For this reason, the Government must facilitate access to finance for business investment and innovation and provide support for the capitalisation of Catalan companies.
Catalonia has a long tradition as a favourite destination for direct foreign investment. The Government is active in promoting new investment,
as well as business reinvestment and expansion. Good infrastructure is a key condition for attracting and consolidating the presence of foreign companies and businesses with high added value.
Through the Catalan Finance Institute (ICF), the Government promotes access to credit for investment, innovation and internationalisation,
with financial institutions, guarantees, capital risk funds, co-investment, etc.).It is also important to promote channels of access to finance
investment networks and partner search mechanisms. 6. 4. Promoting the strategic adaptation of businesses to the global economy The world economy is currently facing two great challenges:
International competition to attract foreign investment is growing, and the number of investment projects at European scale is falling.
Therefore, it is necessary to identify specific product and service lines that can generate investment projects
and sectors and companies in Europe that currently have investment capacity and then draw up proposals aimed at selling specific investment projects. 6. 4. 5. Fostering the transition of companies to activities with higher added value For a country with a highly heterogeneous production sector based on strong industrial traditions,
and in which nearly 98%of all enterprises are SMES, cluster policies are vital in order to guide the transition of companies towards activities with higher added value
and to generate feasible and sustainable future strategies. Moreover, working with clusters enables a better use of public resources,
public investment, seed capital, business angels, etc.)to foster the consolidation of projects with the greatest potential.
Whilst it has been demonstrated amply that investment in sustainability generates economic and competitive advantages for the production system
providing aid for investment and research into machinery and technology for waste minimisation and energy generation from waste;
can create barriers against trade, investment, the creation of businesses and the efficiency of the economy in general.
attract foreign investment and facilitate the creation of new companies. The New Legal Office project will enable common services to be organised
Catalonia suffers from a historically accumulated deficit in public infrastructure, the consequence of insufficient State investment.
and major public investment projects needed, the Catalan Government calls for the devolution of powers from Central Government to manage infrastructure that is vital to the competitiveness of the Catalan economy,
approval and supervision of investment plans drawn up by electricity and gas marketing companies. Providing latest-generation land and mobile telecommunications networks is also crucial to business competitiveness.
Excellence in research was enhanced by recent large-scale investments co-funded by European union Structural Funds that enabled the improvement of R&d infrastructure in universities.
Economic transformation and foreign direct investment driven modernisation have produced substantial structural change in CH's economy.
including the majority of foreign investment enterprises. The region is developed characterised by infrastructure, high motorway density, good accessibility, intensive entrepreneurship and a high share of foreign investment.
Practically all economic, social, institutional, educational and R&d-related performance indicators are considerably above the national average.
The latest data for enterprises with foreign investment are available for the end 2009: their number was 20,552,
Total investment was particularly intensive in the region compared to average 9 investment performance at 43%(in 2009.
Investment per capita was by 45%higher than the national average in the second half of the 2000s.
%regional investment increased by 4. 4%compared to 2008. This increase was mainly due to economic actors'investments in machinery and equipment,
which increased by 6. 3%.In summary, the region's clear leadership has remained not only unchallenged,
the share of public investment in RTD financing is still quite high at roughly 40,
Improved results in these respects were achieved due to unprecedented investment activity in research and technology infrastructure,
Excellence in research was enhanced by recent large-scale investments co-funded by European union Structural Funds that improved R&d infrastructure at universities.
as well as innovation performers'investments into R&d infrastructure or into technology development. Regionally decentralised Innocheck programmes provided indirect support to stakeholders'innovation efforts (the programme promoted small and micro-sized firms'demand for innovation services in the form of innovation vouchers that could be used to purchase of innovation
On the other hand, EDP's policy instruments targeted regional enterprises'(SMES')investments into technology development. Other EDP measures granted support to SMES'process development projects.
The Social Renewal Programme (and also the Social Infrastructure Programme that supported investments into HEIS'educational infrastructure) granted funding to universities and some other 20 The plans are the framework documents for allocating the financial
5) large-scale investments into universities'R&d-and educational infrastructure etc. HEI-specific R&d projects of the Social Renewal Programme were continued by New Széchenyi Plan's SIP.
Joint European Resources for Micro to medium Enterprises is an initiative of the European commission together with the European Investment Bank
and the European Investment Fund, launched in 2005. In Hungary, the venture capital (VC) part of the JEREMIE initiative was introduced in 2009,
Only one of them, Euroventures IV VC Capital Fund is entitled to carry out VC investment in CH,
on the basis of equity co-investment (with other private investor/s). Markets and innovation culture The most important element of INNOREG's activity was its contribution to the improvement of regional innovation culture.
institutional capacity building and the functioning of institutions responsible for the coordination and governance of the regional innovation system R&d performers'investments into R&d infrastructure;
development of science and technology parks, clusters'infrastructure, investments into universities'and PROS'research lab equipment etc.
They have achieved thereby a range of complementary investments that support the given scientific and technological fields related to their RTDI efforts.
They have surveyed their investment needs in R&d infrastructure and built linkages with interested industrial partners, planned joint research actions that will partially be supported from the budget.
It tries to increase the attractiveness of the region for knowledge-based and high-tech enterprises, by supporting investment into university-based R&d infrastructure.
The priority of innovation-oriented development for example prescribes an annual increase of 14%of companies'R&d expenditures and an increase in support related investments of HUF 85b.5
Investment and continuity Joint investment and development involving users, governments, academic and financing institutions and agencies,
Speeding up adoption depends on the presence of factors such as incentives, competition, return on investment, and regulation.
and improving the chances of a satisfactory return on investment in ICT for the private health subsector.
Intangible e-health products and services offered by foreign providers, such as investment, insurance, knowledge dissemination,
www. ehealthstrategies. com Speeding up adoption depends on the presence of factors such as incentives, competition, return on investment, and regulation
with immense courage and high investment, started to digitise and make more information accessible online.
Wi-fi), which will require both investment and effort to install. 18 Organisation-many projects will involve organisational change,
It not only calls for investments in new technologies, but also demands more inclusive and expansive ways of working and thinking.
and private investment levels in this sector to 3%of the EU's GDP; Social inclusion-lifting at least 20 million people out of risk of poverty or exclusion.
Nick Poole studied modern and medieval languages before working first as a portrait painter and then in investment banking.
and small midcaps EU equity is available via risk capital funds that have signed (up to 499 employees) an agreement with the European Investment Fund (EIF).
and quasi-equity investment that have been earmarked to support innovative SMES & small midcaps. European Regional Development Fund ERDF funding can be used in complement with funds from Horizon 2020
which requires more investment on the supply side of knowledge creation; there is also much to be gained from working to enhance the demand side.
The potential impact of public funding on an investment case is illustrated in Box 2. It shows that business cases which were impossible to fund suddenly become attractive investment opportunities.
Investment case company value‘as budgeted'Investment case company value‘risk adjusted'However, budgets are often more dreams than reality.
and only request an investment of €600 K. Now the investor will be smiling! Even if he maintains his risk assessment of 65,
value at investment Budgetted company value at exit Investment/exit value for investor-5, 0000 5, 000 10,000 15,000 20,000 25,000 Year 1 Year 2
year 3 year 4 year 5 Budgetted company value at investment Budgetted company value at exit Risk adjusted Company value Horizon 2020
and private investments in order to strengthen European competitiveness. By decreasing the risks associated with early stage innovations
Investment fund managers tend to favour sectors and companies that are seen as being less risky
In order to increase companies'chances of securing external investment, it will be essential to establish a high quality deal flow from the SME Instrument Phase 1 & Phase 2,
Address the high transaction costs associated with small investments: For the investor community the transaction costs related to due diligence, project monitoring
In particular, a quality due diligence assessment is a significant cost barrier for small investments, especially for small funds.
New support actions or other instruments could be setup specifically to make screened and qualified investment opportunities visible and easy accessible for the investment community.
Increased private investments, also private equity financing; Reduced time from idea to market; and Increased participation of first time applicants in Horizon 2020.
and entrepreneurs to make commercial sense out of the research investments. Business, 18 European commission. Performance of SMES within FP7:
Principally, the growth of the GERD in the past two years is in line with the target set by the government in the National Research-development and Innovation Strategy (2013-2020), entitled Investment into the Future.
According to the National Research-development and Innovation Strategy (2013-2020), entitled Investment into the Future, Hungary will increase its research and development expenditures to 1. 8%of the GDP by 2020 and 3%by 2030.
when investment and exports both shrank. The latter reflected falling demand abroad as well as temporary production stoppages, both of which were reversed in the 1st quarter of 2013.
even if general elections will be held in spring 2014.2.2 Funding trends 2. 2. 1. Funding flows The national R&d investment target is stated in the National Reform Programme 2013
Table 1 Basic indicators for R&d investments 2009 2010 2011 2012 EU-28 (2012) GDP growth rate-6. 8 1. 1 1
%while the calculated number (FTE) by 5. 2%.The share of research and development investments out of the total national investments also increased from 0. 75%to 1. 33%in the period 2009-2012.
In this year the research and development investments grow by 50%compared to 2011 thanks to massive investment in public R&d infrastructure.
As regards the annual volume of venture capital and private equity investments in terms of percentage of annual GDP,
In addition to these priorities, Priority 3 through supporting of ICT developments, Priority 4 through energy rationalisation and Priority 6 through supporting of RDI investments could be mentioned in this context.
supporting of entrepreneurship supporting growth opportunities of SMES supporting of RDI activities and research and innovation investment of firms;
supporting collaborative RDI projects of companies, universities and PROS and supporting investment in modern RDI capacities.
In a way, the Jeremie funds could also be perceived as innovation support or investment. Currently, there are 28 Jeremie funds
entitled Investment into the Future was approved by the government decree 1414/2013. VII. 4.).The strategy aims to raise the RDI investments,
and as a result, to mobilise the Hungarian economy and to strengthen its competitiveness. The strategy set the target to raise the amount of R&d expenditures to 1. 8%of GDP
and Innovation Strategy 2020 (RDI strategy) entitled"Investment into the future was produced in 2012 in order to ensure the meeting of the research and development targets.
In 2012 ex-post evaluations addressed interventions related to the development of the higher education, sustainable development of settlements and logistic investments.
This means that substantial part of the EU funding between 2014 and 2020 will be allocated for measures that specifically target the stimulation of private RDI investments.
in particular as regards developments related to the net international investment position and implications of high government debt.
Apart from increasing employment of researchers in the workforce, the share of R&d investments grown from 0. 75%to 1. 33%in total investments between 2009 and 2012.
Growth in venture capital investments has been the highest of all Member States. A strong decline is observed for non-R&d innovation expenditures.
Growth performance in human resources, intellectual assets and economic effects is above average and in firm investments and innovators well below average.
adequate and predictable public investment is secured through the RDI strategy and the Operational Programmes of the Structural Funds to stimulate private investment
and reach the R&d target set by the strategy; the largest PRO, the Hungarian Academy of Sciences introduced several measures to increase the efficiency
which is the largest investment in the research infrastructure of MTA in the past forty years. The new research centres integrates in its 30,000 m2 surface 214 laboratories
The volume of the investment was €32. 7 m (HUF9. 5 billion. 4. 2 Getting good ideas to market Improving access to finance There are a high number of measures that specifically target improving access to finance innovation.
and supplier activities and to contribute to their environmental and health-related investments. Development loans are provided specifically for development
foresees €140. 3 m (40.7 billion HUF) venture capital to be invested by the end of 2015 in three different investment categories:
Thanks to the Jeremie funds, VC investments catapulted in the past two years and Hungary has the highest growth rate in the EU in terms of VC invested according to 2012 Eurostat data.
The amount of VC investments reached 0. 067 per cent of the GDP in 2012.
Increasingly more R&d funding is allocated via project-based mode in the past few years because of the high significance of Structural Funds in total national investments that are distributed typically via competitive calls.
and incentives in place to increase business R&d investment(-)The new RDI strategy doesn't contain measures focusing on grand challenges 2. Design
of the public investment in research and innovation(+)Significant amount of resources from the OPS served the renewal of research and development infrastructure of the HEIS,
or low investments into the knowledge infrastructure in the last decades couldn't be compensated within few years+The new RDI strategy(+)Renewal of research infrastructure of
and few exits of Jeremie fund investments so far 5. Excellence as a key criterion for research and education policy(+)Increasingly more funding is allocated via project-based mode because of high significance of Structural Funds in total
national investments that are distributed typically via competitive calls, still the balance between institutional and project-based funding could be estimated for 40%and 60%,
called Jedlik Plan(-)Draft Science Policy Strategy and the new Higher education Strategy 8. Framework conditions promote business investment in R&d,
-Underdeveloped early stage investment opportunities, slowly growing (pre) seed capital market and low number of business angels(-)Risk taking is generally low among population
regimes does not favour angel investments 13 Review of the State Aid Framework(+)Government decision on allocation of 60%of EU funds in 2014-2020 for economic development(+)Draft S3
ERAWATCH Country Reports 2009, Analysis of policy mixes to foster R&d investment and to contribute to the ERA:
Investment into the Future. National Research-development and Innovation Strategy, 2013-2020. June 2013, Ministry for National Economy, National Innovation Office, Budapest.
Strategy Forum on Research Infrastructures EU European union EU-28 European union including 28 Member States FDI Foreign Direct Investments FP European Framework Programme
but that nevertheless get a lot of foreign direct investment (FDI) from global corporations. These examples are usually nothing more than a reminder that an economy has many more aspects than the features that are tracked
investment in infrastructure, education and health; and the building of technological and entrepreneurial capacity. A well-functioning political system one in which the government is perceived to be working in the public interest
the rankings proved to be an important catalyst in raising the profile of regulation as a central element of a good investment climate.
and regulations that Doing Business measures for such economic outcomes as trade volumes, foreign direct investment,
though investors may in practice find the data useful as a proxy for the quality of the national investment climate.
Transparency has been found to improve governance and lower the cost of investment in capital markets.
investments totaling $45 million and about 15,000 jobs. 15 In 2006, before these reforms, starting a limited liability company in Rwanda took 9 procedures, 18 days and 235.5%of income per capita in fees.
-registration. cfm. 8. World bank Group, Investment Climate Advisory Services 2009.9. The relationship is significant at the 5%level after controlling for income per capita. 10.
Improving the Investment Climate for Private Sector Development, World bank Group, http://go. worldbank. org/2u51fr33m0. 11.
World bank Group, Investment Climate Advisory Services 2013.16. Simplifica el régimen de constitución, modificación y disolución de las sociedades comerciales, Chilean Law 20.659, January 22, 2013.17.
and investors, including by promoting the desired urban development practices through incentives Secure the necessary resources for municipal investment
NOTES This case study was written by Marie Lily Delion, Anushavan Hambardzumyan, Joyce Ibrahim, Ana Maria Santillana Farakos and Melissa Scanlan. 1. World bank Group, Investment Climate
a number of low-income countries have found the associated investments to be justified fully when examined in light of other benefits for the economy at large.
and economic outcomes (box 9. 1). The fundamental development goal of promoting greater access to finance for entrepreneurs by encouraging regulation conducive to investment in capital markets remains the same
and therefore to increased investment (figure 9. 1). Strength of governance structure index Legally mandating separation between corporate constituencies can directly minimize potential agency conflicts.
and lowers the cost of investment in capital markets. 10 Doing Business uses questions relating to a company's audit
and public investments to promote economic growth and development and build a prosperous and orderly society.
Most of these changes were aimed at providing tax relief for investment in physical capital or research and development (R&d) while limiting the deductibility of other items.
The size of the tax cost for businesses matters for investment and growth. Where taxes are high,
To stimulate investment in specific areas, some economies increased the percentage of allowance that could be applied on certain assets
Thailand, for example, encouraged capital investment with accelerated depreciation for equipment and machinery acquired before December 2010.
Australia introduced an investment allowance an up-front deduction of 30%of the cost of new plant contracted for between January 1, 2009,
Spain introduced unlimited tax depreciation for investments made in new fixed assets and immovable property in 2009 and 2010,
later extending this to investments made before December 31, 2012. Changes making it more complex or costly to pay taxes Some economies introduced new taxes (16 in total in 2008 10).
promoting investment and sustainable growth, rationalizing the tax system and ensuring the sustainability of public finances. a Measures to support low-and middle-income taxpayers included changes in both individual and corporate taxation (such as a special tax credit for small and medium-size enterprises).
and stimulate investment in specific areas. NOTES This case study was written by Michelle-Christine Hanf, Joanna Nasr and Nadia Novik. 1. World bank, World Development Indicators database. 2. OECD 2010b.3.
maximizing individual welfare and spurring efficiency in the marketplace. 21 Efficient contract enforcement promotes investment by influencing the decisions of economic actors.
By promoting investment, good judicial institutions can also contribute to economic growth and development. Indeed an effective judiciary, by providing a structured, timely and orderly framework for resolving disputes, fosters economic stability and growth.
as reflected by such aspects as collateral eligibility requirements, access to loans to finance investments,
Researchers have used these data to investigate the importance of business-friendly regulation for the creation of new firms, for the productivity and profitability of existing ones and for such key outcomes as growth, employment, investment and informality.
Researchers presented 28 papers in the 8 thematic sessions, covering such issues as entry regulation, entrepreneurship, innovation, financial infrastructure, foreign direct investment, trade
help attract investment, facilitate a reduction in unemployment, aid innovative firms and support greater lending to the private sector,
inflows of foreign direct investment and expansions in franchises. Striking a balance in the amount of regulation matters.
CAN REGULATION ATTRACT INVESTMENT? Jovanovic and Jovanovic (2014) analyze whether business regulation as measured by Doing Business indicators affects inflows of foreign direct investment in 28 Eastern European and Central Asian countries.
They find that greater regulatory efficiency as measured by Doing Business indicators has a positive association with foreign direct investment inflows from OECD countries.
For example, a country in which 9 documents are required to export is likely to have investment inflows around 37%lower than those in a country in
which 7 such documents are required. This effect seems strong, so it may also include the effects of other barriers to trade,
The authors also find that a reduction in the cost of starting a business is associated positively with an increase in foreign direct investment inflows.
Eight of the 9 sets of Doing Business indicators included in the analysis appear to have a statistically significant relationship with foreign direct investment inflows (starting a business,
The authors therefore conclude that governments may be able to attract foreign direct investment by creating a more efficient and more business-friendly regulatory environment.
and helps attract foreign direct investment. But while these papers answer many questions they also pose many new ones.
Doing Business database Investment Jovanovic and Jovanovic (2014) Greater regulatory efficiency as measured by Doing Business indicators has a positive association with foreign direct investment flows from OECD countries to Eastern European and Central Asian countries.
The analysis uses the generalized method of moments technique on data on bilateral foreign direct investment flows from 22 OECD countries to 28 Eastern European and Central Asian countries during 2004 11.
World bank, World Development Indicators database; Organisation for Economic Co-operation and Development data; International monetary fund (IMF), World Economic Outlook and International Financial Statistics databases;
Doing Business database Investment Hoffman, Munemo and Watson (2014) Having some business entry regulation helps define the playing field for firms
Access to Financing and New Investments: Evidence from Europe. In The Economics of Small Business:
The Effect of Corporate Taxes on Investment and Entrepreneurship. American Economic Journal: Macroeconomics 2 (3): 31 64.
Ease of Doing Business and Investment in Eastern europe and Central asia. Paper presented at the conference Doing Business:
Investor Protection and Its Effects on Investment, Finance, and Growth. Journal of Finance 67 (1): 313 50.
Foreign Direct Investment for Development: Maximising Benefits, Minimising Costs. Paris: OECD..2004. OECD Principles of Corporate Governance.
Investment Climate In practice Note 17, Investment Climate Department, World bank Group, WASHINGTON DC. World bank. 1989. World Development Report 1989:
World bank Group, Investment Climate Advisory Services. 2009. How many Stops in a One-Stop Shop? A Review of Recent Developments in Business Registration.
Sustaining Investment Climate, and Making Rwanda a Favorite Business Destination. World bank Group, WASHINGTON DC. World bank Group, Investment Climate Department. 2013.
Good Practices for Construction Regulation and Enforcement Reform: Guidelines for Reformers. WASHINGTON DC: World bank Group. Yang, Judy S. 2014.
Leases the commercial plant or offices and is not a proprietor of real estate. Does not qualify for investment incentives or any special benefits.
In this area a new electricity connection is not eligible for a special investment promotion regime (offering special subsidization or faster service, for example.
Kukreja AFGHAN CONTAINER TRANSPORT COMPANY Tali Mohammad AFGHANISTAN INVESTMENT SUPPORT AGENCY Siddiqullah Mujadiddi AFGHANISTAN INVESTMENT SUPPORT AGENCY Abdul Naser Nazari
MINISTRY OF AGRICULTURE Shekeeb Nessar DA AFGHANISTAN BRESHNA SHERKAT Gul Pacha AFGHANISTAN INVESTMENT SUPPORT AGENCY Tamsil Rashid AFGHANISTAN INTERNATIONAL BANK Abdul
AND ANGELL Khalil Sediq AFGHANISTAN INTERNATIONAL BANK Saeeq Shajjan SHAJJAN & ASSOCIATES Mohammad Ibrahim Shams AFGHANISTAN INVESTMENT SUPPORT AGENCY Asiyah Sharifi AFGHANISTAN
NATIONAL DIRECTORATE BANCO NACIONAL DE ANGOLA ERNST & YOUNG Maria Abrantes ANGOLA PRIVATE INVESTMENT AGENCY-ANIP Sika Awoonor GLOBAL CHOICE ANGOLA LDA.
VITOR CARVALHO & ASSOCIADOS Vitor Carvalho VITOR CARVALHO & ASSOCIADOS Arlete Conceição ANGOLA PRIVATE INVESTMENT AGENCY-ANIP Hamilton Costa ANGOLA PRIVATE INVESTMENT
LDA Harrison Medina LOURDES CAPOSSO FERNANDES & ASSOCIADOS Yuma Munana LOURDES CAPOSSO FERNANDES & ASSOCIADOS Ivan Njinga ANGOLA PRIVATE INVESTMENT AGENCY-ANIP
CADASTRE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Isabella Hovhannisyan EBRD BUSINESS SUPPORT OFFICE Vahe G. Kakoyan INVESTMENT LAW GROUP LLC Izabella Kantarjyan GLOBAL
LAW OFFICE CIKAC Ivan Cuk VUKMIR & ASOCIATES Carla Culi AGENCY FOR INVESTMENTS AND COMPETITIVENESS Sa a Divjak DIVJAK, TOPIC & BAHTIJAREVIC Renata Duka MINISTRY
Herceg CROATIAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dunja Hitrec ERNST & YOUNG SAVJETOVANJE D. O. O. Branimir Ivekovic IVEKOVIC LAW OFFICE Vinka Jelavic AGENCY FOR INVESTMENTS AND COMPETITIVENESS
, TOPIC & BAHTIJAREVIC Danijel Me tric MINISTRY OF PHYSICAL PLANNING AND CONSTRUCTION Ivanka Mikulinec MINISTRY OF PHYSICAL PLANNING AND CONSTRUCTION Sladana Miocic AGENCY FOR INVESTMENTS AND COMPETITIVENESS Jan
-MEMBER OF RUSSELL BEDFORD INTERNATIONAL Lefteris S. Eleftheriou CYPRUS INVESTMENT PROMOTION AGENCY Elena Frixou ARTEMIS BANK INFORMATION SYSTEMS LTD.
& IMPORT CONTROL Amr Abo Elfetouh MINISTRY OF INVESTMENT Ahmed Abou Ali HASSOUNA & ABOU ALI Gamal Abou Ali HASSOUNA & ABOU ALI Sayed Abuelkomsan MINISTRY OF INDUSTRY AND FOREIGN TRADE Nermine Abulata MINISTRY OF INDUSTRY AND FOREIGN TRADE Mona
Amr Eleish GENERAL AUTHORITY FOR INVESTMENT GAFI El-Gammal MINISTRY OF INDUSTRY AND FOREIGN TRADE Samir El-Gammal MINISTRY OF INDUSTRY AND FOREIGN TRADE Ashraf
OF INVESTMENT Mohamed Hussein El Saba MAHONEY SHIPPING & MARINE SERVICES Badawi Ibrahim MINISTRY OF INDUSTRY AND FOREIGN TRADE Badawy Ibrahim CUSTOMS ADMINISTRATION Mohamed
Mohamed GENERAL AUTHORITY FOR INVESTMENT GAFI Eman Moheyeldin HASSOUNA & ABOU ALI Alia Monieb IBRACHY & PARTNERS Mostafa Mostafa AL KAMEL LAW OFFICE
OF INVESTMENT EL SALVADOR Miguel Angel Aguilar ALE CARGO SA DE CV Francisco Armando Arias Rivera ARIAS & MUÑOZ Francisco José Barrientos FRANCISCO
RAM & MCRAE CHARTERED ACCOUNTANTS Edward Luckhoo LUCKHOO & LUCKHOO Alexis Monize GUYANA OFFICE FOR INVESTMENT Harry Noel Narine PKF INTERNATIONAL Charlie Ogle MINISTRY OF LABOUR
Bothra VINOD KOTHARI & CO. PRACTICING COMPANY SECRETARIES Thomas Brunner LEAPFROG INVESTMENTS, LTD. Himanshu Chahar LEXCOUNSEL Harshala Chandorkar CREDIT INFORMATION BUREAU (INDIA) LTD.
-Daley JAMAICA PUBLIC SERVICE COMPANY LIMITED JAPAN PWC JAPAN TOKYO ELECTRIC POWER COMPANY INC. Okamoto Aya OSAKA BUSINESS AND INVESTMENT CENTER Isayama Ayaka KANSAI
Michael Aldrich HOGAN LOVELLS Telenged Baast MONLOGISTICS WORLDWIDE LLC Bayarmaa Badarch GLOBAL INVESTMENT AND EQUITY ADVISORY PARTNERS LLC Bolortsogoo
INVESTMENT AND EQUITY ADVISORY PARTNERS LLC Batbayar Jigmedsuren UB TRANS LLC Sholtoi Jolbars GENERAL AUTHORITY FOR STATE REGISTRATION James Liotta MAHONEY LIOTTA
CIB) Bharat Raj Upreti PIONEER LAW ASSOCIATES Deepak K. Shrestha NEPAL INVESTMENT BANK Kusum Shrestha P. L. Shrestha EVERGREEN CARGO
ASSOCIATION (NECA) Reginald Aziza OLANIWUN AJAYI LP Bisola Babington PERCHSTONE & GRAEYS Zainab Bello AKINWUNMI & BUSARI LEGAL PRACTITIONERS Ngozi Chianakwalam INVESTMENTS
CAPITAL MARKET AUTHORITY OF OMAN ERNST & YOUNG THE PUBLIC AUTHORITY FOR INVESTMENT PROMOTION & EXPORT DEVELOPMENT (PAIPED) Jehanzeb Afridi AL BUSAIDY MANSOOR JAMAL & CO. Al Hassan Al Alawi AL ALAWI & CO. Hussein Al Balushi MAZOON
OF FINANCE, TRADE AND INVESTMENT MINISTRY OF LABOUR AND HUMAN RESOURCES DEVELOPMENT PUBLIC UTILITIES CORPORATION SEYCHELLES NATIONAL PLANNING AUTHORITY SEYCHELLES PORTS AUTHORITY SEYCHELLES PUBLIC UTILITIES CORPORATION SEYCHELLES
Muzikayise Dube SWAZILAND INVESTMENT PROMOTION AUTHORITY John Earl Henwood CLOETE HENWOOD Thulasizwe Clyde Hlophe OFFICE OF THE REGISTRAR SWAZILAND Phumlile Tina Khoza
. ADVOCATES Steven Mlote ENGINEERS REGISTRATION BOARD George Mpeli Kilindu REXATTORNEYS Ali Mufuruki INFOTECH INVESTMENT GROUP Carolyne Muro REXATTORNEYS Shabani Mwatawala
Marlon Beharry MINISTRY OF TRADE, INDUSTRY AND INVESTMENT Tiffanny Castillo M. HAMEL-SMITH & CO.
.,MEMBER OF LEX MUNDI Melissa Inglefield M. HAMEL-SMITH & CO.,MEMBER OF LEX MUNDI Randall Karim MINISTRY OF TRADE, INDUSTRY AND INVESTMENT Bijili Lalla
Arun Seenath DELOITTE Nicholas Sinanan JOHNSON, CAMACHO & SINGH Neshan Singh MINISTRY OF TRADE, INDUSTRY AND INVESTMENT Stephen A. Singh JOHNSON, CAMACHO & SINGH Jonathan
MEMBER OF IUS LABORIS Osman Nuri Gönenç CENTRAL BANK OF THE REPUBLIC OF TURKEY Damla Gonul PRICEWATERHOUSECOOPERS Berkay Gül MOROGLU ARSEVEN Nurettin Gündogmus AKTIF INVESTMENT
Ünal AKTIF INVESTMENT BANK AS Mustafa Ünal ERYÜREKLI LAW OFFICE Anil Uysal TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Baris Yalçin PWC
INVESTMENT PROMOTION AGENCY Hussein Jaloudi MINISTRY OF FINANCE Bilal Kamal ITTQAN ATTORNEYS-AT-LAW Rasem Kamal KAMAL & ASSOCIATES-ATTORNEYS AND COUNSELLORS-AT-LAW Mohamed
Raed Rajab INVESTMENT CLIMATE IMPROVEMENT PROJECT Samir Sahhar HLB SAMIR B. SAHHAR CERTIFIED PUBLIC ACCOUNTANTS Maysa Sarhan PALESTINIAN MONETARY AUTHORITY Abdulrahman Sawayfeh STONE
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