Word: westerners
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Dates: during 1980-1989
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Even so, Gorbachev's ambitious plan to infuse his economy with U.S. commercial vigor will face deep-rooted obstacles. Many Americans believe that helping strengthen the Soviet Union could damage U.S. interests. And because of Western security concerns, many U.S. commercial technologies will remain off limits to ventures with the Soviets. The Paris-based Coordinating Committee on Export Controls, for example, restricts exports of equipment and processes to the East bloc that might be used in military applications. Under COCOM rules, Western firms cannot do business with the Soviet Union in such areas as nuclear energy, high-speed computers...
...part, the Soviet Union moved boldly to expand joint ventures with the West in 1987. For the first time in more than half a century, Western companies are now permitted to own up to 49% of a Soviet enterprise. Foreign corporations have set up more than 35 such ventures...
...reason the Soviets are so enthusiastic about attracting ventures from the West is that they can see the budding success of such arrangements by their East European neighbors. According to a report released last month by the U.N. Economic Commission for Europe, the number of Western joint ventures in the East bloc has surged from just five in 1981 to 166 last year. Hungary leads the Soviet bloc in joint ventures, with 140 formed since 1972. Western firms are allowed to own the majority share of a venture in Hungary, and sometimes receive generous tax breaks. Yugoslavia, the first East...
...hard currency. They hope to find an American partner, for instance, to manufacture their designer fashions, some of which were shown at the Dallas Apparel Mart in March. But like the clothes, many of the products they want to make are already produced in abundant quantities elsewhere. Meanwhile, their Western partners, who are mainly eager to sell products and services in the Soviet Union, must cope with the nonconvertibility of Soviet currency. No matter how profitable a Soviet joint venture may be, U.S. companies have little use for rubles...
...which plans to build two Pizza Hut shops in Moscow later this year, will accept rubles at one outlet and collect foreign currencies at another one, in a tourist neighborhood. Occidental, on the other hand, will export 25% of the plastics produced in its Soviet factories for sale in Western Europe and other markets...