variation can be observed in East Asia and the Pacific, where smaller economies (Solomon Islands, Cambodia and Papua New Guinea) are the most open, while Indonesia, the Philippines, Thailand and Vietnam impose foreign equity limits in many of the sectors covered. The region as a whole is fairly restrictive on foreign equity ownership in many sectors. Thus the spread of openness within the EAP region extends from a score of 50 in the case of the least open to a score of 100 in the case of the most open economies. For instance, the Philippines impose foreign equity ownership restrictions in 25 sectors, more than most other economies (Figure 2).

|**Montenegro**<br>**Figure 3. Foreign equity ownership index in Easte**|**100**<br>**rn Europe and Central Asia**|
|---|---|
|**FYR Macedonia**|**100**|
|**Kyrgyz Republic**|**100**|
|**Kosovo**|**100**|
|**Georgia**|**100**|
|**Ukraine**|**100**|
|**Romania**|**98**|
|**Serbia**|**98**|
|**Croatia**|**98**|
|**Bulgaria**|**98**|
|**Armenia**|**98**|
|**Moldova**|**97**|
|**Bosnia & Herzegovina**|**97**|
|**Regional average**|**96**|
|**Poland**|**95**|
|**Russian Federation**|**94**|
|**Belarus**|**93**|
|**Albania**|**93**|
|**Azerbaijan**|**93**|
|**Turkey**|**91**|
|**Kazakhstan**|**90**|
|0<br>50<br>**Cyprus**<br>_Source:_FDI Regulations database 2012|**83**<br>100<br>**Figure 4. Forei**<br>**OECD econom**|

The Eastern Europe and Central Asia (ECA) region on the other hand displays a very low variance with all economies of the region being highly open to foreign investment (Figure 3). The region overall is the most open to foreign equity ownership. Montenegro, the former Yugoslav Republic of Macedonia, the Kyrgyz Republic, Kosovo Georgia and Ukraine have no restrictions on foreign ownership of companies in any of the sectors covered by the project. Every economy in the region allows full foreign ownership of companies in banking; higher education; courier activities; accommodation services; agriculture; mining; manufacturing; electric power

|100<br>**100**<br>**United States**<br>**Figure 4. Foreign equity ownership index in High-Income**<br>**OECD economies**|
|---|
|**100**<br>**New Zealand**|
|**98**<br>**Italy**|
|**98**<br>**Ireland**|
|**98**<br>**Germany**|
|**98**<br>**Czech Republic**|
|**98**<br>**United Kingdom**|
|**98**<br>**Slovak Republic**|
|**98**<br>**Australia**|
|**97**<br>**Spain**|
|**94**<br>**Regional average**|
|**93**<br>**Canada**|
|**93**<br>**Austria**|
|**92**<br>**Japan**|
|**92**<br>**Greece**|
|**89**<br>**Netherlands**|
|**82**<br>**France**|
|**82**<br>0<br>50<br>100<br>**Korea, Rep**<br>_Source:_FDI Regulations database 2012|

generation (biomass, solar and wind); freight transport by road; freight rail transport; internal waterways freight transportation and waste management and recycling. In contrast, media and international passenger air transport are more restricted. Azerbaijan, Kazakhstan and Belarus impose more restrictions than most other economies in the region (maximum allowed 17%, 20% and 30%, respectively) in the media sector (television broadcasting and newspaper publishing).

In high-income OECD economies, restricted industries are those that are sensitive to national security or national sovereignty considerations: television broadcasting, electricity, transport and telecommunications. On the other hand, agriculture, forestry, mining, oil & gas, 9