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III.DataandEstimationStrategy

A.ForeignDirectInvestmentinLithuania

LikeotherformerSovietRepublics,Lithuaniahadbeenvirtuallyclosedtoforeign

investmentuntil1990,whenitregaineditsindependenceandbegantheprocessoftransitiontoa

marketeconomy.Thefirststageoftheprivatizationprocess,startingin1991,offeredlimited

opportunitiesforforeigninvestors.Itwasnotuntil1997thatFDIinflowsintoLithuania

increasedsignificantly,asaresultofthesecondstageoftheprivatizationprogram.Asillustrated

inChart1,FDIinflowspeakedin1998,when60percentofsharesofLietuvasTelekomas

(LithuanianTelecom),thefixed-linemonopolyoperator,weresoldtoAmberTeleholdings,a

consortiumofSwedishTeliaandFinishSonera(EBRD2001).12Duetoitslatestart,Lithuania

hasattractedlessFDIthanhaveotherCentralandEasternEuropecountries(CEECs).

CumulativeFDIinflowsduringtheperiod1993–2000reachedUS$694percapita,placing

LithuaniaseventhamongCEECs,aboveSlovenia,Bulgaria,andRomania.Intermsofthevalue

ofcumulativeFDIinflows,Lithuaniarankseighth,aboveEstoniaandSlovenia(seeTable1).

AsfarassectoraldistributionofFDIisconcerned,44percentoftheFDIstockin1996

wasinmanufacturing.Afterlargeinflowsintothetelecommunicationsandfinancialsectors,this

figuredecreasedto32percentin2000.Withinmanufacturing,foodproducts,beverages,and

tobaccoattractedthelargestshareofinvestment(12percentoftotalFDIstock),followedby

textilesandleatherproducts(4percent)andrefinedpetroleumandchemicals(4percent).

Electricalmachinery,opticalinstruments,andwoodproductsalsoreceivedsignificantforeign

investments(OECD2000).AdetaileddistributionofFDIstockin2000withinthetwo-digitmanufacturingsectors,calculatedonthebasisofthedatasetusedinthestudy,ispresentedinthe

firstcolumninTable2