Les privatisations en Allemagne orientale : l'importance de l'apport étranger en capital

Abstract

Privatization in East Germany : the size of foreign capital investment. Standing at 183 billion DM, the total amount of foreign investors' commitment in the former GDR at October 31, 1993, was markedly in excess of the sums drawn by Hungary, Poland or the Czech Republic. The sums, unevenly distributed both by region and by sector, are nevertheless very far short of aspirations and requirements. Juridical constraints, arising from the principle of restitution of property to former owners, and economic constraints (inadequate infrastructures, the problem of pollution, ageing of production equipment, etc.) have in fact acted as a brake on direct foreign investment (DFI) in East Germany. Similarly, the principle of aligning East German wages with high-level West German wages has once again brought into question the comparative advantage of the ex-GDR in terms of labour costs, particularly in comparison with East European neighbours. Lastly, the main determining factor for foreign investors in the GDR lies in accessibility to markets : East Germany, the European Common market, and the East European markets. Since the establishment, at the end of 1991, of a positive international marketing policy by the Treuhandanstalt (the introduction of representatives abroad, and diversification of sales techniques), the appearance of new foreign investors, with American enterprises at the forefront, has given a certain impetus to DFI.