Foreign direct investment in the mining industry in burkina faso Essay

Foreign direct investment in the mining industry in burkina faso - Essay Example Later in 2013 the country was ranked 153 out of 185 in according to the ‘Doing Business 2013’ report (US Department of State, â€Å"2011 Investment Climate Statement - Burkina Faso†; Ficci, â€Å"Burkina Faso†; US Department of State, â€Å"2013 Investment Climate Statement - Burkina Faso†). The government of Burkina Faso revised its investment code in the year 2010 that demonstrates the government’s interest in attracting Foreign Direct Investment in order to be able to develop industries producing goods that can be exported. In addition to that such industries would also provide adequate training and jobs for the domestic workforce. The code also provides standardized guarantees to all the firms which are legally established, whether domestic or foreign, that are operating in Burkina Faso. The code constitutes of four different investment and operations preference scheme which are evenly valid to all mergers and acquisitions as well as Greenfield investments. Exhibiting its new status as a significantly large mining industry, the Government of Burkina Faso is revising the mining code stipulated in 2003 in order to better capitalize in the mineral resources generated from the industry as well as to create a suitable climate for the mining industry. The announcements for privatization bids made by the country’s government are extensively distributed targeting both domestic and foreign investors. The bids announcements are published in the regional and local newspapers, international magazines, e-mailed to interested investors based in foreign countries, mailed to diplomatic missions and are also hosted over the internet (US Department of State, â€Å"2012 Investment Climate Statement - Burkina Faso†). The strategies implemented by the government of Burkina Faso have proven to be highly successful in grabbing the attention of foreign investors. The investment code was revised in