, the network of railways grew North American speed.
However Vitte began to assert that the commercial policy problem in Russia is reduced to persevering and consecutive protective mode... Until this mode will prepare a strongly developed industry it would be possible able to sustain... Internal, and then external competition"
capital investment market policy
2.2 Foreign capital in modern Russia
Foreign corporations operating in Russia prefer short-term financial investments and mainly invest in extracting and metallurgical branches. No more than 1,5 % of foreign investments are put in scientific and technological projects. Besides it during the real period:
- Average and small foreign capital was involved with high profitability and fast recoupment of separate projects in sphere of trade, building and services. In the opinion of investors, profits are much higher than risks;
- Investments from representatives of the Russian Diaspora in foreign countries. Offshore companies that illegally take out and legalize capital.
For reasons of national safety, strategic restrictions of the foreign capital in the defensive industry of Russia, are quite logical: the public sector of the domestic heavy industry demands protection against unfriendly absorption. On the contrary, preservation of the general technical backwardness will be expected consequence of isolation. According to some high-rank officers, traditional unreadiness of Russian (Soviet) army to any war in XIX-XX of centuries is the direct consequence of similar closeness.
Historically, Russian military-industrial complex has fixed basic patents and know-how in sphere of high technologies. That’s why along with restriction of "external" influence of transnational corporations it is necessary to avoid "internal" pressure of military-industrial complex state enterprises towards broad understanding of "strategic restrictions", meaning to facilitate advancement on the world market of civil and double purpose domestic technologies.
Nowadays military-industrial complex has inexorable pressure on all branches and levels of the Russian economy.
3. Problems of foreign investments attraction in Russia
Attraction of investments into real sector of economy is one of the economic policy main problems in Russia.
Foreign investors which operate in the Russian market can be divided into 3 groups:
investors which operate in enclave part of the general legal field of national managing treatment;
small and average commodity producers who possess the original production and services "know-how"
investors who are guided by reception of profit of speculative character
In Russia, it is necessary to attract the second type of investors. They will promote competition among manufacturers.
Measures focused on creation of attractive conditions for inflow of investments include 3 basic groups: base measures on creation of favorable investment climate; legal and administrative bases of foreign investors activity; specific stimulus for inflow of investments.
Strategic target of policy in sphere of foreign investments attraction is to provide favorable conditions for foreign investors to invest in Russian economy. The serious preparatory work on tax change, investment and corporate legislation which could promote intensification of investment process is needed for this purpose. The national treatment of economic activities that exists in Russia is extremely unattractive for the foreign companies. The national treatment principle in Russia should be complemented by system of privileges and guarantees for foreign investors.
Along with application of national treatment, realization of other foreign investments legal regulation principles is also necessary. First of all, it is the treatment of the most favored nation which is applied on purpose of discrimination in relation to investors from any countries.