Governments are competing for attracting foreign direct investment as a form of international economic transaction which is perceived as an important source of technological, economic and social developments of the countries and as an instrument of international economic integration. The investment climate is determined by a broader environment, a set of factors, e.g. a large market size, as measured by population, per capita income (purchasing power), GDP growth rate, low trade barriers, level of privatization, candidate or membership status in the World Trade Organization (WTO), increases the confidence and attractiveness of a host country, sends positive signals to investors. On the other hand, slow market entry procedures, corruption, underdeveloped infrastructure and regional tensions all act as deterrents to foreign investments. One of the most important factors of the national policy framework determining investment environment is the strength of intellectual property protection. Empirical analysis results show that weak protection of intellectual property rights discourages foreign investors. The deterring effect of inadequate IPR regime is particularly strong in four technology-intensive sectors: drugs, cosmetics and healthcare products; chemicals; machinery and electrical equipment.

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