Eurasian Integration Yearbook 2012

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Alexey Kuznetsov. “Monitoring Mutual Investmentsin CIS Countries”The Economics of the Post-Sovietand Eurasian IntegrationEven now it is clear that FDI in the region corresponds to the key theoreticalnotion that foreign economic relations tend to be secondary to the processestaking place in national economies. This relates both to the proportions of CIScountries’ capital export and its structural parameters. Russia’s dominationof mutual FDI is apparently unavoidable due to its economic weight andproliferation of true TNCs. It is remarkable that other important investor countrypairs in the region are motivated by the “neighbourhood effect” which ismore traditional in the geography of FDI than it is in other political initiatives(GUAM, etc.). The industry structure is dominated by traditional specialisations(primarily fuel and energy, and metallurgy). However, mutual investmentin medium- and high-tech industries is also being made. Not only do suchinvestments promote the development of new sectors in smaller CIS countries(e.g., telecommunications), they also help to enhance the export structure ofbigger countries (e.g., in mechanical engineering).The territorial widening of MMI CIS’s “area of responsibility” has been dictatedby the multi-directional nature of most CIS investment links i.e., those of Russia(Kuznetsov, 2006), Ukraine (to an even greater extent) and others. In the lightof plans to promote integration with the EU – under the aegis of the EurasianEconomic Union rather than of Russia alone – the monitoring should be extendedto cover the mutual investment of EU countries and Russia, Ukraine, Belarusand Kazakhstan. And, in the longer term, bearing in mind the growing roleof China, South Korea and other Asian countries, similar monitoring exerciseswould be informative for Russia, Kazakhstan and other Central Asian countriesvis-a-vis the Asia-Pacific region. Unfortunately, to date most FDI data are basedon estimates only and are given little coverage in official CIS publications; thishighlights the need to redouble our efforts in building databases to support theintegration of the EurAsEC countries.ReferencesAdelkhanyan R.A. (editor) (2012) The Registration of Business Entities: ForeignExperience. Moscow: Statut.Amagoh F., Markus U. (2010) Kazakhstan’s Outward Foreign Investments:Issues and Perspectives. Central Asia Business Journal. November.Blyakha N. (2009) Russian foreign direct investment in Ukraine. ElectronicPublications of Pan-European Institute. 7. Available at: http://www.tse.fi/pei/Chetverikova A.S. (2009) The Russian Private Business in Belarus. SovremennayaYevropa. 1.Ernst & Young (2011) Ernst & Young’s 2011 European attractiveness survey.Available at: http://www.ey.com/attractiveness.Expert-400 (2011) The Annual Rating of the Largest Companies. Expert. 39.Eurasian Development Bank147
The Economics of the Post-Sovietand Eurasian IntegrationHeifetz B.A. (2009) The Offshore Financial Networks of the Russian Business.Voprosy ekonomiki. 1.Heifetz B.A. (2011a) The Russian Business in EurAsEC Countries: theModernisation Aspect. Moscow: Ekonomika.Heifetz B.A. (2011b) The Russian Capital: the Belarusian Vector. Pryamyieinvestitsii. 7.Heifetz B.A. (2011c) The Unbreakable Alliance. Pryamyie investitsii. 12.Heifetz B.A., Libman A.M. (2008) Corporate Integration: an Alternative for thePost-Soviet Space. Moscow: LKI publishing company.IMF (2010) Table 6-o: Outward Direct Investment Positions by All ReportingEconomies Cross-classified by Counterpart Economies, as at late 2010.International Monetary Fund. Available at: www.imf.orgIIEPS (2006) Direct Foreign Investments in Transitional European Economies.Moscow: Nauka.Kalotay K., Sulstarova A. (2010) Modelling Russian outward FDI. Journal ofInternational Management. 2.Kononov O. (2010) Outward FDI from Ukraine and its policy context. ColumbiaFDI Profiles. Available at: http://www.vcc.columbia.edu/Kuznetsov A. (2011) Outward FDI from Russia and its policy context, update2011. Columbia FDI Profiles. Available at: http://www.vcc.columbia.edu/.Kuznetsov A.V. (2006) The Two Vectors of Russian TNCs Expansion: the EUand the CIS. Mirovaya ekonomika i mezhdunarodnyie otnosheniya. 2.Kuznetsov A.V. (2007) The Internationalisation of the Russian Economy: theInvestment Aspect. Moscow: KomKniga.Kuznetsov A.V. (2008b) Russian Direct Investments in Central Asia. Godplanety. The 2008 issue. Moscow: Nauka.Kuznetsov A.V. (2008а) Direct Foreign Investments: the “NeighbourhoodEffect”. Mirovaya ekonomika i mezhdunarodnyie otnosheniya. 9.Kuznetsov A.V. (2009) Difficulties in Registering Overseas Russian DirectInvestments. Publication of the State Registration Chamber of the Ministry ofJustice of the Russian Federation. 2.Kuznetsov A.V. (2012) The Efficiency of Interdisciplinary Synthesis forthe Development of the Theory of Transnational Corporations (TNC).Interdisciplinary Synthesis in World Economy and Politics Studies. Editors: F.G.Voitolovsky, A.V. Kuznetsov. Moscow: Kraft+.148 EDB Eurasian Integration Yearbook 2012
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УДК 338ББК 65.9Е 91Eurasian
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ContentsContentsList of Figures and
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List of Figures and TablesList of F
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List of AbbreviationsList of Abbrev
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GreetingsForewordThe Eurasian Devel
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IntroductionThe Customs Unionand th
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Introductionbottom up’, with mini
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Introductionrepresent both the obje
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Customs Unionand the Single Economi
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The Economics of the Post-Sovietand
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Advanced Economic Cooperationin Sec
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2011: Data and Reviewsthe customs b
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2011: Data and ReviewsUkraine has p
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2011: Data and ReviewsIt was also n
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2011: Data and ReviewsEU are less t
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2011: Data and Reviewsmajority of w
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2011: Data and Reviewsworking group
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2011: Data and ReviewsBelarus accor
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2011: Data and Reviewsa revised ver
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2011: Data and ReviewsNew integrati
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2011: Data and ReviewsThe agreement
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2011: Data and Reviewsthe SCO was s
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2011: Data and ReviewsBelarus intro
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2011: Data and ReviewsRussia accede
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2011: Data and Reviewsopportunity t
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2011: Data and ReviewsWashington, B
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2011: Data and ReviewsECONOMIC SECT
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2011: Data and ReviewsBelarusian ga
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2011: Data and Reviewsthe first qua
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2011: Data and ReviewsNote:In 2010
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2011: Data and ReviewsUkraine annou
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2011: Data and ReviewsKazakhstan, R
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2011: Data and ReviewsTurkmenistan
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2011: Data and ReviewsKazatomprom h
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2011: Data and Reviewswould begin i
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2011: Data and Reviewsdifferent eng
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2011: Data and Reviewsgroup for $15
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2011: Data and ReviewsKazakhstan, R
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2011: Data and ReviewsRussia decide
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2011: Data and ReviewsGeorgy Kuznet
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2011: Data and ReviewsPharmstandard
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2011: Data and Reviewsmilitary and
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2011: Data and ReviewsUkraine to ch
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2011: Data and ReviewsUS military b
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2011: Data and Reviewsdemand for th
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2011: Data and ReviewsAzerbaijanArm
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2011: Data and Reviewswere consider
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2011: Data and Reviews2008 2009 201
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2011: Data and Reviewsa) Economic g
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2011: Data and ReviewsPriority Area
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2011: Data and ReviewsMoreover, IFC
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2011: Data and ReviewsIn addition,
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2011: Data and ReviewsADB published
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2011: Data and ReviewsThe EBRD and
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2011: Data and ReviewsAsian Develop
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2011: Data and Reviewsestimates tha
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2011: Data and Reviews3. MDB’s pr
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2011: Data and Reviewsin Interactiv
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2011: Data and ReviewsMoreover, in
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2011: Data and ReviewsEBRD extended
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2011: Data and ReviewsThe Bank exte
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2011: Data and Reviewsbalance sheet
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2011: Data and ReviewsThe ADB Board
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2011: Data and ReviewsIn addition,
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2011: Data and ReviewsIslamic Devel
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Information for authorsInformation
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IndexIndexaccession 16, 19, 62, 63,
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Indexreserves 280single 22, 33, 54,
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Indexfinancial integration 15, 231,
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Indexlabourdivision of 20, 63,64mar
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Indexnatural 36, 63, 139, 327respon
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Indexwatermanagement 104, 225-228re
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Report no.1Ukraine and the Customs
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EDB Eurasian Integration YearbookTh
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