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(171) Only local sponsors can apply to GDFI for a permit to employ foreign personnel.
Applications for longer than six months are filed directly with the GDFI and are evaluated according to specific criteria where the qualifications of the personnel and the performance of the company is taken into account.
According to Nedbank's unofficial estimates GDFI probably grew by 5% in 1994 and will advance into double digit rates of around 11.5% for 1995.
The number of foreign equity venture formations during the 1980-2003 period reached a total of over 6,500 with the amount of cumulative FDI totaling nearly $17 billion (GDFI 2004).
For both surveys, a purposive sample of foreign investors was drawn from the database of the General Directorate of Foreign Investment (GDFI) on the basis of the following selection criteria: (i) partners from Europe and the USA, (ii) having an affiliate with an equity stake of more than 10 percent, (iii) having an affiliate with capital value of more than 1 million USD.
From 1980 to the end of the first quarter of 1995 the number of foreign equity venture (FEV) formations reached a total of 2,900, with the amount of cumulative foreign capital inflows totalling $7,572 million (GDFI 1995).
Distribution of Cumulative Authorised FDI by Country of Origin as of 31.3.1995 (million US-$) Country Total % European Countries 9,192.27 63.26 France 2,201.51 15.15 Germany 1,529.27 10.52 Netherlands 1,362.66 9.38 Switzerland 1,333.24 9.18 UK 1,246.45 8.58 Italy 1,120.25 7.71 Other European 398.89 2.74 USA 2,025.33 13.94 Far Eastern Countries 1,219.78 8.40 Japan 998.43 6.87 South Korea 125.65 0.86 Singapore 95.70 0.67 Middle Eastern Countries 515.92 3.60 Saudi Arabia 234.61 1.63 Bahrain 110.81 0.78 Iran 83.35 0.58 Other Middle Eastern 87.15 0.61 Others 1576.59 10.80 Grand Total 14,529.89 100.00 Source: Undersecretariat of Treasury, General Directorate of Foreign Investment (GDFI), Foreign Investment Report, March 1995, Ankara.
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