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Objectives l Guiding principles l Strategic approach l Administrative structure
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Launched in April 2009, the South Caucasus and Ukraine (SCU) Initiative is part of the Eurasia Competitiveness Programme, and aims to help create a sound business climate for investment, enhance productivity, support entrepreneurship, develop the private sector, and build knowledge-based economies to render the region more competitive and attractive to foreign investment.
Although Souch Caucasus and Ukraine have enjoyed increased foreign direct investment (FDI) since 2002, FDI per capita is still up to 6 times lowed than in Central and Eastern Europe, and is concentrated mainly in the energy sector.
To boost the South Caucasus and Ukraine as an investment destination across sectors, the South Caucasus and Ukraine Initiative supports the reform design and prioritisation process to ensure that policies effectively work towards achieving dynamic and sustainable growth through entrenpreneurship, diversification, and international and tinra-regional trade.
The South Caucasus and Ukraine (SCU) Initiative aims to
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improve competitiveness in participating countries through better policy design and implementation
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support private sector development with a focus on SMEs
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foster economic development and stability
To achieve these objectives, the initiative will encourage the exchange of best practices and experiences in policy reforms relevant to improving the business climate, support regional dialogue, and assist governments in developing policies that build a dynamic business environment for local businesses and foreign investors.
The key principles driving the initiative are
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maintain transparent and strong links with national development plans and the unique domestic conditions of each country
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promote active ownership of the reform process among participating countries
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encourage voluntary government self-evaluations of policy reforms
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actively involve the private sector in each step along the way to successful reform implementation
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co-ordinate with donors and other international organisations to streamline reform efforts
The SCU Initiative's work programme is structured into three stages:
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stage 1: perform a regional policy review identifying sector-specific policy barriers to business climate reform, as well as priority reform policies inducive to the development of a vibrant business environment
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stage 2: establish a regional forum for dialogue and peer review to facilitate the exchange and application of OECD instruments, tools and methodologies, and develop recommendations to address policy barriers and reform initiatives
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stage 3: lend strategic support to the implementation of structural reforms in targeted policy areas, as well as to capacity-building efforts in the region
After performing a regional policy review identifying common policy areas and specific priority sectors driving the reform process towards an improved business climate, regional Working Groups are established with country experts and the private sector.
The regional policy Working Groups allow countries to exchange experiences, conduct peer reviews and develp recommendations to address common policy issues. The SCU Working Groups focus on:
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investment climate policy and promotion
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financial market development
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human capital for financial and business services
Oversight and regional ownership is ensured through an Advisory Council, chaired or co-chaired by OECD member countries, while the Steering Group and Working Groups, chaired by participating countries from the region, are responsible for the delivery of substantive work. The Advisory Council, which includes representatives of participating countries, OECD representatives and members, and donors, international organisations and private sector representatives, meets twice a year. The Steering Group and Working Groups meet once or twice a year.
In addition, an annual conference at ministerial level is held.
Launch of the South Caucasus and Ukraine Initiative for Investment and Competitiveness, Paris, 1 April 2009
South Caucasus and Ukraine address investment strategies in times of economic crisis and beyond, Bodrum, 3 July 2009
Financial sector reform in transition economies, and policies for SME growth, Warsaw, 17 November 2009
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