Early this month, the MPI’s Foreign Investment Agency announced five sets of proposals that would dramatically increase investments in the country.
Firstly, administrative procedures will be simplified while the investment limits for which local authorities are decentralized to grant licenses will be increased.
Secondly, the FIA will research projects seeking investment and suggest amendments to them, aiming to create conditions for foreign investors dovetailing with bilateral and multilateral agreements.
Thirdly, the agency will continue draw up a framework of transparent foreign investment laws and policies to create a favorable investment environment facilitating international integration.
Fourthly, the FIA will try to expedite implementation of foreign-invested projects, examining already-licensed projects to remove obstacles. It also plans to recover land from unsuccessful projects to give new projects and create conditions for projects to expand.
Finally, it seeks to boost investment promotion. To this end, a list of projects calling for foreign investment during 2005-2010 will be compiled and a national fund for investment promotion will be set up.