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APEC Investment ReformAPEC Investment Reform
Paul Kennelly
APEC’s Investment Experts Group (IEG)
APEC Energy and Investment Roundtable 30 September – 2 October 2008, Cairns
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1.1. IntroductionIntroduction
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Market CharacteristicsMarket Characteristics
Demand & Supply: ‘The China Syndrome’
Global Growth
Volatility: Extreme events (weather, stock market, geopolitical tensions, etc.)
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Transparency → Predictability
The Prime Reform Challenge –Policy Certainty
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APEC’s Reform FrameworksAPEC’s Reform Frameworks
Trade Facilitation Action Plan (TFAP): Significance for IFAP as a successful model
Investment Facilitation Action Plan (IFAP): More later . . .
Leaders Agreement on Implementing Structural Reform (LAISR):
More later . . .
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2.2. Behind-the-border Barriers Behind-the-border Barriers
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Nature & ImplicationsNature & Implications
Nature of behind-the-border barriers
Implications of such barriers
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3.3. APEC’s Investment Facilitation APEC’s Investment Facilitation Action Plan (IFAP) Action Plan (IFAP)
and the LAISRand the LAISR
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IFAP, 2008-10IFAP, 2008-10
Raison d’être
Definition of ‘investment facilitation’
Methodologies for measuring reform progress
Capacity Building
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LAISR, 2008-?LAISR, 2008-?
Objective
Definition of ‘investment facilitation’
Methodologies
Capacity Building
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4.4. Reform IngredientsReform Ingredientsto make Action Plans workto make Action Plans work
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Maximising reformist sentimentMaximising reformist sentiment
Self assessment
Coordination
Ownership
Identification of priorities
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Ownership (Policy Desirability)Ownership (Policy Desirability)
1. Identify / develop ‘reform champions’.
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Ownership (Policy Desirability)Ownership (Policy Desirability)
2. External drivers of reform are less-than-ideal as they tend not to ‘stick’.
3. Reform must be pursued from within (government, business, individuals).
4. Expert external assistance can prove crucial.
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Self-assessmentSelf-assessment
Local experts:
Know their economy
Contribute to a sense of ownership
Essential for long-term success– “Give a man a fish, and he eats for a day. Teach a man
to fish and he has food for life.”
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Identification of prioritiesIdentification of priorities
Identify policies likely to deliver greatest benefit & least cost/market distortions:Map the economic impacts of barriers; and
Prioritise for the short-term and long-term
Expand the ‘sweet spot’, i.e. have: policy desirability,
political feasibility, and
administrative feasibility
Complement relevant work in progress
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CoordinationCoordination
By working together, agencies:
Increase ownership
Maximise efficiency and effects
Bring a ‘whole of government’ perspective
and the result is a quality outcome
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Thank you