The measure is intended to encourage the inflow of long-term foreign investment capital.
Colombia has lobbied hard for passage of this agreement because it would make permanent the trade preferences they now have, and to attract long term foreign investment.
And long-term foreign direct investment in plant and machinery, much of it linked to privatisation, is playing a more important role.
OFII's own analysis of the government's figures, also released Wednesday, shows an even broader long-term trend in foreign direct investment, often referred to in shorthand as FDI.
It has been seeking foreign partners for the big long-term investment required.
But the World Bank, which argues that foreign direct investment has brought long-term benefits to developing countries, is confident that finanical flows will again increase once the economic recovery begins.
In the medium term these seem certain to involve a greater role for markets and foreign investment in the state-dominated economy.
Like Moscow's two-strand Siberian gas pipeline deal in the early 1980's, the Cienfuegos complex is an unprecedented "national project" with potentially decisive implications for the country's long-term energy viability, hard currency earnings structure, attraction of other foreign direct investment, access to international financial institutions and, of course, nationalistic pride.
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Over the long term economists predict a gain of about 3% in Russian GDP because of greater competition and foreign investment that membership is expected to bring.
He argued that an expanded investment is needed to lay the foundation for long-term economic growth, cut dependence on foreign oil and slow the process of global warming.
But with those now pinched by the recession, and with foreign direct investment also down, the unthreatening overtures of the ADB may be the best near-term hope.
Presumably, countries that attract more foreign direct investment suffer less than those that have a greater amount of footloose portfolio investment or short-term bank lending.
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