United States Department of State

The Government of Portugal recognizes the value of foreign direct investment (FDI) and sees such investment as an important engine of economic growth. After two and half years of recession, Portugal has started to show signs of growth beginning in the second quarter of 2013, and registered actual 0.9 percent growth in 2014. The country exited its three-year EU-IMF bailout program in May 2014, and has successfully regained access to international bond markets with yields approaching historic lows. The Portuguese Agency for Foreign Investment and Commerce (AICEP) is the lead agency for promotion of trade and investment. AICEP is responsible for the promotion of global Portuguese trademarks, the export of goods and services, and attraction of foreign direct investment (FDI). It is the point of contact for investors with projects of more than EUR 25 million or companies with a consolidated turnover of more than EUR 75 million. For foreign investments not meeting these thresholds, AICEP will make a preliminary analysis and direct the investor to assistance agencies such as the Institute of Support to Small- and Medium Sized Enterprises and Innovation (IAPMEI), a public agency within the Ministry of Economy that provides technical support, or to AICEP Capital Global, which offers technology transfer, incubator programs and venture capital support.

Djibouti's laws encourage foreign investment, with state-run media providing favorable coverage of projects funded by foreign entities. There is no screening of investment or other discriminatory mechanisms. Navigating the bureaucracy, however, can be complicated. Foreign investment in Djibouti is constrained by inadequate investor protections, difficulty in obtaining credit, and lengthy procedures for creating a new business. Certain sectors - most notably public utilities - are state-owned and are not open to investors. In March 2015, however, the Djiboutian government approved a bill liberalizing the production of electricity. The state-owned Djibouti Electricity (EDD) has had a monopoly on electricity production for decades. The bill will begin the process of opening this sector to competition, though this will likely be slow, as EDD will retain all rights to the transmission and distribution of electricity. Nonetheless, the liberalization of production is a positive step towards promoting private investment in the energy sector.

The government of El Salvador recognizes that attracting foreign direct investment (FDI) is crucial to improving the economy. Over the past two years they have passed investment promotion legislation. However, FDI levels are still paltry and lag far behind regional neighbors. The Central Bank reported the FDI at USD 275 million in 2014. Meanwhile, in 2013 El Salvador's regional neighbors experienced increased levels of FDI, by on average attracting USD 1.4 billion per country. Political uncertainty, inconsistent and burdensome commercial regulations, a sometimes ineffective judicial system, and widespread violent crime undermine El Salvador's investment climate. CAFTA-DR, the free trade agreement among Central American countries, the Dominican Republic, and the United States, includes an investment chapter and other provisions that have strengthened investment dispute resolution for member state companies with interests in El Salvador.

In its Five Year Indicative Development Plan 2014-2018, the GSE states it "encourages foreign direct investment and has enacted competitive fiscal regulations and packages to ensure a fair return for risk while maximizing the benefits to the host country", but its policies belie those pronouncements. The Foreign Financed Special Investments (FFSI) Proclamation permits foreign investment, but specifically limits FDI in financial services, domestic wholesale trade, domestic retail trade, and commission agencies, as these sectors are seen more promising for domestic investment. Investment opportunities in Eritrea are most promising in the extractive industries, energy and agricultural sectors. The GSE prefers to obtain a controlling interest in any large venture and appears to favor partnering with smaller entities as opposed to larger, multinational firms.

The Fiji government welcomes foreign investment, assuring investors that Fiji is a safe place to do business. The return to parliamentary democracy and re-engagement of diplomatic relations with international partners has improved investor confidence. Although Fiji has a tradition of a strong judiciary system, where contractual rights are generally upheld, the independence of the judiciary and the lengthy legal process raise concerns about due process of law. Furthermore, all cases challenging the actions of the interim government since December 2006, were dissolved by decree. This prohibits the judiciary from hearing challenges to the actions of the government since April 2009, such as the 2006 coup and the abrogation of the constitution in April 2009.

Grenada adopts a liberal approach to foreign direct investment geared at the country's socioeconomic development. This approach is supported by a strong strategic, legislative and regulatory landscape. The strategic agenda of the Government of Grenada palpably demonstrates its belief that investment is directly related to growth and development. As a result, an increasing number of foreign investment opportunities have been presented of late and no restrictions have been added to the very limited list that previously existed. Accession to international trade and development agreements has further promoted foreign investment as a greater number of sectors have been liberalized, opening them up to foreign investment opportunities.

Hong Kong is the second biggest FDI recipient in Asia after Mainland China, according to the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2014. The HKG's Invest Hong Kong department encourages inward investment as a means of introducing new or improved products, processes, designs, and management techniques. U. S. and other foreign firms can participate in government financed and subsidized research and development programs on a national treatment basis. Capital gains are not taxed, nor are there withholding taxes on dividends and royalties. Profits can be freely converted and remitted. Foreign-owned and Hong Kong-owned company profits are taxed at the same rate - 16.5 percent. No preferential or discriminatory export and import policies affect foreign investors. Domestic industries receive no direct subsidies. Foreign investments face no disincentives, such as quotas, bonds, deposits, or other similar regulations.

The Government of Saint Lucia strongly encourages foreign direct investment, particularly in industries that create jobs, earn foreign currency, and have a positive impact on its citizens. Invest Saint Lucia provides "one-stop shop" facilitation services to investors to guide them through the various stages of the investment process. Government concessions are granted by the applicable government agency, not Invest Saint Lucia. Invest Saint Lucia provides investors with information to help them navigate the business approvals process. The Saint Lucian government encourages investment in all sectors but the key targeted sectors are: tourism, smart manufacturing, and infrastructure (hard and soft), Information and Communication Technologies (ICTs), alternative energy, education and offshore business, and knowledge processing operations. Additional sectors may be appraised on merit. Invest Saint Lucia has a website that is useful to navigate the laws, rules, procedures and registration requirements for foreign investors. This can be found at: http: //www.investstlucia.com

The Government of Samoa welcomes business and investors. Samoa's fertile soil, English-speaking educated workforce, and tropical island climate offer advantages to focused investors, though the country's distance from major markets affect the cost of imports and exports. The main productive sectors of the economy are agriculture and tourism while depending heavily on overseas remittances. For investors, Samoa offers a trained, productive and industrially adaptable work force that communicates well in English; competitive wage rates; free repatriation of capital and profits; well-developed, reasonably priced, transport infrastructure, telecommunications, water supply, electricity; industry incentive packages for tourism and manufacturing sectors; a stable financial environment with a single-digit inflation, a balanced budget and international reserves; relatively low corporate & income taxes; and a pleasant and safe lifestyle.

Seychelles welcomes foreign direct investment. The government's objective is to promote economic and commercial relationships to sustain its tourism and fishing industries, which are currently the main drivers of economic growth, as well as to diversify the economy. However, certain types of businesses have been classified by the GOS as reserved for domestic investors only:1. Accommodation of up to 10 rooms (excluding luxury villas)2. Liveaboard (overnight scuba services up to 2 boats)3. Travel Agent4. Tourist Guide5. Car Hire Operator (foreign franchises must be maintained by Seychellois)6. Tour Operators7. Boat Charter8. Taxi Operator9. Diving Centers (excluding dive operators)10. Water Sports11. Cottage Industry Projects12. Video Shops13. Internet Reseller14. Public Exhibition of Films15. Employment Agency16. Building Contractor (with limited exceptions)17. Artisanal Fishing18. Small Enterprises (except where the project introduces or ventures into an area never before invested in, or introduces new technology that has never before been applied in Seychelles).

Singapore's legal framework and public policies are generally favorable toward foreign investors. Foreign investors are not required to enter into joint ventures or cede management control to local interests, and local and foreign investors are subject to the same basic laws. Apart from regulatory requirements in some sectors (reference Limits on National Treatment and Other Restrictions), the government screens investment proposals only to determine eligibility for various incentive regimes (reference Annex). Singapore places no restrictions on reinvestment or repatriation of earnings or capital. The judicial system upholds the sanctity of contracts, and decisions are effectively enforced. Limits on National Treatment and Other Restrictions: Exceptions to Singapore's general openness to foreign investment exist in telecommunications, broadcasting, the domestic news media, financial services, legal, and other professional services, and property ownership. Under Singapore law, Articles of Incorporation may include shareholding limits that restrict ownership in corporations by foreign persons.