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- 9.6 International Financing Institutions The record of international and bilateral financing initiatives in the Russian fisheries sector is very limited. 9.6.1
- 9.6.2 Institutions of the Nordic Countries
- 9.6.2.1 The Nordic Investment Bank (www.nib.int)
- 9.6.2.2 The Nordic Environmental Finance Corporation (www.nefco.org)
- 9.6.2.3 The Nordic Project Fund (www.nopef.com)
- 9.6.3 European Union
- 9.6.4 European Bank for Reconstruction Development (www.ebrd.com)
- 9.6.5 The International Finance Corporation (www.ifc.org)
- 9.6.5.1 Links to web pages on investments in Russia
- 9.7 Issues that limit or are needed to encourage private investment 9.7.1 A transparent fisheries sector
- 9.7.2 Special Economic Zones
- 9.7.3 Commercial transactions
- References Business Analytica Business Directory of Moscow Delovoi Peterburg
- Fiskeriforskning
- GLOBEFISH Research Programme
- PricewaterhouseCoopers
- Russian Fish Report
9.5.3.2 Coastal Fishery The establishment of infrastructure for coastal fishery and processing for the regions of the European North and Russian Far East has always been a complicated issue. In Soviet times all attempts to solve this problem failed. Both in the North and especially in the Far East fishing communities are located in remote areas which are difficult to access. Russian Far East The active fishing season in the RFE is limited due to packed ice. Coastal processing operations are just primitive fish salting, as for example in the East Koryakia and South- East Chukotka. During the fishing season local co-operatives have to recruit factory- vessels to process the catches. Back in 1990 the Soviet-American Joint venture, “Marine Resources Company International” tried to arrange the construction of small autonomous fish-processing modules (40-feet containers) for the distant regions. Later, these mini- factories were used by the Russian companies and installed on board the middle and large-scale vessels to extend productivity and output for export. One option for a programme could be in the framework of one or two regions (Chukotka and Koryakia) and be coordinated at the level of regional governments. In addition to the coastal module factories, the programme should engage small fishing vessels. The advantages of this approach are: compactness of the project and possibility to trace the fish all the way to the processed product. As for investments, individual projects within the framework of the program could be within the reach of individual investors. The settlements Khatyrka and Meinepylgino (Chukotka) could be suggested for consideration. This region could provide coastal catches of cod, halibut, flatfish, wild salmon and fresh- water fish from June to October-November. Murmansk As described in section 9.3.1.1., increasing volumes of cod, haddock and other fish are landed in coastal fisheries, and one company is quoted as planning to acquire vessels for coastal fishing. 9.5.4 Fish farming As described in the chapter on Fish Farming there is a growth in inland and marine fish farming in Russia. The Republic of Karelia seems to be the most dynamic area, particularly for trout farming. The Moscow and St. Petersburg regions are also emerging. The prospects for salmon and cod farming in the Barents Sea appear, however, less promising in the medium term. The ranching industry for Pacific salmon in the Far East is significant. This sector is also subsidised by the state, which according to sources in the sector, have received 180 million roubles (6.3 million USD) by the state in 2005. On the website of the Federal Agency of Fisheries (www.fishagency.ru) there is a list of projects under the execution of investment programme of the Fishery Agency for construction projects, with a total planned budget of 4.9 million USD, of which approx. 117 50% was executed in Jan-Oct 2004. 85% of the allocation is earmarked for fish farming enterprises, mostly to Far East salmon hatcheries. As mentioned in the chapter on Fish Farming, investors are reluctant to invest in hatcheries in spite of the state support given to this sector, because federal legislation does not yet offer any clear definition of the rights of the investors to harvest the ranched salmon. 9.6 International Financing Institutions The record of international and bilateral financing initiatives in the Russian fisheries sector is very limited. 9.6.1 Bilateral instruments In the course of the 1990’s several European countries set up funds for technical cooperation with Central and Eastern European countries, including Russia. Some of these funds are now closed, partly as a consequence of the EU-enlargement, partly through the increasing role of EU funding instruments. Investment funds of European countries are listed on www.edfi.be. The former Norwegian Industrial and Regional Development Fund has been taken over by Innovation Norway (www.invanor.no). According to the Danish Investment Fund for Central and Eastern Europe, Russia is rated on a “low” to “medium” investments grade by international financing institutions. Investments in Russia need substantial additional deposits to cover risks. The fund has been involved in a joint venture project between Royal Greenland, a Danish shipyard and Sevryba (Murmansk) consisting in the supply of 4 trawlers with allocation of fishing quotas in 1999 – 2001 in the Russian EEZ of the Barents Sea. The quota allocation was withdrawn and the project failed. The Norwegian Industrial and Regional Development Fund has financed the Gigante Murmansk project described in section 9.3.1.3 Export guarantees for supplies are provided by both public and private organisations. The Austria Control Bank (http://www.oekb.at/control/index.html) mentioned in section 9.3.4.2, which in 2002 had issued and outstanding guarantees in Russia for EUR 2.8 billion, lists the following Russian banks as “acceptable banks”: • Alfa Bank Holdings (ABHL) • Gazprombank Group • International Moscow Bank (IMB) • Joint Stock Commercial Bank (Bank of Moscow) • MDM Bank • Moscow Municipal Bank • ZAO Raiffeisenbank Austria • Sberbank (Savings Bank of the Russian Federation) 118 • Vneshtorgbank (Bank for Foreign Trade) 9.6.2 Institutions of the Nordic Countries The Nordic financing institutions offer different kinds of financing facilities with the aim of promoting the establishment of enterprises, trade and occupation, involving partners from the Nordic countries. A good share of activities goes to Russia, both in the North Western region and more remote areas. 9.6.2.1 The Nordic Investment Bank (www.nib.int) NIB is also owned by the Baltic States. As a development bank NIB can participate with direct loans with up to 50% in large projects (10 million USD level) in Russia or with indirect loans to smaller projects through Russian banks. Currently NIB has a cooperation with Sberbank, Vneshtorgbank and Proimstroi Bank, but other banks are not excluded from channelling loans from NIB. Fish industry projects in Russia are in principle eligible for NIB lending, providing there is a partner from one of the Nordic countries involved. There is a special facility for projects in the North West region of Russia with a clear environmental conditionality, which also could apply for fishery related projects. In general loans can be given to projects that are related to the member countries such as: a) investments and supplies by NIB member countries, b) supplies of commodities from Russia to NIB member countries and c) loans related to projects where member countries are owners. Enterprises admitted to lending from NIB have to be creditworthy, incorrupt, and the projects should comply with good environmental practices. There are no fish industry projects on record, but the bank is currently examining a proposal for the delivery of 3 trawlers to the RFE for distant water fisheries. There is no clause against investments made in the catch sector involving dependence on quotas. As a development bank NIB is also prepared to take political risks. 9.6.2.2 The Nordic Environmental Finance Corporation (www.nefco.org) NEFCO contributes with loans (in some cases soft loans) and equity to projects that have a clear environmental benefit. In principle fishery related projects in Russia could be supported, but there are currently none on record or in the pipeline (some projects have earlier been screened and approved in principle, but have not been carried out). Emission control and pollution abatement are key criteria, but not conservation of fish stocks. Investment in clean processing technology could be an eligible project task. In fish farming improvement of existing sites could be considered, but greenfield farm projects, even with state of the art clean technology would be less likely to be supported, as no fish farming at all would be a better option from an environmental point of view. However, greenfield projects with a clear demonstration value of superior environmental technology and likely to be replicated could also be considered for support as 119 demonstration projects. The projects should always have some degree of Nordic partnership. 9.6.2.3 The Nordic Project Fund (www.nopef.com) NOPEF provides loans for project feasibility studies and business plans in a wide range of areas, including fisheries, fish processing and fish farming. Russia accounts for approx. one fifth of approved projects in 2002-2004. A declining share (about 10%) of the programme is dedicated to project export, i.e. supplies of turnkey solutions. A number of fishery related projects, including salmon farming, have been financed or supported by the fund, totalling 7 projects from 2002 to 2004. 9.6.3 European Union Launched by the EC in 1991, the TACIS Programme provides grant-financed technical assistance to 12 countries in the CIS countries (former Soviet Union). Further information is available on the TACIS and the EU delegation in Russia websites: (http://europa.eu.int/comm/external_relations/ceeca/tacis/index.htm) (http://www.delrus.cec.eu.int/index.htm) Under TACIS there is a priority assistance programme for Kaliningrad Oblast, covering among others the private sector, focussing assistance on enterprise restructuring, human resource development, promotion of innovative Small and Medium-sized Enterprises, and support for the energy sector. A development project for the Kaliningrad port has been supported. TACIS support has been given to agricultural programmes but not to fisheries. TACIS has an open tender for Support to Russian Export-oriented SMEs in the Russian Federation with an indicative maximum budget of € 3 million. One of the TACIS tenders addresses institutional capacity-building and training related to Russia’s WTO accession. The TACIS BISTRO Programme aims at complementing the main TACIS programmes by providing a rapid and flexible mechanism for supporting small-scale technical assistance projects. Examples of BISTRO projects are: data gathering, analysis, identification of solution, implementation and dissemination. 9.6.4 European Bank for Reconstruction & Development (www.ebrd.com) EBRD can contribute with direct loans to large projects (minimum 10 million USD), but can also channel loans through local banks for smaller projects. This is done through small business funds, regional venture funds and equity capital managers. 120 The only example of a fishery project to have received EBRD financing is the 8 million USD loan to ROK 1 mentioned in section 9.3.5.1 done in cooperation with the equity fund manager Quadriga in St. Petersburg. According to the Russian Far East regional EBRD representative small business funds can be used to provide equity into the processing industry but not the catch sector. Until now this opportunity has not been utilised. The small and medium processing sector in the Far East is insignificant, but is expected to develop in the next few years. EBRD sees no obstacle in principle to finance investments and small business projects in the fish sector, but full transparency from the beneficiaries is required. EBRD operates a Russian Small Business Funds (RSBF) scheme (see www.microloans.ru) which normally provides loans of up to USD 10 000. The most common sector to get loans is trade businesses. Fisheries businesses are not listed as a specific sub-sector for this type of loans. 9.6.5 The International Finance Corporation (www.ifc.org) IFC follows similar criteria to EBRD for financing large and small business projects. IFC considers Russia as a low Investment Grade Country and for each 100 USD invested 50-60 USD should be set aside to cover risks. Russia has no net debt as a country – but this not the case for the companies. The most active western European banks that are active in Russia are from Austria, Germany and the Netherlands. IFC has no record of investments in the fisheries sector. Beneficiaries have to comply with good governance standards and environmental concerns. 9.6.5.1 Links to web pages on investments in Russia: http://www.ivr.ru/ - "Investment Opportunities in Russia" – site by the Ministry of Economy of the RF and the Russian Federal Commission for Securities Market http://www.runa.info/eng/press-center/ - Market and investment monitoring http://www.siva.no/ - SIVA - The Industrial Development Corporation of Norway – including many useful links http://www.bizbarents.com/default.asp?id=2404 – Swedish Centre Business Development Barents region (in Swedish) http://www.bizbarents.com/Global/Filer/SC-financial_sources_barents.pdf - Overview over financing opportunities in Russia and other CEE countries (2003) http://www.sakhipa.ru/ - Sakhalin Investment Promotion Agency. In Russian, but project proposals are listed in English http://fishdep.petropavlovsk.ru/p011.php - Kamchatka Fishery Department Hamburg chamber of commerce – Kaliningrad http://www.bisnis.doc.gov – A US Government site to facilitate business in Eurasia 121 http://www.npacific.ru/np/industriya/homeindustry.htm - fishing companies in RFE (in Russian) 9.7 Issues that limit or are needed to encourage private investment 9.7.1 A transparent fisheries sector There is a general perception of lack of transparency in the fisheries sector, perhaps mostly in that part of the industry which is involved in capture fishery. This is reflected by investment institutions which see limited possibilities for participating in fisheries projects, and unwillingness by the banks to give loans to the sector. The lack of transparency is linked to a number of factors related to property rights, to policies and bureaucracy of local administrations, to customs and tax regulations and sometimes to corruption. The 5 year quota allocation system introduced with the new fisheries law in 2004 is seen by fishing companies and analysts as a positive development with a potential for creating transparency and stability in the sector. There are signs that mergers and takeovers are taking place in the industry, and that time is still needed before a clearer structure of the industry emerges. Some analysts point at the positive perspective of a sector with fewer and larger companies with an obvious interest in protecting their quota allocations against illegal fishing. The new fisheries law paves the way for more responsible and efficient management of the resources and as far as coastal fisheries are concerned, it should lead to a better utilisation of inshore resources for the benefit of smaller fishing companies. The confidence of investors and financing institutions in the fishing industry will depend on positive developments in some key areas as mentioned above. 9.7.2 Special Economic Zones The concept of Special Economic Zones (SEZ) is widely seen as a catalyst for developing regional economies including fishing. A draft law on Special Economic Zones is currently under preparation by the Russian government. Typical areas eligible for SEZ status according to the new law are Kaliningrad, the Murmansk port and the industrial port of Nakhodka (Vladivostok). The new law would introduce to kinds of regimes: • Industrial and production zones within areas of 10 sq. km. • Technical and innovation zones within areas of 2 sq. km. The SEZs would operate as free customs areas where foreign goods are stored and used duty free and without bans or economic restrictions otherwise enforced in accordance with Russian Law. Fishery industrialists both in the RFE and in the North West see the establishment of industrial-and-production zones in fishing ports as favourable for improving conditions 122 for vessel calls in ports and associated services, and for promoting export-oriented on shore fish processing plants. The fishing port of Murmansk has already prepared a project along these lines. Kaliningrad Oblast has presently the status of Free Economic Zone (FEZ) according to a law from 1996. The FEZ has given a high degree of stability to the region and has favoured the development of the fish processing industry which was already concentrated in the Baltic area in the former soviet period. As mentioned in section 9.3.4 above, critics find that Kaliningrad’s special regime has contributed to distortions in the supplies of raw material in favour of foreign suppliers and at the expense of the development of the industry in other regions. On a general level there are inconsistencies between the Federal FEZ law and other Federal laws, leading to frequent changes to and unpredictability of the basic conditions for investments. See also “Investment Opportunities in the Agriculture and Food Processing Industries in Kaliningrad Oblast”, a study under EuropeAid BIS/02/012/009, October 2004. A widely discussed issue is the establishment of business incubators and techno-parks, but they are still at a very early stage with no practical investments. 9.7.3 Commercial transactions Traders and exporters seem to be generally happy with their Russian partners or by working through own subsidiaries or distributors in Russia. One key element, however, for foreign companies doing business in Russia has been related to the issuing of letters of credit and other guarantees for payments. Foreign companies frequently require a letter of credit when dealing with markets which are considered more risky than others, or with new trading partners. This has also been the case in Russia. However, when problems have occurred, Russian banks have not been able to issue LoCs efficiently, in spite of reassurances by both the banks and the clients. Some countries only issue export credits and insurances if the trade relationship with the Russian partner is at least 3 years old, so exporters and investors rely on proper payment instruments when entering the deal with new partners. From the Russian side the problem is related to requirement by the Russian banks that a Russian company must deposit an amount equal to the LoC value on a special account. As a result of this Russian companies avoid LoC, preferring cheaper forms of payment. EU importers can expect the requirement of pre-payment from the side of Murmansk and Kaliningrad producers/exporters of white fish (cod, haddock, pike-perch). Financially strong and well-know major European importers are in the best position to negotiate the terms. Sometimes payment is required 3 days after delivery, or in the best case (but very seldom) 1 week after delivery to the place of destination. 123 References Business Analytica Business Directory of Moscow Delovoi Peterburg, 27 May 2005, 07 Feb 2005 Eurofish Magazine, Issue 4, Jul-Aug 2004 EuropeAid BIS/02/012/009, “Investment Opportunities in the Agriculture and Food Processing Industries in Kaliningrad Oblast”, Oct 2004 Fiskeribladet, 09 Feb 2004 Fiskeriforskning, No.4 Jun 2005 Fiskeriforskning, Report 7/2005, “Produkt-og markedstilpasning av pelagisk fisk i det russiske markedet”, March 2005GfK Rus - Institute for marketing research “Moscow, Russia: A taste of comfortable shopping”, April 2004 GLOBEFISH Research Programme Vol. 80 Fishery Industry Profile – Russia, FAO, Jun 2005 ICES, Report of the Arctic Fisheries Working Group (AFWG), 19-28 April 2005, Murmansk, Russia. Interfax 08 Jun 2005, 02 Feb 2005, 13 Jul 2005 Lonely Planet, http://www.lonelyplanet.com/worldguide/destinations/europe/russia Norwegian Seafood Export Council, “Global trade in herring” presentation by Kristin Lien, Pelagic Days, Aalesund 24-25 August 2005 PricewaterhouseCoopers, 2003/2004 “Global Retail and Consumer Study from Beijing to Budapest” Prime-Tass/Esmerk, Jan. 2005, Feb. 2005 Raiffeisen Bank, Presentation on the food industry, in an Adam Smith conference in Moscow, 16 Nov 2004 Russian Fish Report, May 2005, Apr 2005, Mar 2005, Nov 2004, Oct 2004, Oct 2003, Apr 2003 Schleifer and Triesman (2004) University of Stavanger, “Increased volumes and price effects” presentation by Frank Asche, Pelagic Days, August 2005 USDA, Foreign Agricultural Service “Russia: Retail Food Sector Report” 2004 Vitrina / Restoranny biznes, March 2005 VNIERKH, VNIRO, GYPRORYBFLOT and the State Customs Committee, White Book “Russia’s Fishery Complex in 2003” Worldfish Report, Dec 2004, Nov 2004, Jul 2004, Jun 2004 Links www.mbnews.ru www.barentsobserver.com www.nwfish.ru/ www.fishproducts.is/fleet.htm www.dalryba.ru www.fishagency.ru www.seac.se www.adamsmith.org/policy/ www.Fishnet.ru www.cia.gov www.fiskeriforskning.no 125 Survey of the Fish Industry in Russia ANNEXES The numbering of the annexes refers to the chapter numbers in the survey Download 4.85 Kb. 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