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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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