United States Department of State

The Afghan economy has experienced steady economic growth averaging 10 percent between 2005 and 2013. That growth was driven largely by the international presence, including spending by international security forces and international aid agencies. As international assistance declines, growth is expected to be one to two percent per year in the short term and three to four percent per year in the medium term. This growth is not expected to be sufficient to cover anticipated government budget deficits, and the Afghan government must therefore focus on improving domestic revenue generation. The success of private sector led development will depend on the government's ability to convince reluctant investors of the business opportunities in the country and that security risks are manageable. With a population growth rate of 2.8 percent, the Afghan government recognizes that the development of a vibrant private sector is crucial to the reconstruction of an economy impaired by decades of conflict and mismanagement. The government has stated a commitment in principle to fostering private-sector-led economic development and increasing domestic and foreign investment, as reflected in the Afghanistan National Development Strategy (ANDS). Its efforts to build an enabling environment for a competitive private sector; to expand the scope of private investment by developing natural resources and infrastructure; and to promote investment have been limited by institutional capacity, rent seeking behavior, and the political will to undertake necessary reforms.

Panama actively encourages foreign investment, and with few exceptions, the Government of Panama (GOP) makes no distinction between domestic and foreign companies for investment purposes. Panama continues to enjoy the strongest economic growth in Latin America. It benefits from stable and consistent economic policies, a dollarized economy, and a government that consistently supports trade and open markets. In 2015, the economy is expected to continue to be one of the fastest growing in the hemisphere, with predicted growth of 6.5 percent, following expansion of 6.2 percent in 2014 and 8.5 percent in 2013. In 2012, Moody's raised Panama's sovereign debt rating to Baa=2 and improved its outlook for Panama from stable to positive. Panama's sovereign debt is also rated as investment grade by Fitch (BBB rating) and by Standard and Poor's (BBB rating). Since the October 2012 entry into force of the U. S.-Panama Trade Promotion Agreement (TPA), opportunities have increased for U. S. companies operating in Panama, and exports from the United States to Panama have increased over 20 percent.

Norway welcomes foreign investment as a matter of policy and generally grants national treatment to foreign investors. According to the OECD's (Organization for Economic Cooperation and Development) 2013 FDI Regulatory Restrictiveness Index, Norway is ranked close to the OECD average (slightly less restrictive than the United States). Norwegian authorities encourage foreign investment particularly in the key offshore petroleum sector, mainland industry, and in less developed regions such as northern Norway. In 2013, the Government established "Invest in Norway", Norway's official investment promotion agency, to help attract and assist foreign investors.

Observers do not expect Austria's positive view of foreign direct investment to change under the current coalition government between the center-left Social Democratic Party (SP ) and the center-right People's Party ( VP), which began its most recent five-year term on December 16, 2013. Austria is particularly welcoming of foreign direct investment that creates new jobs in high technology fields, promotes capital-intensive industries, and has links to R&D activities, for which special tax incentives are available. Officials are also conscious of ensuring that investments avoid a negative impact on the environment. Austria is a high-tax country overall with a heavy personal income tax burden. However, due to a relatively low 25% corporate tax rate, it is attractive as a business headquarters location. Including tax base adjustments, experts estimate the effective corporate tax burden at no more than 22%.

The Gambia is a small market compared to some of its West African neighbors. There is a visible presence of foreign investors, particularly from Nigeria, East Asia, the Middle East and North Africa and a limited number of European and American-owned businesses. Trade relations with Turkey have also increased recently. There are opportunities for investment in various sectors such as tourism and the hotel industry as well as agriculture for the larger West African market. There are also opportunities for cashew processing with one of West Africa's biggest cashew growers, Guinea Bissau, less than a day away by truck.

Angola is a country located in south-central Africa. Angola has one of the world's fastest growing economies, and as sub-Saharan Africa's second largest oil exporter and third largest trading partner with the United States, Angola plays an increasingly vital role to U. S. interests. For Angola, 97 percent of its entire export market through the African Growth and Opportunity Act (AGOA) was in oil with modest exports of diamonds, wood and other items. In the context of significant oil price declines, the Government of Angola (GOA) is focusing heavily on economic diversification to diminish its dependence on imports and to build its exporting capacity. Angola gives special importance to the development of agriculture and agro-industry, fisheries, and manufacturing as part of its diversification strategy. The government's strategy focuses on promotion of Small and Medium Enterprises (SMEs) to generate additional revenue, reduce poverty, stimulate investment in infrastructure to reduce transaction costs, and improve the country's economic competitiveness. Since the civil war ended in 2002, Angola has made great efforts towards its development goals by creating a basis for private sector development. Despite these efforts much remains to be done and the government has shown political commitment to reach this goal of diversification.

In general terms, Bolivia remains open to foreign direct investment (FDI). The 2014 investment law guarantees equal treatment for national and foreign firms, however it also stipulates that public investment has priority over private investment (both national and foreign) and that the Bolivian government will determine which sectors require private investment. The Government of Bolivia has delivered to the United States a notice of termination for the BIT between the countries, a termination that will take effect on June 2012. As of June 2012, the treaty will cease to have effect except that it will continue to apply for another 10 years over covered investments existing at the time of termination.

The Government of Belize (GOB) and its Belize Trade and Investment Development Service (BELTRAIDE; http: //www.belizeinvest.org.bz/) identified Belize's priority sectors for investment for 2015 as agriculture, agro-processing, aquaculture, light manufacturing, food processing and packaging, tourism and tourism-related industries, business process outsourcing (BPOs), and renewable energy. The GOB continues to promote foreign direct investment with generous incentives packages coupled with its availability of good land and a resource-abundant natural environment. In practice, however, investors have complained that they do not always receive the full extent of the incentives available, that land title is not always reliably secure, and that bureaucratic delays or corruption can be hindrances to starting a business in Belize. There is a sense among investors that incentives can be very beneficial but currently they are administered in an ad hoc manner, with frequent delays or payment not issued as originally guaranteed

Cambodia began its transformation from a command economy to a free market economy in the late 1980s. It is now integrating into the regional and world trading framework. Cambodia joined ASEAN in 1999 and served as ASEAN chair in 2012. In 2001, the country joined the World Customs Organization, and in September 2004, it became a member of the World Trade Organization (WTO). Cambodia's 1994 Law on Investment established an open and liberal foreign investment regime. All sectors of the economy are open to foreign investment and the government permits 100 percent foreign ownership of companies in most sectors. In a few sectors, such as cigarette manufacturing, movie production, rice milling, gemstone mining and processing, publishing and printing, radio and television, wood and stone carving production, and silk weaving, foreign investment is subject to local equity participation or prior authorization from authorities. There is little or no discrimination against foreign investors either at the time of initial investment or after investment. Some foreign businesses, however, have reported that they are at a disadvantage vis-a-vis Cambodian or other foreign rivals that engage in acts of corruption or tax evasion or take advantage of Cambodia's poor enforcement of laws and regulations.