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This thesis investigates the experiences of foreign direct investment (FDI) in the agricultural sector of the Russian Federation. The focus is on the form of FDI, and how each investor responds, and adapts, to the Russian operational environment. This is achieved through extensive qualitative, and multiple methods research on three manifestations of FDI: corporate, privately-funded investment; corporate, publically-funded investment; and smaller, individual private investment. Of interest are the Russia-specific constraints that may be largely underprepared for by foreign investors, and unexpected events that occur in the Russian space that hamper the efforts of investors. This thesis, thus, informs the reader of the variable nature of the Russian agricultural sphere, and the problems that exist within its boundaries, and presents the stories of some of the foreign investors that have tried to penetrate its market, mostly since the collapse of the Soviet Union in 1991. The thesis consists of four papers that have either been published, or submitted for publication, in academic journals, and utilises fieldwork that was conducted between 2013 and 2014. This thesis finds that all of the foreign investors studied have experienced - in certain aspects - failure on the Russian frontier, though there have also been certain successes. It seems that financial success is dictated by the business model of each investor; those who are afforded longer time horizons, more time to adapt on the frontier, and a source of funds that does not place short-term pressure on the business, are more likely to succeed. The Russian operating environment is unique, peculiar, and unpredictable, with a tendency to produce substantial obstacles that, for investors, are difficult to overcome; for agricultural FDI to avoid these struggles, these environmental conditions need to be anticipated and prepared for, with clear strategies painstakingly thought through before any venture physically begins on Russian soil. |
