Transcript Common Legal Basis for Transit Transportation

Common Legal Basis for Transit Transportation
Common Legal Basis for Transit Transportation
The European Union’s Tacis TRACECA programme
for Armenia, Azerbaijan, Bulgaria, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Romania, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan
Main strategic directions of
Intergovernmental Commission of
TRACECA in the development of transport
networks of international transport
corridor “Europe-Caucasus-Asia”
(TRACECA) for 2005-2010
Tbilisi, May 18-19 2004
Europe Aid
Funded by the European Union
Project implemented by
Lamnidis & Associates
Common Legal Basis for Transit Transportation
Factors influencing staged development of
countries’ economies
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Maintaining stable economic growth
Increasing investments into the economy
Suspending the outflow of capital
Building-up high-technology sphere
Harmonization of the transport legislation
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Common Legal Basis for Transit Transportation
IGC TRACECA main tasks
1. inclusion of a transit programme into the national priorities list;
2. Development of a common action plan for the development of
the transport corridor TRACECA and its transport networks for
more effective Trade and Transport facilitation;
3. reduction of the tax burden on the transport infrastructure
development projects;
4. greater allocation of financial resources from international
grants and loans for the development and reconstruction of
transport and communication infrastructures;
5. adoption of reasonable measures for the protection of transport
companies, ship owners, ports, railways and other transport
infrastructure facilities involved in transit transportation process;
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Common Legal Basis for Transit Transportation
IGC TRACECA main tasks
6. development of institutional basis for investment activity;
7. implementation and development of modern and more flexible
forms of investment attraction from international financial
institutions and particularly from private investors;
8. establishment and development of the basis for cargo
insurance and liability of carriers, operators, stevedore
companies, etc.
9. creation and development of the TRACECA Single Transport
System concept to form conditions for free movement of
goods, capitals and services;
10. extension of international cooperation in the field of transit
transport ;
11. implementation of active and adequate PR activity in the area of
trade and transport facilitation.
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Common Legal Basis for Transit Transportation
Project’s activity
Project Recommendations: Creation of attractive
investment environment
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Facilitation of investment in the field of transport along the TRACECA routes
Draft New Technical Annex to the Basic Agreement on TRACECA investment,
Article 2
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Creation of attractive environment for IFI’s and private investors by implementation and
improvement of modern and flexible form of investment:
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Modern forms of concession of the transport infrastructure objects with active participation of
private investors (BOT etc.);
Free economic areas or zones;
Transport logistic centers (hubs);
TRACECA Guarantee Trust Fund;
TRACECA Economic Interest Grouping;
TRACECA Industrial Advisory Forum/Panel;
Settlement of Disputes.
Source: Draft Main strategic directions of Intergovernmental Commission of TRACECA in the development of transport networks of
international transport corridor “Europe-Caucasus-Asia” (TRACECA) for 2005-2010
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Promotion of investment flows and insurance of non-commercial risks
Convention Establishing the Multilateral Investment Guarantee Agency, 1985,
Chapter 1, Article 2
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Common Legal Basis for Transit Transportation
Stages of development of regional investment policy
Recognition of investment
process as a major
factor of economic development
Assisting to the state economies
in joining to
worldwide economic system
through production
and investment coopertaion
Increasing investment
attractiveness
Determination of countries’ risks
as major factors
affecting investment
environment evaluation
Creation of mechanisms for
regional investment
cooperation
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Common Legal Basis for Transit Transportation
Actions to be taken to improve
attractiveness for investors
• tax preferences (particularly, property tax) on transport facilities and
systems of transport infrastructure;
• increase of availability of credit resources for realization of investment
infrastructural projects at the expense of partial subsidizing of bank
interest rates from means of the state budget, and also the state
guarantees under loans;
• granting the state guarantees on capitals of domestic and foreign
investors involved in financing the most significant investment projects;
• creation of the normative legal base providing precise legislative
distribution of rights, responsibilities and risks between the state and
investors;
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Common Legal Basis for Transit Transportation
Actions to be taken to improve
attractiveness for investors
• definition of priority fields of application of the private-state partnership
on transport;
• stability of the legislation on finance, currency, tax, tariff and nontariff
regulation of investments;
• elaboration of procedures and the mechanisms protecting investors
from wrongful actions of controls;
• decreasing in costs of investors not concerning to direct expenses for
realization of certain projects;
• granting of guarantees of a reflexivity of the investment (credit)
resources involved in realization of investment projects and programs.
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Common Legal Basis for Transit Transportation
Structure of investment risks
Investment
Risks
Credit
Risks
Risks of the first stage
of investment cycle
Technical
Risks
Entrepreneurial
Risks
Financial
Risks
Constructing-andmounting Risks
Currency
Risks
Operational
Risks
Interest-bearing
Risks
Other Risks related with
incompleteness of
the first stage
of investment cycle
Country
Risks
Socio-political
Risks
Macroeconomic
Risks
Microeconomic
Risks
Portfolio
Risks
Commercial
Risks
Other
Entrepreneurial
Risks
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Common Legal Basis for Transit Transportation
Types of country risks
political
economic
financial
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Common Legal Basis for Transit Transportation
POLITICAL
• Probability of radical changes in structure of the government or
in its policy;
• Policy of expropriation;
• Policy of nationalization;
• The attitude of the public to foreign investments;
• Applicable legislation regulating property rights;
• State interference in operation of business;
• Prevalence of the negative attitude to private property;
• Mutual relations with the neighboring countries;
• Protectionism in relation to the local companies;
• Bureaucratism;
• Freedom of mass-media.
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Common Legal Basis for Transit Transportation
ECONOMIC
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Real rates of economic growth;
The balance of payments of the country;
Scales of economy / market capacity;
Presence and cost of a local labour;
Dependence on access to energy sources.
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Common Legal Basis for Transit Transportation
FIANACIAL
• Convertibility of national currency;
• Stability of national currency;
• Restrictive measures related to movement of the goods and
capitals;
• Price control;
• Rates of the taxation;
• Rate of inflation;
• Presence of external debts;
• Local needs for foreign investments;
• Opportunities of access on the market of the countries of
European Economic Community.
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