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A short summary of this paper. PDF Pack. People also downloaded these PDFs. People also downloaded these free PDFs. Opportunities and threats by Csaba Weiner. Download Download PDF. Translate PDF. In this path, the attraction of foreign direct investment was crucial, so most countries in Eastern Europe tried to give incentives to promote foreign direct investments.

Recently, an increasing part of this capital is coming from emerging economies. With a dynamic economic performance and a growing global integratedness, the Turkish economy has also emerged as a capital investor abroad, and it has become one of the leading investors in its neighbouring regions.

The changing Turkish foreign policy has also promoted the active presence of Turkish companies in neighbouring countries, as part of its new strategy aiming at strengthening the central position of Turkey in the region. In our study, we examine Turkish investments in Eastern Europe by focusing on location specific advantages of the region. We try to give a country- and a sector-specific overview of Turkish investment to detect the most important factors that attract Turkish investment to Eastern Europe.

Though the majority of this capital originated from developed countries, investors from emerging economies had an increasing part in the FDI flows. Turkey is one of the G20 economies, Turkish companies are going global recently. In our study, we would like to examine the foreign capital attractiveness of Eastern European countries: what are the advantages these countries may offer for foreign investors.

We put a special focus on Turkish investments in the region: how much they meet the general expectations, and what specificities can we discover. To be competitive in the international FDI market, firms need ownership- specific advantages. When combined with the locational advantages of host countries and those of internalizing transactions within their own corporate networks, ownership-specific advantages allow firms not only to survive in foreign markets, but also to prosper in competition with domestic rivals.

Sauvant 9 The theoretical background was originally based on the experiences of multinationals comming from developed countries. In recent years, however, there is a growing number and importance of investors from developing countries. In this study, we are not concentrating on the motivations of these companies why do they invest abroad , rather on the location-specific advantages of the countries where they invest. What we are looking for are the specific advantages that Eastern European countries can offer for EMNE or in our case more specifically for Turkish companies.

If we examine the host country characteristics that attract FDI, we can see that the answer crucially depends on the motives of foreign investors in undertaking those investment projects. Kinoshita — Campos 3 By the motivations, we used to differentiate between market-, resource- and efficiency-seeking investments. In connection to this we may add, that the larger the set-up costs of investments are, the more market-size matters.

Jaumotte, Factor costs are important especially for resource- or asset-seeking investments of the manufacturing sector. By labour, it is not only wages, but although the availibility of adequately skilled labour that matters. Countries with better educational system, especially with a well-established vocational secondary education and a higher enrollment rate in tertiary education are more attractive for FDI. Miningou — Tapsoba 18 By analysing the importance of trade openness on FDI, we can find a rather positive impact.

Addison and Heshmati investigated the relationship between FDI and trade openness in developed and emerging countries for the period of to and found that trade openness has significant impact on FDI but this impact was comparatively small and varied by region. In later analyses, however, the positive correlation has crearly been increased. By using a sample of 36 developing countries including Eastern European transition countries for the period , Liargovas and Skandalis found a high correlation in the long run: trade openness contributes positively to the inflow of FDI.

Today it is widely acknowledged that trade and investment liberalisation consequentially has a positive impact on FDI inflows to these nations, and regional trade integrations helps these trends. Since regional trade agreements increase the openness of a country, by opening up economic and investment borders, they are also important promoter of FDI flows.

Shah — Khan, Regional trade agreements also create larger markets, and thus allow the better exploitation of economies of scale. FDI is not only attracted by regional trade integrations, it may actually catalyse these integration processes. Here we can find many proofs on the impact of gravity: larger distances reduces FDI flows.

Many companies recognize opportunities to exploit the cultural closeness of their country with another country by providing products for the host market similar to the products provided in the home market or according to their tastes, needs and mentality Blitzeris 95 The attractiveness of host country locations to foreign investors depends also upon the location's proximity to alternative locations. FDI from the South has a more regional exposure than investment from developed countries, as common border and common distance appear to be more important for the former investors.

Aleksynska — Havrylchyk 24 For EMNEs, beside finance or technology, human resources with the experience of managing regional or global production networks are often the most important bottleneck. Sauvant 9 A paradox that may occur is that most developing countries are in need of FDI themselves, but a number of their domestic firms make investments abroad.

Here there might be a contradiction between macro economic development economic and micro economic firm behavior perspectives. Culpan — Aksaoglu Nevertheless, there may be government-level incentives in emerging economies to promote investment abroad.

In this part we analyse shorly economic development and the role of FDI in Eastern Europe, with a focus on subregional trends and specificities. We are going to differentiate three subregions in Eastern Europe. After the end of the Cold War and the collapse of communism in Eastern Europe, the CEE countries carried out a relatively fast transformation process and were able to join the European Union by As members of the EU, the V4 countries and Slovenia became part of the European single market, they were eligible for European structural and cohesion funds, and they were attractive as markets and as production locations for investors.

In the Balkans, the two former socialist countries, Romania and Bulgaria had weaker economies and underperforming democracies, which resulted in a slower transition process, and an EU accession with a 3 year delay, in The possibility of EU accession, however, prompted the two countries to implement crucial reforms. The EU accession process itself strengthened the confidence of foreign capital, and supported higher economic growth.

In the remaining Western Balkan countries, the ethnic wars in Bosnia and Kosovo had detrimental effects on economies and societies. The economic and political reforms, and the EU-accession of these countries was substantially delayed: Croatia has joined the EU in , while Montenegro, Serbia, Albania and Macedonia are still on the way. For Bosnia-Herzegovina and Kosovo the instablility in their political structure makes full-fledged EU-embership even further.

Still, the positive developments in the SEE region recently have made the prospects of the Western Balkan countries much better than it was in the previous decades. In the Post-Soviet Eastern Europe PSEE , the transition process was equally difficult, while the strengthening of the Russian economy after the Millenium, its growing political activism in its neighbourhood and the lack of or fading EU perspectives have created a different path of development in the region.

For Russia and Azerbaijan, the rise and fall of oil price has crucially influenced the economic performance. Armenia and Belarus are both depending on Russia, and they opted for a participation in the Russian- led Eurasian Customs Union. Russian involvment, however, was and still is threatening the territorial integrity of these countries, and thus it affects fundamentally their economic prospects.

Foreign capital has played a crucial role in the transformation process towards market-ruled economies, though due to the different development paths in these countries the participation of FDI was also manifold. There was a strong geographic concentration of FDI flows, especially in the first period: the Czech Republic, Hungary and Poland were the main beneficieries, in the first decade of transition more than half of the FDI-stock went to these countries, mainly from Western Europe.

While countries like Hungary introduced policies from the beginning to attract FDI, and foreign capital has played an important role in the privatisation process already, others followed a different approach, preferring domestic ownership by privatisation. The decisive role of FDI in shaping economic development in the V4 can be demonstrated also with the comparison to economic development of neighboring countries like Romania, Serbia or Croatia.

The lack of the presence of multinational business largely explains the relatively weak development performance of these countries. Szanyi 2 Followed by the positive example of CEE countries, more and more countries has started to consider FDI as a potential driver of economic development during the transition process, and decided to open up their economies to FDI flows. In different manners and scale, almost all Eastern European countries introduced policies to attract FDI, the main instruments being direct subsidies, tax and import duty exemptions, and infrastructural developments helping foreign investors activities.

Regarding production factors, most countries in Eastern Europe with industrial development experiences were able to offer a relatively cheap, but well qualified labourforce, especially in manufacturing sectors. The institutional factors were also important: reliable institutions matter for foreign investors. Uncertainties related to different norms made investments more risky, especially for Western investors, while familiarity with the local environment, not only in legal, but in a broader sense cultur, language, etc.

The MNEs choose the country that maximizes the possibility of success for their investment plan. Each country offers different motives and incentives for investment and has different obstacles that are all submitted to considerable changes through time. Even when two countries hold the same properties, an MNE bases its investment decision on evaluation of all factors in relation with the corporate priorities and needs.

Blitzeris There is a substantial change in the dynamincs of FDI inflows to the region recently: while from the early s up to there was a more or less continous increase in FDI inflows, after the global crisis this dynamics has broken, and the inflows have slowed down. As Hunya assesses the most propable trends, FDI activity will not return to the pre-financial crisis level due to the subdued investment appetite of multinational companies.

The political support for FDI, especially in the CEE region focuses only on export-oriented investments with high-technology content; in other sectors domestic investors are preferred competitors. Concerning the type of FDI, we can see a structural shift as well. The most important change is that efficiency-seeking FDI in the manufacturing sector, which has played a key role during the transition process of the region, has lost its relevance after the crisis.

Reinvested earnings and the service sector dominate now FDI flows. Greenfield investors face growing difficulties in meeting the employment demand. Hunya The latter option is not very likely in the near future, as those eastern countries such as Ukraine still provide inferior business conditions and infrastructure. Maybe the Western Balkans can provide alternative locations offering an underutilised labour pool and improving infrastructure.

Transition countries seem to attract FDI regardless of their assessed level of sovereign default risk. This could be because single large investment projects may still be deemed very attractive and because market access, especially for consumer goods, is highly valued. In the CEE region, the Netehrlands is the top investor, but, as mentioned above, Dutch investment may have different sources of capital behind their flag.

Since , the geopolitical tensions between Russia, Ukraine and the Western countries, and also lower oil prices made the region less attractive for many foreign firms. The source of investments are sometimes also difficult to detect. The artificial economic boom in this period was fuelled by financial flows led by expanding Austrian, Italian and Greek banks. After the crisis, however, these financial flows dried up, since not only Greek banks, but also Italian UniCredit and Austrian Erste Bank were recapitalising their affiliates and cut back on lending.

By now, Russia took the no. Turkish interests in Eastern Europe In this part we focus on Turkish investors in Eastern Europe: what are the location- specific attractions of the region and the 3 subregions we analyse, and why is it interesting for Turkish FDI. Turkey, as a relatively closed developing country, had few experiences with outward investment.

After the s, when Turkish workers began arriving to Europe, countries like Germany and the Netherlands became destination of Turkish financial and commercial firms, while from the s, the increasing activity of Turkish constraction firms especially in the Middle East led to some outward capital flows.

In the late s and early s capital liberalistion created a better environment for capital flows. The opening up of the Turkish economy increased domestic competition and turned the attention of Turkish firms towards markets abroad. The rather negative business climate in Turkey high inflation, economic volatility was another push factor for OFDI. Challenged in their domestic market, they began to search for markets and technology to compete successfully in the global economy.

Aybar 80 The transformation of Eastern Europe after the dissolution of the Soviet Union created a new political and economic environment for Turkey and for Turkish firms. By analysing the role of Eastern Europa as a location for Turkish OFDI, we consider both firm-specific advantages of the location, and also the factors influencing the official Turkish policy by promoting investments in these countries. Yildiriz In the empirical analysis of Turkish ODI over the — period, Aybar found that absolute size of the market, natural resource endowment and cultural proximity plays the most important role in the decisions of Turkish MNEs investments, though Turkish ODI has different motivations for EU and non-EU countries.

Foreign markets are used as substitutes for the domestic market by Turkish FDI firms. Anil Keskin et al There is a potencial for Turkish firms in cooperation with Eastern European parters in many aspects. Djurica 17 1. Global value chain integration. By forming joint ventures with local firms to increase competitivenessin the global economy. Business process outsourcing. Firms providing specialized niche services make important contributions to competitiveness. Djurica 18 3. With its strong Western orientation, being a member of NATO, it had limited will and also possibility to create deeper cooperation with neighbouring countries.

Eastern Europe has belonged to the Soviet block. With the end of the Cold War, Turkey had to rethink its foreign policy doctrine. The new foreign policy doctrine defined Turkey as a regional power, a natural heir of the Ottoman empire that has neglected its historic backyard, the neighbouring regions for too long.

Although the official Turkish standpoint refuses it because of its negative connotations, it is obvious that the core areas of Turkish activism are in the neighboring regions once part of the Ottoman Empire: the Balkans, the Middle East, and the Caucasian region. From the 15th to the end of the 19th century, most of the neighbouring regions of Turkey belonged to the Ottoman Empire.

The memories of the Ottoman past still influence the countries. Serbs , Turkish dominance awakes rather negative associations. Now we have to reinvent this Turkey is back. First, the strengthening of good relations with traditional Balkan partners like Albania, Bosnia-Hercegovina, Macedonia and Kosovo. Second, a new opening and an improvement of relations with Bulgaria, Serbia and Montenegro, and as third element, strengthening the stability of the region by mediation and multilateral initiatives.

The return of Turkey to the Balkans is marked by the intensification of economic ties and interests. Turkey signed free trade agreements with all Balkan countries, and also signed visa-free agreements with all countries that foster business ties between the countries as well. Turkish FDI in Eastern Europe — a sectoral and country-level comparision The amount of Turkish foreign direct investments abroad have increased substantially in recent decades.

From a total stock of 4. While in the first period Azerbaijan was the top target of Turkish FDI in the region, by the Balkan countries took over its place. Indirect investments make it harder to detect the final destination of investments: many Turkish investments in Eastern Europe especially in EU-member countries happens through Dutch companies. It means that in general smaller size, risk-taking invested in Eastern Europe, while capital-intensive TMNEs with market knowledge and experience invested more in Western Europe.

It shows that Turkish investments in Hungary are more than the double, 55 million USD instead of 25 million. And based on single investment reports of companies, even these datas seems to be underestimated. Russia, as one of the fastest growing markets in the world, became popular for foreign investors, but the specificities of the Russian market e.

Turkish investors seemed to be succesful to cope with these obstackles. During and , TMNEs made investments 13 percent of their total worldwide greenfield investments in Russia, and invested about 10 billion USD and created jobs for over 55 thousend people. Bakir — Acur In recent years, Ukraine and Belarus, two other relatively big and underinvested regions in the PSEE region have also become popular for Turkish investors. Beside real estate developments, investments in the financial sector and in manufacturing were the top targets.

In the Caucasus region, Azerbaijan was the top investment target for Turkish companies since the s. In , more than Turkish firms were operating in Azerbaijan. Until the end of s, Turkish businesspeople had no rivals in the chaotic, but unexploited Azerbaijani market: Turkish experiences with market economy, ability to do business in corrupt environment, and cultural proximity were strong assets.

Bedirhanoglu They acted as intermediaries between Azeri and Western companies. The peak period of high profits was between and , but even today the prospects of Azeri markets are good in a regional comparision. Bedirhanoglu South Eastern Europe the Balkans has an even larger importance for Turkish investors nowadays: many companies invest in the region as a first step towards becoming regional players.

Djurica 46 There are several characteristics of the Turkish investment strategy in th SEE region, some of which are applicable for other neighbouring regions. Financial investments have a crucial importance, the entry of Turkish banks into a country used to pave the way for further economic ties by offering valuable country-related knowledge to Turkish investors.

Brownfield investments are popular form for Turkish investors to enter these economies. Compared to greenfield investments, in this form there are less administrative barriers permits needed for construction, registering property. Furthermore, acquiring active facilities allows investors to take over the existing workforce, significantly reducing the time until operations can start.

Djurica 47 However, as investment climate reforms speed up, and the EU accession talks of Western Balkan countries progress, greenfield investments may increase. In the small market economies of the Balkans, the culture of doing business is similar to that in Turkey. Investing in these countries appears to be a low cost, low risk and high reward enterprise, so in many respects it is ideal for Turkish companies as a first location for going abroad, and to streamline their internationalization process in management and production practices, and to step further in more competitive EU markets.

Djurica 50 A further advantage of SEE countries for investors is that multiple daily flights operated by Turkish Airlines to all capitals in the region facilitates integration. In many Balkan countries, Turkish Universities offer important opportunities to find Turkish-speaking high quality human capital.

All things considered, however, Turkey is a latecomer to the region. Greece keeps on playing a key economic role in the region, even though it has been particularly hit by the financial crisis. Turkey has lagged at targeting strategic sectors, being undercut also by Russian plans e. Though Romania ranks only 11th in terms of total stock of Turkish OFDI, it is the third regarding the number of investors, i.

Turkish investors entered Romania with the purpose of either exploiting their firm-specific resources and capabilities, or acquiring and exploring new resources and capabilities which provide them with required competitive advantages. Anil et al Their role in the Bulgarian economy — both in production and in employment — has grown significantly. Turkish investments in the country amount up to 2 billion USD.

In addition to two Turkish capital based banks, there are close to small-medium and large Turkish firms operating in Bulgaria. While Turkish investors were active in Macedonia as well, Serbia, Montenegro and Croatia were less attractive or less hospitable locations for long. Recently, however, we can see an appreciation of these economies: the EU accession process Croatia is a member sinve , Montenegro and Serbia has started the accession negotiations.

Currently, there are Turkish direct investments totalling around million USD in Serbia, mainly in the textile and food sectors, in retail trade and in entertainment. Investments are being made to increase additional capacity," he said. The World Bank estimates unemployment is as high as 48 percent.

When Kosovo advertised prison guard positions a few weeks ago, more than 5, people applied. With jobs so scarce, Kosovars now constitute the fifth-largest group of asylum seekers in the European Union, a high figure given the small total population of two million in the majority ethnic Albanian country. Some Kosovars pay smugglers 2,, euros in hopes of reaching EU countries illegally and starting a better life.

Analysts warn of trouble in a still unstable region, where relations between majority Albanians and minority Serbs sealed off in a self-ruling pocket of Kosovo remain tense, if economic prospects do not improve for the young. The 4 billion euros in aid since went mainly into rebuilding homes, roads, schools, and power plants shattered during the war. But the electricity grid remains old, unable to pump out energy needed for a modern infrastructure.

To date, foreign investors have seen put off by widespread graft, weak governance, unfair competition, frequent power cuts and a significant degree of black marketeering in the economy. A glimmer of hope lies in the creation since of some 1, jobs in outsourcing enterprises such as call centers or computer engineering services for English or German-speaking companies. Clients include U. One firm, 3CIS, has employees, up from five in Freek Janmaat, an economic policy adviser for the European Commission, sees better opportunities after the country builds a planned million euro highway connecting it with Albania, privatizes its telecoms and builds a new coal-fired power plant.

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KOSOVO is a country with great potential and recently has demonstrated to have a healthy business environment, however it is recommended to: Approach qualified lawyers and surveyors and also other experts to conduct a Due Diligence on the intended investment In case of acquisitions, try to explore the status of the Escrow so that payment is held in escrow until all CP-s are satisfied by the seller Check all possible guarantees that Kosovo State may give as a state Find the location with best tax status with Kosovo and form a SPV there to implement the Kosovo project US-Kosovo Investments Forum, New York, 27 Oct Hope these slides were useful!

However, should you have questions feel free to contact us at: www. Create Presentation Download Presentation. Skip this Video. Loading SlideShow in 5 Seconds.. Investment activity of private businesses in the postwar period has generated significant economic growth and employment, but overall the outlook remains negative in terms of declining average traffic volume for enterprise and employment growth. In these conditions, economic policy makers are challenged with the need to promote new investments.

Foreign direct investment FDI alone can not accelerate appropriate activities. The goal should be to make FDI an important resource but complementary to other funding sources. Experience of economic development in recent decades, particularly when it comes to developing countries, has pointed out that private FDI is considered important because of their positive and multilateral effects.

During the 90s, Kosovo benefited from global trends towards steady increase of investment. This growth has been significantly more stable and sustainable compared to other financial instruments capital flows in developing countries such as the international financial market, intergovernmental loans, bank loans, government funds and investment portfolios. The negative FDI is only in Western Europe which invests more in other regions rather than accepting investments.

On the other hand, taking into consideration the favorable business climate, stable macroeconomic environment and the excellent opportunities across different business sectors, Kosovo, even though at a very slow pace, is increasingly becoming a very attractive place for doing business. As result, the interest of foreign investors has been increasing steadily during the past years and with it the inflow of FDI.

Kosovo has so far attracted over 1 billion Euro of FDI. Apart from investment pioneers such as the Raiffeisen Bank and Procredit, which entered the Kosovar market at the beginning of the transition phase, there are many other foreign companies engaged in a wide range of business sectors.

According to the Business Registry data, there are over 2, companies of foreign and mixed ownership that have already used the opportunity to invest in Kosovo. The large amount of foreign companies operating in Kosovo is a living proof of the opportunities and benefits that the country offers, and also represents a base of quality products and a sufficient service-providing community.

Even though it is a developing country, it seems that Kosovo surprisingly does have large number of investors and foreign businessmen. According to Investment Promotion Agency which operates under the Ministry of Trade and Industry, shows that in Kosovo are registered foreign investors. The majority of these investors are individuals who have their own companies in the respective countries and have started their branches in Kosovo. Though the number of investors is surprising, even more impressive is the employment generated by these investors.

While some investors are employing people in thousands, others are hiring in lower numbers. Among foreign companies who have invested in Kosovo, the highest number of employees work in Feronikel in Drenas with 1, persons. Next to Feronikel, another company into smoke production in Gjilan appears to have a large number of employees followed by Turkey with persons.

The fields that have attracted maximum foreign investors is the banking sector, transportation, tourism, education, telecommunication, and marketing. According to the statistics, the elementary total sum of the capital of all foreign direct investments in Kosovo, covering all the fields they invested in, is 3,,, euro.

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Ucsb summer financial aid One firm, 3CIS, has employees, up from five in Yildiriz In the empirical analysis of Turkish ODI over the — period, Aybar found that absolute size of the market, natural resource endowment and cultural proximity plays the most important role in the decisions of Turkish MNEs investments, though Turkish ODI has different motivations for EU and non-EU countries. While some countries were attracting foreign capital from the biggining, others were much more cautios, or the circumstances wars, slow political or institutional transformation made them more risky for foreign investors. World swimming bans transgender athletes from women's events. Culpan — Aksaoglu Nevertheless, there may be government-level incentives in emerging economies to promote investment abroad. The 4 billion euros in aid since went mainly into rebuilding homes, roads, schools, and power plants shattered during the war. Its market size: not only countries like Russia and Ukraine, but due to trade agreements smaller nations are also part of larger economic areas.
Investing in kosovo 2012 toyota Transition countries seem to attract FDI regardless of their assessed level of sovereign default risk. Aleksynska — Havrylchyk 24 For EMNEs, beside finance or technology, human resources with the experience of managing regional or global production networks are often the most important bottleneck. In the Balkans, the main sectors of Turkish investments are glass production, textile, chemical and steel industries, electric and vehicle components, and food industry. The NATO force was recently reinforced by a German-Austrian quick-reaction battalion, bringing its total strength to about 7, troops. The force originally numbered nearly 50, troops when it first entered Kosovo 13 years ago. Utah family followed by bear in B. In the Caucasus region, Azerbaijan was the top investment target for Turkish companies since the s.
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Myr to rmb bank negara forex Other sevices In telecommunication, Turkish Turkcell is one of the major players in the region. While countries like Hungary introduced policies from the beginning to attract FDI, and foreign capital has played an important role in the privatisation process already, others followed a different approach, preferring domestic ownership by privatisation. May The most active companies are Bechtel Enka and Limak Group. Each country offers different motives and incentives for investment and has different obstacles that are all submitted to considerable changes through time. Brownfield investments are popular form for Turkish investors to enter these economies. Post-crisis Perspectives.

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