Improving the investment climate through open data
Nowadays, potential investors may receive the necessary information about the system of public administration of the particular country, its infrastructure and resources through open data. Moreover, the open data is a crucial element of the ICT infrastructure and the movement toward Digital Government. By the term open data I suppose open government data.
Open data positively impacts on the prospects for attracting investment. Potential investors may be interested in the data such as statistics, census, labor skills, tariffs and regulations, land relations or national information infrastructure. Such kind of open data could be involved to maintain investment in new originating projects. It allows to decrease potential costs connected with special characteristics of the national government especially for foreign investors concerned on risks.
Nowadays the monitoring and implementation of the world’s open data programs are represented by two major initiatives: “The barometer of public data» (Open Data Barometer), published by the Foundation for the development of the World Wide Web and the Open Data index, developed by Open Knowledge Foundation. Both reports are updating on the annual basis. It is fruitful to take a higher position in both rankings for countries seeking to attract foreign investment.
The importance of data for investment decisions can be exemplified by the practices of the Millennium Challenge Corporation. The Corporation uses a set of indicators in order to estimate the eligibility criteria of countries to receive funding. In spite of the fact that these indicators are designed by third parties (including — the World Bank), they reflect aspects associated with the economy, health, education and environment. The Corporation uses these indicators for the national “scorecard” analyzed by the foreign investors making their own decisions.
Investors involve state governmental public data to the data-driven decision-making process. The national open data programme is considered as an indicator of relative openness of the state, and it is an important factor for investors.