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Bookmark this page www.oecd.org/daf/investment/pfi
What is the PFI?
The Policy Framework for Investment (PFI) is a tool, providing a checklist of issues for consideration by any government interested in creating an attractive investment environment and in enhancing the development benefits of investment to society. The policy areas covered are widely recognised, including in the Monterrey Consensus, as underpinning a healthy environment for all investors, from small- and medium-sized firms to multinational enterprises.
The ten policy areas covered are: investment; investment promotion and facilitation; trade; competition; tax; corporate governance; responsible business conduct; human resources development; infrastructure and financial sector development; and public governance.
The PFI lists questions under each theme to encourage policy makers to ask appropriate questions about their economy, institutions and policy settings and to help governments determine whether their policies are likely to encourage investment. It does not involve ready-made prescriptions and is not binding. Policy coherence, transparency and accountability and regular policy evaluation are three principles at the core of the PFI.
Although addressed to governments, the PFI needs to be seen in the broader context of other converging international initiatives to improve the investment climate, including the OECD Guidelines for Multinational Enterprises.
Who are the potential users?
With its broad horizontal approach, the PFI can assist governments engaged in domestic reform, regional co-operation or international policy dialogue on investment. It can also serve as a reference point for investment promotion agencies, donors as they assist recipient country partners in improving the investment climate, and businesses, trade unions, and NGOs in their dialogue with governments.
Developed by a task force representing some 60 economies, as well as business, labour, civil society and international organisations, the PFI is a flexible instrument that governments can adapt to their specific circumstances, objectives and needs while at the same time providing a common platform for dialogue and peer learning. The flexibility is evident in the variety of ways governments are already using the PFI, including:
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Under the MENA-OECD investment programme, participating countries will develop and implement a comparative benchmark measuring the process of investment policy reform based on the PFI.
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Vietnam carried out a detailed self-assessment in 2006 using selected chapters of the PFI and has followed up with a more complete and detailed PFI-based assessment of its policy framework for investment. Other Asian APEC members are considering following suit.
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Latin American countries have expressed strong interest in launching a regional capacity building initiative based on the PFI. Chile co-chaired the work on the development of the PFI. Costa Rica, and Mexico intend to use the PFI to conduct self-assessments at sub-national level.
A PFI User's Handbook is currently being developed.
Documentation and links
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Policy Framework for Investment: A Review of Good Practices, OECD, July 2006 [ English / français ] (companion volume to the Framework providing analytical background material on each of the ten chapters of the Framework)
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OECD Initiative on Investment for Development - Note on the outcome of the work, 15 May 2006 [ English / français ]
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- Enabling Development - OECD statement to the follow-up of the UN Millennium Declaration and Monterrey Consensus, May 2005 [ English / français ]
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OECD Initiative on Investment for Development: Progress Report, April 2005 [ English / français ]
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Partner organisations
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United Nations Conference on Trade and Development (UNCTAD) www.unctad.org
Conferences
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