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OECD FDI Regulatory Restrictiveness Index
A tool for benchmarking countries,
measuring reform and assessing
its impact
FDI Index: What does it measure?
Statutory restrictions: All discriminatory measures affecting foreign investors, covering...
1. Agriculture
2. Forestry
3. Fishery
4. Mining & Quarrying (incl. oil extract.)
5. Manufacturing - Food & Other
6. Manufa...
 Scores built on experts’ assessment
of their importance
 Simple average of 22 sectors
 Equal weights advantage: simple...
How can the FDI Index be used?
To measure:
 relative FDI restrictiveness of each country
 changes in restrictiveness ove...
FDI Restrictiveness Index, 2018
OECD average
NON-OECD average
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
Philippines
Sau...
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
Agriculture&Forestry
Fisheries
Mining,Oil&Gas
Manufacturing
Electricity
Constructi...
Countries with fewer restrictions tend to receive more
FDI relative to the size of their economy
R² = 0.1911
0.0
1.0
2.0
3...
Top reformers, 1997 to 2018
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
VietNam
Korea
China
India
Malaysia
Turkey
Indones...
0
5
10
15
20
25
30
35
0.0
0.1
0.1
0.2
0.2
0.3
0.3
0.4
Brazil
FDI Index (open=0; closed=1) % of GDP
0
2
4
6
8
10
12
14
16
0...
Summary of key findings
• The level of FDI restrictiveness still varies greatly across countries,
and impinge essentially ...
Stephen Thomsen
Head, Investment Policy Reviews,
OECD Investment Division
stephen.thomsen@oecd.org
For further information...
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OECD FDI Regulatory Restrictiveness Index

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A tool for benchmarking countries, measuring reform and assessing its impact

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OECD FDI Regulatory Restrictiveness Index

  1. 1. OECD FDI Regulatory Restrictiveness Index A tool for benchmarking countries, measuring reform and assessing its impact
  2. 2. FDI Index: What does it measure? Statutory restrictions: All discriminatory measures affecting foreign investors, covering both market access and national treatment:  Equity restrictions by sector or overall, for acquisitions or greenfield projects  Screening above a threshold or foreign equity share  Restrictions on key personnel: managers, directors, experts  Operational restrictions: land ownership, profit/capital repatriation, branching, reciprocity, discriminatory minimum capital requirements etc. What is not covered?  Degree of implementation/circumvention  State monopoly or participation in a sector  Special treatment accorded to a group of investors, whether by activity (e.g. exporting) or country of origin  Restrictions based purely on national security or prudential measures
  3. 3. 1. Agriculture 2. Forestry 3. Fishery 4. Mining & Quarrying (incl. oil extract.) 5. Manufacturing - Food & Other 6. Manufacturing - Oil Ref. & Chemicals 7. Manufacturing - Metals, Machinery and Other Minerals 8. Manufacturing - Electric, Electronics and Other Instruments 9. Manufacturing - Transport Equipment 10. Electricity (generation, distribution) 11. Construction 12. Distribution – Wholesale 13. Distribution - Retail 14. Transport (surface, water, air) 15. Hotels & restaurants 16. Media (broadcasting and other media) 17. Communication (fixed & mobile telecoms) 18. Financial services - Banking 19. Financial services - Insurance 20. Financial services - Other financial services 21. Business Services (accounting, legal, architecture, engineering) 22. Real estate 22 sectors covered
  4. 4.  Scores built on experts’ assessment of their importance  Simple average of 22 sectors  Equal weights advantage: simple, flexible and easy to use  Avoid the pitfall of variations in the index across countries that are due to the variations in the weights used, rather than to the severity of restrictions in place RESTRICTIONS SCORES I. Foreign equity limits Start-ups and acquisitions No foreign equity allowed 1 Foreign equity < 50% of total equity 0.5 Foreign equity > 50% but < 100% of total equity 0.25 Acquisitions No foreign equity allowed 0.5 Foreign equity < 50% of total equity 0.25 Foreign equity > 50% but < 100% of total equity 0.125 II. Screening and approval* Approval required for new FDI/acquisitions of < USD 100mn or if corresponding to < 50% of total equity*** 0.2 USD100mn or if corresponding to > 50% of total 0.1 Notification (pre or post) 0.025 III. Restrictions on foreign key personnel/directors Foreign key personnel not permitted 0.1 Economic needs test for employing foreign key 0.05 Nationality requirements for board of directors Majority must be nationals 0.075 At least one must be national 0.02 IV. Other restrictions Establishment of branches not allowed/local 0.05 Reciprocity requirement 0.1 Restrictions on profit/capital repatriation 1.0 - 0.1 Access to local finance 0.05 Land ownership not permitted but leases possible 0.05 - 0.01 Minimum capital requirement 0.05 Local content requirements 0.1 Government procurement offers preference to locally- owned firms 0.025 Scoring methodology
  5. 5. How can the FDI Index be used? To measure:  relative FDI restrictiveness of each country  changes in restrictiveness over time  a country’s performance in attracting FDI for a given level of restrictiveness  the effect of FDI liberalisation on FDI inflows
  6. 6. FDI Restrictiveness Index, 2018 OECD average NON-OECD average 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 Philippines SaudiArabia Indonesia Russia Malaysia China Jordan NewZealand India LaoPDR Mexico Tunisia Iceland Canada Australia Korea VietNam Ukraine Israel Myanmar Kazakhstan Austria Egypt UnitedStates Brazil Norway KyrgyzRepublic Switzerland Peru Mongolia Poland Morocco Turkey Sweden Chile SouthAfrica Cambodia Japan Italy SlovakRepublic Albania CostaRica France Ireland Serbia Belgium UnitedKingdom Croatia Denmark Greece Argentina Hungary BosniaandHerzegovina Montenegro Colombia Germany Macedonia,FYR Spain Latvia Lithuania Finland Estonia Netherlands CzechRepublic Romania Slovenia Portugal Luxembourg Kosovo* OECD FDI Regulatory Restrictiveness,2018 (open=0; closed=1)
  7. 7. 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Agriculture&Forestry Fisheries Mining,Oil&Gas Manufacturing Electricity Construction Distribution Transport Hotels&restaurants Media Communications Financialservices Businessservices Realestateinvestment TotalFDIIndex OECDFDIRegulatory Restrictivenessindex (open=0; closed=1) OECD NON-OECD FDI restrictions vary across sectors, 2018
  8. 8. Countries with fewer restrictions tend to receive more FDI relative to the size of their economy R² = 0.1911 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 OECD FDI Regulatory Restrictiveness Index,2017 (open=0; closed=1) Log of Inward FDI stock to GDP, 2016¹
  9. 9. Top reformers, 1997 to 2018 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 VietNam Korea China India Malaysia Turkey Indonesia Finland Philippines Hungary Australia Belgium Canada Mexico Poland Slovenia Egypt Russia Switzerland Estonia Austria SouthAfrica UnitedKingdom Greece Portugal CzechRepublic Brazil Japan Sweden SlovakRepublic OECDFDIRegulatory RestrictivenessIndex (open=0;closed=1) 2018 FDI RR Index Total 1997-2018FDI liberalisation
  10. 10. 0 5 10 15 20 25 30 35 0.0 0.1 0.1 0.2 0.2 0.3 0.3 0.4 Brazil FDI Index (open=0; closed=1) % of GDP 0 2 4 6 8 10 12 14 16 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 Korea FDI Index (open=0; closed=1) % of GDP 0 10 20 30 40 50 60 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Viet Nam FDI Index (open=0; closed=1) % of GDP 0 5 10 15 20 25 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Philippines FDI Index (open=0; closed=1) % of GDP OECD FDI RR Index (left axis) Foreign Direct Investment, inward stocks (% of GDP) Investors tend to respond positively once a critical mass of reforms has been achieved
  11. 11. Summary of key findings • The level of FDI restrictiveness still varies greatly across countries, and impinge essentially on primary and services sectors • Restrictions are still relatively higher in Asia-Pacific, but are coming down strongly over time • Very little evidence of significant backtracking worldwide, although some countries are strengthening national security screening mechanisms • Restrictions tend to hinder a country’s ability to compete for FDI, and hence may impose a cost on the economy which must be assessed against any potential gains from discriminatory policies against foreign investors
  12. 12. Stephen Thomsen Head, Investment Policy Reviews, OECD Investment Division stephen.thomsen@oecd.org For further informationContact FDI Regulatory Restrictiveness Index www.oecd.org/investment/fdiindex.htm Thank you

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