International Investment

Resources of financing investments for elevation of the role of commercial and investment banks

Again about investment financing of the banks. As practice shows, long-termed financing of programs doesn’t take place spontaneously, but it means analyzing and control of current activities of the enterprises. For satisfaction of such requests, unfortunately, not every enterprise appeared to be ready. There, where all these requests are satisfied, banks become active participants in processing plans of strategy and financial provision of investment activities of the enterprises.

A special attention is required by such direction of the activities of commercial banks, as project financing is, which, to our mind, requires administration and financial support from the government, we mean the condition, that for effective salvation of investment problems it is necessary to create finance-industrial groups, and holding unions, which, in its turn, represents initial form of forming thick financial capital at the market and confluence of bank capital to the industrial one.1 This will give rise to the growth of investment volume in the economy and growth of effectiveness of capital investments. Of course, creation of such unions will be actually supported by commercial banks, but this is interrupted by such condition, that groups created today provide this activity in unregistered form and nobody is interested in their registration. This is supported by incomplete logistic, slow development rates of the institute of private property, interruptions in realization of agrarian reforms, provision of accounting calculations of financial structures in incomplete form and existence of separate statements working opposite to the creation of holding unions in the low about industry. All mentioned above may be solved immediately, by processing special low about investment activity and on the basis of its setting by the parliament in a short period of time.

It must be mentioned, that there are enough conditions for widening financial investments in the economy from the bank side because of the existence of free cash means. It is important, that these financial resources were influxed and to create a system of rational organization of purposeful usage, which must be expressed by processing of the investment policy. Here an important meaning belongs to the investment policy and correct definition of tactics.

What problems are there in front of the banks? It is also to be mentioned, that commercial banks have numbers of problems while realization of their investment activities, which prevent their normal functioning. We mean the banks, working on financing investment projects, in fact, represent only one unit in the system of private institutions. We consider following to be preventing conditions of their activities:

· Existence of marketing center of the investment projects, a coordinating organ in the country scale, which would play a function of regulator in the financial provision of the investment projecting;

· Unacceptability o the information about position of a potential borrower or investment institution;

· Refusal of creation of deposit web;

· Low level of development of the investment funds existed today;

· Absence of state Investment Bank, total specific organ of financing investment activity and, consequently, spontaneous distribution of the functions of investment banks working abroad under the conditions of market economics among Georgian commercial banks.

It must be also mentioned, that there are many economical factors, which may influence negatively upon realization of investment processed by the banks and nobody can define beforehand nontransiency of expected risk danger of these factors. Herewith, widening of working sphere in the investment activity of commercial banks objectively requires: giving more independence and rights to the commercial banks, growth of effectiveness of long-term investments and growth of incomes, relatively with those received from short-term financial operations, fastening of this process, ll kinds of supports from the side of the government and finally, further statement of trustfulness and firmness of the activities of banking system.

About necessities of providing structure institutional reforms in the country. For guaranteeing firmness of banking activities structure-institutional reforms, min goal of which is preparation for new stage of development of banking field, come to the first place. Necessity of the mentioned reforms is conditioned by the position of financial market of the country. New institutions, as mentioned in the works of D. Nort – the laureate of Nobel Premium, are formed in the case when the society sees the possibility of making profit, which is impossible during active institutional system. Maximal investment activities of banks are possible during many-fielded system o a financial market. This is a result of logical development of competition, as it solves problems of optimal usage of financial resources. Exactly this many-fielded character reduces and stops crisis in the country.

Many-fielded character of the banking system is characteristic to the most part of developed countries (the USA, countries of western Europe, Japan) and also for the countries having transitional economics, which applied for firm economical growth in the last decimal (China, Poland, Brazil and others). Exactly this many fielded banking system gives possibilities for using various types and forms of financial service in economics by credit department.

In this system the state creates various mechanisms of artificial reduction of competition among financial organizations. An evident example of this is separation of credit institutions into commercial and investment-credit institutions in the USA, also reduction of the bans of countries in the sphere of realization of many year credit investments and separation of state bank into separate category.

About development of small-scale business in Georgia. Creation of advantage regime for small-scaled business, in the first place, regulates creation of competition able outer conditions of the investment activity, which must be definitely foreseen in the activities of the country’s banking system. It must also be mentioned, that according to the development and improvement of the economy in the future, perhaps, such activities may not be needed, but under the conditions of transitive economics their importance may not be specially noticed. It is natural, that many-fielded financial sector is formed only under the equal conditions of competition, as there is reason-resulted, reverse-influencing relation. Mentioned relation between many-fielded financial sector and competition is expressed by that it helps creation of advantage regime for the investment activity being in the position of an embryo and its further development.

Briefly about state regulation of the investment process. According to the many-fielded principle of the financial market, the state must work out such a system of regulating investment activity, which guarantees “peaceful” coexistence of various financial institutions notwithstanding their size and specialization. Banks of every category must “act” in their marketing “sphere”, while regulation of banks of different levels from the state is stated according to the rules of regulation. Privately, to our mind, it is important to point out and regulate activity spheres of those banks, which use a capital of governmental organs. Under the conditions of many-fielded system of a financial market competition carries “fair” character and this is why such system is much firmer. Privately, in case of many-fielded system, under the conditions of concrete fight, while financing concrete state programs by forming a system of specialized state banks usage of state resources is possible more effectively. In this case objective usage of lobbing of state resources from the side of commercial banks is not allowed. For example, in Germany realization of state projects of ecological, agrarian, building and other fields are provided by specialized commercial banks. There are specialized credits in the banking system of other developed countries (Japan, Italy, France and so on) too. Such practice significantly reduces danger of incorrect usage of state resources under the conditions of competition fight.

One of the most important factors, which degrade effective development of real sector of the economy, is the irrelevance of the needed financial capital for the regional services. Basic volume of financial resources from the enterprises is accumulated in the center. Such situation is in a way justified for the state, but it is absolutely insoluble in relation with the private companies.

According to the various estimations, regional banks control not more, than 20-30% of inflow of financial resources of the regional enterprise, and this seriously degrades development of the local banks and enterprises. Thus, for solving problems about lack of resources for crediting real sector of a small economics of regional banks, question related with it, must be discussed in relation with outflow of financial resources from the region. Solving of these problems by administrative activities is impossible, processing of appropriate economical activities is needed. We mean the condition, that together with the growth of the share of local budgetary tax income, it is important to define responsibilities of the budgets of municipal creations in the development of regional economics. Thus, financial federalism is that necessary condition, which guarantees, from one side, formation of balanced market of financial service, and, from nother, further development of the investment activities on the basis of appropriate legislative base.

What does a financial federalism bring to the financial market? Creation of equal conditions for the competition under the conditions of financial federalism will naturally lead us to the formation of many-fielded system of the financial market. Such process also gives rise to the creation of thick financial centers on the basis of the existed and newly formed banks. Thus, development of regional banks within the bounds of the conception of banking industry development, gives rise to the growth of financial potential o regional economics. At the modern stage conditions of development of bank branch sphere are being widened more and more. Today banks mostly provide sources of basic financial capital inflow in the way of “region-center”, after transition to the real federalism many-fielded banks transform into the banks providing sources for financial capital outflow among the regions.

It also must be mentioned, that it is important to grow the importance of banking business, which must be expressed by forming town and country credit relations, mutual crediting and insurance societies, and loan-constructing associations. All these must be foreseen in Georgia in the process of banking system development and, accordingly, an adequate logistic must be prepared for advantage conditions for development of small and middle banking businesses, because formation of effective financial system in the regional scale is absolutely impossible. Therewith, if we take into account the fact, that the investment portfolio in the structure of joint assets of Georgian commercial banks did not overcome 1% for the first of January of 1999, and 4% for the first of January of 2005, this speaks for the tendencies of growing portfolio investments.

Attraction of foreign investments. Globalization and internationalization of the world’s industrial relations gives rise to the growth of the role of foreign investments, as financing investment activities.

Essence and types of foreign investments. Foreign investments are hose capital resources, which are taken out of one country and invest abroad in this or that industrial activity, for the purpose of making industrial profit or receiving percents. Foreign investments may be realized in various forms. While analyzing this form we can use distinguished methods of approach for classification of the investments, which men their separation from each-other according to the objects, purposes, terms of investments, forms of property on the investment resources, risks and other signs. Herewith, the necessity of specific of foreign investments defines statement of number of classification features for the investments of this type.

For example, foreign investments may be state, private and combined according to the property forms on the investment resources.

State investments are those resources of state budget, which are directed abroad by decision of the government or inter governmental organizations. These resources may have the face of state resources, credits, grants ot support.

Private (nongovernmental) investments are resources of private investors placed into those objects, which are placed out of the bounds of given country.

They call combined investments joint placement abroad of the resources of the private investors and the government.

According to the character of usage, foreign investments may be industrial and loan.

Industrial investments are direct or indirect ones placed into the business of this or that type for taking some rights for making profit of dividend kind. Loan investments are related with the distribution of resources under the loan condition, for the purpose of receiving percent.

While analyzing foreign investments, apportioning of straight, portfolio and other investments is of a great importance. Movement of foreign investments according to the international currency funds and methodology of the countries’ taxation balances are reflected in this section.

Briefly about legislative situation of the foreign investments in Georgia.  As shown in the chapters above, “investments” conceptually express long-term placement of the capital of solid quantity for the purpose of making profit. According to the Georgian low “about support and guarantees of the investment activities” investment is considered to be the valuable of every property and intellectual kind or the right, which is invested for the purpose of making possible profit and is used in the industrial activities provided on the Georgian territory. It may lean upon as inner (inside country), so outer (foreign) sources.

Here a great attention is paid to the investment surrounding (climate), which means real conditions existed in the country for the investments. It defines intensive attraction or declining foreign capital for the long-term investments. I.e. according to the concrete condition, investment surrounding may be as advantage, so in advantage, which is foreseen by every investor before making concrete step. Fundamental analyzing of the investment climate existed in the country and foreseeing risk factors are the basic goal f every investor.

Thus, it is definitely difficult to say, is present situation in Georgia good or bad. It would be more correct if we say that there are as advantage (stimulating), so preventing conditions in the country.

Foreign investments in Georgia are prevented by constitution, by the low “about support and guarantees of the investment activities” and by two-side agreement about investment encouragement and protection. Today Georgia has signed agreements with more then 23 countries about mutual support and protection and with 111 countries – about avoiding two-side taxation.

Legislative foundations and guarantees of their protection of realization of local and foreign investments in Georgia are defined by the low about guarantees and support of the investment activities, according to which foreign and local investors use equal rights. Privately, while realization of investment and industrial activities rights and guarantees of the foreign investors must not be less then those of the local juridical and physical persons.

According to the same low, physical and juridical person, also international organization, which provide investments in Georgia are considered to be the subject of the investment activity.

It must be mentioned, that after paying taxation and compulsory payments, a foreign investor gains right for unreduced repatriation abroad of the profit received from investments and other cash resources, and this may reduced only on the basis of the low – according to the court decision in case of bankrupting, crime or not fulfillment of civil obligations. Herewith, foreign investor has right to take abroad the property being under his/her property.

Georgian low “about supporting and guarantees of the investment activity”. Positive and negative sides. Georgian low “about supporting and guarantees of the investment activity” foresees as preventing and reductions in the sphere of providing investments, also the guarantee of protecting them, which means untouchable character of the investments and compensation in case of taking away investments within the bounds of the mentioned low. The compensation, which is given to the investor in case of taking investments off him/her, must conform to the real market value of the taken investments for that moment, when the taken off takes place. The compensation must be granted without any hamper and it must concern that loss of the investor from the moment of taking off till paying of the compensation mount.

It must be mentioned, that a new legislative act, which somehow worsens conditions of investments stated by this low, isn’t spread on already realized investments, ten years after its setting. In such case the investor realizes his/her activity according to the actual low until the new one is put down to the action.

A quarrel between foreign investor and state organ, if the method of its decision is not defined by dual agreement, is solved at Georgian court or in the international center of the investment quarrel. In the case, if the quarrel is not discussed in the international center of investment quarrel, the foreign investors have right to apply for the additional institute of the center or any other international arbitrageur organ, which is founded according to the rules set by the arbitrageur and international agreements of the commission of international trade low of the United Nations. Arbitrageur court of international trade palate in Georgia functions from December 11, in 2000.

According to the statistical showing, the most attractive sectors for the foreign investors were production of oil and gas, energetic, telecommunications and food industry according to the statistic showings during last years. Among largest investors there are such companies as Frontera Resources Corporation (USA), which has invested more then 30 million US dollars into Georgian oil production; Metromedia international – 40 million US dollars of investments in telecommunication; Pernod Ricard (France) – with the investments in alcohol production; AES (USA) – investments in distribution and generation of electro power.

By comparing showings we learn, that according to the hydro energetic potential, Georgia significantly overcomes such countries rich in the so-called “White Coal”, as France, Italy, Spain, Sweden, Romania and others. Though practically, less then 15% of real possibilities are used, and this gives large perspectives to the foreign investments in Georgia.

The fact is to be mentioned, that the foreign companies are interested in the process of privatization of state property, which is one of the most important part of the realized economical reform in Georgia. The fact, that foreign capital is invested in more then 100 Georgian companies proves this.

For influxing foreign capital into Georgia a positive surrounding is created by the existence of advantage conditions for development of such reduced fields, as oil production, black and colored metallurgy, separate kinds of mechanical engineering, mountain chemical industry, bottling of fresh and mineral water, production of building and decorating materials, tea, wine, fruit, citrus, wool, tobacco, industry of their refining and others.

Though foreign companies provide capital investments into these fields, for example, in agrarian and food industries, but it is provided in a very little quantity.

Factors of disadvantage surrounding in Georgia. Among those factors, which give rise to the disadvantage climate for influxing foreign investments in Georgia following are to be mentioned:

· Political strain and not quite seldom facts of lobbing business with unacceptable methods by the representatives of executive and legislative government, this takes away the basis of healthy competition as in common, so among the investors;

· Violation of the territorial integrity of the country, ethno conflicts, Not controlling of Abkhazia and South Alania (Smachablo), difficulties with protecting state boards, which spreads widely the door to contraband and prevents growth of risk factors of  influxing of as native, so foreign investments;

· From the beginning of 90s of last year, analogue to the countries of post soviet space, sharp economical, financial, energetic, food, ecological and other crises developed in Georgia for not ordinal conditions, gave rise to the backwardness of our country’s economy for some decimals. It would be enough to say, that a level of whole European product consisted only 36.8% in 1999, compared with 1991. This was the lowest showing in whole post Soviet space. Such destroying of economical functioning, evidently, reduces requests on foreign investments and significantly restricted their influxing;

For the purpose of statement of the level of spreading negative occasions mentioned above and processing appropriate recommendations World Bank and European bank of reconstruction and development provided joint research, where they learned 22 countries having transitional economics. According to these researches they made a conclusion, that a showing of “state obedience” (of corrupting, taking into hands) in these countries consists average 21%. It must be mentioned, that same showing consists 24% in Georgia. What about average level of administrative corruption, it reaches up to 3%, while in Georgia – 4.3%.Iit is natural, that created situation fears foreign investors and prevents influxing of their capital in a large quantity in our countries.

According to the experience of last years, giving state guarantees to the foreign investments is more difficult. Though, if it were easy to achieve, it would not be enough for the foundation, as Georgian state doesn’t stand on the firm positions, for making n investor sure in stability of the country. For comparing let’s discuss investment surrounding of Czech Republic, privately, that part, according to which investment logistic of the country foresees from April 1998 such scheme of advantages, which concerns taxation, custom and those of definite regions, also, grants for creation working places and so on . According to the mentioned analyze following is cleared out, that equal priorities in using advantages are given as to the foreign investors, so to the local ones. At the same time, if we pay attention to the showing of inflow of straight foreign investments into Czech Republic by years, we’ll see, that after the quantity of straight foreign investments had been reduced in 1997 (1300 billion USD) relatively to 1996 (1428 billion USD), in 1998 it was doubled and consisted 2720 billion USD, and in 1999 equaled to 5108 billion USD. One of the stimulating factors of the mentioned progress must be considered involving a system of advantages activated in Czech Republic from 1998.

Unfortunately, there is not a firm system of foreign investments and insurance yet in Georgia, which would significantly help the process of making investment surrounding healthy and inflow of a large amount of investments from abroad.

Factors preventing development of the country economy – significantly wide scales of shadow economics and corruption, so-called distribution of influence spheres by clans, setting of a barrier in this or that spheres of business especially prevent, from one side, development of local business and, from another – influxing of large-scale international investments.

How to use international legislative norms in the Georgian investment activities. Thus, a lot of problems (complex of problems) are formed in the process of attracting and using of foreign investments, and they are regulated by legislative norms.

Whole logistic regulating foreign investments may be grouped in the following way:

1.  special norms;

2.  total civil norms;

3.  norms of international agreement.

To special logistic in the first place belong special logistic and its following acts of quite large quantity.

Civil logistic regulates and conditions relations of foreign capital and enterprises participating with numerous counteragents. We mean various kinds of agreements, questions of representation, researching questions and so on. Thus, civil logistic is used in the case, when regulation of the activities of foreign investors is not provided with the special one, for its tight direction.

Norms of international agreements is the part of the country’s legislative system. International agreement gains special importance during international economical relations. Activation of the mentioned norm is basically spread on attracting and usage of foreign investments; following legislative acts belong to this sphere:

1. International dual agreement of mutual protection and encouragement of the investments. Dual agreements of foreign investments are discussed in this sphere as additional guarantees of the norms foreseen in national lows. Capital exporting countries and their investors consider that protection of Foreign Investment is more effectively solved in the way of inter-protection and encouragement of investments.

2.  International two-sided agreement for avoiding double taxation. Such agreement usually defines sources of income – profit and property, which is taxed in the country without any reduction. It is being set, which incomes (profit) and property may be taxed in the country – with some reductions and what source of incomes may be set free from taxations;

3. Many-sided conventions. From those international conventions, which regulate relations related with the investments, two are important – Seoul Convention about stating many-sided agencies of protecting investment guaranties (1985) and Washington Convention about solving quarrels (1965).

Involving of many-sided system of investment guarantees was outrun by creation and development of state system of insuring capital export in the developed countries.

Before making decision about placement of sources by the foreign investor, one of the important conditions is – guarantees of security and protection of capital investments in that country, where investments are inflown, the state takes obligations – to guarantee protecting of foreign property, guarantee of rights and interests of the foreign investor, guarantee privacy of realization of investment activity of the country territory. Thus, under the conditions of strict competition, state forms as much liberal regime for foreign investors as possible.

What difficulties are there in Georgia from the point of attracting foreign investments? Difficulties of definite kind are expressed today in the developing countries and, accordingly, in Georgia in the affair of attracting foreign capital and its effective usage. We my name following reasons for this:

· Regulation of the activities of foreign investors is getting difficult with the absence of stabile legislative base;

· Worsening of material position of the most part of the country population gives rise o the growth of social tension;

· There still are criminal and corruption in some sectors of industrial activities;

· Inappropriate level of infrastructure development; also of transport, communications, system of telecommunication, hotel services, roads and so on;

· High level of unsteadiness of total politics, privately, instability of logistic and court system;

· Absence of joint state investment policy in the business of attracting foreign investments;

Herewith, notwithstanding the difficulties named above, the country owns great potential, what may be the subject for interesting foreign investors. Privately:

· Rich and comparatively cheap resort and tourist resources;

· A large inner undeveloped market;

· Richest reserves of mineral and curing waters;

· Comparatively cheap qualified labor  force;

· Quite high staff of marketing development, which can master new technologies of production successfully and fast;

· Absence of serious competition by Georgian producers;

· Current process of privatization and possibilities of foreign investors in it;

· Possibility for making high profit very fast.

Thus, we can make a conclusion that, compared with the countries of Western Europe, notwithstanding large economical backwardness, Georgia can develop total investment activity comparatively faster, with the help of correct and effective usage of native and foreign investments.

 

Lamara Qoqiauri

Real member of the Academy of Economical Sciences of Georgia and New-York Academy of Science, Doctor of Economics, Professor

About the Author

Lamara Qoqiauri

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Promises Made, Promises Kept: Are International Trade Agreements Really Investment Agreements? Hearing Before the Committee on Commerce $23.99 New – Original publisher: Washington: U.S. G.P.O.: For sale by the Supt. of Docs., U.S. G.P.O., 2004. OCLC Number: (OCoLC)56106184 Subject: United States — Commercial policy. Excerpt: …11 U.S. business tends to take its labor and environmental stand-ards abroad when investing, thus raising the bar in countries where domestic standards are lower. In addition, our exports often follow U.S. direct investments abroad. Studies have shown that for every $ 1 in overseas invest-ment, an additional $

Promises Made, Promises Kept: Are International Trade Agreements Really Investment Agreements? Hearing Before the Committee on Commerce $23.99 Used – Original publisher: Washington: U.S. G.P.O.: For sale by the Supt. of Docs., U.S. G.P.O., 2004. OCLC Number: (OCoLC)56106184 Subject: United States — Commercial policy. Excerpt: …11 U.S. business tends to take its labor and environmental stand-ards abroad when investing, thus raising the bar in countries where domestic standards are lower. In addition, our exports often follow U.S. direct investments abroad. Studies have shown that for every $ 1 in overseas invest-ment, an additional $

Promises Made, Promises Kept: Are International Trade Agreements Really Investment Agreements? Hearing Before the Committee on Commerce $15.74 Used – Original publisher: Washington: U.S. G.P.O.: For sale by the Supt. of Docs., U.S. G.P.O., 2004. OCLC Number: (OCoLC)56106184 Subject: United States — Commercial policy. Excerpt: …11 U.S. business tends to take its labor and environmental stand-ards abroad when investing, thus raising the bar in countries where domestic standards are lower. In addition, our exports often follow U.S. direct investments abroad. Studies have shown that for every $ 1 in overseas invest-ment, an additional $

‘Fair and Equitable Treatment’ in International Investment Law $78 Roland Klager,Hardcover,Series: Cambridge Studies in International and Comparative Law Series 83, English-language edition,Pub by Cambridge University Press

11th Element: The Key to Unlocking Your MasterBlueprint for Wealth and Success $1.99 "I’ve been asked this question many times: ‘What is the one single secret that separates successful people from failures?’ The answer can be found in this book." –Mark Joyner, bestselling author of MindControlMarketing.comIn The 11th Element, you’ll discover a secret–the secret factor that’s absolutely essential for the creation of business success and wealth. This secret factor was originally passed to Bob Scheinfeld by his grandfather, who used it to build Manpower Inc. from a simple idea into a Fortune 500 company with billions in revenue. Bob then used it to create millions of dollars more for himself, selected clients, and protégés across multiple industries. The 11th Element is the "X-Factor" that separates the typical get-rich-quick scheme from Scheinfeld’s well laid out and documented program. It offers you the secret advantage that fuels the world’s greatest success stories (whether large or small)–including such international success stories as Microsoft, Starbucks, Dell, and Virgin Atlantic.Your success is shaped by a powerful set of unseen forces that are rarely discussed. The 11th Element shows you how to tap into those forces–commonly mistaken for luck–to open an avalanche of new potential and prosperity in your life.The 11th Element is an extremely powerful and versatile system that can be customized for every aspect of business success and wealth creation. It will instantly open your eyes to all that’s possible and guide you to success in anything you choose. With it you can:Find lucrative business and investment opportunitiesIncrease sales, profits, and wealthImprove your marketing performanceStart your own businessFind and secure your ideal jobDevelop new products and servicesAttract and keep top talentRaise funding for your business ideasMotivate yourself and

1819 In International Relations $14.14 Purchase includes free access to book updates online and a free trial membership in the publisher’s book club where you can select from more than a million books without charge. Chapters: 1819 Treaties, States and Territories Established in 1819, Alabama, Gran Colombia, Adams-onís Treaty, Arkansas Territory, County of Öland, Treaty of Saginaw. Excerpt: Map showing results of the Adams Onís Treaty.The Adams Onís Treaty of 1819, also known as the Transcontinental Treaty of 1819 , settled a border dispute in North America between the United States and Spain . The treaty was the result of increasing tensions between the U.S. and Spain regarding territorial rights at a time of weakened Spanish power in the New World . In addition to ceding Florida to the United States, the treaty settled a boundary dispute along the Sabine River in Texas and firmly established the boundary of U.S. territory and claims through the Rocky Mountains and west to the Pacific Ocean in exchange for the U.S. paying residents’ claims against the Spanish government up to a total of $5,000,000 and relinquishing its own claims on parts of Texas west of the Sabine River and other Spanish areas under the terms of the Louisiana Purchase .History East and West Florida.The treaty was negotiated by John Quincy Adams , the Secretary of State under U.S. President James Monroe , and the Spanish foreign minister Luis de Onís .Spain’s Colonies Spain had long rejected repeated American efforts to purchase Florida. But by 1818, Spain was facing a troubling colonial situation where the cession of Florida made sense. Spain had been exhausted by the Peninsular War and needed to rebuild its credibility and presence in its colonies. Revolutionaries in Central and South America were beginning to demand independence. Spain was also unwilling to make any further investment in Florida and it worried about the border between its colony of Mexico and the United States. Spain had

1958 By Country $28.48 Purchase includes free access to book updates online and a free trial membership in the publisher’s book club where you can select from more than a million books without charge. Chapters: 1958 in Australia, 1958 in Ireland, 1958 in Canada, 1958 in Wales, 1958 in Norway, 1958 in Malaya, 1958 in Afghanistan, 1958 in Pakistan, 1958 in Singapore, 1958 in India, 1958 in Denmark. Excerpt: See also (online edition) : 1957 in Afghanistan, other events of 1958 , and 1959 in Afghanistan.The five-year development plan, begun in 1957, is being revised on the basis of experience gained. The total expenditure envisaged amounts to 5,708,600,000 Afghanis at an average yearly rate of 1,141,700,000 Afghanis. This means a rate of investment equal to 8 % of the national income. Three-fourths of the total development plan is to be financed from national sources, and the remainder from foreign assistance. The total foreign exchange requirement is estimated at $196,000,000. According to the U.S. International Cooperation Administration, Afghanistan received from the United States $18,300,000 of economic aid in 1955-56 and $14,400,000 in 1956-57. The amount for 1957-58 is estimated at $5,800,000.February 1, 1958 King Mohammad Zahir Shah pays an official visit to Pakistan. He also visits India in February. In his speech at the banquet given by Pres. Rajendra Prasad, the king speaks of the “traditionally neutral policy” of his country and of the “lasting friendship” between India and Afghanistan.May 30, 1958 In Kabul, the representatives of Pakistan and Afghanistan sign an agreement guaranteeing reciprocal transit rights across each other’s territory.June 24, 1958 The Afghan prime minister arrives in Washington, where he addresses both the U.S. House of Representatives and the Senate.September 2, 1958 Viliám Siroký, the prime minister of Czechoslovakia, arrives in Kabul.September 1220 1958 Celal Bayar, president of Turkey, is the guest of King Mohammad

1997 International Tax Summaries: A Guide for Planning and Decisions $109.95 Used – This book contains vital information on the tax systems of 114 countries. Organized to make it easy to assess each system’s impact on investment and planning decisions, it covers income taxes on corporations, individuals, and nonresidents, as well as other taxes. The book offers sample computations that simplify complex issues and reflects the latest tax changes for all the countries discussed.

1997 International Tax Summaries: A Guide for Planning and Decisions $73.94 Used – This book contains vital information on the tax systems of 114 countries. Organized to make it easy to assess each system’s impact on investment and planning decisions, it covers income taxes on corporations, individuals, and nonresidents, as well as other taxes. The book offers sample computations that simplify complex issues and reflects the latest tax changes for all the countries discussed.

1998 International Tax Summaries: A Guide for Planning and Decisions $31.98 Used – International Tax Summaries provides vital information on the tax systems of 124 countries. Organized to make it easy to assess each system’s impact on investment and planning decisions, this book discusses income taxes on corporations, individuals, and nonresidents, as well as other taxes.

2007 in International Relations: 2007 Iranian Seizure of Royal Navy Personnel, International Reaction to the Assassination of Benazir Bhutto $19.99 Purchase includes free access to book updates online and a free trial membership in the publisher’s book club where you can select from more than a million books without charge. Chapters: 2007 Iranian Seizure of Royal Navy Personnel, International Reaction to the Assassination of Benazir Bhutto, International Reaction to the 2007 Burmese Anti-Government Protests, 33rd G8 Summit, List of Sovereign States in 2007, ¿por Qué No Te Callas?, Apec Australia 2007, Declaration on the Rights of Indigenous Peoples, 2007 Arab League Summit, 2007 Georgia Missile Incident, List of Foreign Ministers in 2007, 2007 Russia-belarus Energy Dispute, Bosnian Genocide Case, Second East Asia Summit, List of International Organization Leaders in 2007, Annapolis Conference, 2007 Enlargement of the European Union, Year of the Dolphin, 2007 Africa-eu Summit, Third East Asia Summit, Un Moratorium on the Death Penalty, Baghdad Kidnapping of Iranian Diplomat, Foreign Investment and National Security Act of 2007, 2007 United Nations Climate Change Conference, 2007 Georgia Helicopter Attack, Commonwealth Heads of Government Meeting 2007, 2007 Georgia Plane Downing Incident, Tokelauan Self-Determination Referendum, 2007, 2007 in the European Union, 1st Eu-brazil Summit, Costa Rican Dominican Republic – Central America Free Trade Agreement Referendum, 2007. Excerpt: Iranian military personnel seized 15 Royal Navy personnel during 2007 and held them for 12 days. On 23 March 2007, 15 British Royal Navy personnel, from HMS Cornwall, searching a merchant vessel were surrounded by the Navy of the Iranian Revolutionary Guards and subsequently detained off the Iran-Iraq coast. In the course of events, the British forces claimed that the vessel was in Iraqi waters, but the Iranian side insisted that they were in Iran’s territorial waters. The 15 personnel were released on 4 April 2007. A year later, a British investigation report was released which stated that the a… More:

2009 31 Cfr 0-199 (Department of the Treasury) $67.36 Used – Title 31 presents regulations governing money and finance issues applied by the Office of the Secretary of the Treasury, Monetary Offices, Fiscal Service, Secret Service, Office of Foreign Assets Control, Bureau of Engraving and Printing, Federal Law Enforcement Training Center, and Office of International Investment.

2009 31 Cfr 0-199 (Department of the Treasury) $35.87 Used – Title 31 presents regulations governing money and finance issues applied by the Office of the Secretary of the Treasury, Monetary Offices, Fiscal Service, Secret Service, Office of Foreign Assets Control, Bureau of Engraving and Printing, Federal Law Enforcement Training Center, and Office of International Investment.

2009 31 Cfr 200-499 (Department of the Treasury) $89.95 New – Title 31 presents regulations governing money and finance issues applied by the Office of the Secretary of the Treasury, Monetary Offices, Fiscal Service, Secret Service, Office of Foreign Assets Control, Bureau of Engraving and Printing, Federal Law Enforcement Training Center, and Office of International Investment.