Publication

The three articles in this issue of the CAD focus on Foreign Direct Investment (FDI) in the South Caucasus region. The first article analyzes FDI in Armenia and concludes that it has yet to yield tangible results in the country, largely because of external factors. The second piece then agrees that there are few opportunities for international investment in Azerbaijan, primarily because of the government's clientelist approach to business. In the case of the last article, the author believes that FDI has not enabled Georgia to reach its full economic and employment potential. Inadequate institution building and the absence of a predictable and stable domestic business environment are two reasons why.