Where privatization has taken place it is often associated with developing the capacity of
local capital markets, and data in Appendix 1 illustrates the relatively high weightings of
telecommunication stocks on local stock markets. Appendix 2 provides a snapshot
contrast with the number of privately listed companies in 1994. There has been a large
increase in the number of listings across the region.
The paper suggests there has been a strong correlation between cases where governments
have strong commitments to the development of the ICT sector in general and to the
development of the telecommunications network in particular, and investment coming
into the sector. The paper looks at various mechanisms through which private sector
participation, including FDI, has been achieved, including means by which governments
have circumvented various legal and political restrictions on the foreign ownership of
national resources.
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