New Market: an exploration into the changing nature

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New Market: an exploration into the changing nature of business environments, informal barriers and emerging markets in the post-Soviet region

Project description

Investment risks in post-Soviet republics During the first two decades of the 21st century, many post-Soviet republics introduced economic reforms to attract foreign investment. However, investors still face risks from high rates of corruption and the role of local oligarchs. The EU-funded NEW MARKETS project will detect invisible and non-official risks that could harm foreign business activity. The project will compare the development of economic reforms in two groups of countries: those which adopted full liberalisation earlier (Estonia, Georgia and Kyrgyzstan) and those that only recently opened their markets (Belarus, Kazakhstan and Uzbekistan). It will also conduct an empirical evaluation of policies aiming to ameliorating the business environment in the above countries.

Project Objective

Objective The past ten years have seen several changes in post-USSR business environments. From Kazakhstan to Belarus, and eventually Uzbekistan in 2016, a growing number of post-USSR republics have gradually begun economic reforms to allow foreign businesses to operate in their territory. These declared intentions, however, are sometimes contrasted by non-official, or informal, barriers into domestic and regional markets. Indeed, from rampant corruption to the necessity to get protection from local oligarchs, entering post-Soviet markets involves several risks. New Markets addresses the current limited existence of clear instructions that could enable new, and existing economic actors to gain an overview into the hidden risks associated with business activities in the post-Soviet region. Our research follows a three stage approach: First, we will conduct a review of policy measures adopted in the past 10 years (2008-2018) to liberalize the markets in our target countries. Our analysis will compare three countries that have fully opened to foreign investors already in the early 2000 – Estonia, Georgia and Kyrgyzstan - with three countries that have only recently shown a more cooperative attitude - Belarus, Kazakhstan, Uzbekistan. We will survey the major mechanisms, and policies, adopted in these six countries to evaluate how they have ended up affecting the business environment. Second, we will conduct an empirical evaluation of the measures adopted for improving the business climate in the target countries. This will be done through a national survey of core business actors in each country Third, building upon results of the second stage, we will map challenges and opportunities in the region comparing macro and micro perspectives and testing government-led decisions against their results.

Programme(s)

H2020-EU.1.3.3. - Stimulating innovation by means of cross-fertilisation of knowledge

Topic(s)

MSCA-RISE-2018 - Research and Innovation Staff Exchange

Call for Proposal

H2020-MSCA-RISE-2018

Funding Scheme

MSCA-RISE - Marie Skłodowska-Curie Research and Innovation Staff Exchange (RISE)

Coordinator

Address: Glasnevin 9 Dublin
Ireland

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Higher or Secondary Education Establishments
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EU Contribution
€ 220800

Participants

Address: 65 rue des Grands Moulins 75214 Paris Cedex 13
France

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Higher or Secondary Education Establishments
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EU Contribution

Address: Yliopistonkatu 3 00014 Helsingin Yliopisto
Finland

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Higher or Secondary Education Establishments
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EU Contribution
€ 193200
Address: Ehitajate Tee 5 12616 Tallinn
Estonia

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Higher or Secondary Education Establishments
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EU Contribution
€ 193200
Address: Rainis Boulevard 19 1586 Riga
Latvia

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Higher or Secondary Education Establishments
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EU Contribution
€ 193200
Address: Vazha-Pshavela Avenue 26 0133 Tbilisi
Georgia

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Other
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EU Contribution
€ 110400

Partners

Address: 147 Moskovska Street Office 1 720000 Bishkek
Kyrgyzstan

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Private for-profit entities (excluding Higher or Secondary Education Establishments)
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Address: Moskovskaya Str., 17 220007 Minsk
Belarus

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Higher or Secondary Education Establishments
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Address: Mustakillik 54 100077 Tashkent
Uzbekistan

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Higher or Secondary Education Establishments
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Address: Abai Ave 4 050010 Almaty
Kazakhstan

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Higher or Secondary Education Establishments
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