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World Investment Report 2006
World Investment Report 2006

FDI from Developing and Transition Economies: Implications for Development

UNITED NATIONS

The work is published for and on behalf of the
United Nations.

Paper  Back Book :   Pages : 366
2007  Edition         :   ISBN - 81-7188-609-4
Price : Rs. 995.00  (For Sale in South Asia Only)
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ABOUT THE BOOK :

World Investment Report 2006 focuses on the rise of foreign direct investment (FDI) by transnational corporations (TNCs) from developing and transition economies.

New sources of FDI are emerging among developing and transition economies. This phenomenon has been particularly marked in the past ten years, and a growing number of TNCs from these economies are emerging as major regional - or sometimes even global - players. The new links these TNCs are forging with the rest of the world will have far-reaching repercussions in shaping the global economic landscape of the coming decades. 

The Report examines the magnitude of this phenomenon and examines its drivers and determinants, i.e.: what economic factors and policy developments lead firms from developing countries to venture abroad? For low-income countries, FDI from developing countries can be of great importance. In some of them, it accounts for a significant share of all FDI flows. The Report also discusses the development implications of the rise of these new sources of FDI, along with policy responses, for both home and host developing countries.

As in previous years, the Report also presents the latest data on FDI and traces the global and regional trends of FDI and international production by TNCs. Global FDI inflows rose substantially in 2005. A major contributing factor to this strong growth was the marked increase in the inflows to developed countries. Rising global demand for commodities was reflected in the steep increase in natural resource-related FDI, although the services sector continued to be the major recipient of FDI. Among developing regions, Asia remained the main magnet for FDI flows, followed by Latin America, where re-invested earnings have played a major role. Africa´s share in world FDI inflows was still small, but its FDI growth rate has nonetheless surpassed those of other developing regions.


CONTENTS IN DETAIL :

PREFACE

ACKNOWLEDGEMENTS

OVERVIEW

PART ONE
ANOTHER YEAR OF FDI GROWTH

CHAPTER I. GLOBAL TRENDS: RISING FDI INFLOWS

A. OVERALL TRENDS AND DEVELOPMENTS IN FDI

1. Trends, patterns and characteristics

a. Global FDI
b. Sectoral analysis: revival of FDI in natural resources
c. Trends in international production

2. Some issues concerning FDI statistics: what is behind the numbers?

3. A new wave of cross-border M&As

a. Recent trends
b. Cross-border M&As versus greenfield FDI
c. An emerging trend: the rise in FDI by collective investment funds

4. FDI performance and potential

B. POLICY DEVELOPMENTS

1. National policy changes

2. Recent developments in international investment arrangements

a. The IIA network continues to expand

b. Systemic issues in international investment rule-making

C. THE LARGEST TNCS

1. The world’s 100 largest TNCs

2. The top 100 TNCs from developing economies

3. Transnationality of top TNCs

4. TNCs’ most-favoured locations

5. The world’s 50 largest financial TNCs

D. PROSPECTS

NOTES

CHAPTER II. REGIONAL TRENDS: FDI GROWS IN MOST REGIONS

Introduction

A. DEVELOPING COUNTRIES

1. Africa

a. Geographical trends

(i) Growth driven by high commodity prices

(ii) Outward FDI: down in 2005

b. Sectoral trends: FDI up in the primary sector

c. Policy developments

d. Prospects

2. South, East and South-East Asia, and Oceania

a. Geographical trends

(i) Inward FDI: continues to soar

(a) South, East and South-East Asia

(b) Oceania

(ii) Outward FDI: overall decline, but flows from China surge

(a) South, East and South-East Asia

(b) Intraregional FDI

b. Sectoral trends

(i) Inward FDI: strong growth in services and high-tech industries

(ii) Outward FDI: growing interest in natural resources

c. Policy developments

d. Prospects

3. West Asia

a. Geographical trends

(i) Inward FDI: unprecedented rise

(ii) Outward FDI: petrodollars boost investment

b. Sectoral trends: rising flows to energy-related industries

c. Policy developments

d. Prospects

4. Latin America and the Caribbean

a. Geographical trends

(i) Inward FDI: strong increase to Andean countries

(ii) Outward FDI: continued growth

b. Sectoral trends: natural resources and manufacturing increasingly targeted

c. Policy developments

d. Prospects

B. SOUTH-EAST EUROPE AND THE COMMONWEALTH OF INDEPENDENT STATES

1. Geographical trends

a. Inward FDI: fifth year of growth

b. Outward FDI: strong performance of Russian TNCs continues

2. Sectoral trends: manufacturing dominates inflows, natural resources lead outflows

3. Policy developments

4. Prospects

C. DEVELOPED COUNTRIES

1. Geographical trends

a. Inward FDI: recovering from the downturn 

b. Outward FDI: overall decline

2. Sectoral trends: inflows up in all sectors

3. Policy developments

4. Prospects

NOTES

PART TWO
FDI FROM DEVELOPING AND TRANSITION
ECONOMIES: IMPLICATIONS FOR DEVELOPMENT

INTRODUCTION

CHAPTER III. EMERGING SOURCES OF FDI

A. DEVELOPING AND TRANSITION ECONOMIES GAIN GROUND AS HOME COUNTRIES

1. FDI from developing and transition economies increases

a. Growing overseas investments from developing and transition economies

b. Cross-border mergers and acquisitions on the rise

c. Greenfield and expansion investments

2. Growing importance of Asia as a source of FDI

3. Services dominate

4. South-South FDI becomes significant

B. GLOBAL AND REGIONAL PLAYERS EMERGING FROM DEVELOPING AND TRANSITION ECONOMIES

1. The rise of TNCs from developing and transition economies

2. TNCs from Africa

3. TNCs from Asia

a. TNCs from East and South-East Asia

b. TNCs from South Asia

c. TNCs from West Asia

4. TNCs from Latin America and the Caribbean

5. TNCs from South-East Europe and the CIS

C. SALIENT FEATURES OF THE EMERGING SOURCES OF FDI

NOTES

CHAPTER IV. DRIVERS AND DETERMINANTS

A. CONCEPTUAL FRAMEWORK

1. The theory of transnational corporations and foreign direct investment

2. The investment development path and the emergence of TNCs from developing and transition economies

3. Application of the theory to TNCs from developing and transition economies

B. COMPETITIVE ADVANTAGES, DRIVERS AND MOTIVES

1. Sources of competitive advantages

2. Drivers to internationalization

a. Home country drivers (push factors)

b. Host country drivers (pull factors)

c. Empirical evidence on drivers (push and pull)

3. Motivations and strategies

a. Market-seeking

b. Efficiency-seeking

c. Resource-seeking

d. Created asset-seeking

e. Other motives

C. CONCLUSIONS

NOTES

CHAPTER V. IMPACT ON HOME AND HOST DEVELOPING ECONOMIES

A. IMPACT ON HOME ECONOMIES

1. Outward FDI and the competitiveness of developing-country TNCs

2. Outward FDI and the competitiveness and restructuring of home-country industries

a. Industrial competitiveness

b. Industrial restructuring

3. Macroeconomic, trade and employment effects in the home economy

a. Financial resource flows and balance of payments

b. Domestic investment

c. International trade

d. Employment

4. Concluding remarks

B. IMPACT ON HOST ECONOMIES

1. Assessing host-country impact

2. Impact on host developing economies

a. Financial resource flows and investment

b. Technology and skills

c. International trade

d. Employment

e. Other impacts

3. Concluding remarks

C. CONCLUSIONS

NOTES

CHAPTER VI. NATIONAL AND INTERNATIONAL POLICIES

A. THE ROLE OF HOME-COUNTRY POLICIES

1. Competitiveness policies and outward FDI

2. Policies specific to outward FDI

a. More countries remove barriers to outward FDI

b. Active promotion of outward FDI

(i) Main instruments used to promote outward FDI

(ii) Agencies promoting outward FDI

c. Home-country measures to promote South-South FDI

3. Mitigating potential risks associated with outward FDI

B. IMPLICATIONS FOR HOST-COUNTRY POLICIES

1. Host-country policies for maximizing the benefits from South-South FDI

2. More FDI sources for IPAs to target

3. Reactions to takeovers by TNCs from developing countries

C. INTERNATIONAL AGREEMENTS AND FDI FROM DEVELOPING AND TRANSITION ECONOMIES

1. The growing role of IIAs

2. Regional economic integration agreements and South-South FDI

D. CORPORATE SOCIAL RESPONSIBILITY AND TNCS FROM DEVELOPING AND TRANSITION ECONOMIES

1. Multilaterally agreed CSR principles

2. Benefits for TNCs from the South from addressing CSR issues

3. Encouraging good practices

E. CONCLUDING REMARKS

NOTES

CONCLUSIONS

REFERENCES

SELECTED UNCTAD PUBLICATIONS ON TNCs AND FDI

QUESTIONNAIRE

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