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									                                          SUMMARY RECORD

 WORKSHOP I: UPGRADING FDI DATA COLLECTION, ELABORATION AND DISSEMINATION SYSTEMS
                            OECD INVESTMENT COMPACT
                           ISTANBUL, TURKEY, JUNE 8, 2006

                         SESSION 2: IMPROVING POLICY ANALYSIS & DESIGN

Welcome and Introduction

OECD Investment Compact Activities and Structure of Workshop – Antonio Fanelli
   Please refer to presentation (http://www.investmentcompact.org/dataoecd/43/11/36945909.ppt)
   This is the first Workshop in the 2003 CARDS funded project entitled “Strengthening
      Development and Implementation of Investment and Trade Policy in the Western Balkans”
      (hereafter referred to as SEEStat).
   The Project will involve an assessment of the current FDI data collection and dissemination
      systems in the SEE countries as well as a component to improve evaluating the impact of FDI in
      the SEE countries and regions.
   The Workshop on June 8, 2006 was devoted to presentations by representatives from the Central
      Banks and the Offices of Statistics on their current FDI collection and dissemination methods as
      well as a demonstration through presentations, OECD’s Globalisation Indicators and FDI data for
      investment promotion activities and policy elaboration. This was followed by a roundtable
      discussion of the demand for FDI data.

Summary and outcome of the Activities of session 1 held on 7 June 2006: – Ayse Bertrand
    The Workshop on Wednesday, June 7, 2006 was devoted to training SEE FDI statistical experts on
      how to complete the IMF/OECD Survey on the Implementation of Methodological Standards for
      Direct Investment (SIMSDI) which will be used to assess the current FDI data collection and
      dissemination systems in the SEE countries. It was attended by representatives from the Central
      Banks and the Offices of Statistics involved in FDI data collection and dissemination and involved
      a detailed introduction to filling out the SIMDI.
    It was noted that very useful exchange of information was established which could also be
      considered as a first step for a regional network of FDI experts. This was reinforced by the sharing
      of experiences by Turkey (an OECD member) and Romania (Non-OECD adherent to the OECD
      Declaration on International Investment and Multinational Enterprises).
    The group agreed that Session 1 was a useful step and that the results achieved were very
      satisfactory.

Session 2.1: Key Points from the Presentations of the Current Methods of FDI data collection and
dissemination – Representatives from the Central Banks and the Offices of Statistics in SEE
     Croatia
            o Croatian National Bank – Alen Skudar
                    Content of Presentation
                            Please refer to presentation
                               (http://www.investmentcompact.org/dataoecd/43/44/36945464.ppt)
                    Questions and Comments Posed
                            Does Croatia deal with indirectly owned companies when reporting FDI?
                               Yes, Croatia has included indirectly owned companies according to the
                               Fully Consolidated System for the past couple of years, but only a few
                               companies correspond to this.
                          When does Croatia use the book value of a company, and does it have a
                           specific method for estimating the market value of a company? Croatia
                           uses book values for companies that do not release the market value. It
                           attempts to estimate the market value using the stock exchange.
   Albania
       o Bank of Albania – Majela Collaku
                Content of Presentation
                       The Bank of Albania is responsible for Balance of Payments and therefore
                          FDI statistics according to the Law implemented in 1993.
                       The FDI data available is only on Balance of Payments, it follows the 10%
                          rule and only data on equity capital is reported.
                       Recently the Bank of Albania collaborated with INSTAT in conducting a
                          company survey to improve FDI and compilation of IIP; however the
                          results of the surveys have not been published due to poor response rates.
                       During the last decade the privatisation of the public sector has dominated
                          FDI flows.
                       Albania has less FDI than many other countries in the Region; however
                          the inflows of FDI have been increasing, especially in the areas of
                          construction, infrastructure, transport and goods for processing.
                       The political system in 1995 had a negative impact on FDI (and in the first
                          six months of 1997, it was actually zero), however the Parliament began
                          excluding customs duties for firm equipment, etc. which gave a needed
                          boost to FDI.
                       90% of FDI comes from the EU, and especially Greece and Italy, who are
                          also the main trading partners.
                       When FDI is broken down by economical sectors, it is concentrated in the
                          areas of manufacturing, transport, communication, drilling, etc. as found
                          in the survey conducted in 2001.
       o INSTAT (National Statistics Agency of Albania) – Godiva Rembeci
                Content of Presentation
                       Please refer to presentation
                          (http://www.investmentcompact.org/dataoecd/43/23/36945389.ppt)
                Questions and Comments Posed
                       Is data available on reinvested earnings or equity in kind? No, data is only
                          available on equity capital. However, the Bank of Albania and INSTAT
                          hope to be able to estimate reinvested earnings and equity in kind from the
                          results of the latest survey.
                       How much information is available from the business register and is it
                          freely available? Albania is currently establishing a business register
                          based on information gathered from the tax administration and not from
                          the courts – if a business register were established based on court
                          information, then one would not be able to establish when a legal
                          company begins economic activity. Also, one is able to determine whether
                          a company is foreign or domestic from the tax administration information.
                          However, the number of variables available from the tax administration is
                          limited. Furthermore, the enterprise survey which has been conducted
                          since 1995 is used to update the register.
   Bosnia and Herzegovina
       o Central Bank of Bosnia & Herzegovina – Suzana Kozinovic
                Content of Presentation
                         Please refer to presentation
                          (http://www.investmentcompact.org/dataoecd/43/22/36945426.ppt)
                  Questions and Comments Posed
                       Is there data available on privatisation? No, there is no data available on
                          privatisation; however, most of the FDI inflows into Bosnia and
                          Herzegovina over the past few years have been related to privatisations.
                       Are there any plans to provide more disaggregated data? Yes, Bosnia and
                          Herzegovina is planning to disaggregate data according to industry
                          classification.
                       There is a legislative problem in Bosnia and Herzegovina because there is
                          no penalty if companies do not reply to surveys.
                       The Ministry also collects data on FDI, but it uses a different
                          methodology.
   Bulgaria
       o Bulgaria National Bank – Vera Rizakova
              Content of Presentation
                     Please refer to presentation
                         (http://www.investmentcompact.org/dataoecd/43/45/36945452.ppt)
              Questions and Comments Posed
                     Bulgaria National Bank and InvestBulgaria have an agreement whereby
                         InvestBulgaria can access firm level data.
                     What work is Bulgaria National Bank currently doing with Eurostat?
                         Bulgaria National Bank is currently sending Eurostat data on inward and
                         outward flows and stocks on a quarterly basis. The information provided
                         is broken down geographically and economically. The Office of Statistics
                         is the leading organisation for compiling data on inwards FATS and once
                         Bulgaria is a member of the EU, it will be responsible for outward FATS.
   FYR Macedonia
       o Central Bank of the Republic of Macedonia – Vesna Stolevska
              Content of Presentation
                     Please refer to presentation
                         (http://www.investmentcompact.org/dataoecd/43/42/36945511.ppt)
              Questions and Comments Posed
                     What was the response rate of the survey conducted by Macedonia?
                         Usually there is a fairly good response rate.
                     How disaggregated is the FDI data? The FDI data based on the survey is
                         broken down by country and activity and will soon be broken down by
                         economic sector.
                     Data is available on reinvested earnings.
   Moldova
       o National Bank of Moldova – Tamara Razin
              Content of Presentation
                     Please refer to presentation
                         (http://www.investmentcompact.org/dataoecd/43/41/36945537.ppt)
              Questions and Comments Posed
                     In order to analyse investment in kind in financial flows, Moldova uses
                         the data from the customs declaration database.
                     Moldova estimates market value of companies using the stock exchange,
                         but what about unlisted companies? Market value estimation is only
                         provided for those companies which are listed on the stock exchange. This
                              is mainly the banking sector where the most information is available. For
                              most other sectors, the information provided by the stock exchange is
                              poor, so market value estimations cannot be conducted.
                             The National Bank of Moldova does not produce statistics for
                              Transdnistria.
                             How are flows from the Russian Federation – particularly the energy
                              sector – recorded? The National Bank of Moldova has very detailed
                              information on the energy sector because of the existence of a monopoly
                              importer. The existence of a monopoly in a sector allows Moldova to
                              launch additional surveys to collect information on certain transactions.
                              Furthermore, there is a good relationship between the National Bank of
                              Moldova and the energy sector monopolist in Moldova.
      Montenegro
           o Central Bank of Montenegro – Mira Radunovic
                   Content of Presentation
                         Please refer to presentation
                             (http://www.investmentcompact.org/dataoecd/43/40/36945553.ppt)
                   Questions and Comments Posed
                         Serbian investments are considered as foreign investments.
      Romania
           o National Bank of Romania – Diana Cucu
                   Content of Presentation
                         Please refer to presentation
                             (http://www.investmentcompact.org/dataoecd/43/39/36945575.ppt)
      Serbia
           o National Bank of Serbia – Mihailo Nikolic
                   Content of Presentation
                         Please refer to presentation
                             (http://www.investmentcompact.org/dataoecd/43/38/36945620.ppt)
                   Questions and Comments Posed
                         What is the requirement of the privatisation agency to record information
                             on privatisations? The privatisation agency records the commitment made
                             by the investing company. However, no information on when and how the
                             transaction takes place is available.
      UNMIK/Kosovo
           o Banking and Payments Authority – Mimoza Mustafa
                   Content of Presentation
                         Please refer to presentation
                             (http://www.investmentcompact.org/dataoecd/43/37/36945643.ppt)

Session 2.2: OECD Economic Globalisation Indicators – Ayse Bertrand
    Content of Presentation – Please refer to presentation
    (http://www.investmentcompact.org/dataoecd/43/36/36960717.ppt)
Highlights:
    1. OECD published a Handbook on Economic Globalisation Indicators (OECD, 2005) which
        provides guidance to data compilers and data users.
    2. Areas covered are Foreign Direct Investment, Activities of Multinational Enterprises,
        internationalisation of technology and trade.
3. The Globalisation Handbook proposes three types of globalisation indicators in the form of ratios:
   (a) reference indicators; (b) supplemental indicators; and (c) experimental indicators (in some
   cases).
4. OECD published a set of selected indicators in Measuring Globalisation: OECD Economic
   Globalisation Indicators (OECD, 2005)
5. The rationale for undertaking work to develop globalisation indicators resulted from the fact that
   traditional statistics are no longer sufficient to analyse the global economy but need to be
   complemented by new concepts and related statistics;
6. The acceleration of globalisation is due mainly to liberalisation of capital movements, growth of
   trade and investment and international competition and the progress in communication
   technologies;
7. FDI plays a key role in globalisation. OECD’s current revision of international methodological
   standards for FDI statistics has put special emphasis on consolidating the concepts and methods for
   FDI statistics and those recommended for the statistics on the Activities of Multinational
   Enterprises.
8. OECD’s work on Globalisation Indicators limits itself to measuring the intensity of globalisation,
   but it does not provide sufficient tools to evaluate the impact of globalisation on economic
   performance or to measure the impact of structural policy reforms designed to enable national
   economies to benefit more from globalisation.

								
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