The declaration also promotes voluntary standards of business conduct through the OECD Guidelines for Multinational Enterprises. Adherence to the declaration will enable Israel to share experiences with the 30 OECD members and other non-OECD signatories, including Argentina, Brazil, Chile, Estonia, Lithuania and Slovenia.
A recent OECD examination of Israel’s foreign direct investment (FDI) policies encouraged the Israeli government to dismantle market access barriers and pursue privatisation of the banking sector and other major companies. It also recommended the simplification of administrative procedures.
In recent years, Israel has moved from an agrarian economy to a technologically advanced, service-based economy with per capita gross domestic product estimated at around 88% of the OECD average. FDI inflows had reached a cumulative total of US$21 billion at the end of 2001.
OECD (2002), OECD Investment Policy Review: Israel, Paris, 2002.
For more on the OECD Declaration on International Investment: www.oecd.org/daf/investment.
©OECD Observer No 234, Ocober 2002