United States Department of State

There is broad recognition within the Icelandic government that foreign direct investment (FDI) will be a key contributor to the country's economic revival after the 2008 financial collapse. Iceland's growing tourism sector is expected to supply ample investment opportunities, but much work remains to identify investment-ready projects. Meanwhile, IT startups seeking investors are burgeoning, and foreign investors have expressed growing interest in Iceland's retail sector. Foreign investment in the fisheries sector however, remains restricted especially when it comes to investing in fishing companies that possess transferable quotas. As part of its investment promotion strategy, the government operates an agency by the name of Invest in Iceland that facilitates foreign investment by providing information to potential investors.

Vietnam is serious about attracting foreign investment, especially in sectors that will bring advanced technology and improve Vietnam's labor productivity. Vietnam's attractiveness as an FDI destination has grown as the country has made key legal reforms related to the business climate. Other draws are Vietnam's stable political system, strategic location near global supply chains, and an abundant labor force that is significantly less expensive than that of China. Foreign invested companies continue to play an important role in the economy. The FDI sector contributed 62 percent of total exports in 2014, up from 47 percent in 2000, and foreign invested enterprises' contribution to GDP increased to 18 percent from 13 percent over the same period. Vietnam has maintained registered FDI levels of around USD 17 billion per year over the last five years. Conclusion of any or all of Vietnam's six active trade agreement negotiations -- the TPP, the Regional Comprehensive Economic Partnership (RCEP), the Vietnam-EU FTA, the Vietnam-Eurasian Customs Union FTA, the Vietnam-Republic of Korea FTA, and the Vietnam-European Free Trade Area FTA -- would open the door for a considerable increase in FDI. Additionally, by the end of 2015 Vietnam aims to fully integrate into the ASEAN Economic Community (AEC), which likely will increase foreign investment from their ASEAN neighbors.

Gabon's government is anxious to attract foreign direct investment. In July 2012 Gabon released President Ali Bongo Ondimba's, Strategic Plan for an Emerging Gabon (PSGE / Plan Strategique Gabon Emergent), an ambitious blueprint for developing Gabon into an emerging economy by 2025 by diversifying the country away from its reliance on energy exports and transforming Gabon into an internationally competitive investment destination. The plan calls for increased public and private investment, modernized infrastructure, and improved human capital. The government understands that foreign direct investment will help it achieve its developmental goals. The Gabonese government has taken several measures to strengthen public investment management and the transparency of infrastructure development. Priority sectors for the government include transportation, housing, public facilities, tourism, energy, education, health, ports, and other large infrastructure projects. The National Infrastructure Agency (ANGT) was set up to manage the identification, planning, management, and implementation of large public infrastructure projects. ANGT's mission is to build projects that add value, complete identified existing projects, and develop new projects within the agreed schedule and budget. The American engineering corporation Bechtel assisted the government in forming ANGT and initially ran the agency. ANGT became a legally separate organization on January 1, 2013, although Bechtel employees continue to play a significant role in its operations.

In the past year, the BJP-led government took a number of steps to ease FDI restrictions in sectors including insurance, defense, railways, construction, and medical devices. The government also issued two successive ordinances to revise the Land Acquisition Act. While the current government appears generally friendly to FDI, many sectors of the economy retain equity limits for foreign capital, and this has proven a deterrent to investment. The long-awaited Insurance Act, which raises caps on FDI from 26 percent to 49 percent for instance, also mandates that insurance companies retain "Indian management and control. As discussed below, many sectors also require multi-step processes for central and state government approval. While the previous and current governments have progressively opened the country up to greater FDI, the overall attitude remains mixed. Outside of pensions, insurance, and defense, the government is empowered to raise FDI limits up to 100 percent without Parliamentary approval, yet in sectors such as multi-brand retail (MBR), the government has taken an anti-FDI stance. While considered pro-business, much of the party's constituency is comprised of shop-owners and other small business owners whom could potentially suffer losses under a liberalized MBR regime.

Attracting foreign direct investment (FDI) continues to be a priority for the GOG. Ghana is currently experiencing an infrastructure funding gap of at least USD 1.5 billion a year. The GOG recognizes that attracting FDI requires an enabling legal environment. The government passed laws to encourage foreign investment and replaced regulations perceived as unfriendly to investors. The 2013 GIPC Act regulates investments in almost every sector, except minerals and mining, oil and gas, and the industries within Free Zones. Sector-specific laws further regulate banking, non-banking financial institutions, insurance, fishing, securities, telecommunications, energy, and real estate. In oil and gas specifically, these laws include specific local content requirements that could discourage international investment. Foreign investors are required to satisfy the provisions of the investment act as well as the provisions of sector-specific laws. In general, GIPC has streamlined procedures and reduced delays. More information on investing in Ghana can be obtained from GIPC's website,

While the government of the Federated States of Micronesia (FSM) expresses public interest in finding ways to increase foreign investment, there are many structural impediments to foreign investment and economic progress in general that would require constitutional change, which is unlikely in the foreseeable future. Many political leaders at both the state and national level are owners of the largest businesses on the islands, and strongly oppose the needed structural changes that would increase competition to their own interests. The FSM scores in the lowest quintile in almost all measures of economic activity and the climate for doing business. The most important impediments derive from land and contract issues. Foreign ownership of land is prohibited; most land is owned and passed on within the clan structure, leading to conflicting title claims, the need to negotiate leases with multiple parties, and the possibility of dramatic changes when the original senior lessor dies. There is no system for land title insurance in any of the four states. The combination of these factors placed the FSM at 189 out of 189 in registering property in the World Bank Doing Business report.

The GOI has publicly stated its commitment to attract foreign investment, and has taken several steps to improve the investment climate in Iraq. The current administration, led by Prime Minister Haider al-Abadi, committed to diversifying Iraq's economy to be less reliant on oil revenues, restructuring SOEs, modernizing the financial sector, and reducing bureaucratic bottlenecks. The GOI also pledged to publish investment opportunities and to provide foreign investors preferential terms and conditions. The government is exploring financing for long-term development projects, rather than relying on the established practice of funding investments entirely from current annual budget outlays. According to Iraqi law, a foreign investor is entitled to make investments in Iraq on terms no less favorable than those applicable to an Iraqi investor, and the amount of foreign participation is not limited. However, Iraq's National Investment Law limits foreign direct and indirect ownership of natural resources, particularly the extraction and processing of any natural resources. Further restrictions apply to the ownership of banks and insurance companies. Otherwise, there are no laws or practices that explicitly discriminate against foreign investors.

Mauritius actively seeks and prides itself on being open to foreign investment. According to the World Bank report Investing Across Borders, Mauritius has one of the world's most open economies to foreign ownership and is one of the highest recipients of foreign direct investment (FDI) per capita. The Board of Investment (BOI), the government agency for the facilitation and promotion of investment in Mauritius, acts as the facilitator for all forms of investment in Mauritius and guides investors through the necessary processes for doing business in the country. Mauritius is among the freest and most business-friendly countries in Africa according to a number of surveys and metrics. The 2015 Index of Economic Freedom, published annually by The Wall Street Journal and The Heritage Foundation, ranks Mauritius as the 10th freest economy in the world and the 1st out of the 46 countries of Sub-Saharan Africa. For the seventh consecutive year, the World Bank's 2015 Doing Business report ranks Mauritius first among African economies (28th worldwide) in terms of overall ease of doing business.