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This study tries to present the current picture of investment climate of Georgia. This work, we believe, will also fill the knowledge gap in the area of foreign direct investment (FDI) research on Georgia. The analysis focuses on major obstacles faced by investors. We first identify and then quantify the major obstacles for both foreign and domestic investors using the case studies of investors in Georgia and the statistics obtained from these data. The study results indicates that the most serious problem for investors is the human factor, which comprises of corruption and unskilled local labor force. We also found that the issues such as government regulations (regulatory burden), infrastructure, or safety do not act as major deterrents of FDI inflows, especially after the successful reforms of the Saakashvili government. It was also found that most investors have been satisfied with their operation.

During the last six years, exceptionally favourable external conditions for an upsurge of the domestic economy have been developed. However, they failed to result in an economic boom, which has been estimated by the authors as quite possible. One of the reasons for this - deterioration of the investment climate in the country that caused a decline of business activities and money demand decrease thus leading to reduction of potential GDP growth rate. The accumulated modernisation problems cannot be resolved without increasing the economic dynamics. But this requires an economic policy able to facilitate predictability of Russian business operational environment, to protect it legally, to secure a system of partnership relations with the government and to respect the interests of the main participants in the state level decision-making process concerning business undertakings and investment climate.

This report on Sudan's Investment Climate Assessment (ICA) provides a baseline assessment of challenges to productivity, diversification and inclusion. Chapter 1 describes some of the questions underlying the three issues of competitiveness, diversification and broad-based growth. Chapter 2 analyzes firm performance and competitiveness. Chapter 3 discusses markets and trust. Chapter 4 describes the role of the financial sector. Chapter 5 analyses the informal sector. Chapter 6 discusses the conflict-affected private sector development. Chapter 7 discusses regional inclusion, and Chapter 8 makes some preliminary conclusions and recommendations.

Despite decades of war and instability, Iraq's abundant natural resources, strategic geographic location and cultural history endow Iraq with tremendous potential for growth and diverse economic development. Driven by windfall oil revenues in recent years, the Government of Iraq has invested heavily in rebuilding the infrastructure of the country, and its abundant oil reserves ensure that progress can continue steadily. This report was initiated at the request of the Iraqi government to assess the local investment climate and identify those high priority factors which most significantly impede private sector development in Iraq, in an effort to prioritize the recommended investments, institutional and regulatory reforms which would most significantly contribute to sustainable private sector growth and increased productivity.

Given the need to improve the overall investment climate in the Republic of Madagascar, an Indian Ocean island nation located off the east coast of Africa, this Investment Climate Assessment Update (ICAU) evaluates trends and characteristics associated with firm, growth, and performance. More specifically, the ICAU examines firm level growth and productivity, and how they are related to firm characteristics and to certain obstacles facing firms in manufacturing and services during the period 2004-2007. The scope of this report is narrower than that of typical investment climate assessment. This is a result of political situation in Madagascar and data availability. The current political crisis will likely have significant consequences for incentives to invest, and on firm growth and performance in both the domestic and export markets. However, these impacts are hard to identify while the crisis is ongoing. In addition, the enterprise survey data used in this report are entirely pre-crisis (covering the period 2004-2007). Therefore, with the exception of parts of chapter one on the macroeconomic and political background, this report will focus on the pre-crisis period. Nevertheless, the analysis will focus on trends that author expect to be structural rather than cyclical and which therefore will be informative in terms of setting the basis for policy dialogue with the government of Madagascar when the crisis recedes.

Government policies and behavior exert a strong influence on the investment climate through their impact on costs, risks and barriers to competition. Key factors affecting the investment climate through their impact on costs are: corruption, taxes, the regulatory burden and extent of red tape in general, factor markets (labor, intermediate materials and capital), the quality of infrastructure, technological and innovation support, and the availability and cost of finance. While the investment climate surveys are quite useful in identifying major issues and bottlenecks as perceived by firms, the data collected is also meant to provide the basic information for an econometric assessment of the impact or contribution of the investment climate (IC) variables on productivity. We believe that improving the investment climate (IC) is a key policy instrument to promote economic growth and to mitigate the institutional, legal, economic and social factors that are constraining the convergence of per capita income and labor productivity of Turkey relative to more developed countries. For that, we need to identify the main investment climate variables that affect economic performance measures like total factor productivity, employment, wages, exports and foreign direct investment and this is the main goal of this paper. In turn, that quantified impact is used in the advocacy for, and design of, investment-climate reforms.

Foreign investment in Nigeria requires careful planning and attention to local requirements. For those investors willing to take the necessary time and effort the opportunities offered can be rewarding. The prospective American investor must inform himself of political, economic, and social conditions. He must adapt himself to dealing with Africans and must try to understand their social and cultural patterns and their historical evolution. In the past this was desirable, but not essential, since business contacts were predominantly European. Today it is critical. Invitations by Nigerians for joint projects involving public participation need not be regarded as an overriding obstacle to private foreign investment. Indeed, given the limited supply of local private capital and the extent of state regulation of business enterprise, a measure of government participation may provide compensatory advantages. For example, clear leasehold titles to landsites could perhaps be more effectively acquired with the government sharing in the venture. Also, operational problems involving power, transport, and communication, which are public sector activities in Nigeria, could be more effectively resolved. This is not to suggest that a United States private investor uniformly accept government participation. American investors should understand Nigerian aspirations and not be inflexible in their negotiations with government or individuals. Indeed, those foreign investors who invite participation by local African capital, who adopt policies to train local labor, and who indicate their sincere desire to assist economic progress, will find themselves held in the highest esteem in the host country.

This Investment Climate Reform Action Plan summarizes the economic context of Senegal as well as the main constraints private sector faces in the country, and provides a number of recommendations on which the World Bank (WB) and the Government of Senegal (GOS) can collaborate on to eliminate poverty and promote shared prosperity. Section one leverages an Investment Climate Scan drawing on economic data from global resources summarizes the situation of Senegal with reference to the macroeconomic and political factors that are impeding its development. The analysis includes benchmarking different IC characteristics against selected structural, aspirational, and regional comparators. Annex one expands on the Scan's methodology. Section two summarized relevant WBG diagnostics by presenting a stocktaking of available diagnostics and efforts to improve the country's investment climate. Section three distils the constraints Senegal faces in improving its investment climate, with a special focus on the additional challenges faced by the country during the COVID-19 crisis. Section four outlines WB recommendations through the Reform Action Plan and charts a path toward future partnership with the GOS in achieving these objectives.

International audience ; This paper proposes an institutional approach of the changing investment climate in Russia. By studying successively official positions about investment policy and legal texts, and then evaluating the effectiveness of the enforcement mechanisms, we show that reality is often at odds with official declarations about the friendliness of the business environment. Evidence provided by surveys of international business people shows that during the 2008 crisis, the business climate has not really improved for foreign investors in Russia. Still, the situation does not hamper Russia from continuing to be one of the most attractive countries in the world for foreign direct investments.

International audience ; This paper proposes an institutional approach of the changing investment climate in Russia. By studying successively official positions about investment policy and legal texts, and then evaluating the effectiveness of the enforcement mechanisms, we show that reality is often at odds with official declarations about the friendliness of the business environment. Evidence provided by surveys of international business people shows that during the 2008 crisis, the business climate has not really improved for foreign investors in Russia. Still, the situation does not hamper Russia from continuing to be one of the most attractive countries in the world for foreign direct investments.