2010, vol. 27, br. 7-8, str. 23-37
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Značaj investicionog okruženja za plasman stranih direktnih investicija
The importance of the investment environment for direct investments of foreign capital
aUniverzitet Privredna akademija u Novom Sadu, Fakultet za ekonomiju i inženjerski menadžment - FIMEK, Srbija
bDoktorant, Univerzitet, Barselona, Španija
cUniverzitet Union, Fakultet za preduzetnički biznis, Beograd, Srbija
dPančevo
Sažetak
Na osnovu dosadašnjih iskustava evropskih tranzicionih zemalja, a posmatrano sa aspekta povećanja priliva SDI, u ovom radu je apostrofiran značaj stabilnosti investicionog okruženja. Pozitivne uticaje stranih direktnih investicija (SDI) na privrede evropskih tranzicionih zemalja potvrđuje većina empirijskih istraživanja. Negativni efekti se, s druge strane, uglavnom odnose na pad zaposlenosti usled ulaska stranih kompanija kroz privatizacioni proces, nemogućnost domaćih kompanija da pariraju stranim firmama sa aspekta produktivnosti i konkurentnosti i prenaglašena sklonost ka uvozu. Privlačenje izvozno orjentisanih stranih kompanija imalo je, gotovo bez izuzetka, pozitivne efekte. Za greenfield projekte, povoljno, a pre svega stabilno investiciono okruženje je bilo od krucijalnog značaja u svim evropskim zemljama u tranziciji. Neophodnost privlačenja stranih direktnih investicija u Srbiju je praktično neosporna, s obzirom da strani investitori osim kapitala donose i nova znanja, tehnologije i tržišta. Problem nezaposlenosti je evidentan, a treba imati u vidu i da se proces privatizacije bliži kraju, pa će zato urgentno popravljanje investicione klime biti neophodno, kako bi se privukle pre svega greenfield investicije koje, između ostalog, podrazumevaju otvaranje novih radnih mesta. To se prevashodno odnosi na političku stabilnost i pravnu sigurnost. Eventualno intenziviranje političke krize u Srbiji bi imalo pogubne posledice po plasman SDI, a o greenfield investicijama bi u toj situaciji bilo jako teško govoriti.
Abstract
Based on experiences of European transition countries, in this paper, stability of investment environment is named as the key factor regarding FDI inflow increase. Positive impacts of Foreign direct investments (FDI) are confirmed in the most of empirical analysis. Negative effects are, on the other hand, mostly related to employment decrease due to the entry of foreign companies through the privatization process, low competitiveness of domestic enterprises comparing to foreign firms, and grate share in overall import. Presence of export orientated foreign companies had the positive impact in all cases, almost without exceptions. Optimal, principally stable investment environment, was substantially important for Greenfield projects in all European transition countries. There is no doubt that Foreign direct investments are needful and extremely important for the Republic of Serbia, especially because of the investment package consists not only of capital, but also including new technologies, management and organization knowledge's, market access, etc. Unfavorably situation regarding unemployment is evident and privatization process is near the end, so investment climate have to be improved in the nearest future in order to attract greenfield investments (which include new job creations). It means that grate efforts have to be concentrate on preserving the political stability and upgrading legal safety. Possibly extension of the political crisis should have particularly negative impact on FDI flows in Serbia, not to mention that greenfield investments shouldn't be expected under those circumstances.
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