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Foreign direct investment and institutional obstacles: The case of Russian forestry
Swedish Energy Agency, Stockholm.
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Social Sciences.ORCID iD: 0000-0003-2264-7043
2002 (English)In: Natural resources forum (Print), ISSN 0165-0203, E-ISSN 1477-8947, Vol. 26, no 4, p. 302-313Article in journal (Refereed) Published
Abstract [en]

This article examines why, in spite of vast forest resources, Russia has been unable to attract foreign investors into its forest industry. A survey of 32 influential Western European forest companies indicates that purely economic factors, such as labour or raw material costs, are not the main reasons these companies refrain from investing. Instead, the companies identify a number of institutional factors: ambiguous legal systems; difficulties in negotiating with local authorities; unfair tax enforcement; and general political instability as the main impediments to FDI in the sector. These factors have led many companies to abandon previously considered investments in Russia, and also to terminate existing business relationships with Russian partners. The survey results also indicate that, while many investors in forestry were attracted by the potential for a growing Russian market in the early days of the transition period, they have become more and more aware of the many institutional obstacles challenging growth in the sector. The article concludes, therefore, that FDI in the Russian forestry sector is likely to remain low until a fundamental change takes place in the legal and political systems.

Place, publisher, year, edition, pages
2002. Vol. 26, no 4, p. 302-313
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:ltu:diva-4103DOI: 10.1111/1477-8947.00033Local ID: 1f99c230-a252-11db-8975-000ea68e967bOAI: oai:DiVA.org:ltu-4103DiVA, id: diva2:976966
Note
Validerad; 2002; 20070112 (ysko)Available from: 2016-09-29 Created: 2016-09-29 Last updated: 2017-11-24Bibliographically approved

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Söderholm, Patrik

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