Foreign direct investment (fdi) regime in the
Appendix 4: Countries and priority investment sectors targeted for foreign investment into
Yüklə 340,58 Kb.
|
Appendix 4: Countries and priority investment sectors targeted for foreign investment intoSA, 2000/2001
Source: DTI, 2001b:42-43 5. BIBLIOGRAPHY Business Day, 1 November 2000 30 April 2001 11 October 2001 20 February 2001 22 November 2001
14 November 2001 16 November 2001
Consumer Unity & Trust Society (CUTS), International Investment Agreements. CUTS, Jaipur, 2001. Department of Trade and Industry (DTI), SA Government, Cooperating to compete: the SA cluster programme, Pretoria, 1998. DTI, SA Government, Discussion document: SA’s positions at the WTO, September 1999, Pretoria, mimeo. DTI, SA Government, Driving Competitiveness: An Integrated Industrial Strategy for Sustainable Employment and Growth, Pretoria, 2001a. DTI, SA Government, Sisebenza Sonke, Issue 1, May, 2001b. Dunlop, A., ‘Intellectual Property in SA’, SA: the Journal of Trade, Industry and Investment, First Quarter, 2000. FISCU, Aide Memoire: Issues in respect of a new SADC Finance and Investment Protocol, Pretoria, 1995. FISCU, SADC Finance and Investment Sector News, December 1998-February 1999 March-May 1999 June-August 1999 September-November 1999 December 1999-February 2000 Gelb, S., ‘Socio-political risk, confidence and firm investment in SA’, Paper presented at the CSAE/UNIDO Workshop on ‘New Industrial Realities and Firm Behaviour in Africa’, Oxford, September, 2001. Heese, K., ‘Foreign Direct Investment in SA (1994-1999) – confronting globalisation’, Paper presented at the TIPS Annual Forum, Johannesburg, 1999. Heese, K. and S. Segal, ‘The PPP and privatisation path: partnering for delivery and debt relief’, SA investment 1999: the millennium challenge, BusinessMap, Johannesburg, 1999. Heese, K., ‘Assessing the progress of SDIs and IDZs’, SA investment 1999: the millennium challenge, BusinessMap, Johannesburg, 1999. Hirsch, A., 'Industrial strategy in SA: a review', Paper presented at the 1997 TIPS Annual Forum, Johannesburg, 1997. Hodge, J., ‘The Service Sector in SA and the General Agreement on Trade in Services’, Second workshop on services organised by TIPS, Johannesburg, October 1998. Institute for Global Dialogue (IGD), International Investment Agreements in SA, Johannesburg, June, 2000. Kuper, K., ‘The Fuss About FDI: A Review of the Foreign Investment Trends and Policies in SA’, in SA Institute of International Affairs (SAIIA), SA Yearbook of International Affairs 1998/9, SAIIA, Johannesburg, 1998. Marais, H., ‘Reinforcing the mould: the character of regional integration in SA’, Regionalisation study for Third World Forum and Foundation for Global Dialogue, Johannesburg, 1998, mimeo. Pretorius, L., ‘Financial and Investment Sector Integration in Southern Africa: perpetuating imbalances or promoting economic development?’, Southern African Perspectives, no 79, Centre for Southern African Studies, Cape Town, 1999. Saunders, R., ‘Regional SDIs start to map new investment areas’, SA investment 1999: the millennium challenge, BusinessMap, Johannesburg, 1999. Saunders, R., ‘SADC FDI profile and project review’, SA investment 1999: the millennium challenge, BusinessMap, Johannesburg, 1999. SA Government, Growth, Employment and Distribution: a macro-economic strategy, June 1996. SA Government, East London Industrial Development Zone, 1997. SA Institute of Race Relations (SAIRR), SA Survey 2000/2001, SAIRR, Johannesburg, 2001. South Centre, Implications of the TRIPs Agreement for Developing Countries, Geneva, 1998. Streak J, ‘The determinants of FDI and SA’s industrial development strategy: towards a research agenda’, Paper presented at the TIPS Annual Conference, Johannesburg, 1998. UNCTAD, Bilateral Investment Treaties in the mid-1990s. United Nations Conference on Trade and Development, Geneva, 1998. UNCTAD, 1998 World Investment Report 1998: Trends and Determinants, New York, 1998. UNCTAD, 1999 World Investment Report: Foreign Direct Investment and the Challenge of Development, New York, 1999. UNCTAD, 2000 World Investment Report: Cross-border Mergers and Acquisitions and Development, New York, 2000. UNCTAD, 2001 World Investment Report: Promoting Linkages, New York, 2001. 1 The report forms part of a broader study of the FDI regimes of seven developing and transition economies: India, Bangladesh, Hungary, Tanzania, Brazil and Zambia. The countries were selected to cover a range in terms of size, level of development (least developed countries and lower- and upper-middle income countries), geographical location, macro-economic characteristics, policy orientation, and performance in terms of attracting FDI. To facilitate the cross-country comparison between the seven developing and transition economies, the present country report follows the terms of reference developed by the Consumer Unity and Trust Society (CUTS), which is based in Jaipur, Rajasthan, India. 2 The following are typical characteristics of a liberalised investment regime: i) there are no limits on foreign ownership in the economy; ii) no sectoral approval for foreign investment is required; iii) no onerous requirements are placed on foreign investors; iv) stable regulatory environment; and v) there is non-discrimination between domestic and foreign investors 3 Statistics SA conducted a countrywide 'millennium census' in 2001, with an estimated 10 million households enumerated during the period 10 October to 7 November 2001. See www.statssa.gov.za. 4 Some projections indicate that HIV/AIDS would cause a drop in the population growth rate, from 1.9 per cent in 2000 to below 1 per cent in 2004. The growth rate would drop to zero in 2011 (SAIRR, 2000:55). 5 The figures for FDI calculated by BusinessMap and the SA Reserve Bank (SARB) differs, mainly because of their different methodologies and ways of defining and measuring FDI. The SARB uses the IMF definition of inward FDI, namely the investment of foreigners in undertakings in SA in which they have individually or collectively at least 10 per cent of the voting rights; unlike BusinessMap, the SARB does not measure intentions, or FDI where money capital was raised on the local market. The SARB only measures the transfer of money capital and not other income generating assets such as technology, management, capital equipment, and so on. BusinessMap records mergers and acquisitions, new investments, expansions that result in new productivity capacity (which could be funded from internal reserves), and firm plans or intentions. The investments, which may span more than one year, are recorded in the year of announcement. Unlike the SARB, BusinessMap does not accurately record capital inflows; it does however provide a reliable and comprehensive reflection of FDI commitments and trends. 6 UNCTAD’s World Investment Report classifies SA – along with Australia, Israel, Japan and New Zealand – as ‘Other developed countries’. 7 The policy reform ‘lock in’ theory has gained ground especially as far as trade reforms are concerned. The argument is that if a developing country such as SA, for example, concludes a free trade deal with the EU, investors, credit rating agencies, and other economic agents will view its trade reforms resulting from this deal as much more credible as SA is committed to these under treaty obligations and can be persuaded to keep to these reforms by its stronger and more credible treaty partner. 8 This is particularly important as much of the foreign investment into SA over the past few years has been in the form of acquisitions by foreign firms (of state-owned enterprises) or mergers between local and foreign firms. The largest deal for the year 2000 was the merger between Cadbury Schweppes and United Kingdom-based Cadbury Schweppes Plc; the value of this deal was estimated to be R 1 600 million (BusinessMap, 2000). 9 The cut in company tax was aimed at stimulating investment and encouraging job creation, even though it would cost the state R 2.5 billion in lost revenue (Business Report, 18 February 1999). 10 This summary of corporate organisation forms was put together from the following sources: Trade and Investment SA (www.isa.org.za), Maitland & Co and Webber Wentzel Bowens (www.wwb.co.za/invest_sa), and Ernest & Young (www.mbendi.co.za/ernesty/sa/investment.htm). 11 The only BIT explicitly ruling that investment will be directed into specific economic sectors is the BIT between SA and the Russian Federation. It states that “each contracting party shall reserve the right to determine economic fields and areas of activity where activities of foreign investors shall be excluded or restricted” (article 3). It was most probably the government of the Russian Federation that insisted on including this condition (it can be verified by examining all other BITs concluded by the Federation) as no other SA BITs have this provision (IGD, 2000). 12 BITs with Sweden, Denmark, Greece, Netherlands, Cuba, Italy, Egypt, Mozambique, Switzerland, Senegal, Spain, Korea, Chile, China, Germany, Mauritius, and France 13 SA’s BITs with the following countries include these provisions: Nigeria, Mauritius, Germany, Chile, Argentina, Spain, Senegal, Greece, Finland, Mozambique, Czech Republic, Egypt, Italy, United Kingdom, Russia, Cuba, the Netherlands, and Denmark. Some SA government officials in the DTI have cited SA’s vulnerability in potential investor disputes as one of the reasons why they are supporting the negotiation of a set of investment rules on terms more favourable to developing countries in a multilateral forum such as the WTO (IGD, 2000). 14 The Presidency has established five policy clusters for coordination, implementation and monitoring of national policy (made up of both Cabinet Ministers and Directors General). The clusters will be supported by five Chief Directorates which fall under a Unit for Policy Coordination and Advisory Services headed and managed by a Deputy Director General. 15 This section of the report draws on comments and concerns raised at the first SA IFD NRG meeting held at the Institute for Global Dialogue (IGD), Johannesburg, 8 February 2002. Yüklə 340,58 Kb. Dostları ilə paylaş:
|