Упрощенная HTML-версия
Электронное приложение к журналу «
Международная жизнь
»
Author : A. Kuznetsov
Head of the Center for European Studies, Institute of World Economy and International Relations,
Russian Academy of Sciences (IMEMO RAS), Doctor of Science (Economics)
MANY EXPERTS BELIEVE that a country's economic competi-
tiveness in a globalizing world is mainly maintained by large national
companies that export capital. Today, the major companies of all eco-
nomically developed countries export significant amounts of capital
(outward direct investment).
Well-known Russian researchers often express diametrically opposite
views on the need to stimulate foreign investment activities by Russian
companies.
In this article, I would like to present both the main reasons for the
negative attitude to the promotion of capital exports from Russia and
some of the arguments in favor of support for Russian direct investment abroad, with guidelines
for the development of state policy on Russian outward direct investments, which is so far rep-
resented in Russia by a number of fragmentary and often contradictory measures.
It would be a mistake to think that in the absence of significant direct assistance Russian TNCs
do not get any government financial support at all in implementing their investment plans abroad.
A DEEPER ANALYSIS of Russian directINVESTMENTS abroad shows their significant het-
erogeneity, which calls for a differentiated approach to different types of capitalINVESTMENT
. In particular, apart from "classical" TNCs of various forms of ownership operating in different
sectors, direct investments are also made by direct investment funds and other Russian-controlled
legal entities, and also by individuals (especially when buying foreign real estate).
It can hardly be disputed that an examination of the pros and cons of promoting the export of
Russian capital makes sense only with respect to "real" foreign investments by "classical" Russian
TNCs. But in my view this does not mean that other forms of capital export should be tightly
restricted.
In this context, it would make sense to revisit the idea of creating a Russian export credit and-
INVESTMENT insurance agency that has been around for several years. The last time when
the decision on its establishment as a wholly owned subsidiary of Vnesheconombank with an
authorized capital of 30 billion rubles was announced was in early 2011.11 True, the main em-
phasis will be on export credit insurance against noncommercial risks, while the scope of support
for Russian directINVESTMENTS is still unclear.
Finally, little use is made of opportunities for consulting Russian businesses. Competent infor-
mation support could be provided by the relevant ministries and departments in partnership
with appropriate research organizations.
Should the Government Support Russian Investments Abroad?