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Guide to the Investment Regimes of APEC Member Economies 2007

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Guide to the Investment Regimes of APEC Member Economies 2007 Guide to the Investment Regimes of APEC Member Economies APEC Investment Experts Group 2007 Sixth Edition Australia ♦ Brunei Darussalam ♦ Canada ♦ Chile ♦ People’s Republic of China ♦ Hong Kong, China ♦ Indonesia ♦ Japan ♦ Republic of Korea ♦ Malaysia ♦ Mexico ♦ New Zealand ♦ Papua New Guinea ♦ Peru ♦ Republic of the Philippines ♦ Russia ♦ Singapore ♦ Chinese Taipei ♦ Thailand ♦ United States of America ♦ Viet Nam Guide to the Investment Regimes of the APEC Member Economies Sixth Edition August 2007 ASIA-PACIFIC ECONOMIC COOPERATION APEC INVESTMENT EXPERTS GROUP Published by the APEC Secretariat 35 Heng Mui Keng Terrace Singapore 119616 Tel: (65) 6775-6012 Fax: (65) 6775-6013 Email: [email protected] Website: www.apec.org © 2007 APEC Secretariat ISBN: 978-981-05-8987-5 APEC#207-CT-03.2 Printed by Pirion Pty Ltd CONTENTS Foreword ..............................................................................................................................................1 Introduction..........................................................................................................................................3 Investment Trends in the APEC Region..............................................................................................5 Investment Agreements in the APEC Region....................................................................................13 Australia.............................................................................................................................................21 Brunei Darussalam.............................................................................................................................59 Canada................................................................................................................................................73 Chile...................................................................................................................................................93 People’s Republic of China..............................................................................................................111 Hong Kong, China ...........................................................................................................................149 Indonesia ..........................................................................................................................................171 Japan.................................................................................................................................................223 Republic of Korea ............................................................................................................................235 Malaysia...........................................................................................................................................245 Mexico .............................................................................................................................................261 New Zealand ....................................................................................................................................281 Papua New Guinea...........................................................................................................................297 Peru ..................................................................................................................................................305 The Republic of the Philippines.......................................................................................................331 Russian Federation...........................................................................................................................359 Singapore .........................................................................................................................................419 Chinese Taipei..................................................................................................................................435 Thailand ...........................................................................................................................................455 United States of America .................................................................................................................507 Viet Nam..........................................................................................................................................531 iii Annex 1 —Survey Questionnaire ....................................................................................................543 Annex 2 — APEC Non-Binding Investment Principles..................................................................547 Annex 3 — Excerpt from The Osaka Action Agenda .....................................................................549 Annex 4 — Menu of Options...........................................................................................................551 Annex 5 — Excerpt from Leaders’ Statement to Implement APEC Transparency Standards........563 General Acronyms ...........................................................................................................................569 iv FOREWORD On behalf of ABAC, I am delighted to recognize the valuable work undertaken by IEG in preparing the sixth triennial edition of the Investment Guidebook. The Guidebook aims to provide clear, concise and relevant information to potential investors in the APEC region. Equally, its audience includes the policy makers who frame and influence the investment regimes. Investment growth is fundamental to strong economic growth, job creation and prosperity, so ABAC is particularly pleased to have been able to cooperate with the IEG in preparing this edition of the Guidebook. As business representatives of APEC we strongly endorse the objective of improving transparency of investment policies and regulations in the region. Information in the Guidebook is presented primarily at the level of individual economies. In this form it should be most useful to all private sector investors – foreign and domestic. This presentation also allows the development of comparative frameworks, which should be valuable to policy makers in evaluating the quality of policies and in identifying improvements to attract broader and deeper capital flows. Investors and policy makers will also see further benefits and challenges as bilateral trade and investment agreements increase across the region. The Guidebook provides useful analysis of these growing issues and on investment trends in the region. ABAC has contributed to the region’s investment environment by developing several check-lists. One deals with goals and best practices for economies to use in assessing the quality of financial and other service offering in the WTO Doha negotiations. Another proposes policies to remove barriers and impediments to FDI in APEC economies. We greatly value IEG’s support for this work. ABAC intends to continue this close cooperation with IEG. Improving the investment climate in the region will continue to be an ABAC priority, and we see the work of the IEG as critical to this effort. Yours sincerely Mark Johnson Chairman, ABAC 1 INTRODUCTION The chief purpose of this the 6th triennial edition of the Guide to the Investment Regimes of the APEC Member Economies (hereafter known as the Investment Guidebook), is to improve transparency on investment issues concerning APEC’s Member Economies and, thus, promote safer and more efficient capital markets. It will provide business people and investors with up-to-date information so that they have a better understanding of the regulations and procedures involved in investing and doing business in APEC’s Member Economies. Also, it will promote the exchange of information between government officials on each other’s investment regimes. The format of the APEC Investment Guidebook Survey Questionnaire (the ‘Questionnaire’) has been altered by APEC’s Investment Experts Group, following consultation with APEC’s Business Advisory Council (ABAC), in recognition of two factors: • that globalization and the proliferation of bilateral agreements — which focus solely on investment or include an investment chapter — has increased the importance of accessible, accurate information (or of reliable conduits to that information); and • that APEC needs to provide such information in a more business-friendly manner to facilitate investment decisions. All 21 APEC Member Economies have completed the ‘Questionnaire’, the main vehicle through which information is collected for inclusion in the Investment Guidebook, and have provided further information upon request to Australia, the editor. Each response provides information (to the extent it is available) on the following major topics covered in the ‘Questionnaire’: 1. Introduction to the Investment Regime 2. Screening of Foreign Investment 3. Sector-Specific Laws and Policies 4. Investment Protection 5. Investment and Development 6. Investment Promotion and Incentives 7. Mobility of Capital and Technology 8. Labor, Movement of People, and Senior Management and Boards of Directors 9. Government Procurement (Optional Question) 10. Competition Policy 3 Annex I contains a copy of the Questionnaire. Subsequent annexes contain copies of the “Non-binding Investment Principles” agreed by APEC Leaders in November 1994, the investment components of the Osaka Action Agenda, “Options for Investment Liberalisation and Business Facilitation
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