By James J. Emery, Melvin T. (Jr.) Spence, Timothy S. Buehrer, Louis T. Wells
Whilst at each flip, they discover a new twist, or a brand new requirement, overseas traders in Africa may be simply discouraged from constructing companies. even if many African governments have liberalized and reformed funding guidelines and advertise themselves as funding websites, the truth dealing with traders differs vastly. to aid swap the 'lack of investor reaction' to Africa's enticements, this e-book examines the executive constraints to funding in different African international locations. It offers the adventure that confronts traders after they organize an organization. The case histories show how the morass of licenses, approvals, allows, and different standards that lead to undue delays and unexpected expenses motivate bribery and corruption and foster an atmosphere of pervasive uncertainty for all traders. The chapters are divided into 4 parts, which correspond approximately to the chronological means of funding. they're: 1) common approvals, licenses, and registrations; 2) really expert approvals; three) requisites to realize entry to land, website improvement, and software connections; and four) operational standards. This ebook may be of curiosity to govt officers, teachers, and funding organisations.
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Additional resources for Administrative Barriers to Foreign Investment: Reducing Red Tape in Africa (Occasional Paper (Foreign Investment Advisory Service))
Sub-Saharan Africa remains marginal in terms of global investment flows, largely missing out on the tremendous expansion of foreign direct investment (FDI) in developing countries that has happened during the last decade. 8 percent in 1996, its lowest levels since the early 1980s. 7 This meager performance is further tempered by the fact that FDI in Africa remains concentrated in resource extraction industries, which are driven more by resource endowments, extraction costs, and world market oil and mineral prices than the Page 14 competitiveness of the local economy.
Even where general investment licensing may have been abandoned, other types of licenses and approvals are typically required. This reflects in part institutional weakness and an inability to enforce regulations on operating businesses. · Corruption. Corruption, whether on a small or grand scale, is facilitated by the various types of administrative constraints and pro- Page 18 cedural requirements on investors. Where these choke points have proliferated, so have the opportunities for extracting payments from businesses.
But it has also been a pragmatic response to worsening economic conditions, the obvious failures of most features of the statist model, and the need for drastic new measures to achieve economic progress. Broadly speaking, the objective of these reforms has been to promote private sector development, attract new private investment, and restore economic growth. , duty remission, drawback, bonded warehouses, and export processing zones), and removing export taxes; · Rationalizing tax structures by reducing the highest marginal rates and expanding direct tax bases, introducing value-added taxes, and improving enforcement and administration; · Liberalizing private investment by reforming restrictive investment legislation, opening sectors reserved for the state or nationals, removing advance approval requirements, guaranteeing equal treat- Page 12 ment for foreign investors, providing fiscal incentives for new investment, signing bilateral investment treaties and multilateral conventions, establishing "one-stop approval centers," and establishing investment promotion organizations; and · Reforming the financial sector by removing controls on interest rates, ending directed lending, promoting trading in government debt instruments in secondary markets, establishing equity markets, and encouraging foreign portfolio investment.
Administrative Barriers to Foreign Investment: Reducing Red Tape in Africa (Occasional Paper (Foreign Investment Advisory Service)) by James J. Emery, Melvin T. (Jr.) Spence, Timothy S. Buehrer, Louis T. Wells