World
Investment
Report
2004
United Nations
New York and Geneva, 2004
ii
NOTE
UNCTAD serves as the focal point within the United Nations Secretariat for all matters related
to foreign direct investment and transnational corporations. In the past, the Programme on Transnational
Corporations was carried out by the United Nations Centre on Transnational Corporations (1975-1992)
and the Transnational Corporations and Management Division of the United Nations Department of Economic
and Social Development (1992-1993). In 1993, the Programme was transferred to the United Nations
Conference on Trade and Development. UNCTAD seeks to further the understanding of the nature of
transnational corporations and their contribution to development and to create an enabling environment
for international investment and enterprise development. UNCTADs work is carried out through
intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences.
The term country as used in this study also refers, as appropriate, to territories or areas; the
designations employed and the presentation of the material do not imply the expression of any opinion
whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country,
territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries.
In addition, the designations of country groups are intended solely for statistical or analytical convenience
and do not necessarily express a judgement about the stage of development reached by a particular country
or area in the development process. The reference to a company and its activities should not be construed
as an endorsement by UNCTAD of the company or its activities.
The boundaries and names shown and designations used on the maps presented in this publication
do not imply official endorsement or acceptance by the United Nations.
The following symbols have been used in the tables:
Two dots (..) indicate that data are not available or are not separately reported. Rows in tables have been
omitted in those cases where no data are available for any of the elements in the row;
A dash (-) indicates that the item is equal to zero or its value is negligible;
A blank in a table indicates that the item is not applicable, unless otherwise indicated;
A slash (/) between dates representing years, e.g., 1994/95, indicates a financial year;
Use of a hyphen (-) between dates representing years, e.g., 1994-1995, signifies the full period involved,
including the beginning and end years;
Reference to dollars ($) means United States dollars, unless otherwise indicated;
Annual rates of growth or change, unless otherwise stated, refer to annual compound rates;
Details and percentages in tables do not necessarily add to totals because of rounding.
The material contained in this study may be freely quoted with appropriate acknowledgement.
iii
PREFACE
After three years of decline in global investment flows, there are signs of revival. With global
economic growth improving in 2004, prospects for global investment look bright. This is particularly
the case in services, which make up the largest economic sector in many countries, and which dominate
foreign direct investment. The World Investment Report 2004 looks at the shift towards services and
examines the challenges and opportunities that arise for development.
In the knowledge-based economy, services are critical to the competitiveness of firms in all
sectors. Foreign direct investment is a key source of financing for telecommunications, energy and
financial services, as well as for other important industries. New information and communication
technologies make it possible to trade in services, making their production increasingly subject to
the international division of labour. The offshoring that results can lead to new opportunities for
developing countries to become better integrated into global markets. The importance of services is
therefore increasingly reflected in the policy agenda ranging from liberalization to promotional
efforts to regulation at national and international levels.
Foreign direct investment in services can offer important benefits. It can provide the capital,
skills and technology required to make services more efficient, and thus improve the competitiveness
of host countries. But there are risks, too and these must be addressed through appropriate policies.
Since many services are embedded in the social, cultural and political fabric of societies, the right
balance must be struck between economic efficiency and broader developmental objectives. The
overriding challenge is to create an environment that will help countries strike such a balance, so
that the benefits of the new international division of labour in services can be reaped by all.
Kofi A. Annan
Secretary-General of the United Nations
iv
ACKNOWLEDGEMENTS
The World Investment Report 2004 (WIR04) was prepared under the overall direction of
Karl P. Sauvant by a team comprising Persephone Economou, Kumi Endo, Torbjrn Fredriksson,
Masataka Fujita, Klmn Kalotay, Michael Lim, Padma Mallampally, Anne Miroux, Abraham Negash,
Hilary Nwokeabia, Shin Ohinata, Jean Franois Outreville, Kee Hwee Wee, James Xiaoning Zhan
and Zbigniew Zimny. Specific inputs were prepared by Diana Barrowclough, Sirn Byung Kim, Nicole
Moussa, Ludger Odenthal, Satwinder Singh, Elisabeth Tuerk and Katja Weigl.
Principal research assistance was provided by Mohamed Chiraz Baly, Bradley Boicourt, John
Bolmer, Lizanne Martinez and Tadelle Taye. Samantha Dolet, Cristina Gueco, Erik-Hans Kok, Moritz
Hunsmann, Nargiza Kuldashova, Bart Orr, Domenika Praxmarer, Anne Riijntjes and Chen Zhang assisted
as interns at various stages. The production of the WIR04 was carried out by Christopher Corbet,
Lilian Mercado, Lynda Piscopo, Chantal Rakotondrainibe and Esther Valdivia-Fyfe. Graphics were
done by Diego Oyarzun-Reyes. WIR04 was desktop published by Teresita Sabico. It was edited by
Praveen Bhalla.
Sanjaya Lall was the principal consultant. John H. Dunning was the senior economic adviser.
WIR04 benefited from inputs provided by participants in a Global Seminar in Geneva in May
2004, two regional seminars on FDI in services in March 2004 held in Kyoto and Budapest, a seminar
on international investment agreements covering services held in Geneva in May 2004 and an informal
meeting with non-governmental organizations held in Geneva in October 2003.
Inputs were also received from Dilek Aykut, Frank Barry, Maria Giovanna Bosco, John Cassidy,
Harnik Deol, Christoph Drrenbcher, Lorraine Eden, Thomas Eichelmann, Asim Erdilek, Jrg Esser,
Marion Frenz, Vishwas Govitrikar, Grazia Ietto-Gillies, Masayo Ishikawa, Robert Lipsey, Catherine
L. Mann, William L. Megginson, Dorothea Meyer, Julia Mikerova, Peter Muchlinski, Victor Murinde,
Deborah Musinger, Lilach Nachum, Peter Nunnenkamp, Lincoln Price, Eric D. Ramstetter, Sergey
Ripinsky, Maryse Roberts, Frank Roger, Pierre Sauv, Fred Schneidereit, Jrg Simon, Dirk Willem
te Velde and Nadia Yousfi Charif.
Comments were received during various stages of preparation from Luis Abugattas, Erfried
Adam, Zoltan Adam, Yair Aharoni, Rohit Arora, Minoru Asahi, Yuko Asuyama, Zainal Aznam, Marino
Baldi, Christian Bellak, Johannes Bernabe, Luisa Bernal, Trineesh Biswas, David Boys, Jolita
Butkevicienne, Carlos A. Primo Braga, Sumanta Chaudhuri, Sok Chenda, Daniel Chudnovsky, Neil
M. Coe, Dietrich Domanski, Sebastian Dullien, Audo Faleiro, Deepali Fernandes, Kyoji Fukao, Philip
Garlett, Murray Gibbs, Peter Grey, Bob Haywood, Oussama Himani, Dickson Ho, Yao-Su Hu, Clare
Joy, Dwight Justice, Milanka Kostadinova, Martin Kenney, Harpreet Khurana, Mark Koulen, Evan
Kraft, Nagesh Kumar, Yoshiko Kurisaki, Sam Laird, Henry Loewendahl, Mario Marconini, Marwane
Mansouri, Maria Soledad Martinez Peria, Mina Mashayekhi, Riad Meddeb, Katalin Mero, Peter Mihalyi,
Hafiz Mirza, Michael Mortimore, Andrea Nestor, Richard Newfarmer, Pedro Ortega, Federico Ortino,
Sheila Page, Eva Palocz, Daniela Perez, Rudy Pesik, Danny Po, Tatiana Prazeres, Slavo Radosevic,
Julie Raynal, Patrick Robinson, Frank Sader, Laurent Schwabb, Marinus Sikkel, Farouk Soussa, Metka
Stare, Dezider Stefunko, Alexandra Strickner, Mahesh Sugatan, Marjan Svetlicic, Tay Kah Chye, Shigeki
Tejima, Taffere Tesfachew, Lee Tuthill, Ken Vandevelde, Fernando Gonzalez Vigil, Thomas Wlde,
Alex Werth, Obie Whichard, Christopher Wilkie, Claudia Woermann, John Wong, Houyuan Xing, Vicente
Yu, Simonetta Zarilli and Yong Zhang.
Numerous officials of central banks, statistical offices, investment promotion and other
government agencies, and officials of international organizations and non-governmental organizations,
as well as executives of a number of companies, also contributed to WIR04, especially through the
provision of data and other information.
The financial support of the Governments of Germany, Ireland, Norway, Sweden and the United
Kingdom is gratefully acknowledged.
TABLE OF CONTENTS
Page
PREFACE .................................................................................................................................. iii
ACKNOWLEDGEMENTS ..................................................................................................... iv
ABBREVIATIONS .................................................................................................................. xv
OVERVIEW ........................................................................................................................... xvii
PAR
T ONE
ART
FDI SET T
O RECO
VER
TO
RECOVER
CHAPTER I. GLOBAL FDI GROWTH SET TO RESUME ........................................ 3
A. FDI inflows down again - but recovery is on its way .......................................................... 3
1.
2.
3.
2.
3.
vi
Page
C. Developed countries: the decline continues, but prospects are good ........................... 80
1.
2.
3.
4.
PAR
T TW
O
ART
TWO
O WARDS SER
VICES
TO
SERVICES
THE SHIFT T
INTRODUCTION .................................................................................................................... 95
CHAPTER III. THE GROWTH OF FDI IN SERVICES
AND ITS IMPLICATIONS................................................................................................... 97
A. Changing patterns of FDI in services ..................................................................................... 97
1.
2.
3.
4.
3.
4.
Annex to chapter III. What are services? Classifying invisibles ........................................ 145
vii
TABLE OF CONTENTS
Page
2.
3.
Cost reduction and improved quality are key drivers ................................................................... 164
European TNCs offshore less than their United States rivals ..................................................... 168
India
.................................................................................................................................................. 169
Other Asian locations ........................................................................................................................... 174
Latin America and the Caribbean ...................................................................................................... 174
Africa
.................................................................................................................................................. 174
Central and Eastern Europe ................................................................................................................. 175
PAR
T THREE
ART
ATION
AL POLICY
NATION
AL AND INTERN
TIONAL
INTERNA
TIONAL
CHALLENGES
INTRODUCTION .................................................................................................................. 183
CHAPTER V. NATIONAL POLICIES ............................................................................ 185
A. Host-country policies on services are key to development gains................................. 185
1.
2.
3.
4.
viii
Page
Boxes
I.1.
I.2.
I.3.
I.4.
I.5.
I.6.
II.1.
II.2
II.3.
II.4.
II.5.
II.6.
II.7.
II.8.
II.9.
II.10.
II.11.
II.12.
II.13.
II.14.
II.15.
II.16.
II.17.
II.18.
II.19.
II.20.
II.21.
II.22.
II.23.
III.1.
III.2
III.3.
III.4.
III.5.
III.6.
III.7.
III.8.
III.9.
III.10.
III.11.
III.12.
III.13.
III.14.
III.15.
III.16.
IV.1.
IV.2.
IV.3.
IV.4.
IV.5.
IV.6.
IV.7.
V.1.
V.2.
V.3.
V.4.
V.5.
V.6.
V.7.
V.8.
ix
TABLE OF CONTENTS
Page
V.9.
V.10.
V.11.
V.12.
V.13.
V.14.
VI.1.
VI.2.
VI.3.
VI.4.
VI.5.
VI.6.
Figures
I.1.
I.2.
I.3.
I.4.
I.5.
I.6.
I.7.
I.8.
I.9.
I.10.
I.11.
I.12.
I.13.
I.14.
I.15.
I.16.
I.17.
I.18.
I.19.
I.20.
I.21.
I.22.
II.1.
II.2.
II.3.
II.4.
II.5.
II.6.
II.7.
II.8.
II.9.
II.10.
II.11.
II.12.
Page
II.13.
II.14.
II.15.
II.16.
II.17.
II.18.
II.19.
II.20.
II.21.
II.22.
II.23.
II.24.
II.25.
II.26.
II.27.
II.28.
II.29.
II.30.
II.31.
II.32.
II.33.
II.34.
II.35.
II.36.
III.1.
IV.1.
IV.2.
IV.3.
IV.4.
V.1.
V.2.
V.3.
Asia and the Pacific: expected policy measures to attract FDI, 2004-2005, as reported by
IPAs ............................................................................................................................................................... 58
LAC: FDI inflows and their share in gross fixed capital formation, 1985-2003 ............................. 59
LAC: top 10 recipients of FDI inflows, 2002, 2003 ............................................................................. 60
LAC: FDI inflows from major home countries as a percentage of world total,
1995-2002 ..................................................................................................................................................... 60
LAC: trends in FDI inflows and gross fixed capital formation in selected economies,
1990-2003 ..................................................................................................................................................... 62
LAC: number of BITs and DTTs concluded, 1990-2003 ...................................................................... 64
LAC: sectoral distribution of inward FDI stock, selected countries, 1986, 1996, 2002 ................. 65
Brazil and Mexico: changes in the sectoral structure of FDI inflows, 1996-2003 .......................... 65
LAC: prospects for FDI inflows, 2004-2005, as reported by TNCs ................................................... 68
LAC: expected policy measures to attract FDI, 2004-2005, as reported by IPAs ........................... 68
CEE: FDI inflows and their share in gross fixed capital formation, 1990-2003 .............................. 69
CEE: top 10 recipients of FDI inflows, 2002, 2003 ............................................................................. 69
CEE: FDI flows as a percentage of gross fixed capital formation, top 10 countries,
2001-2003 ..................................................................................................................................................... 73
CEE: number of BITs and DTTs concluded, 1990-2003 ...................................................................... 75
CEE: prospects for FDI inflows, 2004-2005, as reported by TNCs and location experts .............. 79
CEE: expected policy measures to attract FDI, 2004-2005, as reported by IPAs ............................ 79
Developed countries: FDI flows, top 10 countries, 2002, 2003 .......................................................... 81
United States: balance of trade and net flows of FDI and portfolio investment,
1986-2003 ..................................................................................................................................................... 82
Developed countries: FDI inflows and their share in gross fixed capital formation,
1985-2003 ..................................................................................................................................................... 84
Developed countries: FDI flows as a percentage of gross fixed capital formation,
top 10 countries, 2001-2003 ...................................................................................................................... 85
Developed countries: number of BITs and DTTs concluded, 1990-2003 .......................................... 87
Profits of the United States Fortune 500 firms, 2000-2003 ............................................................... 90
Developed countries: prospects for FDI inflows, 2004-2005, as reported by TNCs and
location experts ........................................................................................................................................... 90
Developed countries: expected policy measures to attract FDI, 2004-2005, as reported
by IPAs .......................................................................................................................................................... 91
Share of foreign affiliates in the total services and manufacturing sales, value added and
employment of selected host economies, various years ..................................................................... 102
Low costs lead the location determinants of call centre-FDI projects in developing
countries and economies in transition, 2002-2003 .............................................................................. 166
Low costs lead the location determinants of FDI projects in shared service centres in
developing countries and economies in transition, 2002-2003 ......................................................... 166
Market growth leads the location determinants of IT services FDI projects in developing
countries and economies in transition, 2002-2003 .............................................................................. 166
Market growth leads the location determinants of regional headquarters FDI projects in
developing countries and economies in transition, 2002-2003 ......................................................... 166
Reservations by sector in selected IIAs ................................................................................................ 186
Reservations on investment in services, by industry, selected IIAs ................................................. 186
Interregional submarine cable capacity, March 2004 .......................................................................... 206
Tables
I.1.
I.2.
I.3.
I.4.
I.5.
I.6.
I.7.
I.8.
I.9.
I.10.
I.11.
xi
TABLE OF CONTENTS
Page
II.1.
II.2.
II.3.
II.4.
II.5.
II.6.
II.7.
II.8.
II.9.
II.10.
II.11.
II.12.
II.13.
II.14.
II.15.
II.16.
II.17.
III.1.
III.2.
III.3.
III.4.
III.5.
III.6.
III.7.
III.8.
III.9.
III.10.
III.11.
III.12.
III.13.
IV.1.
IV.2.
IV.3.
IV.4.
IV.5.
IV.6.
IV.7.
IV.8.
IV.9.
IV.10.
IV.11.
IV.12.
V.1.
V.2.
V.3.
V.4.
V.5.
V.6.
V.7.
VI.1.
Africa: frequency distribution of host countries, by range of FDI inflows, 1999-2003 ................. 41
Africa: country distribution of FDI inflows, by range, 2003 .............................................................. 41
Asia and the Pacific: frequency distribution of host economies,
by range of FDI inflows, 1999-2003 ....................................................................................................... 50
Asia and the Pacific: economy distribution of FDI inflows, by range, 2003 ................................... 51
Asia and the Pacific: distribution of FDI stock, by industry, selected
Asian economies, 1995, 2002 ................................................................................................................... 55
LAC: frequency distribution of host economies, by range of FDI inflows, 1999-2003 ................. 59
LAC: economy distribution of FDI inflows, by range, 2003 ............................................................... 59
CEE: frequency distribution of host countries, by range of FDI inflows, 1999-2003 .................... 70
CEE: country distribution of FDI inflows, by range, 2003 ................................................................. 72
The top 10 destinations of FDI projects from the Russian Federation, 2002-2003 ......................... 74
Gross monthly average salary, selected economies, adjusted to productivity, 1998-2002 ............. 77
Corporate tax rates in selected economies, 2003 and 2004: the highest and the lowest ................ 78
CEE: foreign affiliates dominate banking assets, 2001 ........................................................................ 78
Largest CEE recipients of services FDI projects, 2002-2003 .............................................................. 79
Developed countries: frequency distribution of host countries,
by range of FDI inflows, 1999-2003 ....................................................................................................... 84
Developed countries: country distribution of FDI inflows, by range, 2003 ..................................... 84
Examples of policy changes in developed countries, 2003-2004 ....................................................... 86
Distribution of FDI stock in services, by industry, 1990, 2002 .......................................................... 99
Distribution of FDI stock in services, by group of economies, 1990, 2002 ................................... 100
Shares of value added, employment and sales of foreign affiliates of home-based TNCs
in home-economy totals, by sector of parent firm, selected countries and years .......................... 102
Host economies with penetration ratio of foreign banks exceeding 70%, 2001 ............................ 104
Royalty receipts of TNCs in Austria, Germany, Japan and the United States, 1989-2002 ........... 113
Foreign affiliates, by sector of foreign affiliates and parent firms,
Germany, Japan and the United States, selected data, various years ............................................... 114
Shares of selected industries in cross-border M&A sales in services, 1988-2003 ......................... 118
The geographic composition of global cross-border M&A deals in services, 1987-2003 ............ 120
The degree of transnationalization of United States non-bank TNCs,
by sector, 1986, 1992, 2000 .................................................................................................................... 124
The top TNCs, by sector: indicators of transnationality, 1995, 2002 .............................................. 127
Trade in selected services and the share of intra-firm trade, United States, 1997-2002 .............. 128
The relative importance of intra-firm trade in services of
United States non-bank TNCs, selected years ...................................................................................... 130
Average compensation of employees in United States parent firms and their affiliates ............... 132
Offshoring and outsourcing some definitions ................................................................................... 148
Growth in imports by the United States of selected services within the category of
business, professional and technical services, 1992-2002 ................................................................. 151
Plans of TNCs in the ICT industry for offshoring of services to India,
based on information available at the end of 2003 ............................................................................ 154
Contract service provider TNCs offering call/contact centre services, 2003 ................................. 158
Definitions of export-oriented FDI projects related to offshored services ..................................... 159
Selected acquisitions of Indian firms by foreign firms, 2003-2004 ................................................. 160
Export-oriented FDI projects in call centres, shared service centres, IT services and
regional headquarters, by destination, 2002-2003 ............................................................................... 162
Export-oriented FDI projects in services, by industry, 2002-2003 ................................................... 164
Selected offshoring cases, United Kingdom, 2003-2004 .................................................................... 168
Leading foreign affiliates in Indias IT-enabled service industry, 2003-2004 ................................ 172
Service lines in IT-enabled services in India, 2001-2004 .................................................................. 172
Export intensity of foreign and local firms in Indias software industry, by state, 2002/03 ....... 173
Service industries targeted by IPAs, 2004 ............................................................................................ 195
Services functions targeted by IPAs, 2004 ........................................................................................... 196
Subsidies used in different service industries ...................................................................................... 200
Specific conditions of the Czech incentives scheme for business-support services and
technology centres, 2004 ......................................................................................................................... 201
Types of service activities attracted by an EPZ in India, 2004 ......................................................... 202
Regional distribution of EPZs targeting services, 2004 ..................................................................... 202
Summary list of United States states with proposed legislation restricting offshoring, 2004 ..... 210
Examples of services IIAs prohibiting various types of performance
requirements pertaining to services, 2004 ............................................................................................ 228
xii
Page
Box figures
II.12.1.
II.14.1.
II.15.1.
III.7.1.
Box tables
I.1.1.
I.3.1.
Cross-border M&A deals with values of over $1 billion completed in 2003 .............................. 271
Number of parent corporations and foreign affiliates, by region and economy,
latest available year ............................................................................................................................... 273
The worlds top 100 non-financial TNCs, ranked by foreign assets, 2002 .................................. 276
The worlds 100 largest non-financial TNCs by country of origin and industry: number of
host countries, Network Spread Index (NSI) and Internationalization Index (II), 2002 ........... 279
Inward FDI Performance Index rankings, 1988-2003 ..................................................................... 281
Raw data and scores for the variables included in the UNCTAD Inward
FDI Potential Index, 2000-2002 .......................................................................................................... 285
xiii
TABLE OF CONTENTS
Page
A.I.7.
A.I.8.
A.I.9.
A.I.10.
A.I.11.
A.I.12.
A.I.13.
A.I.14.
A.I.15.
A.I.16.
A.I.17.
A.I.18.
A.I.19.
A.I.20.
A.I.21.
A.I.22.
A.I.23.
A.I.24.
A.I.25.
A.I.26.
A.I.27.
A.I.28.
A.II.1.
A.II.2.
A.III.1.
A.III.2.
A.III.3.
A.III.4.
A.III.5.
A.III.6.
A.III.7.
A.III.8.
A.III.9.
A.III.10.
A.III.11.
A.III.12.
A.III.13.
A.III.14.
A.III.15.
A.III.16.
A.III.17.
A.III.18.
A.IV.1.
A.IV.2.
A.V.1.
xiv
Page
B. Availability, limitations and estimates of FDI data presented in WIR ...................... 346
1.
2.
FDI
a.
b.
c.
FDI
Annex tables
B.1.
B.2.
B.3.
B.4.
B.5.
B.6.
B.7.
B.8.
B.9.
B.10.
ABBREVIA
TIONS
ABBREVIATIONS
ACP
AGOA
ASEAN
BIT
BOT
BTO
BPO
CARICOM
CEE
CIS
DTT
EFTA
EIU
EPZ
EU
FDI
FEZ
FTA
GATS
GDP
ICC
ICSID
ICT
IIA
IIF
ILO
IPA
IPR
IT
LAC
LDC
M&A
MERCOSUR
MFN
MIGA
NAFTA
NEPAD
ODA
OECD
R&D
RTA
SACU
SADC
SCM
SME
TNB
TNC
TNI
TRIMs
UNCTAD
WTO
xvi
OVERVIEW
Still declining in 2003, FDI flows
show signs of recovery,
Global inflows of foreign direct investment
(FDI) declined in 2003 for the third year in a row,
to $560 billion. This was prompted again by a fall
in FDI flows to developed countries: at $367
billion, they were 25% lower than in 2002.
Worldwide, 111 countries saw a rise in flows, and
82 a decline. The fall in flows to the United States
by 53%, to $30 billion the lowest level in the
past 12 years was particularly dramatic. FDI
flows to Central and Eastern Europe (CEE) also
slumped, from $31 billion to $21 billion. It was
only developing countries as a group that
experienced a recovery, with FDI inflows rising
by 9%, to $172 billion overall. But in this group,
the picture was mixed: Africa and Asia and the
Pacific saw an increase, while Latin America and
the Caribbean experienced a continuing decline.
The group of 50 least developed countries (LDCs)
continued to receive little FDI ($7 billion).
Prospects for 2004, however, are
promising. Cross-border mergers and acquisitions
(M&As) still low at $297 billion in 2003 began
to pick up. They rose by 3% in the first six months
of 2004 over the same period in 2003. This,
combined with other factors higher economic
growth in the main home and host countries,
improved corporate profitability, higher stock
valuations points to a recovery of FDI flows in
2004. Reflecting higher profits, reinvested earnings
one of the three components of FDI flows had
already resumed growth in 2003, reaching a record
high. Other components of FDI (equity and intracompany loans) are also expected to pick up in
2004.
The continuing liberalization of FDI
regimes may help the recovery. There were 244
changes in laws and regulations affecting FDI in
2003, 220 of which were in the direction of more
liberalization. In that year, 86 bilateral investment
treaties (BITs) and 60 double taxation treaties
(DTTs) were concluded, bringing the totals to
2,265 and 2,316, respectively. However, the annual
number of new treaties concluded has been
declining, since 2002 in the case of BITs and since
2000 in the case of DTTs.
xviii
OVERVIEW
xix
xx
OVERVIEW
xxi
xxii
OVERVIEW
xxiii
xxiv
OVERVIEW
xxv
xxvi
OVERVIEW
xxvii
xxviii
OVERVIEW
xxix
xxx
PART ONE
CHAPTER I
1. An uneven picture
FDI flows to developed countries fell by
25%, from $490 billion in 2002 to $367 billion
in 2003. This latter figure represents only twothirds of the peak of $1.1 trillion reached in 2000.
Flows to the United States declined to the lowest
level since 1992, only one-tenth of their peak in
2000-2001. Members of the European Union
(EU), notably Germany and the United Kingdom,
recorded much lower flows than in 2002, as did
Japan.
Flows to developing countries, on the
other hand, rose by 9% from $158 billion in 2002
to $172 billion in 2003, but they varied by region.
Africa recorded 28% higher inflows in 2003 ($15
billion, up from $12 billion in 2002), driven
mainly by natural-resource projects. Inward FDI
to the Asia-Pacific region reached $107 billion,
up from $95 billion. Latin America and the
Source:
Figure I.2. FDI flows and gross fixed capital formation, by group of countries, a 1990-2003
(Billions of dollars)
World
Developed countries
8 000
6 000
7 000
5 000
6 000
4 000
5 000
4 000
3 000
Domestic investment
3 000
Domestic investment
2 000
2 000
1 000
2003
250
200
150
Domestic investment
100
Domestic investment
50
30
25
20
15
Domestic investment
10
5
2003
2002
2000
1998
1999
1997
1996
1995
1993
1994
1992
1991
1990
2001
FDI inflows
Domestic investment is defined as the difference between gross fixed capital formation and FDI inflows.
2003
2001
2002
1999
35
2000
1997
1998
1996
1994
1995
1992
1993
1990
FDI inflows
1991
2003
0
2002
2001
2000
1999
1998
1997
1996
1995
1994
1992
1993
1991
1990
FDI inflows
Source:
2001
300
40
2002
2000
1998
1996
1997
1994
1995
1992
1993
1990
Developing countries
1 800
1 600
1 400
1 200
1 000
800
600
400
200
0
1999
FDI inflows
2003
2002
2001
1999
2000
1997
1998
1995
1996
1993
1994
1992
1990
0-
1991
FDI inflows
1991
1 000
CHAPTER I
Source:
a
b
Source:
UNCTAD, FDI/TNC database (www.unctad.org./fdistatistics) and OECD Development Assistance Committee, International
Development Statistics, online databases.
Note:
Calculated as the slope of the linear regression for FDI and ODA flows between 1990 and 2002.
Year
Number
of deals
Percentage
of total
Value
($ billion)
Percentage
of total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
14
22
26
33
7
10
14
24
36
43
64
86
114
175
113
81
56
1.6
1.5
1.2
1.3
0.2
0.4
0.5
0.7
0.8
0.9
1.3
1.5
1.6
2.2
1.9
1.8
1.2
30.0
49.6
59.5
60.9
20.4
21.3
23.5
50.9
80.4
94.0
129.2
329.7
522.0
866.2
378.1
213.9
141.1
40.3
42.9
42.4
40.4
25.2
26.8
28.3
40.1
43.1
41.4
42.4
62.0
68.1
75.7
63.7
57.8
47.5
Source:
CHAPTER I
Source:
a
UNCTAD, based on IMF Balance of Payments Statistics, CD-ROM, April 2004 and UNCTAD FDI/TNC database (www.unctad.org/
fdistatistics).
The left set of figures is based on full country coverage. The right set of figures is based only on those countries for which data
on all three components are available throughout the period 1999-2003.
Item
Number of countries that introduced changes
in their investment regimes
Number of regulatory changes
of which:
More favourable to FDI a
Less favourable to FDI b
Source:
a
b
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002 2003
35
82
43
79
57
102
49
110
64
112
65
114
76
151
60
145
63
140
69
150
71
208
70
248
82
244
80
79
101
108
106
98
135
136
131
147
194
236
220
16
16
14
12
24
Including liberalizing changes or changes aimed at strengthening market functioning, as well as increased incentives.
Including changes aimed at increasing control as well as reducing incentives.
2. International production
continues to grow
The role of FDI and TNC activity in the
global economy continues to grow, as reflected
in the sales, assets, value-added (gross product),
employment and exports of foreign affiliates. The
degree of transnationalization is increasing for
both TNCs and the countries in which they
operate. Each of the above variables has resumed
an upward trend since 2002 (table I.3).
UNCTADs data show that international
production is carried out by over 900,000 foreign
affiliates of at least 61,000 TNCs worldwide
(annex table A.I.2). These affiliates account for
Figure I.6. Number of BITs and DTTs concluded, cumulative and year to year, 19902003
Source:
CHAPTER I
Item
1986-1990 1991-1995
2001
2002
2003
FDI inflows
FDI outflows
FDI inward stock
FDI outward stock
Cross-border M&As a
Sales of foreign affiliates
Gross product of foreign affiliates
Total assets of foreign affiliates
Exports of foreign affiliates
Employment of foreign affiliates (thousands)
59
28
796
590
..
2 717
636
2 076
717
19 232
209
242
1 950
1 758
151
5 660
1 454
5 883
1 194
24 197
560
612
8 245
8 197
297
17 580 c
3 706 d
30 362 e
3 077 f
54 170g
22.9
25.6
14.7
18.1
25.9 b
16.0
17.4
18.2
13.5
5.6
21.5
16.6
9.3
10.7
24.0
10.2
6.8
13.9
7.6
3.9
39.7
35.1
16.9
17.1
51.5
9.7
8.2
20.0
9.9
10.8
27.7
8.7
19.1
18.5
49.3
16.7
15.1
28.4
11.4
13.3
-41.1
-39.2
7.4
5.9
-48.1
-3.8
-4.7
-5.4
-3.3
-3.2
-17.0
-17.3
12.7
13.8
-37.7
23.7c
25.8 d
19.6e
4.7f
12.3 g
-17.6
2.6
11.8
13.7
-19.7
10.7 c
10.1 d
12.5 e
16.6 f
8.3g
11 737
2 285
9
2 246
22 588
4 815
30
4 260
36 163
7 294
77 i
9 228
10.1
13.4
21.3
12.7
5.1
4.2
14.3
8.7
1.3
2.4
7.7
3.6
2.7
3.8
9.5
11.4
-0.9
-3.6
-2.5
-3.3
3.7
-0.6
6.7
4.7
12.1
9.9
..
16.6
Source:
a
b
c
d
e
f
g
h
i
Note:
Not included in this table are the values of worldwide sales by foreign affiliates associated with their parent firms through
non-equity relationships and the sales of parent firms themselves. Worldwide sales, gross product, total assets, exports
and employment of foreign affiliates are estimated by extrapolating the worldwide data of foreign affiliates of TNCs from
Austria, Estonia, Finland, France, Germany, Hungary, Italy, Japan, Portugal, Sweden, Switzerland and the United States (for
employment), those from Austria, Finland, France, Germany, Hungary, Italy, Japan, Portugal and the United States (for sales),
those from Japan and the United States (for exports), those from the United States (for gross product), and those from
Austria, Germany, Japan and the United States (for assets) on the basis of the shares of those countries in worldwide outward
FDI stock.
an estimated one-tenth of world GDP and onethird of world exports, and their shares are
increasing.
As a result, the degree of transnationality
of host countries12 is continuing to rise. The most
transnationalized host economy in 2001 was
Hong Kong (China), followed by Ireland, and
Belgium and Luxembourg (figure I.7). There are,
however, large differences in the transnationality
indices of different host countries. Estonia,
Ireland, The Former Yugoslav Republic of
Macedonia and Singapore saw their
transnationality index increase by more than 10
percentage points over the previous year. Among
the three groups of economies, CEE experienced
10
Source :
a
b
UNCTAD estimates.
Average of the four ratios: FDI inflows to gross fixed capital formation for 1999-2001; FDI inward stocks to GDP in 2001; value
added of foreign affiliates to GDP in 2001; and employment of foreign affiliates to total employment in 2001.
Only the economies for which data for all of these four shares are available were selected. Data on value added are available
only for Belarus, Czech Republic, Finland, France (1998), Hungary, Ireland (2000), Italy (1997), Japan (1999), Netherlands (1996),
Norway (1998), Poland, Portugal, Sweden (2000), United Kingdom (1997), United States, China, India (1995), Malaysia (1995), Singapore
(2000) and Taiwan Province of China (1994) . For Albania, Bosnia and Herzegovinia, Latvia, Lithuania, Republic of Moldova, Serbia
and Montenegro and Slovakia, the value added of foreign owned firms was estimated on the basis of the per capita inward
FDI stocks. The corresponding ratios for value added refer to 1999. For the other economies, data were estimated by applying
the ratio of value added of United States affiliates to United States outward FDI stock to total inward FDI stock of the country.
Data on employment are available only for Austria, Denmark (1996), Finland, France (1998), Germany, Ireland, Italy (1999), Japan,
Netherlands (1996), Norway (1996), Portugal, Sweden, United Kingdom (1997), United States, Hong Kong (China) (1997), Indonesia
(1996) and Singapore. For Albania and Bosnia and Herzegovina, the employment impact of foreign owned affiliates was estimated
on the basis of their per capita inward FDI stocks. The corresponding ratios for employment refer to 1999. For the remaining
countries, data were estimated by applying the ratio of employment of Finnish, German, Japanese, Swedish, Swiss and United
States affiliates to Finnish, German, Japanese, Swedish, Swiss and United States outward FDI stock to total inward FDI stock of
the economy. Data for France, Netherlands, Norway, Sweden and United Kingdom refer to majority-owned foreign affiliates
only.
CHAPTER I
Variable
2001
2002
Change 2002
Foreign
Foreign vs. 2001
Value share Value share (Per cent)
Assets
Foreign
2 958 48. 9 3 317 48.1
Total
6 052
6 891
Sales
Foreign
2 247 50. 5 2 446 57.5
Total
4 450
4 749
Employment
Foreign
7 038 51. 1 7 036 49.1
Total
13 783
14 332
Average index of
transnationality
58
57
12.1
13.9
8.9
6.7
-2.8
4.0
-1.7a
11
12
1988-1990
1993-1995
2000-2002
2001-2003
1.00
1.03
1.33
1.33
1.31
1.13
0.29
0.99
0.70
0.85
0.59
0.90
0.74
1.30
1.09
0.30
..
1.31
1.73
0.11
7.35
1.04 b
1.00
0.76
1.11
1.12
0.95
0.76
0.21
1.99
1.09
1.05
1.12
1.60
1.23
2.52
2.34
0.36
3.11
2.74
3.25
0.43
6.12
1.36
1.00
0.99
1.87
1.91
1.10
0.67
0.16
1.00
0.73
0.55
0.89
1.18
1.24
1.08
0.96
0.18
2.26
1.11
1.30
0.21
0.65
1.17
1.00
0.92
1.84
1.88
1.12
0.45
0.21
1.25
1.16
1.00
1.28
1.42
1.42
1.43
1.19
0.31
4.49
1.33
1.54
0.37
1.01
1.35
UNCTAD.
Three-year averages.
1992-1994. As most of the countries in this region did not exist in their present
form before 1992, the period for the index is adjusted.
CHAPTER I
13
Figure I.8. Inward FDI Performance Index, by developing region, 19881990, 19931995,
20002002, 20012003
Source:
UNCTAD.
14
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
Spain
China
Dominican Republic
Viet Nam
Denmark
Latvia
Sweden
Finland
Albania
Panama
Brazil
United Republic of Tanzania
Costa Rica
Switzerland
France
Bahrain
Mali
Slovenia
Togo
Lithuania
Bahamas
Botswana
Tunisia
Honduras
Israel
Mexico
Romania
Peru
Colombia
New Zealand
Cte dIvoire
Qatar
Poland
Nigeria
Canada
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
Portugal
Venezuela
Ukraine
Congo, Democratic Republic of
Malaysia
Zambia
South Africa
Austria
Australia
Papua New Guinea
Malta
Tajikistan
United Kingdom
Jordan
Myanmar
Uruguay
Thailand
El Salvador
Iceland
Lebanon
Algeria
Benin
Cameroon
Ghana
Gabon
Philippines
Pakistan
Italy
Belarus
Guatemala
United Arab Emirates
Germany
Senegal
Sri Lanka
Madagascar
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
Paraguay
Niger
Norway
Malawi
Turkey
Ethiopia
United States
Uzbekistan
India
Kyrgyzstan
Libyan Arab Jamahiriya
Taiwan Province of China
Argentina
Russian Federation
Korea, Republic of
Syrian Arab Republic
Sierra Leone
Egypt
Yemen
Guinea
Oman
Greece
Rwanda
Kenya
Nepal
Burkina Faso
Japan
Bangladesh
Haiti
Zimbabwe
Iran, Islamic Republic of
Kuwait
Saudi Arabia
Indonesia
Suriname
UNCTAD calculations.
15
CHAPTER I
Source:
UNCTAD.
Perioda
World
Developed
countries
Developing
countries
Central and
Eastern Europe
1988-1990
1989-1991
1990-1992
1991-1993
1992-1994
1993-1995
1994-1996
1995-1997
1996-1998
1997-1999
1998-2000
1999-2001
2000-2002
0.187
0.186
0.208
0.208
0.209
0.225
0.221
0.217
0.224
0.224
0.221
0.220
0.220
0.374
0.373
0.371
0.372
0.373
0.407
0.395
0.393
0.398
0.402
0.403
0.400
0.396
0.138
0.137
0.169
0.172
0.173
0.185
0.184
0.180
0.186
0.184
0.179
0.178
0.177
..
..
..
..
0.184
0.201
0.187
0.180
0.203
0.204
0.204
0.211
0.221
Source:
UNCTAD.
Note:
Economy
United States
Norway
United Kingdom
Singapore
Canada
Belgium and Luxembourg
Ireland
Qatar
Germany
Sweden
Netherlands
Hong Kong, China
Finland
France
Iceland
Japan
United Arab Emirates
Korea, Republic of
Denmark
Switzerland
Taiwan Province of China
Australia
Israel
Austria
Spain
Source:
1988-1990
1996-1998
2000-2002
1
4
3
12
2
10
24
22
7
5
9
17
8
6
15
13
29
20
16
11
21
14
27
19
25
1
3
5
2
4
8
18
20
6
7
9
14
13
10
19
12
11
21
16
17
24
15
25
22
26
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
16
potential from being realized. The belowpotential economies include the United States,
Australia, Egypt, Italy, Japan, the Republic of
Korea, South Africa, Taiwan Province of China
and Thailand.
CHAPTER I
17
Table I.8. Matrix of inward FDI performance and potential, 1988-1990, 1993-1995, 2000-2002
High FDI performance
Front-runners
Bahamas, Belgium and Luxembourg, Botswana, Brazil, Brunei
Darussalam, Bulgaria, Canada, Chile, China, Costa Rica, Croatia,
Cyprus, Czech Republic, Denmark, Dominican Republic, Estonia,
Finland, France, Germany, Guyana, Hong Kong (China), Hungary,
Ireland, Israel, Jordan, Latvia, Lithuania, Malaysia, Malta, Mexico,
Mongolia, the Netherlands, New Zealand, Panama, Poland,
Portugal, Singapore, Slovakia, Slovenia, Spain, Sweden,
Switzerland, Trinidad and Tobago, United Kingdom, Viet Nam.
Below potential
Australia, Austria, Bahrain, Belarus, Egypt, Greece, Iceland,
Islamic Republic of Iran, Italy, Japan, Kuwait, Lebanon,
Libyan Arab Jamahiriya, Norway, Oman, Philippines, Qatar,
Republic of Korea, Russian Federation, Saudi Arabia, South
Africa, Taiwan Province of China, Thailand, United Arab
Emirates, United States.
Above potential
Albania, Angola, Armenia, Azerbaijan, Bolivia, Colombia, Congo,
Ecuador, Gambia, Georgia, Honduras, Jamaica, Kazakhstan, Mali,
Morocco, Mozambique, Namibia, Nicaragua, Republic of Moldova,
Sudan, TFYR Macedonia, Togo, Tunisia, Uganda, United Republic
of Tanzania.
Under-performers
Algeria, Argentina, Bangladesh, Benin, Burkina Faso,
Cameroon, Cte d'Ivoire, Democratic Republic of the
Congo, El Salvador, Ethiopia, Gabon, Ghana, Guatemala,
Guinea, Haiti, India, Indonesia, Kenya, Kyrgyzstan,
Madagascar, Malawi, Myanmar, Nepal, Niger, Nigeria,
Pakistan, Papua New Guinea, Paraguay, Peru, Romania,
Rwanda, Senegal, Sierra Leone, Sri Lanka, Suriname, Syrian
Arab Republic, Tajikistan, Turkey, Ukraine, Uruguay,
Uzbekistan, Venezuela, Yemen, Zambia, Zimbabwe.
Source:
UNCTAD.
1993-1995
Front-runners
Argentina, Australia, Bahamas, Bahrain, Belgium and
Luxembourg, Brunei Darussalam, Canada, Chile, China, Costa Rica,
Czech Republic, Denmark, Dominican Republic, Estonia, France,
Guyana, Hong Kong (China), Hungary, Indonesia, Ireland,
Jamaica, Malaysia, Malta, Mexico, the Netherlands, New Zealand,
Norway, Panama, Papua New Guinea, Poland, Qatar, Republic of
Moldova, Singapore, Slovakia, Spain, Sweden, United Kingdom.
Above potential
Albania, Angola, Azerbaijan, Bolivia, Colombia, Congo, Cte
d'Ivoire, Ecuador, Egypt, Gambia, Ghana, Honduras, Kazakhstan,
Kyrgyzstan, Latvia, Mali, Morocco, Mozambique, Myanmar,
Namibia, Nicaragua, Nigeria, Paraguay, Peru, Philippines,
Tajikistan, Trinidad and Tobago, Tunisia, Uganda, United Republic
of Tanzania, Viet Nam, Yemen, Zambia.
1988-1990
Front-runners
Australia, Bahrain, Belgium and Luxembourg, Botswana, Canada,
Chile, China, Colombia, Costa Rica, Cyprus, Denmark, France,
Greece, Hong Kong (China), Indonesia, Ireland, Malaysia, Malta,
Mexico, the Netherlands, New Zealand, Norway, Oman, Portugal,
Singapore, Spain, Sweden, Switzerland, Taiwan Province of China,
Thailand, Trinidad and Tobago, United Kingdom, United States,
Venezuela.
Above potential
Argentina, Benin, Bolivia, Dominican Republic, Ecuador, Egypt,
Gabon, Gambia, Guatemala, Guyana, Honduras, Jamaica, Malawi,
Myanmar, Niger, Nigeria, Papua New Guinea, Paraguay,
Philippines, Sierra Leone, Syrian Arab Republic, Togo, Tunisia, Viet
Nam, Zambia.
Below potential
Austria, Botswana, Bulgaria, Cyprus, El Salvador, Finland,
Germany, Greece, Iceland, Islamic Republic of Iran, Israel,
Italy, Japan, Jordan, Kuwait, Libyan Arab Jamahiriya,
Oman, Portugal, Republic of Korea, Russian Federation,
Saudi Arabia, Slovenia, South Africa, Suriname,
Switzerland, Taiwan Province of China, Thailand, Ukraine,
United Arab Emirates, United States, Uruguay, Uzbekistan,
Venezuela.
Under-performers
Algeria, Armenia, Bangladesh, Belarus, Benin, Brazil,
Burkina Faso, Cameroon, Croatia, Democratic Republic of
the Congo, Ethiopia, Gabon, Georgia, Guatemala, Guinea,
Haiti, India, Kenya, Lebanon, Lithuania, Madagascar,
Malawi, Mongolia, Nepal, Niger, Pakistan, Romania,
Rwanda, Senegal, Sierra Leone, Sri Lanka, Sudan, Syrian
Arab Republic, TFYR Macedonia, Togo, Turkey, Zimbabwe.
Below potential
Algeria, Austria, Bahamas, Brazil, Brunei Darussalam,
Finland, Germany, Hungary, Iceland, Islamic Republic of
Iran, Israel, Italy, Japan, Kuwait, Libyan Arab Jamahiriya,
Panama, Poland, Qatar, Republic of Korea, Saudi Arabia,
South Africa, Suriname, United Arab Emirates, Uruguay.
Under-performers
Angola, Bangladesh, Burkina Faso, Cameroon, Cte
d'Ivoire, Congo, Democratic Republic of the Congo, El
Salvador, Ethiopia, Ghana, Guinea, Haiti, India, Jordan,
Kenya, Lebanon, Madagascar, Mali, Morocco, Mozambique,
Namibia, Nepal, Nicaragua, Pakistan, Peru, Rwanda,
Senegal, Sri Lanka, Sudan, Turkey, Uganda, United Republic
of Tanzania, Yemen, Zimbabwe.
18
10
11
12
13
14
15
16
17
18
19
20
France
Spain
Denmark
Canada
United Kingdom
Portugal
Australia
Iceland
Cyprus
Botswana
Ireland
1.844
0.429
1.107
0.905
2.963
0.161
0.947
0.059
0.036
0.076
1.895
1.292
0.636
1.650
1.402
2.927
0.357
0.722
0.277
0.181
0.405
0.778
2.996
2.317
3.624
1.459
3.559
1.718
0.343
1.091
0.649
0.776
1.579
2.914
2.500
3.524
1.865
2.791
2.052
0.687
1.462
0.966
1.022
1.397
2.209
2.178
1.921
1.869
1.603
1.487
1.421
1.407
1.382
1.334
1.251
Source:
UNCTAD.
Notes:
Economies are ranked in descending order of their performance index in 20012003. Figures were calculated based on outward flows.
19
CHAPTER I
B. Outw
ar
d FDI fr
om
Outwar
ard
from
de
veloping countries is
dev
becoming impor
tant
important
As in the past, TNCs from developed
countries will drive the recovery of world FDI
flows. But those from developing countries, too,
will contribute, increasingly so in manufacturing
and especially in services. Some developing
economies (e.g. Malaysia, the Republic of Korea,
Singapore) already have an established track
record. Others such as Chile, Mexico, South
Africa have become players relatively
recently. And again others Brazil, China,
India are at the take-off stage. This reflects
the recognition of firms that, in a globalizing
world economy, they need a portfolio of
locational assets to be competitive
internationally (WIR95). Their investments
span all sectors and country groups and
involve complex as well as simple industries
(annex table A.I.19). If outflows are viewed
in relation to gross fixed capital formation
(table I.10), a number of developing
economies (Singapore, Hong Kong (China),
Taiwan Province of China) rank higher than
a number of developed countries (Germany,
Japan, the United States). This suggests that
a number of developing countries, relatively
Value
Singapore
Hong Kong, China
Taiwan Province of China
Chile
Malaysia
India
China
Brazil
36.3
28.2
10.5
7.4
5.3
1.0
0.8
0.2
Memorandum:
Sweden
France
United Kingdom
United States
Germany
Japan
Greece
27.4
22.0
19.0
6.6
4.1
3.2
1.8
Source:
a
Annual average.
Source:
20
21
CHAPTER I
Variable
Assets
Foreign
Total
Sales
Foreign
Total
Employment
Foreign
Total
1
Average TNI
2001
Foreign
Value share
2002
Change 2002
Foreign vs. 2001
Value
share
(Per cent)
186 471
527 928
35.3
4.7
-12.1
145 318
362 249
40.1
-3.7
-14.8
541 361
275 493
44.8
42.4
31.8
17.8
4.4 a
Source: UNCTAD.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
10
14
44
11
33
26
15
2
17
9
6
34
3
5
25
13
50
22
21
12
35
31
27
39
42
49
45
29
40
32
Rannking by
Foreign
assets
TNI b
Corporation
Hong Kong, China
Singapore
Malaysia
Mexico
Republic of Korea
Republic of Korea
Hong Kong, China
Singapore
Hong Kong, China
South Africa
Hong Kong, China
South Africa
Hong Kong, China
Singapore
Singapore
Singapore
Brazil
South Africa
South Africa
Hong Kong, China
Brazil
Brazil
Argentina
Mexico
Singapore
Hong Kong, China
Republic of Korea
Malaysia
Singapore
South Africa
Home economy
Diversified
Telecommunications
Petroleum expl./ref./distr.
Construction Materials
Electrical & electronic equipment
Electrical & electronic equipment
Diversified
Transport and storage
Construction
Paper
Hotels and motels
Industrial chemicals
Diversified
Electrical & electronic equipment
Real estate
Hotels
Petroleum expl./ref./distr.
Telecommunications
Gold ores
Electrical & electronic equipment
Mining & quarrying
Metal and metal products
Petroleum expl./ref./distr.
Telecommunications
Transport and storage
Electricity, gas and water
Electrical & electronic equipment
Food & beverages
Diversified
Media
Industry c
48 014
15 775
13 200
12 193
11 388
5 845
5 729
4 580
4 170
3 733
3 663
3 623
3 601
3 488
3 165
2 954
2 863
2 582
2 301
2 276
2 265
2 089
2 052
2 002
1 969
1 905
1 897
1 729
1 657
1 655
Foreign
Total
63 284
19 071
46 851
16 044
51 964
16 214
8 255
4 771
7 328
4 641
4 593
8 960
3 924
4 897
9 403
6 490
32 018
3 556
3 964
2 313
7 955
4 093
4 090
10 966
10 866
7 793
6 370
3 689
6 609
2 498
Assets
8 088
3 247
6 600
4 366
28 298
11 387
4 449 j
4 501
1 567
2 941
463
3 687
815
5 903
1 114
806
1 085
729
831
1 892
2 928
1 340
567
1 664
2 472
130
5 316 I
166
604
412
Foreign e
Sales
14 247
5 801
21 433
7 036
47 655
23 553
7 398
4 642
2 861
3 729
601
7 114
876
7 812
1 823
1 278
22 612
1 991
1 761
1 892
4 268
3 136
1 484
5 953
5 260
3 350
29 533
516
3 087
1 148
Total
124 942
9 877
4 979
17 568
28 300
30 029
60 000
11 187
7 388
9 807
13 000
7 107
5 994
76 187
5 111
11 001
2 200
1 970
30 821
25
1 493
5 977
1 633
6 629
2 613
37
1 223
10 800
8 722
1 742
Foreign
154 813
21 716
25 940
26 752
82 400
55 053
114 000
12 218
11 643
17 572
16 300
31 150
6 580
78 000
10 333 l
13 940
46 723
4 192
53 097
46 422
13 973
18 995
3 255
14 572
14 418
4 303
4 105
22 112
19 947
10 711 f
Total
Employment
Box table I.3.1. The top 50 non-financial TNCs from developing economies, ranked by foreign assets, 2002 a
(Millions of dollars, number of employees)
71.1
61.4
26.0
67.9
38.5
46.3
60.7
94.8
58.4
71.7
78.9
38.4
92.0
81.5
48.1
62.5
6.1
52.1
54.4
66.1
35.9
41.7
46.2
30.6
27.7
9.7
25.9
42.6
29.5
39.5
/...
TNI b
(Per cent)
22
World Investment Report 2004: The Shift Towards Services
20
41
19
46
48
36
16
1
18
38
7
37
8
24
23
4
43
30
28
47
Barloworld Ltd
United Microelectronics Corporation
Fraser & Neave Limited
Hyundai Motor Company
Nan Ya Plastics Corporation
Grupo Bimbo SA De Cv
Orient Overseas International Ltd k
CP Pokphand Company Limited
Gruma S.A. De C.V.
Swire Pacific Limited
Savia SA De CV f
Grupo Imsa
Asia Pacific Breweries Ltd.
Nampak Limited
Kumpulan Guthrie Berhad
Li & Fung Limited
Cintra
Advanced Semiconductor Engineering Inc
Hong Kong And Shanghai Hotels Ltd.
San Miguel Corporation
Corporation
l
m
f
g
h
i
j
k
a
b
c
d
South Africa
Taiwan Province of China
Singapore
Republic of Korea
Taiwan Province of China
Mexico
Hong Kong, China
Thailand
Mexico
Hong Kong, China
Mexico
Mexico
Singapore
South Africa
Malaysia
Hong Kong, China
Mexico
Taiwan Province of China
Hong Kong, China
Philippines
Home economy
Diversified
Electrical & electronic equipment
Food & beverages
Motor vehicles
Rubber and plastics
Food
Transport and storage
Food
Food & beverages
Business services
Diversified
Metal and metal products
Food & beverages
Rubber and plastics
Rubber and plastics
Wholesale trade
Air courier services
Computer and related activities
Hotels
Food & beverages
Industry c
1 596
1 531
1 466
1 461
1 403
1 400
1 148
1 086
1 084
1 000
941
831
814
782
780
765
748
724
650
623
Foreign
Total
2 569
9 418
4 374
16 694
9 743
3 077
2 189
1 107
2 148
8 880
1 362
3 037
1 056
1 281
2 397
781
1 937
3 020
2 404
3 318
Assets
1 984
1 320
1 037
9 746
850
1 389
1 012
1 542
1 301
963
633
1 182
754
328
369
4 642
1 169
990
135
277
Foreign e
Sales
3 409
2 180
1 931
21 070
5 011
4 286
2 458
1 542
1 986
1 951
682
2 827
1 093
1 317
811
4 779
2 969
1 317
332
2 639
Total
9 973
1 002
9 130
4 379
10 394
16 235
4 039
52 976
8 314
17 969
5 316
4 149
2 023
10 962
40 199
3 466
629
5 340
3 653
5 114
Foreign
23 192
10 136
11 816
50 038
72 174
72 500
4 743
54 000
14 887
55 700
7 375
15 800
2 624
18 062
56 143
5 313
19 928
20 401
5 953
27 259
Total
Employment
54.5
28.9
54.8
21.3
15.3
33.4
59.6
98.7
57.3
31.0
78.0
31.8
74.4
48.9
49.9
86.8
27.1
41.8
43.0
16.0
TNI b
(Per cent)
All data are based on the companies annual reports unless otherwise stated.
TNI, or Transnationality Index, is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total sales and foreign employment to total employment.
Industry classification for companies follows the United States Standard Industrial Classification as used by the United States Securities and Exchange Commission (SEC).
In a number of cases, companies reported only partial foreign assets. In these cases, the ratio of the partial foreign assets to the partial (total) assets was applied to total assets to calculate
the total foreign assets. In all cases, the resulting figures have been sent for confirmation to the companies.
Foreign sales are based on the origin of the sales. In a number of cases companies reported only sales by destination.
Data were obtained from the company as a response to an UNCTAD survey.
Foreign employment data were calculated by applying the share of foreign assets in total asets to total employment.
Foreign assets were calculated by applying the share of foreign employment in total employment to the balance total assets.
Foreign sales were calculated by applying the share of foreign assets in total assets to total sales.
Data for outside Hong Kong (China) and mainland China.
Data for outside Asia.
Data are for September 2003.
Data for outside East and South-East Asia.
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Rannking by
Foreign
assets
TNI b
Box table I.3.1. The top 50 non-financial TNCs from developing economies, ranked by foreign assets, 2002a (concluded)
(Millions of dollars, number of employees)
CHAPTER I
23
24
Table I.11. FDI from developing economies, by region and major economy, 1980-2003
(Billions of dollars)
Region/economy
1980-1989
Developing economies
Africa
South Africa
Latin America and the Caribbean
Brazil
Chile
Mexico
Asia and the Pacific
South, East and South-East Asia
China
Hong Kong, China
India
Korea, Republic of
Malaysia
Memorandum
World
Source:
FDI outflows
(annual average)
1990-1994
1995-1999
1980
1990
1995
2000
2003
5.7
0.5
0.2
0.9
0.2
0.1
4.3
3.7
0.4
1.2
0.4
0.2
28.1
1.8
0.7
4.7
0.6
0.4
0.4
21.6
21.6
2.4
10.5
1.5
0.8
64.9
2.6
1.9
18.0
1.3
1.5
0.7
44.3
43.6
2.2
22.5
0.1
4.3
2.2
59.6
- 0.6
10.6
0.7
1.8
1.9
49.0
45.8
3.0
23.0
1.0
3.4
1.4
60.2
6.9
5.7
46.9
38.5
6.5
4.5
0.1
0.1
0.2
128.6
20.9
15.0
58.8
41.0
0.2
1.1
48.9
41.0
2.5
11.9
2.3
2.7
308.6
32.9
23.3
86.3
44.5
2.4
2.6
189.5
181.8
15.8
78.8
0.3
10.2
11.0
793.3
45.6
32.3
155.5
51.9
11.2
7.5
592.3
577.8
25.8
388.4
1.9
26.8
21.3
858.7
39.5
24.2
183.8
54.6
13.8
13.8
635.4
607.5
37.0
336.1
5.1
34.5
29.7
93.3
234.8
603.1
779.3
559.6
1 758.2
2 897.6
5 983.3
8 196.9
UNCTAD, based on annex tables B.2 and B.4; FDI/TNC database (www.unctad.org/fdistatistics).
Source:
CHAPTER I
Source:
UNCTAD.
25
26
Difference
2000
2001
2002
2000
2001
2002
2000
2001
2002
388.4
352.6
309.4
221.1
218.6
217.2
167.3
134.0
92.2
China
129.8
British Virgin Islands 201.3
United States
3.1
Malaysia
2.6
Singapore
3.3
Thailand
2.0
United Kingdom
3.0
Bermuda
11.4
Panama
3.0
Cayman Islands
9.1
Others
19.8
108.2
184.3
3.2
3.7
3.1
2.6
2.6
11.8
4.2
10.6
18.2
108.1
147.3
4.1
3.6
3.3
2.7
2.6
9.8
5.0
3.6
19.3
129.8
56.5
3.1
2.6
3.3
2.0
3.0
0.7
0.4
19.9
108.2
73.7
3.2
3.7
3.1
2.6
2.6
1.6
0.4
19.2
108.1
68.7
4.1
3.6
3.3
2.7
2.6
1.9
1.9
20.3
144.8
10.7
2.6
9.1
-0.1
110.6
10.1
3.7
10.6
-1.0
78.5
8.0
3.1
3.6
-1.0
Total
CHAPTER I
27
Source:
28
CHAPTER I
***
TNCs from developing countries in all
regions are acquiring ownership advantages. They
are becoming a force in the world FDI market.
With outward FDI stock of already $859 billion,
they are building their own international
production systems. They are driven by the same
pressures as their counterparts in developed
countries to remain competitive in the global
economy. However, few developing countries
governments have paid much attention to this
aspect of their integration into the world
economy. Nonetheless, it is a challenge that more
and more of them will face.
C. Changing sector
al
sectoral
distrib
ution
distribution
FDI has grown over time in all three
economic sectors primary, manufacturing and
services. But the sectoral composition has shifted
towards services. Moreover, when indicators of
FDI or TNC activity in various sectors in
different countries are compared with the size
of the respective countries markets, or other
measures of economic size, the significance of
FDI in the various sectors and industries is
different from that indicated by the distribution
of FDI flows, stock or shares. FDI in
manufacturing is increasingly geared to capitaland technology-intensive activities, while FDI
in services has generally been growing in both
capital-intensive and labour- or human-resourceintensive industries.
The global stock of both inward and
outward FDI in the primary sector more than
doubled between 1990 and 2002 (annex tables
A.I.18 and A.I.19). Reflecting slower FDI growth
than in manufacturing and services, the primary
sector s share in world FDI stock decreased
noticeably from 9% in 1990 to 6% in 2002 (figure
I.18). In the case of FDI flows between 1989-
29
30
Figure I.18. Sectoral distribution of FDI stock in the world, developed and developing countries
and CEE, 1990, 2002
Source:
Note:
In calculating the shares of the respective sectors, amounts recorded under Private buying and selling of property and
unspecified are excluded from the totals.
CHAPTER I
31
manufacturing
sector)
and
clustering
(agglomeration economies), as well as
institutional and policy variables. Indeed, TNCs
are more and more attracted to clusters of
knowledge, and seek to upgrade ownership
advantages by tapping into location-bound
sources of collective learning and innovation;
incentive structures in host countries also play
a role. This is particularly so for TNCs in more
technology-intensive activities (including
innovative activities), as evidenced by its
concentration in a limited number of countries
(WIR01).
In the services sector, the global FDI
stock more than quadrupled during the period
1990-2002 (annex tables A.I.18 and A.I.19). As
a result of more rapid growth in this sector than
in the other sectors, services accounted for about
60% of the global stock of inward FDI in 2002,
compared to less than 50% a decade earlier
(figure I.18). In terms of inflows, the increase
in the share of services between 1989-1991 (54%)
and 2001-2002 (67%) was even larger than that
of the stock (annex figure A.I.1 and figure I.18).
Inward and outward FDI, both flows and stock,
in services grew in most countries (annex tables
A.I.20 and A.I.21), as did the share of services
in overall FDI flows and stock (annex table
A.I.22 and A.I.23). The dynamic growth of FDI
in services, which is reshaping FDI, is examined
more closely in chapter III.
D. Pr
ospects: g
Prospects:
grrowth set
to rresume
esume
32
UNCTAD, www.unctad.org/fdiprospects.
CHAPTER I
33
Source:
UNCTAD, www.unctad.org/fdiprospects.
Source:
UNCTAD, www.unctad.org/fdiprospects.
34
Source:
UNCTAD, www.unctad.org/fdiprospects.
CHAPTER I
35
Notes
1
10
11
12
13
14
15
36
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
CHAPTER I
37
Anne
x to c
ha
pter I. How tr
ansna
tional ar
e TNCs?
Annex
cha
hapter
transna
ansnational
are
The transnationality of TNCs can be
considered from a number of perspectives: their
operations, stakeholders and the spatial
organization of management. From each
perspective, various dimensions can be
considered:
38
CHAPTER II
A. De
veloping countries
Dev
In 2003, FDI flows to the developing
countries as a group picked up, following two
years of decline. The increase in Africas FDI
inflows was driven mainly by natural resources,
and was spread more evenly among countries as
well as industries than the previous increase in
2001. Flows to Asia and the Pacific rebounded,
attracted by strong domestic growth in some
countries, with an increase in efficiency-seeking
FDI to competitive locations in the region. In
faster growing East and South-East Asia, it was
concentrated in services, while FDI in
manufacturing fell and that in primary remained
stable. In Latin America and the Caribbean, on
the other hand, the downturn persisted due to
several factors in particular, a slowdown in
privatization (a key factor behind increased FDI
flows to Latin America during most of the 1990s),
economic and political uncertainties in some
countries and the relocation of production from
some Latin American countries to lower-cost
locations such as China. Nonetheless, with
regional and global economic conditions
improving, the outlook for FDI flows in 2004 to
all three developing regions is favourable.
Moreover, developing countries have taken
1. Africa: a turnaround
FDI inflows to Africa in 2003 grew by
28%, to $15 billion, in contrast to the fall in 2002
of 40%. But the volume was still below the peak
recorded in 2001 (figure II.2). The recovery was
led by investment in natural resources and
facilitated by the continued liberalization of FDI
policies. FDI inflows as a percentage of gross
fixed capital formation also grew, from 12% in
2002 to 14% in 2003, the second highest level
in the past decade (figure II.2). However, the
picture varied for different countries: there was
an increase in inflows in 36 countries and a
decline in 17. The value of M&A sales also grew,
from $4.7 billion in 2002 to $6.4 billion in 2003
(annex table B.8). The resource-rich countries
40
Figure II.1. LDCs: FDI inflows and their share in gross fixed capital formation, 1985-2003
Source:
Figure II.2. Africa: FDI inflows and their share in gross fixed capital formation, 1985-2003
Source:
CHAPTER II
1
3
3
11
32
3
1
3
17
30
2
1
2
2
3
8
35
2
4
4
14
30
1
1
4
5
12
31
Total
53
53
53
53
53
Source:
Economy
Morocco
$1-1.9 billion
$0.5-0.9 billion
$0.1-0.4 billion
Cameroon, Congo, Democratic Republic of the Congo, Cte dIvoire, Egypt, Ghana, Mali,
Mauritania, Mozambique, Uganda, United Republic of Tanzania and Zambia
Benin, Botswana, Burkina Faso, Burundi, Cape Verde, Central African Republic, Comoros,
Djibouti, Eritrea, Ethiopia, Gabon, Gambia, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia,
Madagascar, Malawi, Mauritius, Namibia, Niger, Rwanda, So Tom and Principe, Senegal,
Seychelles, Sierra Leone, Somalia, Swaziland, Togo and Zimbabwe
Source:
Source:
a
41
42
$ billion
Figure II.4. Africa: total external resource flows, by type of flow, 1990-2002
Source:
a
CHAPTER II
See, respectively, UNCTAD 2004d, UNCTAD forthcoming b, UNCTAD 2003b, UNCTAD 2003c, UNCTAD forthcoming
c, UNCTAD 2004e, and UNCTAD forthcoming d.
See, respectively, UNCTAD-ICC 2004a, UNCTAD-ICC 2004b,UNCTAD-ICC 2004c, UNCTAD-ICC 2004d.
43
44
Box II.2. Algeria: policy reforms may keep FDI high (concluded)
investment promotion, at the national and sectoral
levels. In particular, whereas the Investment Code
of 1993 and the Ordonnance 2001 achieved
important goals, b the UNCTAD IPR suggested
further reforms of the regulatory and institutional
framework. Algeria could benefit from additional
measures such as a modernized investment code,
enhanced transparency in investment procedures
and more effective judicial procedures, in
particular in the area of arbitration.
The IPR also identified areas in which
Algeria has good prospects to leverage its
IPRs are intended to familiarize governments and the international private sector with an individual countrys investment
environment and policies. Apart from those mentioned in the text, IPRs have been completed for the following African
countries: Egypt (1999a), Ethiopia (2002a), Mauritius (2001a), the United Republic of Tanzania (2002b) and Uganda
(2000a).
Restrictions on foreign ownership of capital no longer apply, the fundamental principle of freedom of investment and
key international standards of treatment and protection were introduced, the right to repatriate profits is granted to
foreign investors and an Agence nationale de dveloppement de linvestissement was created.
UNCTAD has published, in cooperation with the ICC, a series of investment guides on selected LDCs. Such guides
provide information on general conditions, potential areas for investment and regulations governing investment in
LDCs. Apart from those mentioned in the text, see also UNCTAD-ICC 2001, on Mozambique.
CHAPTER II
45
Source:
ITU (www.itu.int/ITU-D/ict/statistics).
46
Higher economic growth forecast for subSaharan Africa in 2004 (4.2% according to the
IMF (2004)) underlies the expected improvement
in the level of FDI. Strengthened growth in South
Africa, in particular, will be important, especially
since South Africa is becoming an important
source of FDI for the region. In North Africa,
privatization drives in the Libyan Arab
Jamahiriya and Egypt will help attract FDI. The
extension of AGOA (AGOA Acceleration Act
2004), as well as the allowance for the 37
participating African countries to continue
importing raw materials from elsewhere
(typically Asia) in order to manufacture final
11.2
Democratic Republic of
the Congo, Lesotho,
Mozambique, United
Republic of Tanzania
Profitability (%)
Host countries
c
d
a
b
Cameroon, Nigeria,
Rwanda, Swaziland,
Uganda
10.6
258
2 434
8.9
Private owners
(55%) c , publicly
traded shares (45%)
South Africa
MTN Group
Algeria, Chad,
Congo, Democratic
Republic of the
Congo, Tunisia,
Zimbabwe
11
123
1 119
5.6
Privately owned
Egypt
Orascom Telecom
Botswana, Cameroon,
Cte dIvoire, Egypt,
Madagascar
..
..
..
5.6
France
Orange
investors d
13
16.6
74
446
2.5
Institutional
Netherlands
Celtel International
Ghana, Mauritius,
Senegal, Sierra Leone,
United Republic of
Tanzania
42
36
85
0.7
Kinnevik
(Sweden, 35%);
rest is publicly traded
Luxembourg
Millicom International
28
11.7
769
6 566
33.5
Total
2 482
10.2
Subscribers (million)
278
Vodafone (35%),
Telcom SA b (50%),
VenFin (South Africa; 15%)
Ownership
Profits ($ million)
South Africa
Headquarters
Revenue ($ million)
Vodacom a
Firm
Box table II.4.1. Africas largest mobile operators, ranked by the number of subscribers in the region, 2003
CHAPTER II
47
48
Box II.5. The Libyan Arab Jamahiriya: the end of sanctions and the resumption of FDI
After the United Nations imposed sanctions
in 1992, most investors abandoned or withdrew
their assets from the Libyan Arab Jamahiriya.
With an end to sanctions, the country may
become a major destination for FDI, owing to
its large reserves of oil.
United States oil companies key investors
prior to the sanctions are now allowed to hold
talks on standstill agreements covering assets they
hold in the country that they have been unable
to operate since 1986. Indias ONGC Videsh
(OVL) has joined hands with the Turkish
Petroleum Overseas Company for a project in
the country. Norsk Hydro (Norway) already has
activities in oil and energy production, while
Statoil (Norway) is considering exploration and
development possibilities. a Tekhnopromexport
(Russian Federation), LG Petrochemicals
Source: UNCTAD, based on information from the United States Energy Information Administration/Department of
Energy and other sources.
a
b
webbolt.ecnext.com/coms2/description_ 25077_STATOIL310304_TRN.
Estimates based on 60-70% of the projects already awarded to TNCs and due for completion before 2005 in oil
refineries for $3.5 billion, power generation for $2 billion and the West Libya gas project for $5.6 billion. The
Libyan Arab Jamahiriya does not allow 100% private foreign ownership; the usual share is 30-40% State ownership.
CHAPTER II
Source:
UNCTAD (www.unctad.org/fdiprospects).
49
50
Figure II.9. Asia and the Pacific: FDI inflows and their share in gross
fixed capital formation, 1985-2003
Flows to North-East
Asia 9 rose from $67
billion in 2002 to $72 billion in 2003.
Falling inflows to Macao (China) and
Taiwan Province of China (partly because
of SARS) were partially offset by higher
flows to China, 10 Hong Kong (China), the
Republic of Korea and Mongolia. The
significant increase in cross-border M&As
in Hong Kong (China), from $1.9 billion in
2002 to $6.1 billion in 2003, mitigated a
downturn in flows to that economy (annex
table B.7). In the Republic of Korea, FDI
was driven by large M&As in finance (e.g.
Lone Star Fund (United States) acquired a
51% stake of Korea Exchange Bank for $1.2
billion) and telecommunications (e.g.
Investor Group (United States) purchased
a 40% stake of Hanaro Telecom for $0.5
billion).
1999 2000
5
3
3
38
8
4
4
3
38
8
3
6
2
40
6
3
4
7
39
4
3
6
3
41
4
Total
57
57
57
57
57
Source:
CHAPTER II
51
Table II.4. Asia and the Pacific: economy distribution of FDI inflows, by range, 2003
Range
Economy
Source:
Source:
a
52
CHAPTER II
Source: UNCTAD.
a
Foreign equity holdings up to 100% are allowed for all new projects as well as investments in expansion/diversification
projects by existing companies, irrespective of the level of exports, with the exception of industries contained in the
Sensitive List. In addition, expatriate posts will be granted automatic approval.
53
54
Figure II.11. Asia and the Pacific: number of BITs and DTTs concluded, 1990-2003
Source:
Box II.8. The Closer Economic Partnership Arrangement between China and
Hong Kong (China)
The Closer Economic Partnership
Arrangement between China and Hong Kong
(China) was signed on 29 June 2003. Under it,
Hong Kong (China) firms benefit from zero tariffs
on a wide range of products exported to the
mainland, subject to meeting the Hong Kong
(China) rules-of-origin requirements. Eighteen
service industries are being opened to Hong Kong
(China) firms, starting 1 January 2004, with valueadded telecom services having been opened on 1
October 2003. The Arrangement involves the
progressive elimination of tariff and non-tariff
barriers to trade in goods, liberalization of trade
in services and the promotion of trade and
investment between the two economies.
In the area of services, foreign service
suppliers residing in Hong Kong (China) will enjoy
preferential treatment under the Arrangement,
provided they have been engaged in substantive
business operations in Hong Kong (China) for a
specific period of time and satisfy the following
conditions: (i) have been incorporated in Hong
Kong (China) for three to five years (depending
on the industry); (ii) are liable to pay a profits tax;
(iii) own or rent premises in Hong Kong (China)
to engage in substantive operations; and (iv)
Source: UNCTAD.
a Star TV (controlled by Rupert Murdoch) was one of the first well-known TNCs to take advantage of this opportunity
when it received permission in July 2004 to establish a wholly-owned affiliate in the mainland (Financial Times, 6
July 2004).
b The market liberalization commitments under the Agreement offer further benefits to Hong Kong (China) companies
in terms of lower entry thresholds in a number of service industries such as management consulting, freight forwarding
and banking.
c Business Digest, Far Eastern Economic Review, 29 January 2004, p. 23.
CHAPTER II
55
Table II.5. Asia and the Pacific: distribution of FDI stock, by industry,
selected Asian economies, 1995, 2002
(Per cent)
1995
Economy
Armenia a
Bangladesh
China b
Hong Kong, China
India
Indonesia
Kazakhstan
Macao, Chinad
Malaysia e
Mongolia f
Pakistan g
Philippines
Republic of Korea
Singapore h
Sri Lanka i
Thailand
Total above
Source:
a
b
c
d
e
f
g
h
i
2002
..
9.1
1.6 c
7.9
18.2
62.9
..
4.5
18.0
2.1
17.0
0.2
6.0
3.0
..
69.9
58.5 c
8.3
83.4
64.5
20.9
..
52.7
30.4
24.5
55.0
62.2
38.2
56.8
36.6
51.0
..
5.3
36.1 c
91.7
8.7
17.2
3.3
..
33.5
51.3
73.4
28.0
35.2
61.7
43.2
57.4
43.0
..
15.7
3.8 c
12.9
..
9.3
0.3
2.4
-0.9
3.0
Primary Manufacturing
6.9
..
1.9
..
..
68.1
..
24.0
28.2
6.1
10.9
0.5
..
..
2.4
3.0
17.7
..
63.3
2.8
..
..
7.4
12.6
38.0
22.0
22.2
39.3
57.4
36.1
41.0
37.7
44.0
Services
Unspecified
70.8
..
31.4
93.0
..
..
24.5
87.4
38.0
41.3
71.7
43.9
42.0
63.8
59.0
56.8
50.0
4.6
..
3.4
4.3
..
..
8.5
5.9
0.1
3.1
3.0
56
d. Promising prospects
FDI inflows to the Asia-Pacific region
are set to rise. This optimism is largely based on
bullish economic prospects for the region, as
reflected, for example, in recent reports on the
world economy (IMF 2004, World Bank 2004,
Institute of International Finance 2004). The real
GDP growth rate is estimated at 7.4% in 2004
(IMF 2004). Asian firms are confident about their
performance in 2004, 26 which should have a
positive effect on investment spending. Similarly,
the improved profitability of Asian firms 27 as
well as firms headquartered in major home
countries such as Japan, 28 Europe and the United
States should also stimulate more FDI to the
region. 29
Box table II.10.1. China: selected schedules for the liberalization of services
and ownership control a
(Per cent)
Item
2001
Source:
a
b
c
d
2002
2003
2004
2005
2006
2007
49
35
Majority
49
Majority
49
Majority
51
50
33
Majority
Minority
Majority
50 b
c
c
c
c
c
c
35
Majority
Majority
Majority
49
Majority
100
50
33
Majority
Majority
Majority
Majority
49
25
25
35
Majority
100
..
100
..
Majority d
100
..
..
Majority Majority Majority
100
..
Majority d
..
..
..
51
51
100
c
c
49
100 d
..
..
Majority
100
..
100 d
..
..
100
..
..
Per cent relate to maximum foreign equity ownership allowed on or before 11 December of the year shown.
For Hong Kong (China) companies under CEPA, maximum ownership is allowed as from 1 October 2003.
No further commitments were made to further relax foreign ownership for these years at the time of accession.
For Hong Kong (China) companies under CEPA, 100% ownership is allowed as of 1 January 2004.
Source: UNCTAD.
49
..
..
..
100
..
..
..
c
..
..
..
..
CHAPTER II
57
Inflation accounting has been in effect in Turkey since early 2004. It enables companies to restate their financial
statements in terms of constant purchasing power units. This has been an important issue for foreign investors in
Turkey, and will enable them to lower their taxes.
According to IMF 2004, real GDP growth rates grew to 7.9% in 2002 and 5.8% in 2003 as compared with -7.5% in
2001.
58
Source:
a
UNCTAD, www.unctad.org/fdiprospects.
Source:
UNCTAD, www.unctad.org/fdiprospects.
CHAPTER II
59
Figure II.14. LAC: FDI inflows and their share in gross fixed capital formation, 1985-2003
Source:
2
1
3
6
28
1
3
1
3
32
2
1
8
29
2
7
31
2
1
6
31
Total
40
40
40
40
40
Source:
Economy
More than
$10 billion
$5-9 billion
Bermuda
$1-4 billion
Less than
$1 billion
Source:
60
(Billions of dollars)
Source:
Note:
Percentages are based on FDI inflows in LAC countries that account for some 86% of
total inflows to the region in 2002.
CHAPTER II
61
Box II.12. Is the FDI relocation from Mexicos maquila industries ending?
Maquiladoras have traditionally accounted
for a large share (47%) of Mexicos merchandise
exports. Developments in the recent past have
raised concerns about their international
competitiveness.
Between December 2000 and April 2004,
the number of such enterprises dropped from
3,703 to 2,820, with 220,000 job lost as a result.a
Meanwhile, annual inflows in maquiladoras
dropped by about one third, from their peak of
$3 billion in 2000 to $2 billion in 2003, falling
to about the same level they had reached in 1998
(box figure II.12.1).
Box figure II.12.1. FDI inflows into
Mexicos maquila industry, 1996-2003
62
b
c
Figure II.17. LAC: trends in FDI inflows and gross fixed capital formation in selected economies,
1990-2003
(Per cent of GDP)
Source:
CHAPTER II
Source: UNCTAD.
a
b
c
d
The Cochabamba case continues to be debated between proponents and opponents of water privatization (see Private
passions, The Economist, 17 July 2003; and The Democracy Center 2003, Bechtel vs. Bolivia, http://
www.democracyctr.org/Bechtel).
Latin America Energy Report, 11 July 2003.
See, The Economist, 17 July 2003. An agreement was signed on 11 May 2004 to set the pace for further negotiations
in exchange of $ 84 million investment in 2004-2005 (Clarin, 12 May 2004).
According to survey results presented by the World Economic Forum (2003, p. 595), there were still incidences of
electricity interruptions and voltage fluctuations. See also Economist Intelligence Unit, 22 September 2003; also
Cmara Americana de Comercio del Repblica Dominicana. Ede-Norte, Ede-Sur, Antecadentes y Resultados de la
Negociacin, 20 October 2003.
Office of Utilities Regulation, Jamaica Public Service Company Limited tariff review for period 2004-2009, 25
June 2004.
63
64
c. Sectoral patterns
The regions sectoral distribution of FDI
has shifted towards services at the expense of
manufacturing (figure II.19). This is mainly the
result of privatizations in the services sector.
Resource-seeking FDI has traditionally played
an important role in Andean Community countries
Source:
CHAPTER II
65
Source:
Notes:
(Colombia,
Venezuela).
Ecuador,
In contrast, the
primary sector in the two
largest economies of Latin
America,
Brazil
and
Mexico, accounts for only
a small share of total FDI
inflows. Yet, the sectoral
structure of FDI differs
significantly between these
two countries (figure II.20).
Almost 70% of Brazils
total FDI inflows during
1996-2000 were absorbed
by the services sector. The
subsequent drop in FDI
inflows in 2001-2003 was
due to sharply reduced
flows to telecommunications and finance. In
Source:
a
66
Market share
America Movil is the leading provider of
Country
Rank
(%)
wireless communication services in Mexico
Argentina
1
42
through its subsidiary Radiomovil Dipsa, which
a
1
56
Brazil
operates under the trademark Telcel. ThreeChile
1
48
quarters of its revenues are generated in Mexico
Colombia
2
32
where the network covers approximately 31% of
Ecuador
2
35
El Salvador
2
25
the country and 90% of the population. In 2002,
Guatemala
3
22
America Movil acquired the shares of its foreign
Mexico
2
11
partners Bell Canada International and SBC
Nicaragua
1
69
Panama
1
53
Communications in the joint venture Telecom
Peru
1
72
Americas Ltd., a company focusing since late 2000
Uruguay
2
30
on expanding in the South American wireless
Venezuela
1
45
market. It has international telecom operations in
Source: UNCTAD, based on Telefnica
Argentina, Brazil, Colombia, Ecuador, El Salvador,
(www.telefonica.es/accionistaseinversores/).
Guatemala, Mexico, Nicaragua, Venezuela and the
a Acquisition announced 8 March 2004; however, not
United States. It is the main competitor of
executed as of 1 July 1 2004.
Telefnica in LAC and,
Box figure II.14.1. Geographical presence and expansion of
more precisely, Telefnica
foreign affiliates of Telefnica in LAC, 2004
Mviles, its wireless arm.
Telefnica Mviles is
focusing on Latin America
for its growth and, in recent
years, has strengthened its
position in the region. By
July 2004, Telefnica
Mviles was present in 7
LAC countries, providing
service to more than 34
million mobile customers.
Once the acquisition of the
Bell South operations in
LAC is completed, the
company will be present in
13 LAC countries with
more that 40 million lines.
Following this recent
acquisition (for $5.9
billion) of the ten Bell
South operators, Telefnica
Mviles is now the leader
in the mobile market in
seven countries, and second
in five countries (box table
II.14.1). Telefnica is also
present in Latin America in
Source:
UNCTAD.
Telefnica Datos
Venezuela (100%),
Terra Networks (100%)
Source: UNCTAD, based on Telefnicas annual reports and its website (May 2004).
CHAPTER II
67
Box II.15. Privatization in the electric power market: the case of Endesa
Endesa (Spain) generates, transports and
markets electrical energy. It is the leading
electricity utility in six LAC countries (box table
II.15.1). The energy distributed in 2003 climbed
to 49,500 Gwh. Service is provided to 10.5
million customers (50% of its worldwide
business).
In the early 1990s, Endesa began
expanding in Latin America in anticipation of
the new competitive conditions in the European
market. Business is conducted through its
subsidiary Enersis, in which it holds a 60.6%
Distribution of assets
Argentina
Brazil
Chile
Colombia
Dominican Republic
Peru
Source:
6
19
40
21
4
10
Comercializadora y Distribuidora de
Energa de Bogot - CODENSA (48.5%),
Empresa Generadora de Energa de
Bogot - EMGESA (48.5%), Central
Hidroelctrica de Betania - CHB (85.6%)
Source:
UNCTAD, based on Endesas Annual Report 2003 and its website, www.endesa.com (May 2004).
Source: UNCTAD.
d.
68
Source:
UNCTAD, www.unctad.org/fdiprospects.
Source:
UNCTAD, www.unctad.org/fdiprospects.
CHAPTER II
B. Centr
al and Eastern
Central
Eur
ope: a
waiting
Europe:
aw
the boom
In contrast to earlier forecasts, FDI
inflows into CEE declined from a record $31
billion in 2002 to a low of $21 billion in 2003
(figure II.23). This was almost entirely due to
the end of privatization in the Czech Republic
and Slovakia. Inward FDI in the rest of the
region declined only marginally, from $19 billion
to $18 billion. Overall, FDI inflows rose in ten
Figure II.23. CEE: FDI inflows and their share in gross fixed capital formation, 1990-2003
Source:
Source:
a
69
70
2
4
13
1
7
11
2
5
12
1
7
11
9
10
Total
19
19
19
19
19
Source:
CHAPTER II
Box II.16. Slovakia: a new hub for European automobile production (concluded)
exceeded $4.4 billion 23% of the national total
(AIA SR 2004). Currently, the labour-intensively
manufactured off-road Touareg is its main
product line.
French car-maker PSA Peugeot-Citroen and
Hyundai of the Republic of Korea entered
Slovakia through greenfield investments in small
car production. PSA decided at the beginning of
2003 to build a factory in a town less than 100
kilometres from Volkswagens Bratislava site.
It is expected to start production in 2006. In early
2004, Hyundai chose Zilina, another town in
western Slovakia, close to the other two plants,
for another plant operation; this will reach full
capacity in 2008. Slovakias success in attracting
automotive production is linked to five factors:
The three main sites located in western
Slovakia are close to Western Europe and in
the middle of an emerging cross-border cluster
of 13 car plants, 10 power train factories and
hundreds of suppliers in a 500-km circle that
encompasses the Czech Republic, Hungary,
Poland, Slovakia and Slovenia (Wright 2004).
Slovakia benefits, within that cluster, from
good transportation links (a highway link to
Western Europe is almost complete) and free
movement of goods within the enlarged EU,
which facilitates the cross-border supply of
components.
The country offers a combination of labour
skills and competitive labour costs. The latter
are particularly competitive due to the
latecomer status of the country in attracting
FDI. This has kept wages lower than in CEE
countries that have been the traditional
magnets for FDI (the Czech Republic,
Hungary, Poland) and that, as a result, have
seen their wages rising.
Thanks mostly to Volkswagens efforts such
as the construction of two industrial parks for
suppliers the supplier capacity of Slovakia
is improving, making production more cost
efficient. In 1997, the production value by
Slovak automotive suppliers amounted to
around $450 million. By 2003, it had increased
by more than five times, to about $2.5 billion,
more than 60% of which was sold to
Volkswagen Slovakia in 2003 (AIA SR 2004).
In the cases of PSA and Hyundai, the
Government of Slovakia provided assistance
Source: UNCTAD.
71
72
Less than
$1 billion
Source:
Economy
Bulgaria, Croatia, Czech Republic,
Hungary, Poland, Romania, Russian
Federation, Serbia and Montenegro
and Ukraine
Box table II.17.1. FDI inflows into CEE countries acceding to the EU in 2004,
compared with the EU-15, 1995-2003
(Billions of dollars)
Country/region
1995
1998
1999
2000
2001
2002
2003
12.2
16.7
18.6
20.3
18.4
22.6
11.5
2.6
5.1
3.7
0.3
3.7
3.8
6.4
0.7
6.3
3.3
7.3
0.4
5.0
2.8
9.3
1.9
5.6
3.9
5.7
1.6
8.5
2.8
4.1
4.1
2.6
2.5
4.2
0.6
817.6
357.4
678.8
374.0
559.6
295.2
335.7
114.6
23.7
12.0
1.4
6.3
31.0
24.6
8.6
11.8
46.5
56.1
18.2
15.8
43.3
198.3
25.8
37.5
50.5
21.1
9.7
28.0
48.9
36.0
24.5
35.9
47.0
12.9
25.5
25.6
10.6
6.7
3.9
3.0
5.1
6.0
3.9
Source: UNCTAD.
CHAPTER II
Figure II.25. CEE: FDI flows as a percentage of gross fixed capital formation,
top 10 countries, 2001-2003 a
(Per cent)
Source:
a
Ranked on the basis of the magnitude of 2001-2003 FDI inflows as a percentage of gross fixed capital formation.
2001
2002
Change in 2002
from 2001 a
9.3
33.8
9.8
51.3
5.4
52.1
13.1
30.2
17.0
33.6
29.4
11.1
30 053
335 236
30.3
31 643
451 258
31.5
5.3
34.6
1.2
73
74
CHAPTER II
(Slovakia) into the group, expanded its petrolstation network in Romania and acquired INA
(Croatia). OTP completed the consolidation with
its Slovakian affiliate and purchased DSK Bank
in Bulgaria. In Slovenia, Lek, a firm that Novartis
had acquired in 2002, became the leading
outward investing firm in 2003; it had started
production of generic drugs in Poland and
Romania. Automotive supplier Prevent opened
its 7th foreign production facility in Morocco and
is planning to set up a plant in Shanghai, China.
The value of outward FDI by other Slovene firms
(e.g. domestic appliance producer Gorenje,
retailer Mercator and engineering company
Kolektor) is small.
In the future, other new EU members
such as the Czech Republic and Estonia can
be expected to report similar surges in FDI
outflows.
2. Implications of EU membership
for national policy
For the eight CEE countries that joined
the EU in May 2004, full membership in the
Union means that they needed to adopt the full
body of EU law (the acquis communautaire). On
the one hand, the acquis communautaire
improves the business environment and the
attractiveness of the accession countries. On the
other hand, its application (e.g. concerning
environmental protection or labour standards)
may increase the cost of doing business.
In 2003, a
number of CEE
countries introduced
policy
measures
aimed at liberalizing,
promoting
and
protecting FDI. In
the group of new EU
member countries,
for instance, the
Czech
Republic
further liberalized its
energy market and
telecom industry,
while
Hungary
adopted laws on the
privatization
of
healthcare and on the
gradual liberalization
of the natural gas
Source:
75
76
Box II.20. BITs between the United States and the new EU member States
and candidate countries
A number of provisions of the BITs between
some of the new EU member States and candidate
countries a and the United States were amended to
facilitate these countries meeting their obligations,
whether existing or future, and to take steps to
address potential incompatibilities between their
existing international agreements and their
obligations of EU membership.
BITs between these countries and the United
States contained commitments on protection and
market access for the FDI of investors of the
contracting parties. In particular, they contained
the principles of national treatment and mostfavoured-nation treatment (MFN) at the pre- and
post-establishment phases. With respect to some
specific matters and industries (e.g. subsidies,
agriculture and audio-visual), the Commission
believed that these obligations would be
inconsistent with specific obligations deriving from
the EC Treaty and EU regulation. In addition,
concerns with respect to national and MFN
treatment, the obligations on performance
requirements in some industries (i.e. audio visual
and agriculture) were believed to raise issues of
compatibility with EU rules as well.
To address the issue of compatibility between
EU legislation and these BITs, the new EU
members and candidate countries to the EU, the
European Commission and the United States signed
a Memorandum of Understanding (MoU) in
September 2003 (box table II.20.1). This MoU
served as a guide for amending and clarifying
provisions in the individual BITs.
Box table II.20.1. Specific BITs of new EU members and candidate countries with the United States
Country
Date of signature
Bulgaria
Czech Republic
Estonia
Latvia
Lithuania
Poland
Romania
Slovakia
23
22
19
13
14
21
28
22
September 1992
October 1991
April 1994
January 1995
January 1998
March 1990
May 1992
October 1991
Date of expiry
2 June 1994
19 December 1992
16 February 1997
26 December 1996
22 November 2001
6 August 1994
15 January 1994
19 December 1992
1 June 2004
18 December 2002
15 February 2007
25 December 2006
21 November 2011
5 August 2004
14 January 2004
18 December 2002
Source: UNCTAD.
a The countries concerned are Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Poland, Romania and Slovakia.
The candidate countries are Bulgaria and Romania.
b The American Society of International Law, International Law in Brief, 7 April 2004 (http://www.asil.org/ilib/
ilib0706.htm).
CHAPTER II
Country
EU-15 b
77
Productivity a
Productivity/salary
(EU-15=100%)
1998
1999
2000
2001
2002
2000
2000
1 845
1 923
2 127
2 191
..
42.5
100
1 101
..
..
1 160
..
1 297
1 227
1 052
1 326
1 286
1 112
1 372
1 357
..
1 425
19.4
10
26.1
79
48
98
..
381
410
460
..
11.7
117
..
..
307
..
233
346
274
..
343
282
314
257
251
442
260
895
379
303
348
277
270
471
299
935
430
328
408
280
300
626
320
988
510
..
489
..
..
598
382
1 041
10.9
8.3
11.1
..
..
9.3
9.2
21.3
144
137
160
..
..
99
154
114
..
115
132
146
153
..
..
101
..
111
120
120
144
127
165
132
174
..
..
..
..
78
1 January 2003
Eleven highest
Japan
United States
Germany
Italy
Canada
Israel
India
Malta
Pakistan
Spain
Sri Lanka
1
2
3
4
5
6
7
8
8
8
8
Eleven lowest
Cyprus
Ireland
Estonia
Lithuania
Latvia
Hungary
Chile
Hong Kong (China)
Iceland
Slovakia
Poland
1
2
3
4
5
6
7
8
9
10
10
1 January 2004
42
40
39.6
38.3
36.6
36
36.8
35
35
35
35
42
40
38.3
37.3
36.1
36
35.9
35
35
35
35
10/15
12.5
0/26
15
19
18
16.5
16
18
25
27
10/15
12.5
0/26
15
15
16
17
17.5
18
19
19
a
a
a
Source:
Note:
Share
Estonia
Czech Republic
Croatia
Hungary
Slovakia
Lithuania
Bulgaria
Bosnia and
Herzegovina
Poland
Source:
99
90
89
89
86
78
75
73
69
Country
Latvia
Macedonia
Romania
Albania
Moldova
Belarus
Slovenia
Ukraine
Russian
Federation
Share
65
51
47
46
37
26
21
11
9
CHAPTER II
79
Source:
UNCTAD, www.unctad.org/fdiprospects.
80
C
veloped countries:
C.. De
Dev
the dec
line contin
ues
decline
continues
ues,,
but pr
ospects ar
eg
ood
prospects
are
good
Mainly because of developments in the
United States, FDI inflows into developed
countries fell, but outflows increased in 2003.
Policy measures at all levels improved the FDI
climate, and a rebound in flows is expected in
the short term.
1.
Uneven trends
United Kingdom parent) acquiring Alfa RenovaRussian Asset (Russian Federation) ($8 billion).
Nevertheless, there were fewer cross-border
M&A purchases and sales worth over $1 billion
concluded by developed countries: purchases
were down to 48 from 76 in 2002, and sales were
down to 45 from 69 the previous year.
Inward investment into North America
was down by 57%, largely on account of
dropping inflows into the United States. FDI
inflows into the United States declined (by 53%)
for the third year in a row, to a low of $30 billion
its lowest value since 1992. There were large
repayments of intra-company debt ($34 billion),
as foreign affiliates in the United States reduced
the debt they had accumulated with their parent
firms abroad during the M&A boom of 19982001. With M&A activity running at much lower
levels in 2003, new borrowing did not match
repayments, resulting in substantial net outflows.
Equity flows also declined (to $62 billion).
Reinvested earnings rose because of improved
profitability, but their level was low ($2 billion).
FDI flows to Canada were at their lowest level
since 1993, due primarily to divestments.
In recent years, the United States has
increased its outward FDI while receiving much
less inward FDI. This has meant that the balanceof-payments contribution of FDI has turned
sharply negative. Thus, net FDI flows turned from
a surplus of $171 billion in 2000 to a deficit of
$122 billion in 2003 (figure II.30). The swing
differs from previous such episodes in the past
two decades in that it is the first time that both
the FDI balance and the trade balance have
moved negatively together. As a result, the
combined impact of trade and FDI on the balance
of payments in 2000-2003 went from minus $208
billion to minus $617 billion. The primary
external financing for this growing deficit came
from portfolio capital inflows, which surged (on
a net basis) from $63 billion in 1999 to $437
billion in 2003. Most of these inflows were net
foreign purchases of government debt securities.
FDI flows to the EU shrunk by over 21%
in 2003, due primarily to sluggish economic
growth, a fall in equity investment in general (and
M&As in particular) and in intra-company loans.
When the 16% depreciation of the dollar vis-vis the euro is factored in, the downward trend
is even more pronounced. As noted above,
Luxembourgs position as the top recipient
(figure II.29) was due to transshipped investment
(WIR03, p. 69). Only four EU countries registered
CHAPTER II
81
Source:
a
82
Figure II.30. United States: balance of trade and net flows of FDI and
portfolio investment, 1986-2003
Source:
Box II.21. Can Japan double its inward FDI stock by the end of 2006?
Prime Minister Junichiro Koizumi of Japan
stated in January 2003 that Japan would seek to
double the cumulative amount of inward FDI in
five years.a To that end, concrete measures were
proposed. The five priorities of this package
(encompassing 74 specific measures) were: to
disseminate information on FDI within Japan and
abroad; to improve the business environment; to
review administrative procedures; to improve the
living standards and environment for TNC
expatriates; and to develop local and national
structures and systems (WIR03). Progress has been
made with the successful implementation of the
M&A code reform of particular importance for
improving the business environment, given that
M&As are the main source of global FDI.
Despite the new measures, however, FDI
inflows in 2003, on a balance-of-payments basis,
amounted to $6.3 billion, down from $9.2 billion
in 2002. This raises the question as to whether
Prime Minister Koizumis goal is achievable.
According to FDI stock data for the past five
years, Japan was one of the top performers among
developed countries. Between 1999 and 2003, a
number of developed countries doubled their stock
of inward investment: Ireland (168%), Austria
(156%), Finland (153%), Portugal (122%),
Switzerland (102%) and Japan (95%). However,
growth in FDI stock started from a small base, and
inflows for 2003 were lower than 2002. The stated
goal of doubling inward FDI stock from $50 billion
in 2001 to $100 billion in 2006 requires that Japan
CHAPTER II
Box II.21. Can Japan double its inward FDI stock by the end of 2006? (concluded)
a wide range of industries from telecoms to
hotels and golf courses. e
Economic growth has increased, thus
restoring prospects for market-seeking FDI.
However, transaction costs are still high, and the
exchange rate is volatile. A further potential
limiting factor is the relative competitiveness of
Japanese companies vis--vis foreign investing
companies. Deregulation in retail, for instance,
provides as many opportunities for Japanese
companies as for foreign investors. In retail,
neither Wal-Mart nor Carrefour are finding the
Japanese market easy to exploit. Jusco, a local
supermarket chain, is not only emulating WalMarts market strategy, but improving on it. f
The wave of inward FDI in recent years was
due to deregulation in the non-manufacturing
sector, a rise in corporate failures, a decline in
stock valuations, reductions in cross-shareholdings
and the global M&A boom. In many ways, this
represents the first wave of inward FDI into Japan.
Given the importance of M&A activity in
Source: UNCTAD.
a
b
c
83
General Policy Speech by Prime Minister Junichiro Koizumi to the 156th Session of the Diet, 31 January 2003 (http:/
/www.kantei.go.jp/foreign/koizumispeech/2003/01/31sisei_e.html). Reiterated in the General Policy Speech by the
Prime Minister to the 159th Session of the Diet, 19 January 2004 (http://www.kantei.go.jp/foreign/koizumispeech/
2004/01/19sisei_e.html).
In Japanese yen, this represents 6.6 trillion in 2001 and 13.2 trillion in 2006.
For example, Tesco (United Kingdom) acquired C Two Network in 2003. Costco (United States) and Carrefour
(France) had already entered the Japanese market through greenfield investments, and Wal-Mart (United States)
entered the market through a partnership with Seiyu.
Goldman Sachs made a major investment of $1.27 billion in Sumitomo Mitsui Financial Group in 2003. Merrill
Lynch & Co also took a major stake in a UFJ Holdings affiliate to write off bad debt. However, it should be noted that
Merril Lynchs foray into the Japanese market through a partial acquisition of Yamaichi Securities in 1998 led to
massive losses.
Distressed assets were acquired, for example, by Ripplewood Holdings and the Goldman Sachs Group. See, Foreign
acquisitions in Japan focus more on healthier firms, Wall Street Journal (Eastern Edition), 5 July 2002, p. A.8; and
A global journal report: Goldman plans $1.27 billion bet on Tokyo, Wall Street Journal (Eastern Edition), 16 January
2003, p. C.1.
A global journal report Pacific aisles: Wal-Marts foray into Japan spurs a retail upheaval. As giant confronts barriers,
local competitors rush to emulate its methods. Balking at the 10 foot rule, Wall Street Journal (Eastern edition), 19
September 2003, p. A.1.
In some cases, M&As have conserved jobs in target companies that would have gone bankrupt without M&As, for
example, Ripplewoods acquisition of the troubled Seagaia resort in Miyazaki prefecture. American investors put
Japans resorts in play , New York Times, 6 Jan 2004, p. W.1.
84
1999
2000
2
3
8
8
4
1
2
3
8
8
3
25
25
Source:
2001
2002
2003
1
4
6
11
3
1
1
11
6
7
1
10
10
5
25
26
26
Economy
More than
$50 billion
Luxembourg
$10-49 billion
$1-9 billion
Less than
$1 billion
Source:
Figure II.31. Developed countries: FDI inflows and their share in gross fixed
capital formation, 1985-2003
Source:
CHAPTER II
85
Source:
a
Ranked on the basis of the magnitude of 2001-2003 FDI inflows as a percentage of gross fixed capital formation.
2. Policy responses
At the national level, a number of
countries adopted policies aimed at attracting and
facilitating FDI (table II.17). The FDI process
was streamlined and simplified in France, Japan,
Germany and Portugal. In response to declining
FDI inflows, France set up a strategic council
to recommend measures that would make it more
attractive to investors (box II.22). Japan, as
mentioned above, has launched an initiative at
86
Policy changes
Austria
Privatization programme
Canada
France
Regulation on financial
relationships with
foreign firms
Germany
Foreign investment
Modernization Act
Tax Allowance Reduction Act
Foreign investment policy
Ireland
2003 budget
Japan
The Japan External Trade Organization (JETRO) opened the Invest Japan
Business Support Center, a one-stop office that will provide foreign
companies with complete information on conditions and procedures, and
related consultation, regarding investment in Japan.
Concrete measures put in place to increase inward FDI (box II.21).
This scheme is run under the auspices of the Ministry of Economy, Trade
and Industry. Japanese affiliates abroad (specifically Asia) can utilize
government trade insurance from 2004.
Portugal
Contractual regime
Procedures relating to FDI
Regulations on shares of
foreign capital in privatized
companies
Spain
Tax reform
The standard capital gains tax for companies has been cut from 18% to
15% for assets held for more than one year.
Sweden
Tax
Switzerland
United States
UNCTAD.
CHAPTER II
Box II.22. France adopts new measures to attract FDI and skills
In 2003, Prime Minister Jean-Pierre
Raffarin outlined a number of new measures to
attract FDI to France. Forty measures were drawn
up with the relevant government departments. a
The overall objective was to identify and analyze
both the strengths and weaknesses of France as
a host country for FDI compared with its
competitors. This new policy is to be guided by
the recommendations of a national Strategic
Council for Attractiveness (Conseil stratgique
pour lattractivit de la France). Members include
also chief executives from leading TNCs.
The measures seek to attract both skills and
investment.b A programme is being launched in
2004 to attract the worlds leading experts to
growth sectors in France and to build teams
centred around them. A number of measures aim
to improve radically the conditions of entry and
residence for expatriate managers and their
families. With respect to attracting FDI,
Source: UNCTAD.
a France adopts new measures to enhance appeal, AFII (Invest in France Agency) Press Release, http://www.afii.fr/
UK/Newsroom/PressReleases/?p=press_release_2003-12-11&l=en.
b France adopts new measures to enhance appeal, AFII Press Release, 11 December 2003, http://www.afii.fr/France/
Newsroom/PressReleases/press_release_2003-12-11_en.pdf.
Figure II.33. Developed countries: number of BITs and DTTs concluded, 1990-2003
Source:
87
88
Source: UNCTAD.
a
The third draft of the Agreement and additional information is available at http://www.ftaa-alca.org.
3. Services dominate
Services dominated the changing pattern
of FDI in developed countries as a group,
accounting for more than two-thirds of both
inflows and outflows in the 2000-2002 period.
FDI in the primary sector was still of importance
(albeit declining) in countries such as Australia
(18% in 2001), the Netherlands (19% in 2001)
and Norway (28% in 2001). Manufacturing still
accounted for a large share of total FDI stock
in some countries, notably Canada (52% in 2002),
Iceland (54% in 2002), Italy (40% in 2001) and
Sweden (68% in 2001), with chemicals,
automobiles and machinery being the largest
industries.
Developed countries are the prime source
as well as destination of FDI in services. Between
1996 and 2002, inward and outward stocks in
services rose in 10 and 13 developed countries,
CHAPTER II
89
90
Source:
UNCTAD, www.unctad.org/fdiprospects.
Source:
CHAPTER II
91
Source:
UNCTAD, www.unctad.org/fdiprospects.
Notes
1
2
3
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
92
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
PART TWO
94
INTRODUCTION
In a world with fewer investment and
trade restrictions, shrinking economic distance
and more mobile resources, only activities that
are competitive survive and grow. Thus,
competitive production has become essential for
development. In order to achieve and sustain
growth, structural change, desired patterns of
income distribution, education, health,
environmental protection and, ultimately,
development, countries need firms that are
efficient and productive enough to compete in
open markets. Conversely, a competitive position
can be maintained only if it can rely on
development that benefits the majority of the
population.
In ensuring a competitive production
sector, services play a vital role, for three main
reasons:
96
The ICT revolution has opened up exportoriented FDI in tradable services, even
though the amounts involved are still
relatively small and the destinations limited
to a few countries. But as more service
functions become directly tradable,
international production systems involving
services are being established.
CHAPTER III
A. Changing pa
tterns of
patterns
FDI in ser
vices
services
How is the growth of services reshaping
FDI patterns? First, the sectoral mix of FDI has
shifted towards services, and the industry
composition of services FDI is also changing,
reflecting, in particular, a surge in flows into
activities previously closed to FDI. Second, this
has been accompanied by changes in the home
and host country composition of FDI.
Nevertheless, service industries and TNCs
typically are less transnational than their
manufacturing counterparts. This suggests that
there is potential for services FDI to expand
further not counting non-equity forms of TNC
participation (which are particularly important
in this sector).
98
99
CHAPTER III
a. Outward FDI
Some three decades ago, TNCs from
developed countries held almost the entire
outward stock of services FDI. The United States
already then one of the most service-oriented
economies alone accounted for two-thirds of
the stock of the nine principal home countries.
Since then, many other countries have emerged
as outward investors, including some from the
developing world (table III.2, annex table
A.III.2). By the beginning of the 1990s, the
United States share had fallen to around onequarter in terms of stock a share it still held
in 2002 (annex tables A.I.19 and A.1.21).
Sector/industry
Developed
countries
Developing
economies
2002
World
Developed
countries
Developing
economies
Central and
Eastern
Europe
World
100
1
2
27
3
2
37
15
-
100
2
3
15
2
8
57
5
-
100
1
2
25
3
3
40
13
-
100
3
1
20
2
11
31
23
-
100
4
3
14
2
10
22
40
-
100
6
5
21
2
24
29
10
-
100
3
2
18
2
11
29
26
-
2
10
2
8
1
2
9
2
2
2
6
1
4
2
1
2
-
2
2
5
100
1
2
17
1
5
48
6
-
100
2
16
4
62
11
-
100
1
2
17
1
5
48
7
-
100
2
1
10
2
11
35
34
-
100
2
12
2
7
22
54
-
100
2
2
17
19
39
19
-
100
2
1
10
2
11
34
36
-
13
6
5
-
13
6
2
3
2
-
2
-
2
3
100
Table III.2. Distribution of FDI stock in services, by group of economies, 1990, 2002
(Per cent)
1990
Sector/industry
Developed
countries
2002
World
83
70
77
90
87
58
76
93
..
100
100
17
30
23
10
13
43
24
7
..
..
..
100
100
100
100
100
100
100
100
..
100
100
72
63
47
78
70
71
77
61
99
92
67
25
32
45
19
26
22
20
38
1
4
32
3
6
8
4
3
7
3
1
4
1
100
100
100
100
100
100
100
100
100
100
100
100
85
..
15
100
100
91
61
8
36
2
3
100
100
99
100
99
99
100
99
98
98
100
100
1
..
1
1
1
2
2
..
..
100
100
100
100
100
100
100
100
100
100
90
100
80
88
90
93
93
84
100
100
100
10
0
20
12
10
7
7
16
..
..
-
..
..
-
100
100
100
100
100
100
100
100
100
100
100
100
100
..
1
100
100
99
90
1
10
100
100
Developed
countries
Developing
economies
Central and
Eastern
Europe
Developing
economies
World
CHAPTER III
b. Inward FDI
On the inward side, the geographic
distribution of services FDI has always been more
balanced. The United States has long been the
largest recipient but its share in the global inward
FDI stock in services has never exceeded 30%.
The expansion of inward services FDI has taken
place mainly in Western Europe and the United
States. Japan is an insignificant host for such FDI
(as it is for FDI in general), although recently
flows to that sector have increased (annex table
A.I.20). During the second half of the 1980s,
developing countries joined in and, since the
early 1990s, the economies of CEE. In 2002,
developed countries accounted for over twothirds of the inward FDI stock in services (table
III.2). This share was 25% for developing
economies and 3% for CEE comparable to their
shares in world FDI stock.
Developing countries as a group have
attracted sizeable FDI in some services,
sometimes as much as developed countries. In
construction, for example, developing countries
share doubled, from 23% in 1990 to 45% in 2002
(table III.2). Other examples are trade, hotels,
restaurants and business activities. (In the last
case, the inclusion of management holding
companies is again a factor influencing the
magnitude.) Conversely, the share of developing
countries halved in transport, storage and
communications, despite a noticeable rise in TNC
101
3. Transnationalization is lower in
the services sector and differs
by industry and country
At the sectoral level, on the outward FDI
side, data for a number of home countries show
that shares of value added, employment and sales
of foreign affiliates relative to total national value
added, employment and sales are much higher
in manufacturing than in services (table III.3).
In other words, the services sector in home
countries is less transnationalized than the
manufacturing sector.
On the inward side, too, the degree of
transnationalization of the services sector that
is, the importance of TNC activity relative to total
host-country activity is less than that in
manufacturing. For example, in most countries,
FDI inflows in 1992-2002 as a percentage of
sectoral GDP were lower in services than in
manufacturing, with some important exceptions
(annex figure A.I.2). More significantly, foreign
affiliates accounted for much lower shares of
sales, value added and employment in the
services sector, than in manufacturing in a
number of host countries (figure III.1).
OECD data for 11 service categories
covering between 5 and 18 member countries throw
light on differences in the transnationalization of
individual service industries in host developed
countries. The pattern is quite consistent:
transportation, telecommunications, real estate
and hotels and restaurants (in that order) are, on
average, the service industries in which inward
FDI plays the smallest role in developed countries
(OECD 2001, pp. 42-47). Business services, and
especially computer and related services, are at
the other end of the spectrum, while financial
and trading services fall in between. In 10 out
of 16 OECD member countries, for instance, the
share of foreign affiliates in the total sales in
computer services was 20% to 35%. In two of
them, it was 10% to 15% and in four countries,
below 10%.
102
Table III.3. Shares of value added, employment and sales of foreign affiliates of home-based TNCs
in home-economy totals, by sector of parent firm, selected countries and years
(Per cent)
Value added
Economy
Manufacturing
Employment
Services Year
Sales
Manufacturing
Services
Year
Manufacturing
Services
Year
..
..
..
7.8
..
7.8
..
4.4
..
1998
..
1998
1998
..
1997
1999
1997
..
..
..
..
..
Austria
Canada a
Finland a
France a
Germany
Japan b
Portugala
Sweden a
United States c
..
..
..
..
..
..
1.4
..
21.2 a
..
..
..
..
..
..
1.2
..
2.6 a
..
..
..
..
..
..
1999
..
2001
28.7
18.1
35.4
..
32.3
21.1
0.6
69.4
29.2
11.8
3.3
5.9
..
7.8
1.3
2.6
13.7
3.4
2001
1999
2002
..
2001
1999
2001
2000
2001
7.7
..
42.5
16.1
..
9.6
2.7
68.3
..
Czech Republic
Macao, China
1.1
..
0.3
..
2000
..
0.4
5.2
0.2
1.4
2002
2001
..
..
Source:
a
b
c
UNCTAD, based on FDI/TNC database ( TNC data on value added and employment), the United Nations Statistical Office
(total value added), ILO 2001a (total employment) and OECD 2001a (sales, all entries).
There
are
also
considerable differences in the
role of foreign affiliates in the
same service industry among
individual
countries.
In
banking, for instance, in many
countries in Africa, Latin
America and CEE, transnational
banks (TNBs) dominate, or play
a much greater role than in
developed countries (annex
table A.III.4). In 29 economies,
TNBs account for more than
70% of total banking assets
Czech Republic
15
Netherlands
Finland
Poland
10
France
5
Japan
0
10
15
20
25
30
35
Note:
1997 for Japan, the Netherlands, Norway,Sweden; 1998 for the Czech Republic,
Finland, France, Poland.
103
CHAPTER III
30
25
20
Hungary
(64.0, 16.2)
Czech Republic
15
Malaysia
(51.6, 14.4)
Sweden
10
Netherlands
Portugal
France
5
0
Japan
5
Finland
United States
10
15
20
Share of manufacturing foreign affiliates
in sales in the manufacturing sector
25
30
Source:
Note:
1995 for Malaysia; 1997 for the Netherlands and Sweden; 1998 for the Czech Republic
and France; 1999 for Finland, Japan and Portugal; 2000 for Hungary and the United
States.
c. Employment
35
Share of service foreign affiliates
in sales in the services sector
Similar disparities
exist in the case of
telecommunications,
electricity and water, in
which, after the wave of
privatizations during the
past decade or so, foreign
companies are playing an
important, if not dominant,
role in a number of
countries in Latin America
and CEE. Hotels in a
number of small countries,
such as in some Caribbean
countries, are mostly owned
or operated by international
hotel chains, while many
other countries have failed
to attract these chains.
There is also a growing
presence of international
retail chains in large
developing countries such
as Brazil and Mexico. In
business services, large
international
business
consultancy, advertising or
legal firms are present in
many developing countries,
but they tend to cater
mainly to foreign investors,
and the bulk of domestic
enterprises are served by
local service providers.
30
Luxembourg
25
(71.0, 19.4)
Hungary
(50.9, 11.9)
20
Macao (China)
15
Czech Republic Netherlands
10
Austria
Finland
Poland
United States
Portugal
10
15
20
25
Share of manufacturing foreign affiliates
in sales in the manufacturing sector
Sweden
France
Germany
Norway
5
Japan
5
30
35
Source:
Note:
1997 for the Netherlands and Norway; 1998 for the Czech Republic and France;
1999 for Japan; 2000 for Hungary, Luxembourg, Poland and the United States; 2001
for Austria, Finland, Germany, Macao (China), Portugal and Sweden.
104
Table III.4. Host economies with a penetration ratio a of foreign bank affiliates
exceeding 70%, 2001
(Per cent)
Developing economies
Developed countries
New Zealand
Source:
a
b
c
99.1
CEE
Estonia
Czech Republic
Croatia
Hungary
Slovakia
Lithuania
Bulgaria
Bosnia and
Herzegovina
Africa
98.9
90.0
89.3
88.8
85.5
78.2
74.6
73.0
Botswana
Guinea-Bissau
Lesotho
Gambia
Benin
Guinea
Cte dIvoire
Senegal
Niger
Tonga
Fiji
Vanuatu
Singapore b
Bahrain
Hong Kong, China b
Cambodia c
100.0
98.9
94.1
76.0
72.0
72.0
71.0
94.6
92.3
88.7
82.7
Ratio of assets of majority-owned foreign bank affiliates (including branches and representative offices) to total bank assets.
Data from Committee on the Global Financial System (CGFS) 2004, p. 9.
Data from the World Bank 1998 survey, www.worldbank.org/research/projects/bank_regulation.htm. Data relate to the late 1990s.
CHAPTER III
105
B. Pla
yer
s and driving
Play
ers
ces
for
orces
FDI in services mirrors, to some extent,
the global expansion of service TNCs, in the same
way as FDI in goods production mirrors the
global expansion of TNC goods producers. But
a substantial proportion of services FDI also
includes services production in host countries
by TNCs in manufacturing, for local sale or
export (in the same way as some goods FDI is
undertaken by service TNCs).
However, the role of service TNCs is
expanding: large TNCs have emerged in a number
of service industries and from a number of home
countries. Their expansion into host countries
has often occurred through M&As. Firm-specific
advantages and location advantages of countries
drive this expansion. It is taking place in the
context of growing markets for services, the rapid
spread of information and communication
technologies and increased competition. Marketseeking motivations and strategies dominate TNC
activities in services, but integrated international
production networks are also emerging as
efficiency-seeking TNCs take advantage of the
growing tradability of many service products.
106
Box table III.2.1. Selected leading hotel chains: modes of operation, 2003
Hotel group
Home economy
United States
France
Bermuda c
United Kingdom
Hong Kong, China
International
Mode of participation
rooms as
(Per cent of total rooms)
per cent of
Full or
Management
Franchised,
total rooms partial equity
contract
leased or other
24 a
21
92
17 d
90
34
74
100
80
97
41
17
..
32 d
10
35
62
..
50 d
-
Even TNCs that historically eschewed nonequity participation seem to be moving towards
it. Shangri-La Hotels and Resorts, for example,
which was the second largest global hotel TNC
in terms of foreign assets, currently owns 90%
of its 20,000-plus hotel rooms, one of the highest
proportions of equity ownership among the top
hotel TNCs (box table III.2.1). However, its
annual reports indicate that the companys planned
expansion into China and other parts of Asia will
Source: UNCTAD, based on Contractor and Kundu 2000, World Travel and Tourism Council 2003; company annual
reports.
a
b
IHG divested itself in April 2003 from the United Kingdom brewing, pub and hotel group Six Continents
(www.ihgplc.com/ accessed July 2004).
Factors such as perceived risk do not appear to prompt non-equity modes, but there is evidence of a positive association
with the level of GDP per capita (Contractor and Kundu 2000).
CHAPTER III
107
108
Per cent of
Number total agreements
Code-sharing
Frequent flyer programmes
Cargo
Marketing
Joint venture on destination
Pooling agreement
Joint-ground handling
Regional connection/franchise
Others
Total number of agreements
911
114
106
78
55
33
32
31
165
1 222
75
9
9
6
4
3
3
3
14
Box table III.3.1. FDI by, and in, airlines, by region, 2004
Item
Africa
Asia a
West
Latin
Asia America
Subtotal
Developed countries
Other
Western
North developed
Europe America countries
Subtotal
CEE World
143
53
135
422
223
149
60
432
156
1 010
37
39
108
60
29
10
99
23
230
26
15
29
26
27
19
17
23
15
23
28
26
34
65
12
Source: UNCTAD, based on information provided by the International Civil Aviation Organization.
a Excluding West Asia.
Source: UNCTAD, based on information provided by the International Civil Aviation Organization.
CHAPTER III
109
110
Table III.4.1. The top ten accounting firms, ranked by total revenue, 2003
(Billions of dollars and number)
Name
Headquarters
PricewaterhouseCoopers
Deloitte Touche Tohmatsu
Ernst & Young
KPMG
BDO
Grant Thornton
RSM
Moores Rowland a
Horwath
Baker Tilly
New York
New York
New York
Amsterdam
Brussels
Chicago
London
High Point, NC
New York
London
Total revenue
16.0
15.1
13.1
12.2
2.6
1.8
1.8
1.8
1.5
1.5
Employees
122
119
103
98
23
21
20
20
18
17
820
770
000
900
230
500
000
850
680
000
Source: UNCTAD.
a Datamonitor (2004). Data include all revenues generated by accountants, auditors, tax advisers, bookkeepers and
related services.
b Data from Big Four companies web sites.
c Partnerships in this context include general partnerships, limited partnerships and limited liability partnerships. In
some jurisdictions, the most common form chosen is the limited liability company.
CHAPTER III
111
112
Stock
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
27
94
138
181
242
88
75
145
214
413
504
370
559
738
918
Source:
Outflows
6
44
44
43
60
44
65
70
69
71
85
297
241
232
232
916
10
11
5
-
5
-
27
17
10
7
-
2
1
-
..
..
4
5
1 309
1 296
14
..
4
..
7
268
488
1
12 800
8
11 385
993
7
216
6
United
States
1991.
1995.
1998.
2001.
All industries
Primary
Manufacturing
Services
Electricity, gas and water
Trade
Hotels and restaurants
Transport, storage and
communications
Finance
Business activities
Other services
Sector/industry
1989
4
2
19
57
24
33
0
7
1
Austria
3
-
1 077
1 052
12
9
..
..
18
11
3 919
3 520
399
..
369
..
Germany Japan
1994
b
687
25
6 451
1 902
33 957
27
23 642
10 240
7
1 127
41
United
States
1
5
3
2
78
1
47
30
17
1
Austria
202
-
1 471
1 255
203
1
-
Germany
..
..
18
9
5 499
1
5 396
102
..
75
..
Japan
1999
c
758
109
6 058
-
35 638
2
23 319
10 379
3
3 451
-
United
States
3
3
4
3
83
55
28
15
-
Austria
Table III.5. Royalty receipts of TNCs in Austria, Germany, Japan and the United States, 1989-2002
(Millions of dollars)
18
-
1 754
1 423
323
305
-
Germany
77
..
4
15
6 884
1
6 733
150
..
54
..
Japan
2002
d
..
..
..
..
..
..
..
..
..
..
..
United
States
CHAPTER III
113
114
Table III.6. Foreign affiliates, by sector of foreign affiliates and parent firms, Germany, Japan and
the United States, selected data, various years
Number of foreign affiliates
By sector of:
By sector of:
($ billion)
Home country
Foreign affiliates
Parent firms
Foreign affiliates
Parent firms
Foreign affiliates
Parent firms
Germany, 2000
All sectors
Primary
Manufacturing
Services
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
532
3
168
361
Japan, 2001
All sectors
Primary
Manufacturing
Services
12 476
220
6 522
5 734
12 476
45
7 866
4 565
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
23 121
907
8 335
13 879
23 121
477
14 387
8 257
4 632
218 b
1 126
3 287 c
4 632
68
2 143
2 421
1 133
71
328
734
1 133
31
690
412
Source:
a
b
c
532
..
208
324 a
UNCTAD, based on Japan, Ministry of Economy, Trade and Industry (METI) 2004; Germany, Deutsche Bundesbank 2002;
United States, Department of Commerce 2004a.
Includes primary.
Only mining.
Includes agriculture, forestry, fisheries and hunting.
CHAPTER III
115
116
CHAPTER III
(Billions of dollars)
45
40
35
$ billion
30
25
20
15
10
5
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
2001 2002
Source: UNCTAD.
a
b
2000
117
118
1988-1990
1991-1994
1995-1997
8.8
0.2
9.6
0.4
19.0
32.4
15.4
15.8
63.6
17.4
100.0
10.2
3.3
8.8
0.1
22.4
30.6
17.3
4.9
52.8
24.8
100.0
7.1
14.2
9.3
0.4
31.0
29.8
13.5
4.1
47.4
21.6
100.0
1998-2000
34.2
6.0
12.3
0.9
53.7
25.1
6.6
2.1
33.8
12.5
100.0
2001-2003
20.8
9.4
11.3
1.6
43.1
29.2
7.1
2.5
38.7
18.2
100.0
119
CHAPTER III
Source: UNCTAD.
a
50
40
30
20
10
Source:
2001
2002
1999
2000
1997
1998
1995
1996
1993
1994
1991
1992
1989
1990
0
1987
1988
1984
1986
$ billion
120
As in manufacturing, such an
international intra-firm division of labour in
services can take various forms:
Table III.8. The geographic composition of global cross-border M&A deals in services, 1987-2003
(Per cent of the global value)
Home and/or host region
A.
1991-1994
1995-1997
1998-2000
2001-2003
83
75
69
82
74
22
24
16
22
29
25
6
15
26
24
6
12
43
27
3
8
32
27
3
12
13
21
23
13
18
12
Source:
Note:
a
b
1987-1990
121
CHAPTER III
Box III.9. Water services: falling in developing countries and rising in developed ones?
FDI in water services is low compared to
that in other privatized or liberalized utilities,
and it has different characteristics. Total private
investment commitments in water and sewerage
in developing countries was $35 billion in the
period 1987-2002 (box figure III.9.1); on the
basis of World Bank estimates, it is likely that
less than 10% of this was FDI.a However, a great
number of the new water and sewerage projects
in developing countries are under the governance
of TNCs through equity as well as non-equity
forms (concessions, management and lease
contracts or BOT-type investments, for example).
A small number of large TNCs dominate
FDI in water services. Historically, the largest
and most important ones were Frances Suez
Environnement and Veolia Environnement SA
(formerly Vivendi). A new and significant major
player has emerged since 2000 Germanys
RWE. Typically, TNCs active in water services
are also involved in other businesses such as
energy services and, historically, in the media. b
In terms of water services alone, Thames/RWE
has become the leading investor in recent years,
accounting (by value) for more than half of total
water service M&As (i.e. excluding other
affiliated activities) over the past decade (box
table III.9.1). About half of this stemmed from
the initial merger of RWE AG and Thames Water
Plc; the remainder involved subsequent
investment in Chile, Poland, Spain and, in
particular, the United States. Following Germany
are France (15% of total water M&As), the
Box figure III.9.1. Concessions dominate annual private investment in water and sewerage in
developing countries and CEE, 1987-2002
(Billions of dollars)
10
$ billion
Concessions
Privatization
Greenfield
Management/lease contract
Total investment
6
4
2
0
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
/...
122
Box III.9. Water services: falling in developing countries and rising in developed ones?
(concluded)
Box table III.9.1.
Corporation
Home country
Thames /RWE AG
Suez Lyonnaise des Eaux SA
Veolia Environnement SA.
Germany
France
France
Value of
water service M&As a
14 153
3 474
460
Percentage of total
water service M&As
51
13
2
Cumulative total of cross-border M&As in water services (a sub-set of total M&As undertaken by the TNCs shown),
during 1988-2003.
Source: UNCTAD, based on World Bank (2004b); annual company reports, Grusky (2003); UNCTAD database.
a
b
c
d
Sader (2000) attributes the low proportion of foreign, rather than domestic, investment in part to the relatively high
debt-to-equity ratios in water projects, combined with the preponderance of concessions. Note that the investment
commitments are for the duration of a given agreement.
For example, the Suez group has interests in electricity and gas, and, until recently, in television .
UNCTAD cross-border M&As database.
Water is a limited natural resources and a public good fundamental for life and health. The human right to water is
indispensable for leading a life in human dignity, Committee on ESCR, General Comment No. 15, E/C.12/2002/11
(26 November 2002).
CHAPTER III
123
C. Impact on host
countries
Services account for the largest share of
economic activity in most countries.
Furthermore, the services content of
manufacturing has been rising steadily. The
efficiency and productivity of service industries
are therefore important for the overall
competitiveness of economies, i.e. their ability
to raise living standards on a sustained basis. In
particular, the availability, cost and quality of
modern intermediate services infrastructural,
financial, professional, business affect the
competitiveness of products in all sectors, in both
domestic and foreign markets. Furthermore,
improved conditions for the provision of key
consumer services, especially basic services such
as health, education, water and sanitation, directly
contribute to improving living standards as well
as to building human resources. Increasing
awareness of the role of services in building
systemic competitiveness in their economies has
prompted policy-makers in developing countries
to pay greater attention to this sector, including
by opening it up to FDI.
Services FDI spans such a wide range of
activities that it is difficult to make a generalized
assessment of its impact on host countries. The
fact that developing countries are liberalizing
their policies and regulations on FDI in services
(chapter V) suggests that, on balance, they
consider it potentially beneficial for achieving
their development objectives; equally, the
restrictions they maintain indicate that many
service industries remain sensitive. Clearly, the
economic impact of FDI in activities as diverse
124
Assets
Sales
Employment
parent firms
1986
1992
2000
1986
1992
2000
1986
1992
2000
Total
Primary
Manufacturing
Services
19.7
15.6
27.7
11.4
24.0
22.5
33.1
13.3
29.7
36.8
38.6
23.5
26.7
22.6
33.1
15.6
32.1
27.3
39.8
15.0
30.7
22.4
37.9
21.5
26.0
42.2
29.9
18.8
27.5
32.8
33.1
18.9
29.5
31.4
36.6
23.3
Source:
125
CHAPTER III
Box table III.10.1. The big four of the postal-courier industry, selected indicators, 1990, 2003
Indicator
DPWN
(Germany)
Employees 1990
Employees 2003
Growth rate per annum, 1990-2003 (%)
313 177
341 572
0.7 b
39
of
of
of
of
TPG
(Netherlands)
7 734
45 267
14.6
<1
43
67
28
63 000 a
163 028
9.0
UPS
(United States)
252 000
357 000
2.7
<1
58
2 351
13 423
14.3
FEDEX
(United States)
58 000
190 918
9.6
..
11
..
..
13 600
33 485
7.2
11 c
68
>90
33
5 183
22 487
11.9
..
..
..
..
..
..
..
..
Source: UNCTAD, based on Drrenbcher 2003, p. 44, and information provided by firms and annual company reports.
a 1992.
b Growth rate is not directly comparable with that of other firms, due to the integration of the postal services of the new
Lnder, into those of DPWN, at the beginning of the 1990s.
c 1995.
Box table III.10.2. Selected large cross-border M&As by European postal operators, 1995-2003
Acquisition
share (%)
Acquired company
Buyer
Country
Year
DPWN
TPG
DPWN
DPWN
TPG
DPWN
DPWN
Germany
Netherlands
Germany
Germany
Netherlands
Germany
Germany
2001
1995
2003
1999
1996
1998
1999
51 a
100
100
100
100
50
100
La Poste
TPG
DPWN
DPWN
Consignia
France
Netherlands
Germany
Germany
United
Kingdom
2001
1996
1999
2001
85
100
100
51
1999
100
DHL
TNT Express Division
Airborne
Danzas
GD Express Worldwide
Securicor Omega Express
Nedlloyd European
Transport & Distribution
German Partners of DPD
TNT Logistic Division
Air Express International (AEI)
ASG
German Parcel
Country
No. employees of
acquired company
United States
Australia
United States
Switzerland
Netherlands/Sweden
United Kingdom
55
24
22
16
14
12
000
000
000
000
000
500
Netherlands
Germany
Australia
United States
Sweden
11
10
9
7
5
500
000
000
500
700
Germany
4 500
/...
126
Source: UNCTAD, based on Drrenbcher 2003 and information provided by the firms and company websites.
127
CHAPTER III
Table III.10. The top TNCs, by sector: indicators of transnationality, 1995, 2002 a
A) The worlds top 100 non-financial TNCs
Number of
Sector
Services
Manufacturing
Primary
Diversified
Foreign assets/
total assets
Foreign sales/
total sales
companies
Foreign
employment/total
employment
TNI b
(Per cent)
1995
2002
1995
2002
1995
2002
1995
2002
1995
2002
12
68
15
5
31
56
10
3
42.4
47.8
49.6
34.7
57.6
54.5
64.6
49.0
45.7
59.7
55.7
38.4
52.7
62.9
60.4
50.3
39.9
53.9
44.9
47.3
52.6
56.5
60.0
55.9
43.1
54.3
49.5
40.2
54.3
57.9
61.7
51.7
Number of
Sector
Services
Manufacturing
Primary
Diversified
Foreign assets/
total assets
Foreign sales/
total sales
companies
Foreign
employment/total
employment
TNI b
(Per cent)
1995
2002
1995
2002
1995
2002
1995
2002
1995
2002
8
24
5
13
16
23
5
6
31.7
34.2
13.7
22.8
49.3
47.5
34.8
65.6
25.0
37.5
33.6
40.0
53.0
51.8
37.9
63.4
35.2
41.2
11.9
48.5
46.6
45.5
28.6
63.9
29.8
32.9
18.3
39.4
49.6
48.2
33.7
64.3
Source: Based on annex table A.I.3, box table I.3.1 and WIR97, tables 1.7 and 1.8, pp. 29-33.
The percentages shown are simple averages of the percentages for all of the TNCs in each sector.
b
TNI, the abbreviation for "Transnationality Index", is calculated as the average of the following three ratios: foreign assets to
total assets, foreign sales to total sales and foreign employment to total employment.
a
128
Table III.11. Trade in selected services and the share of intra-firm trade, United States, 1997-2002
(Billions of dollars and per cent)
Trade in selected services
1997
1998
1999
2000
2001
2002
42
42
6
46
21
70
46
43
8
54
23
67
53
49
9
63
28
70
58
50
12
61
31
71
63
47
11
63
33
70
69
47
9
60
38
71
83
33
13
18
44
51
91
29
14
19
46
50
104
32
18
23
54
49
107
33
19
20
55
54
116
34
19
22
62
54
123
35
20
20
65
56
Imports
Other private services a
Intra-firm (%)
Financial services
Intra-firm (%)
Business, professional and technical services b
Intra-firm (%)
Exports
Other private services a
Intra-firm (%)
Financial services
Intra-firm (%)
Business, professional and technical services b
Intra-firm (%)
Source:
a
b
Includes, in addition to the two categories shown below in the table, education, insurance services, telecommunications and
other services (film and television tape rentals and other).
Includes computer and information services, management and consulting services, operational leasing and other business,
professional and technical services.
CHAPTER III
capital-intensive
services
such
as
telecommunications, power, water or transport
perhaps more quickly than any feasible
alternative. For example, in Latin America, FDI
in telecommunications in Argentina, Brazil, Chile
and Mexico contributed to a doubling or more
of main telephone lines in 1990-1999 (ECLAC
2000, p. 197) and to a number of other
improvements in the conditions of service supply
(box III.15).
However, experiences in infrastructurerelated FDI have not all been positive. In Latin
America, for instance, results have been uneven
in electricity. In Brazil, privatization with both
foreign and domestic participation did not reverse
the declining investment trend in the electric
power industry (ECLAC 2004). Before that, Chile
suffered an energy crisis in 1998, in spite of an
early start in electricity privatization with FDI
participation. This was provoked by a drought,
but revealed weaknesses in the regulatory and
institutional frameworks and public bodies that
Source: UNCTAD.
a
129
Ranking is by foreign insurance income. If only total income is considered, Nippon Life (Japan) would feature among
the top ten.
130
Table III.12. The relative importance of intra-firm trade in services of United States
non-bank TNCs, selected years
(Billions of dollars and per cent)
1996
Category
1999
2001
Value
Share
Value
Share
Value
Share
5.6
7.9
6.8
20.3
27.6
38.9
33.5
100.0
22.2
14.5
12.6
49.3
45.0
29.4
25.6
100.0
24.7
19.8
24.0
68.5
36.1
28.9
35.0
100.0
21.9
6.8
100.0
31.1
50.0
12.6
100.0
25.2
74.5
24.0
100.0
32.2
Memorandum
1977
1983
1993
30
40
44
37
53
60
Source:
UNCTAD, based on Zimny and Mallampally 2002, Borga and Mann 2003, and United States, Department of Commerce,
2004c.
Note:
CHAPTER III
131
Box III.12. Consumer goods anyone? The rise and spread of retail TNCs
Trade is a service industry in which FDI is
relatively high. Since the 1970s, the worlds largest
retail TNCs have grown significantly. In 1976, the
total sales of the largest retail TNC (Sears
Roebuck) were below $15 billion (UNCTC 1989a,
p. 191); in 2002, they (for Wal-Mart Stores)
amounted to $245 billion. Over the past three
decades, the home-country composition of the
largest transnational retailers has shifted
dramatically, away from the United States and
towards European countries. In 1986, 14 of the
20 largest retailers were based in the United States
(UNCTC 1989a, p. 191); by 2002, that number had
shrunk to 2 (annex table A.III.10). At the same
time, the number of European retail TNCs on the
list rose from 3 to 17. Food retailers or general
merchandisers, rather than specialty providers,
dominate the expansion of the retail industry
(annex table A.III.10).
Source: UNCTAD.
a According to Coe 2003, p. 7, IKEAs foreign sales accounted for 85% in 2001.
132
Table III.13. Average compensation of employees in United States parent firms and their affiliates,
selected years
(Compensation per employee, thousands of dollars)
1982
Item
Parent firms a
Foreign affiliates b
In developed countries
In developing countries
Services
24.2
18.8
19.1
15.0
1989
Manufacturing
29.8
16.9
20.6
8.7
2000
Services
Manufacturing
Services
Manufacturing
30.5
27.8
28.8
15.8
39.3
25.8
34.0
9.6
42.2
34.6
39.7
25.0
58.4
29.1
43.5
13.4
a
b
133
CHAPTER III
Box figure III.13.1. The share of the eight sogo shosha in Japans external trade, 1981-2002
(Per cent)
100
90
Exports
Imports
80
70
60
50
40
30
20
Source: JETRO.
a Calculated based on the financial results of seven sogo shosha.
2000
1999
1997
1998
1996
1994
1995
1992
1993
1990
1991
1989
1987
1988
1986
1984
1985
1983
1981
1982
2001a
2002a
10
/...
134
Box III. 13. FDI by sogo shosha: shifting from manufacturing to services (concluded)
activities from industrial park development to
aircraft leasing and to database development.
In examining the 139 foreign affiliates
established by the top five sogo shosha in 20002002, the shift from manufacturing to services
b
c
d
e
f
Originally, the shosha were known as trading companies or trading houses. As their activities expanded, some of
them became general trading companies. Most sogo shosha began from a base in a specific industry (e.g. metals or
textiles) and gradually moved to a variety of activities (Roehl 1998, p. 202).
There used to be nine, but one of them, Kanematsu, became senmon shosha (specialized trading company) in 1999.
With the merger between Nissho Iwai and Nichmen in April 2003, they are now seven.
They also coordinate Japanese ODA projects (www.euroact.co.jp/oda-japan/AboutODA/Key_Players/Sogo_Shosha).
According to the 2003 annual reports of the five largest sogo shosha, out of 660 foreign affiliates listed as their principal
subsidiaries and associated companies, 49% are in commerce and 28% in other services.
The majority were established in the 1960s as wholly-owned affiliates. Among the 248 foreign affiliates established prior
to 1980, 57% are in commerce and 14% in other services.
Almost all affiliates in China were established in the 1990s.
CHAPTER III
135
4. Export competitiveness
Direct cross-border exports by service
TNCs, or goods TNCs investing in services,
relatively limited until recently, have started
growing as a result of IT-enabled trade in services
(chapter IV). However, the indirect impact of
services FDI on export competitiveness i.e. on
systemic competitiveness can be significant.
FDI in intermediate services can directly and
indirectly help goods producers become more
efficient. Such services range from trade-support,
banking, insurance and business services to
transport, electricity and telecommunications. For
example, transnational trading corporations can
help boost host-country exports through their
foreign affiliates; these can be important
intermediaries between host-country producers
and markets abroad. Some such as the Japanese
sogo shosha have played an important role by
investing
in
export-oriented
primary,
manufacturing and service activities in host
countries (box III. 13). FDI and international
alliances in air transport can improve air-cargo
services. And, as discussed above, TNCs have
played an important role in expanding telecom
services and enhancing the competitiveness of
these services in a number of developing
countries, thus facilitating trade.
TNC (equity and non-equity) involvement
in tourism services catering to foreign travellers
has improved the export competitiveness in the
tourism industry of host countries. International
tourism is an important foreign-exchange earner
for four-fifths of developing countries, and the
principal one for one-third of them (World
Tourism Organization 2002). After petroleum,
tourism is the primary source of foreign-exchange
earnings in all 50 LDCs. It is particularly
important for small island countries, notably in
the Caribbean. Many, but not all, segments of
tourism in developing countries need FDI to
compete internationally. A large number of
countries focus, in varying degrees, on attracting
international hotel chains. In Botswana and the
Caribbean, for example, nearly two-thirds of the
hotels are foreign-owned, but in most, there is
a mix of international and local hotels.
136
Source: UNCTAD.
a
Based on almost 400 TNBs with majority-owned foreign affiliates (subsidiaries) involved in financial services (data
from the Bankers Almanac database, October 2003). Central banks are excluded.
CHAPTER III
5. Employment
FDI in services, as in manufacturing,
creates employment in host countries. In the short
term, employment effects vary according to
whether a particular project is greenfield, a
merger or an acquisition. In the special case of
M&As, there may be a decline in employment
as companies are restructured and rationalized.
Indeed, most studies find that employment in
privatized firms usually falls. 29 In Argentina, for
example, increased profitability, efficiency and
operational productivity in telecommunications
came at the cost of a large cut in employment
(Galiani et al. 2003). This was also true of Brazil
(Anuatti-Netto et al. 2003) and Chile (Fischer
et al. 2003). However, negative short-term
employment effects are often reversed in the
medium to long term as sales rise (Sheshinski
and Lpez-Calva 2003).
How large is employment generation
from services FDI compared to that from
manufacturing FDI? Perhaps contrary to
expectations, given the larger human element
traditionally associated with services, services
FDI generally does not create as much
employment per dollar invested as manufacturing
FDI. According to data for Germany, Japan,
Switzerland and the United States for the period
137
6. An assessment
The net effects of services FDI on host
countries are difficult to assess but it is
important to start with a clear view of the
potential benefits. Technology in the provision
of many services is changing rapidly, and services
are playing an increasing role in boosting
138
Box III.15. FDI in telecommunications: effects on supply and costs in host economies
Evidence on the availability and
performance of telecom services after large-scale
foreign entry, covering 85 developing countries
for the period 1985-1999, points, on balance, to
an improved and more competitive provision of
services owing to better firm performance (Fink
et al. 2002). FDI has increased supply capacity
in telecommunications in developing and
transition economies and improved reliability,
especially by providing mobile telephony. In
countries with strong regulatory systems, FDI
has led to improved telecom services and
contributed to higher economic growth (Norton
1992; Roller and Waverman 2001).
In many countries in Latin America, FDI
was deemed necessary for improving their
telecom systems. In general, the process brought
higher levels of investment, significant
improvements in services, greater efficiency and
productivity, more operators and more products.
Over the decade 1992-2002, fixed-line
penetration doubled in Latin America. In the case
of mobile telephony (which took off in the early
1990s), the number of subscribers rose
substantially, to reach that of fixed lines
subscribers in 2003.
In Argentina, the number of fixed lines
doubled from 3.8 million in 1989 to almost 8
million in 1999, and the number of public
telephones rose from 1,300 booths to over
170,000. Productivity improved from almost 92
lines per worker to around 400 lines per worker
CHAPTER III
139
140
CHAPTER III
141
Notes
1
142
15
16
17
18
19
20
21
22
CHAPTER III
23
24
25
26
27
28
29
30
31
32
143
144
CHAPTER III
145
Anne
x to c
ha
pter III. Wha
e ser
vices? Classifying in
visib
les
Annex
cha
hapter
Whatt ar
are
services?
invisib
visibles
Value-adding activities in an economy
result in the production of goods, services or a
combination of the two. Services are usually
perceived as intangible, invisible, perishable and
requiring simultaneous production and
consumption, while goods are tangible, visible
and storable, and do not require direct interaction
between producers and consumers. But a
conceptual distinction between goods and
services is not as straightforward as this
characterization suggests. First, some services
have elements of tangibility (e.g. a consultants
printed report), visibility (theatre) and storability
(voice-mail). Second, most goods are intended
to provide a service or function. Third, there are
few pure goods or services: nearly all goods
require non-factor services for their production,
most services require physical assets and
intermediate goods and, at the point of sale, most
goods and services are jointly and simultaneously
supplied airline travel requires aircraft and
other equipment, and cars need to be marketed
and distributed.
These and other complications make it
difficult to formulate a clear-cut definition of
services. No commonly accepted definition exists.
Analyses of services generally adopt a pragmatic
approach by simply listing activities that they
consider part of the services sector,
acknowledging the fact that, as production
becomes more complex, the boundaries between
economic sectors become more and more blurred.
Often, a residual approach is used all activities
not included in the primary and secondary sectors
are classified as services. As a result, some
activities (e.g. construction, repair, public utilities
such as electricity, gas, water supply) are
sometimes classified in the secondary sector and
at other times in services.
Regardless of the definition or precise
coverage of services, for analytical purposes, they
can be classified in a number of ways. One broad
classification is that of consumer (final) and
producer (intermediate) services. Another is to
group them into distribution services (transport,
storage, retail, wholesale trade), producer
services (banking, finance, insurance, real estate,
engineering, architectural, accounting, legal),
146
This classification is used for the classification of GDP data under the United Nations System of National Accounts
(SNA), which is followed by most national accounting systems.
CHAPTER IV
***
What started some two decades ago with
the offshoring of IT services from the United
States to India has gained momentum in recent
years. Similar cases of offshoring are now
reported almost daily in the media as services
of all kinds are restructured and relocated.
Offshoring of export-oriented services such as
call centres, business processes, drawing, testing
and even research and development (R&D), is
148
Internalized
Externalized
(outsourcing)
Home country
Foreign country
(offshoring)
UNCTAD.
A. T
he tr
ada
bility
The
trada
adability
revolution
1. The tradability of services
Offshoring reflects nothing less than a
revolution in the tradability of services.
Traditionally, most services have been nontradable in that they require buyers and sellers
to be in the same place at the same time. Unlike
physical products, they could not be traded
between parties located in different countries; a
haircut, for instance, is impossible to deliver across
a distance. Many services, however, do not require
physical proximity, but have usually taken place
face-to-face because of technical constraints,
habits or customs. These services centre on the
CHAPTER IV
149
2. Limitations to offshoring
Not all services will relocate. Typical
features of services with a high probability for
offshoring include (Bardhan and Kroll 2003, p.
4):
150
CHAPTER IV
Source: UNCTAD.
Table IV.2. Growth in imports by the United States of selected services within the category of
business, professional and technical services, 1992-2002
(Per cent and millions of dollars)
Type of service
Value 2002
31
21
17
16
14
1 057
716
1 188
1 040
361
Memorandum items
Total business, professional and technical services
Total other private services
Total private services
13
11
7
10 732
69 436
205 234
Source:
151
152
CHAPTER IV
B. Futur
e pr
ospects ffor
or
Future
prospects
the of
fshoring of
offshoring
ser
vices
services
The offshoring of service functions is still
at an early stage. The trend began with IT/
software services in the 1980s 19 and accelerated
in the 1990s as offshoring was used to cope with
concerns related to the Y2K problem.20 The early
motivation was not just to lower costs but also
to handle the surge in demand for such services,
and to improve quality. In 2002, the market for
offshore outsourcing of IT-enabled services
(mostly business process outsourcing) was
estimated at $1.3 billion less than 1% of the
global market for such outsourcing (Scholl et al.
2003). However, a more complete picture of
offshoring of services needs to take into account
captive production as well as international
153
154
Table IV.3. Plans of TNCs in the ICT industry for offshoring of services to India, based on
information available at the end of 2003
Company
No. of employees
Accenture
Adobe Systems
Cadence
Cap Gemini
Cisco
Covansys
CSC
EDS
i2
IBM Global Services
Intel
Keane
Logica-CMG
Lucent
Microsoft
Oracle
Sapient
Sun Microsystems
Texas Instrument
Xansa
Source:
65
3
5
56
34
4
92
138
2
150
79
5
24
35
55
40
1
36
34
5
000
250
000
500
466
556
000
000
800
000
200
819
000
000
000
000
500
000
400
583
Employees in India
3 500
185
315
800
2 300
2 000
1 200
300
1 000
3 100
950
623
350
570
200
3 159
600
700
900
1 200
CHAPTER IV
155
156
C. Outsour
cing vs
Outsourcing
vs..
ca
ptiv
eb
usiness models
captiv
ptive
business
1. What determines how offshoring
is undertaken?
As noted above, offshoring shifting an
activity abroad can be done internally (captive
offshoring)
or
through
international
subcontracting or outsourcing (table IV.1). Any
offshoring decision requires a firm to choose to
remove a service function previously undertaken
in-house at home and entrust it to a provider
either its own foreign affiliate or a third party
located outside the home country. The potential
for offshoring of services may partly be gauged
by the progress in outsourcing of services at the
national level (box IV.4). After all, once a
company has outsourced an activity to an
independent supplier in its home market, a logical
next step may be to explore similar set-ups in
other locations, and, for instance, consolidate in
one place the production of individual service
functions for the corporate network as a whole.
Moreover, as domestic suppliers of outsourced
services expand internationally, the scope for
offshoring also increases.
CHAPTER IV
157
158
Table IV.4. Contract service provider TNCs offering call/contact centre services, 2003
Company name
Convergys
ICT Group
Sitel
Sykes
Source:
Turnover
($ billion)
2.3
0.3
0.8
0.5
Number of
employees
55
11
26
16
000
000
000
000
Year of
establishment
1998
1987
1985
1977
(India)
(Philippines)
(India)
(Philippines)
CHAPTER IV
D. Sear
ch ffor
or
Searc
eness driv
es
competitiv
drives
competitiveness
cor
por
ate of
fshoring
corpor
pora
offshoring
1. FDI related to the offshoring of
services is still concentrated
Most offshored services to date are
concentrated in a relatively small number of
countries. Ireland, India, Canada and Israel (in
that order) accounted for over 71% of the total
market for offshored services in 2001, mostly in
software development and other IT services
(McKinsey & Co. 2003). But many other
destinations are emerging as potential host
countries. Due to rising labour costs in the most
popular locations, competitive pressures and
improving host-country environments, the
geographic scope of locations for FDI in services
is broadening. An assessment of the attractiveness
of the 25 leading destinations for offshoring
concluded that India topped the list by far,
followed by China, Malaysia, the Czech Republic
and Singapore (A.T. Kearney 2004). Brazil led
Help desk
Technical support/advice
After-sales
Employee enquiries
Claims enquiries
Customer support/advice
Market research
Answering services
Prospecting
Information services
Customer relationship
management
Claims processing
Accounts processing
Transaction processing
Query management processing
Customer administration
processing
HR/payroll processing
Data processing
IT outsourcing
Logistics processing
Quality assurance
Supplier invoices
Source:
159
IT services
Regional headquarters
Software development
Application testing
Content development
Engineering and design
Product optimization
Headquarters
Coordination centre
160
Indian firm
Comment
Hughes Software
Systems (US)
Tenet Technologies
GE India
Technology
Centre (US)
Engineering Analysis
Centre of Excellence
SPI Technologies
(Philippines)
Kolam Information
Services
SPI expects Kolam to contribute close to $3.5 million to its top line in
the current financial year. The deal was for $4 million. Kolams work
spans editorial functions, from manuscript development to production
of books/journals and other activities.
WebEx
Communications
(US)
CyberBazaar
Perot Systems
Corporation
(US)
Vision Healthsource
The deal was closed for $10 million. Vision Healthsource is a provider of
billing, receivables and claims and business-process outsourcing
solutions for healthcare service providers. Perot Systems Corporation
describes itself as a global provider of technology-based business
solutions in selected industry sectors.
Cognizant
Technology
Solutions (US)
Ygyan Consulting
IBM (US)
Daksh eServices
The deal will increase the scope of IBMs global network of 22 business
transformation delivery centres by adding capabilities in India and the
Philippines. Daksh eServices will also bring an experienced
management team to IBM in India.
Source:
CHAPTER IV
161
162
Table IV.7. Export-oriented FDI projects in call centres, shared service centres, IT services and
regional headquarters, by destination, 2002-2003
(Number and per cent)
Call centres
Region/economy
No. of
projects
World
513
Developed countries
279
Western Europe
174
EU
169
Austria
2
Belgium
7
Denmark
5
Finland
2
France
13
Germany
20
Greece
1
Ireland
29
Italy
6
Luxembourg
1
Netherlands
13
Portugal
5
Spain
8
Sweden
14
United Kingdom
43
Other Western Europe
5
Norway
Switzerland
5
North America
71
Canada
56
United States
15
`Other developed economies
34
Australia
19
Israel
Japan
11
New Zealand
4
Developing economies
203
Africa
7
North Africa
4
Egypt
2
Morocco
2
Other Africa
3
Mauritius
Nigeria
South Africa
2
Senegal
1
Tanzania, United Rep. of
Uganda
Latin America & the Caribbean 29
South America
13
Argentina
2
Brazil
6
Chile
4
Uruguay
Venezuela
1
Other Latin America & Caribbean 16
Antigua & Barbados
2
Costa Rica
4
Dominican Republic
El Salvador
-
SSCs
IT services
Regional HQs
Share
of total
No. of
projects
Share
of total
No. of
projects
Share
of total
No. of
projects
Share
of Total
100
54
34
33
1
1
3
4
6
1
3
1
2
3
8
1
1
14
11
3
7
4
2
1
40
1
1
1
6
3
1
1
3
1
-
139
48
38
38
1
1
2
1
19
1
3
2
1
7
5
3
2
5
3
2
72
1
1
1
5
4
4
1
1
-
100
35
27
27
1
1
1
1
14
1
2
1
1
5
4
2
1
4
2
1
52
1
1
1
4
3
3
1
1
-
632
293
208
198
5
6
2
16
34
14
7
16
3
8
14
73
10
3
7
40
14
26
45
26
2
16
1
315
10
10
1
1
6
1
1
22
16
1
9
5
1
6
1
-
100
46
33
31
1
1
3
5
2
1
3
1
2
12
2
1
6
2
4
7
4
3
50
2
2
1
3
3
1
1
1
-
565
339
200
185
2
9
15
1
11
22
1
15
2
1
20
9
13
64
15
1
14
105
25
80
34
24
8
2
209
4
4
3
1
10
7
6
1
3
1
100
60
35
33
2
3
2
4
3
4
2
2
11
3
2
19
4
14
6
4
1
37
1
2
1
1
1
-
/...
163
CHAPTER IV
Table IV.7. Export-oriented FDI projects in call centres, shared service centres, IT services and
regional headquarters, by destination, 2002-2003 (concluded)
(Number and per cent)
Region/economy
Jamaica
Honduras
Mexico
Panama
Puerto Rico
Asia
West Asia
Bahrain
Jordan
Lebanon
Qatar
Oman
Saudi Arabia
Turkey
United Arab Emirates
Central Asia
Uzbekistan
Southern, East and
South-East Asia
Bangladesh
China
Hong Kong, China
India
Korea, Rep. of
Malaysia
Pakistan
Philippines
Singapore
Taiwan Province of China
Thailand
Central and Eastern Europe
Belarus
Bulgaria
Czech Republic
Estonia
Hungary
Latvia
Lithuania
Poland
Romania
Russian Federation
Serbia and Montenegro
Slovakia
Unspecified
Source:
Call centres
No. of
Share
projects of total
SSCs
No. of
Share
projects of total
IT services
No. of
Share
projects of total
Regional HQs
No. of
Share
projects of Total
1
5
2
2
167
17
1
1
2
13
1
1
1
33
3
3
-
66
1
1
1
1
47
1
1
1
1
1
2
1
1
283
17
1
2
2
12
1
-
45
3
2
-
1
1
195
36
3
1
1
31
1
-
35
6
1
5
-
149
1
30
2
60
5
16
1
12
16
4
2
31
1
9
11
1
3
1
1
4
-
29
6
12
1
3
2
3
1
6
2
2
1
1
-
64
4
43
6
1
8
2
19
6
7
5
1
-
46
3
31
4
1
6
1
14
4
5
4
1
-
265
60
14
118
5
8
9
35
9
7
24
1
5
1
4
1
4
2
4
2
42
9
2
19
1
1
1
6
1
1
4
1
1
1
1
-
158
1
38
37
7
6
17
4
36
4
8
17
1
4
1
1
3
4
2
1
-
28
7
7
1
1
3
1
6
1
1
3
1
1
1
-
164
No. of
projects
Business services
116
Chemicals
3
Electronics
42
Energy
14
Financial services
30
Food and drink
3
Hotels, tourism and leisure
3
Internet
12
IT and software
154
Life sciences
7
Light industry
2
Machinery and industrial goods 18
Metals/mining
5
Telecom equipment
20
Telecom services
30
Transport equipment
30
Other
24
Total
513
Source:
SSCs
Regional HQs
No. of
projects
Share
of total
No. of
projects
Share
of total
No. of
projects
22
0.6
8
3
6
0.6
0.6
2
30
1.3
0.4
3.5
1
4
6
6
5
100
24
1
6
5
40
4
2
1
33
3
2
1
1
3
6
6
138
17
0.8
4.4
3.6
29
3
1.5
0.8
24
2
1.5
0.8
0.8
2
4.4
4.4
100
1
4
2
618
4
3
632
0.2
0.6
0.3
97.8
0.6
0.5
100
17
15
57
15
32
20
19
8
132
51
20
28
10
15
25
55
47
566
Share
of Total
35
2.8
10
2.8
5.7
3.5
3
1.5
23
9
3.5
5
1.7
2.8
4.4
9.7
8
100
IT services
Share
of total
CHAPTER IV
165
(UNCTAD and RBSC 2004). When the backoffice services of the outsourcing firm become
the front-office services of the service provider,
the latter pays more attention to quality.
Moreover, lower cost locations may offer better
educated staff for the services than a developed
country. For example, in India, the majority of
call centre agents are university graduates while
they tend to be school-leavers in industrialized
countries (Taylor and Bain 2003). Lower costs
also allow a company to carry more slack to meet
peak loads than is possible in a high-cost country,
enhancing the quality of the service. Moreover,
by outsourcing standardized, routine work,
companies can focus scarce resources on their
core activities. Relocating some functions
offshore may also be a way to cope with excess
demand, as was done by IT services in coping
with the Y2K problem in the run-up to the new
millennium, mentioned earlier.
166
Source:
Source:
Source:
Source:
CHAPTER IV
167
168
Service
Company
Function
Financial services
(banking, insurance)
HSBC
Norwich Union/
Aviva
Lloyds TSB
Barclays
Axa
Abbey National
Distribution services
Tesco
350 to India
Telecommunication
services
BT
Call centre
Transport services
British Rail
600 to India
Health services
NHS
NHS
Other government
Source:
Greater London
Authority
CHAPTER IV
E. Impact on host
countries
FDI in export-oriented services offers a
number of economic development benefits for
host countries. Key benefits relate to increased
export earnings and the impact on the labour
force: job creation, higher wages and upgrading
of skills. Jobs in IT-enabled or IT services are
typically better paid than in, for example,
assembly work or other manufacturing activities.
Given the short time needed to implement an FDI
project in such services, attracting offshored
services can offer fast-track job creation,
especially in locations where the skills needed
already exist. Obviously, this also means that
investment projects won may easily be lost; sunk
costs are typically low for simple operations, and
the risk of footloose behaviour is high although
this risk diminishes the more skill-intensive
operations are.
FDI related to the offshoring of services
may be desirable from a spillover perspective,
especially if the exported services are also
supplied to the domestic market. Positive
spillovers in terms of raising the competitiveness
of human resources and improvements in ICT
infrastructure and business services that
accompany significant services FDI benefit all
sectors of the economy. Most of the associated
skills are readily transferable to other parts of
the economy: skills involving computers, sales,
languages, finance, accounting and software
development are in high demand locally and
internationally. Moreover, negative spillovers in
terms of environmental pollution and exploitation
of natural resources are likely to be limited.
169
1. India
The offshoring of software development
and, later, back-office and call centre services,
has driven Indias rapidly expanding service
exports. During the past decade, the value of
exports of software and other services jumped
from less than a $0.5 billion to $12 billion in
2003-2004, according to the National Association
of Software and Service Companies
(NASSCOM). In parallel, the export intensity of
the Indian software and service industry rose
from 58% to 78%, and the share of these services
in total exports from India increased from 3%
to 21% between 1996 and 2003 (RIS 2004).
Whereas software exports still account for the
lions share of these exports, IT-enabled services
have emerged as an increasingly important
component, rising from $0.6 billion in 1999-2000
170
CHAPTER IV
171
172
Table IV.10. Leading foreign affiliates in Indias IT-enabled service industry, 2003-2004
Number of
employees
Company
Service lines
Accenture
American Express
AOL
AXA Business Services
Convergys India
Dell
EDS
Ford Business
Services Center
GE Capital
Healthscribe India
HP Global eBusiness
Operations
HSBC Electronic Data
Processing India
JP Morgan Chase
Sitel India Private Limited
Standard Chartered
Source:
4 300
4 000
1 500-1 900
800
3 000+
3 000
700
500
11 500
1 200-1 250
1 500
4 500
1 200
1 000
3 000
Service line
Customer care
Finance
Human resources
Payment services
Administration
Content development
Total
2001-2002
Employment
Revenue
30 000
15 000
1 500
7 000
14 000
39 000
106 000
400
300
30
110
185
450
1 475
2002-2003
Employment
Revenue
65
24
2
11
25
44
171
000
000
100
000
000
000
100
810
510
45
210
310
465
2 350
2003-2004
Employment
Revenue
95
40
3
21
40
46
245
000
000
500
000
000
000
500
1 200
820
70
430
540
520
3 580
CHAPTER IV
Foreign
Local
95
98
0
85
98
94
89
0
80
93
72
85
74
76
87
76
77
84
70
70
Delhi
W.Bengal
Gujarat
Maharashtra
Andhra Pradesh
Karnataka
Tamil Nadu
Kerala
Others
Total
Source:
Box IV.6. Upgrading offshored service operations in India: the case of GECIS
GE Capital International Services (GECIS)
started operations in India in 1997 by providing
call centre customer support and back-office
services, such as data entry and transaction
processing to other GE companies. Since
inception, the Indian operations have
contributed to cost savings of 40-50% (or
about $300 million annually) for GE.
Employment in India has grown to more than
11,500 jobs, and annual revenues stand at about
$1 billion. India is now hosting the global
company headquarters of GECIS, which also
has operations in China, Hungary and Mexico.
In 2000, GECIS India started adding highvalue products to its portfolio. At present, it
offers, for example, IT helpdesk, risk
management, actuarial services and loans and
claim processing, making it one of Indias largest
providers of back-office services. Continued
success has led to ambitious plans for the future:
GECIS plans to set up three new contact centres
in addition to the present facilities at Hyderabad
and Delhi, at an estimated investment of $83
million. The company aims to become the largest
provider of remote services by capturing a 10%
market share of global remote services.
173
174
4. Africa
In Africa, export-oriented FDI in services
has mainly been in call centres. South Africa is
the most prominent player, although countries
such as Ghana, Mauritius, Morocco, Senegal and
Tunisia have also received investments linked
to offshore services. In 2003, there were more
than 400 call centres in South Africa, employing
close to 80,000 people. It is estimated that the
number of work stations related to call centres
and back-office services will increase by more
than 200% until 2007. To date, FDI in the South
African call centre industry has been quite limited
(CM Insight et al. 2004), but EDS, Sykes and
Merchants are among the largest call centre
employers in the country. 76
CHAPTER IV
Box IV.7. Procter & Gambles shared service operations for the Americas
Global Business Services is Procter &
Gambles (P&Gs) worldwide shared services
organization. It provides back-office support to
nearly 98,000 employees in over 80 countries
and comprises three centres: Manila (Philippines),
Newcastle (United Kingdom) and San Jos (Costa
Rica). In the process of selecting these three cities
as locations for its Global Business Services
centres, the company reviewed more than 120
cities worldwide. The key reasons for choosing
Costa Rica were the pool of highly educated and
skilled labour, the countrys long-standing
democratic tradition, an attractive cost structure
and an investment-friendly approach to foreign
investors.
The San Jos service center started
operations in late 1999. By 2004, it was providing
28 different services to 63,000 P&G employees
in 22 countries in North and South America. This
includes serving 58 plants and 15,000 retirees.
Services delivered from Costa Rica include
employee services such as payroll, benefits,
relocation, travel expense accounting and
compensation; and accounting and financial
services such as cost accounting, banking,
treasury and affiliate accounting, purchasing, and
IT support.
Some of the main activities undertaken by
the Costa Rican centre include:
175
176
F. Implica
tions ffor
or home
Implications
countries
What is the likely impact of services
offshoring on home countries? In response to the
expansion of offshoring of services, there have
been vocal reactions in both the United States
and Europe. Concerns have been expressed that
the growth of white-collar jobs in export-oriented
services in countries such as India, the
Philippines and the Caribbean signals
employment losses in developed countries and
potential harm to their economies. Proponents,
on the other hand, argue that the offshoring of
services will be beneficial to developed countries.
As one observer put it (Drezner 2004, p. 23):
believing that offshore outsourcing causes
unemployment is the economic equivalent of
believing that the sun revolves around the earth:
intuitively compelling but clearly wrong.
It should be reiterated that this is not
simply a North-South issue. As noted above, a
significant share of offshoring takes place among
developed countries. For example, Canada,
Ireland and various Western European countries
remain among the most attractive locations for
shared service centres in Europe (IBM and
Oxford Intelligence 2004), and more than half
of all FDI projects related to call centres in 20022003 went to developed countries. Lower wages
are thus not the only driver of services offshoring,
and rich countries gain as well as lose jobs in
a narrow sense.
Offshoring is essentially a manifestation
of a shift in production in response to
comparative advantage. It offers all the
advantages and costs of such a shift. It is not
a zero sum game, in which one party (the
countries receiving service work) gains at the
expense of the other party. On the contrary, it
offers three main benefits to developed countries.
CHAPTER IV
177
178
Notes
1
2
4
5
6
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
CHAPTER IV
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
179
180
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
PART THREE
INTRODUCTION
Policies are critical to FDI of all kinds:
the policy framework affects how much FDI takes
place and in what forms. More importantly, it
influences the development effects of FDI how
effectively resources flow to and are absorbed
by host countries and how its potential costs are
contained. The policy challenge is complex in
that services range over a large field of activities,
each with its own technologies, scope and needs.
Three types of policies affecting FDI can
be distinguished: two are national (host and home
country) and one is international (international
investment agreements, or IIAs). The first two
are the focus of chapter V. It addresses the extent
to which companies have opened up to FDI in
services, the challenge of regulating service
activities open to FDI especially in the context
of privatization and the role of investment
promotion. In light of the recent developments,
the chapter pays particular attention to the
offshoring of services as an area offering
Note
1
CHAPTER V
NATIONAL POLICIES
A. Host-country policies
on ser
vices ar
ek
ey to
services
are
ke
de
velopment g
ains
dev
gains
National policy-making in services
affects the ability of a country to attract desired
types of FDI and to extract benefits from it. Most
FDI in services is market-seeking in nature, but
as services become more tradable, the scope for
efficiency-seeking FDI and thus for associated
policies is expanding. A general challenge
facing policy-makers is to strike the right balance
between economic efficiency and other policy
concerns. Whereas a case can often be made on
efficiency grounds for liberalizing FDI in
services, market failures as well as broader
developmental objectives often justify restrictions
or national regulations on the provision of various
services. At the same time, in areas in which
countries seek to promote a stronger presence
of FDI, proactive measures may be necessary,
for example, through privatization programmes
or investment promotion. Given the intensity of
the use of human resources in services
production, skills development and education
policies are key to attracting and leveraging
inward FDI in this sector.
186
CHAPTER V
187
188
Source: UNCTAD.
a
Poor regulation has been found to be one of the leading causes of banking crises in both developed and developing
banking markets (Caprio and Klingebiel 1997). See also Goldstein and Turner 1996; Basel Committee on Banking
Supervision 2004.
In fact, the development of an adequate regulatory and supervisory framework can be seen as a necessary condition
for both domestic and external financial liberalization (Goldstein and Turner 1996; Mishkin 1997).
CHAPTER V
189
190
CHAPTER V
191
192
Source: UNCTAD, based on Peha 1999, World Bank Operation Evaluation Department 2002 and World Bank 2001.
CHAPTER V
193
194
195
CHAPTER V
Developed
countries
72
57
57
39
34
30
28
26
26
26
20
18
16
15
13
30
100
13
25
25
25
25
38
25
25
13
13
13
25
No. of responses
61
Service industry
Source:
Developing
countries
Africa
Latin
America
AsiaPacific
80
50
30
40
20
60
20
10
10
30
10
20
10
20
65
67
70
42
40
37
19
28
35
30
19
23
16
19
16
33
58
63
79
42
58
47
11
42
42
42
26
32
16
26
16
26
62
77
77
23
23
15
15
8
31
8
15
15
8
8
38
82
64
45
64
27
45
36
27
27
36
9
18
36
18
27
36
10
43
19
13
11
CEE
196
Developed
countries
IT services
Call centers
Shared services centers
Regional headquarters
R&D
Offshore banking
Others
75
61
43
38
33
15
21
100
75
63
63
75
25
80
70
60
50
60
30
70
56
35
30
19
21
19
No. of responses
61
43
Service function
Source:
CEE
Developing
countries
Latin
America
AsiaPacific
63
53
26
21
26
26
26
77
62
38
38
8
23
8
73
55
45
36
18
9
18
19
13
11
Africa
CHAPTER V
197
198
Share
22
20
19
19
15
5
100
Source: EDB.
a
CHAPTER V
Box V.7. The Republic of Korea: a regional business services hub for North-East Asia?
The economic success of the Republic of
Korea has traditionally been linked to
manufacturing. To face growing competition from
countries offering lower costs, the Government
is searching for new sources of growth. On the
one hand, it pursues technological upgrading
(implying higher value added and knowledgeintensity) of current manufacturing industries. On
the other, more attention is being given to service
industries. One area in which the Government
seeks to attract FDI is business services, as the
country aims to become a regional business
services hub for North-East Asia.
In 2002, it was decided to develop the
Republic of Korea as a regional logistics centre
and business hub for high-value-added services
(headquarters functions, trade, finance, IT, design,
R&D, leisure and tourism). The plan is to develop
three free economic zones around the Incheon
international airport and the Busan and
Gwangyang ports. These zones will be provided
with state-of-the-art infrastructure (bridges,
highways,
railroads,
ports,
utilities,
communications, IT) and an advanced business
environment. Benefits include:
199
Source: UNCTAD, based on information from the Government of the Republic of Korea.
200
Tax
incentives
Industry
Tourism
41(2)
Banking
13(2)
Maritime transport
10(4)
Transport, general or unspecified
9(1)
Telecoms
3(-)
Other financial services
9(3)
Software, ICT and information processing
9(2)
Construction
11(1)
Air transport
7(-)
Rail transport
4(1)
Energy
7(1)
Recreation, culture & sports
7(1)
Audiovisual services
5(1)
Wholesale & retail trade, distribution
6(1)
Real estate
3(3)
Other & unspecified sectors
11(1)
No. of subsidy programmes
165(24)
Preferential
Direct
credit &
Equity
grants guarantees injections
12(4)
4(1)
6(1)
8(4)
10(3)
1(1)
3(2)
3(2)
2(2)
6(1)
2(1)
4(3)
6(4)
1(1)
1(1)
4(2)
74(33)
15(2)
6(1)
3(1)
2(-)
1(-)
3(1)
1(-)
2(-)
1(-)
1(-)
1(-)
1(-)
5(1)
44(6)
2(-)
9(1)
2(-)
1(-)
1(1)
15(2)
Duty-free
inputs &
free zones
30(-)
10(-)
9(-)
5(-)
5(-)
9(-)
8(-)
4(-)
4(-)
1(-)
5(1)
3(-)
6(-)
1(-)
12(-)
112(1)
Other &
unspecified
measures
11(1)
6(-)
6(3)
7(-)
4(-)
2(-)
5(4)
6(1)
7(1)
6(-)
60(10)
Number of WTO
members
(counting the
EU as one)
63(6)
33(4)
25(4)
24(4)
18(3)
17(2)
15(2)
15(2)
14(4)
13(3)
14(2)
12(4)
11(4)
11(1)
5(3)
28(3)
..
Source:
Note:
The table includes subsidy programmes that are envisaged. Figures inside parenthesis indicate the number of developed
countries.
CHAPTER V
Table V.4. Specific conditions of the Czech incentives scheme for business-support services and
technology centres, 2004
Type of project
Technology centres,
headquarters, software
development centres, expert
solution centres
Condition
Minimum investment
Minimum number of new jobs
Amount recipient must finance with own resources
Linkage with production (relevant for technology
centres only)
General conditions: minimum 50% of the earnings must be realized abroad; investment and jobs must be sustained for 5
years; project must be environmentally friendly.
Source:
201
202
Leasing services
Legal & licensing
Logistic services
Marketing/distribution agents &
Media, entertainment & related
Medical & Healthcare
Miscellaneous
Photography
Plantation management
Printing & packaging
Production & distribution
Public relations
Real estate & construction
Recruitment & manpower
Redundant & surplus stock marketing
Refining
Repair & maintenance
Research & development
Safety & security
Shipping, air, cargo & railways
Tailoring
Tours & travel
Trade promotion
Translation
Transporters, packers, movers
Warehousing
Waste management
Region
European Union
Other developed countries
Africa
Latin America and the Caribbean
Asia and the Pacific
Central and Eastern Europe
Total
Source:
ILO, www.ilo.org/epz.
5
1
20
26
26
13
91
CHAPTER V
Box table V.9.1. Selected companies engaged in EPZ export services, April 2004
Company
Service activity
Country of origin
Repair of containers
Brokerage, training and after-sales
services for garments
Brokerage services for garments
Brokerage and ship management,
repair and operation of marine vessels
Film production services
Film production services
Film production services
Call centre services
Warehousing
Denmark
203
Pakistan
India
Denmark/United Kingdom
Kenya
Croatia/Kenya
Kenya/Netherlands
Kenya/United Kingdom
United Kingdom/ Kenya
United Kingdom/ Kenya / Denmark
Source: UNCTAD, based on information provided by Export Processing Zones Authority, Kenya.
204
CHAPTER V
205
206
Source:
CHAPTER V
207
208
CHAPTER V
209
210
Table V.7. Summary list of United States states with proposed legislation
restricting offshoring, 2004
State
Proposed legislation
Alabama
Arizona
California
Colorado
Connecticut
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maryland
Michigan
Minnesota
Mississippi
Missouri
Nebraska
New Jersey
New Mexico
New York
North Carolina
Pennsylvania
South Carolina
South Dakota
Tennessee
Vermont
Virginia
Washington
West Virginia
Wisconsin
Source:
CHAPTER V
211
212
C. Conc
lusions
Conclusions
Services are globalizing rapidly. The
impact of this process on development depends
on policies in both host and home countries. This
is as true for market-seeking (like infrastructure
services) as it is for efficiency-seeking investment
(like the offshoring of call centres, shared
services, software development), although the
challenges differ.
To benefit fully from the globalization
of services, governments must start with a clear
idea of what they expect from FDI in services.
They must then regulate the industry or activity
accordingly. There are no clear-cut or uniform
policy recipes that apply to all industries, all
countries and at all times: policies must reflect
the nature of the service industry and conditions
CHAPTER V
213
214
CHAPTER V
215
216
Source: UNCTAD.
Notes
1
10
11
CHAPTER V
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
217
218
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
CHAPTER V
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
219
220
CHAPTER VI
A. T
he g
The
grrowing
multif
aceted netw
or
k
networ
ork
ultifaceted
of ser
vices IIAs
services
The discussion here uses a broad
definition of international investment agreements
(IIAs) as agreements at the bilateral, regional
and multilateral levels that address investment
issues (WIR03, p. 88) with the qualification that
the IIAs under review cover, in varying degrees,
FDI in services (service IIAs). While some of
the IIAs deal only with investment (e.g. BITs),
others cover a broader range of issues, investment
being one of them. Most recent FTAs fall into
the second category.
222
Source: UNCTAD.
a
b
This situation may, however, change with the increasing tradability of services (see chapter IV).
For a further discussion, see WIR03, chapter III.
CHAPTER VI
Source: UNCTAD.
a
Note that GATS Article XXVIII also sets out equity thresholds, establishing when juridical persons are owned by
persons of a member. Specifically, lit. (n) states: a juridical person is: (i) owned by persons of a Member if more
than 50 per cent of the equity interest in it is beneficially owned by persons of that Member; (ii) controlled by
persons of a Member if such persons have the power to name a majority of its directors or otherwise to legally direct
its actions; (iii) affiliated with another person when it controls, or is controlled by, that other person; or when it and
the other person are both controlled by the same person.
Note, however, that the GATS contains certain disciplines related to investment protection, for example, rules on
payments and transfers (i.e. Article XI), rules on the reasonable, objective and impartial administration of measures
of general application in committed sectors (i.e. Article VI, para.1) or provisions addressing certain cross-border
movements of capital (i.e. those set out in footnote 8 to Article XVI).
This does not exclude, that members commit themselves in this respect in their schedules. At the same time, Article
XIX, para. 2 allows performance requirements attached as conditions to market access and national treatment
commitments.
Trade talks on services may last years, Financial Times, 6 July 2004. For the initial offers, to the extent that they
are publicly available, see http://www.wto.org.
223
224
Source: UNCTAD.
a
d
e
f
However, the 2004 United States model BIT, for example, contains specific obligations for certain service industries
(i.e. financial services). See the Treaty between the Government of the United States of America and the Government
of [Country] Concerning the Encouragement and Reciprocal Protection of Investment, 2004; http://www.state.gov/
documents/organization/29030.doc.
Since the European Commission does not have a mandate to negotiate investment issues on behalf of the members of
the Union, European countries continue to conclude separate BITs, which, nevertheless, possess the same basic
features.
Given the great number of developing countries, it is, of course, difficult to speak about a developing-country approach,
especially as far as a number of Latin American countries are concerned. The matter is further complicated by most
developing countries having BITs with either North American or European countries.
Rules on performance requirements are, however, set out in the 1994 WTO Agreement on Trade-Related Investment
Measures (TRIMs).
See the 2004 Canadian model BIT, Agreement between Canada and ___ for the Promotion and Protection of
Investments, 2004; http://www.dfait-maeci.gc.ca/tna-nac/documents/2004-FIPA-model-en.pdf.
The relevant rules can be found in Articles 5 and 6 and Annexes A and B of the United States model BIT. More
specifically, Annex A emphasizes the parties shared understanding of customary international law for minimum
standard of treatment and expropriation, while Article 5 and Annex B spell out in more detail the meaning of customary
international law for fair and equitable treatment, full protection of security and expropriation.
CHAPTER VI
2. Salient features
A number of issues arise in light of the
three approaches identified above. The treatment
of these issues many of which also apply to
goods FDI but are particularly relevant to
services FDI differs across agreements.
However, certain tentative general observations
can be made.
225
Definition of investment
Traditionally, IIAs either contain broad,
asset-based or narrow, enterprise-based
definitions of investment, with the large majority
(especially BITs and FTAs) adopting the former
(UNCTAD 1998). 10 IIAs taking the servicesbased approach (i.e. the ones that cover services
investment as Mode 3/commercial presence in
services trade) are more likely to adopt narrower,
enterprise-based definitions than IIAs that do not
contain a services chapter. The GATS and the
Andean Community Decision 43911 are examples.
In addition, some agreements using the mixed
approach, for example the 2002 EFTA Singapore
FTA and the JapanSingapore Agreement, adopt
both a narrower, enterprise-based definition of
investment in their services chapter 12 and a
broader, asset-based definition in their investment
chapter. 13 The implication is that, in spite of the
services chapters narrower definition of what
an investment is, the investment may actually
benefit from the broader definition of the
investment chapter (e.g. when it comes to the
protection of intellectual property rights often
covered by the asset-based definition), unless
there are specific provisions that provide for a
different approach. While this may have farreaching implications for the scope and breath
of an IIA as well as for the obligations countries
accept thereunder, it has, thus far, received
comparatively little attention from policy-makers,
particularly in developing countries.
Linked to the definition and scope of
investment covered by an IIA is the question of
who should benefit from its provisions. Most of
the services IIAs contain special clauses
regarding the beneficiaries under the respective
agreements, frequently entitled Denial of
Benefits. 14 These clauses identify those
investors and investments that are not eligible
for the benefits provided by the respective
agreement. Generally, these are enterprises in the
226
Investment liberalization
The principal issue here is whether an
agreement covers both pre- and post-entry
investment, or post-entry investment only. Certain
recent FTAs contain the right of establishment
(i.e. cover pre-entry investment), while most
BITs, except for recent ones signed by some
countries in the Western Hemisphere, apply to
post-entry investment only (UNCTAD 1999b).
Where the right to establishment is granted (in
some BITs and a number of FTAs), this is
typically done by extending national treatment
commitments at the pre-entry stage. At the
regional level, NAFTA takes this approach. While
the approach is different in the GATS, the
agreement also allows members to grant preestablishment rights in the context of the
commitments they undertake. (Note also the
definition of commercial presence under the
GATS, which includes the words establishment
and acquisition.) Overall, where countries grant
pre-establishment rights, they tend to complement
Investment protection
Most agreements taking the investmentbased approach contain core protection
disciplines, including national treatment, MFN
and fair and equitable treatment. In some
agreements, these may be linked to the
observance of the international minimum standard
of treatment. Equally, agreements normally cover
compensation for loss and expropriation, and
provide for the free transfer of funds. Agreements
taking the services-based approach tend to be less
far-reaching as regards investment protection.
For example, the GATS does not contain a set
of investment protection rules, though it has, for
example, a general MFN obligation (subject to
exemptions), rules on transfers and payments
(Article XI), and other capital transactions
(footnote 8 to Article XVI 22 ), as well as national
treatment (the latter subject to limitations) (Sauv
and Wilkie 2000). Agreements not containing
strong rules on protection may, however, be
complemented by agreements focusing on
protection, for example, BITs. On the other hand,
agreements taking a mixed approach are likely
to contain all the main investor-protection
standards and guarantees typically covered in
investment-based IIAs. For example, the New
ZealandSingapore and the JapanSingapore
agreements contain the usual liberalization rules
in the services trade chapters 23 and the usual
investment protection rules in the investment
chapter, both of which apply to services FDI.
Performance requirements
The GATS does not explicitly prohibit
performance requirements, and the TRIMs
Agreement does not apply to services. 24
However, since the middle of the 1990s, a number
of services IIAs explicitly prohibit the use of
certain performance requirements geared towards
services (table VI.1), including requirements
pertaining to exports, local content, employment,
CHAPTER VI
227
Annex 2, para. 2 of the Agreement on Agriculture refers to expenditures (or revenues foregone) in relation to
programmes which provide services or benefits to agriculture or the rural community. Such programmes shall
not involve direct payments to producers or processors. They shall include but not be restricted to: research, pest
and disease control, training services, extension and advisory services, inspection services, marketing and promotion
services, infrastructural services (including electricity reticulation, roads, market and port facilities, water supply
facilities, dams and drainage schemes and infrastructural works associated with environmental programmes). These
subsidies fall under the so-called green box, with the additional requirement (set out in para. 1) that they have
no, or at most minimal, trade-distorting effects. While the GATS and the Agreement on Agriculture address
different situations, there might be subsidy regimes that can fall under both Agreements (because one and the same
subsidy might affect both, trade in services and trade in agricultural products). In such a case, the subsidy or a
specific aspect of a subsidy regime that is allowed under one Agreement, could still be found to be in violation of the
other.
UNCTAD.
Labour certification,
academic certifications
or other procedures
of similar effect
Apart from the four performance requirements prohibited by the TRIMs (local content requirement, trade-balancing requirements, foreign exchange restrictions related to foreign exchange
flows attributable to an enterprise, and export controls), countries have included other specific prohibitions in agreements. This table is an example of some of the services IIAs that contain
express provisions prohibiting certain types of performance requirements that could be considered in relation to services. Note also, that the list of performance requirements given in this
table is not exhaustive. Rather, some of the listed agreements contain prohibitions additional to the ones mentioned in this table.
Depending upon a members commitments, the GATS market access provision (Article XVI, para. 2, lit. e) may rule out joint venture requirements or requirement for other specific types of
legal entity. Similarly, even in the absence of specific disciplines, national treatment rules (again depending upon a members commitment) and other disciplines (such as those on transparency
or MFN treatment) may apply to services-related performance requirements.
Most of the recent BITs signed by the United States contain clauses prohibiting similar measures as in the CroatiaUnited States BIT. Other examples are the BITs with Azerbaijan (1997), Bolivia
(1998), Lithuania (1998) and Mozambique (1998).
Most of the recent BITs signed by Canada contain clauses prohibiting similar measures as in the CanadaRomania BIT. Other examples are the BITs with Ecuador (1996), Panama (1996), Egypt
(1996), Croatia (1997), Lebanon (1997), Thailand (1997), Armenia (1997), Uruguay (1997) and Costa Rica (1998).
Note that Jordan has scheduled a national treatment reservation under Mode 3 for architectural services, engineering services and urban planning and landscape architectural services that
specifies that [f ]oreign firms are required to train and upgrade the technical and management skills of local employees.
Central American Free Trade Agreement.
Source:
X
X
X
X
X
X
X
X
X
X
X
X
X
R&D
Purchase or use
services provided in its
territory, or to purchase
services from natural
or legal persons in
its territory
X
X
X
X
X
X
X
X
Act as
the exclusive
supplier
of services
provided
X
Employment
requirement
performance
Supply services
provided to a
specific region of
the world market
exclusively from
a given territory
Export
a given level
or percentage
of services
Locate
headquarters
for a specific
region of the
world martket
NAFTA, 1992
GATS, 1994b
CroatiaUnited States BIT, 1996 c
CanadaChile FTA, 1996
El SalvadorPeru BIT, 1996
CanadaRomania BIT, 1996 d
MexicoNicaragua FTA, 1997
JordanUnited States BIT, 1997
ChileMexico FTA, 1999
JordanUnited States FTA, 2000 e
EUMexico FTA, 2000
JapanRepublic of Korea BIT, 2001
CARICOM Agreement, 2001
JapanSingapore Economic
Partnership Agreement, 2002
EFTA-Singapore FTA, 2002
ChileUnited States FTA, 2003
ChileRepublic of Korea, FTA, 2003
ChileEU Association Agreement, 2003
CAFTA, 2003f
AustraliaUnited States FTA, 2004
Instrument
Performance
Requirement
Table VI.1. Examples of services IIAs prohibiting various types of performance requirements pertaining to services, 2004 a
228
World Investment Report 2004: The Shift Towards Services
CHAPTER VI
229
Approaches to negotiating
commitments
Services IIAs can differ in the method
negotiating parties use to arrive at their individual
commitments for services FDI. Under the
negative list approach, countries agree on a series
of general obligations, and then individually list
all of those areas in which non-conforming
measures are maintained. For example, NAFTA
(in its investment chapter, which also covers
services FDI) and a number of agreements
involving countries of the Western Hemisphere
as well as BITs take this approach. In contrast,
under the positive list approach, certain
obligations apply only to the industries (along
with relevant limitations) listed by each country.
For example, the GATS, the 1997 MERCOSUR
Protocol of Montevideo and the ASEAN
Framework Agreement on Services take this
approach. 35 While, in theory, both approaches
can arrive at the same results, and both grant
flexibility, there are important differences
between them. For example, in terms of the
negotiating process, the negative list approach
can be administratively burdensome, particularly
for developing countries with limited resources.
In terms of outcomes, the negative list approach
can result in a situation in which future measures
may, due to lack of foresight, be inadvertently
bound. This could also happen in industries in
which, at a later date, governments may need to
take development-oriented measures. Given that
in many countries certain service industries are
yet to be developed and the regulatory framework
for the services sector is still evolving, this may,
in certain cases, forestall policy flexibility. 36
230
Follow-up procedures
Frequently, the conclusion of services
IIAs results in the establishment of ground
rules with several aspects left for further
development. In the GATS, this is the case with
respect to areas such as domestic regulation,
subsidies, government procurement and
safeguards, as well as the negotiation of specific
commitments. The same applies to services IIAs
modelled on the GATS,43 and also to some United
States FTAs. 43 Also, the ASEAN Framework
Agreement on Services contains a commitment
towards further liberalization, which is carried
out in three-year negotiation cycles (box II.8).
Some services IIAs establish commissions or
other bodies charged with monitoring the
implementation and functioning of the
agreements. 44 They provide a platform to review
their implementation and to recommend action
if needed. In the case of the GATS, an
based
on
various
WTO
CHAPTER VI
B. Comple
xities and
Complexities
es
challeng
hallenges
The adoption of multilateral rules on
services FDI has not halted or diminished the
momentum for regional or bilateral treaty
making. Rather, subsequent to the negotiation
of the GATS, services provisions appear
increasingly in IIAs across all regions.
This multilayered and multifaceted reality
raises a number of policy challenges. While
agreements may generally be consistent with or
complement each other, there may also be cases
of overlap, inconsistencies and gaps that,
potentially, give rise to conflicts. Furthermore,
in some cases, the complexity and, at times,
ambiguity of the rules applicable to services FDI
might compromise the clarity of the system,
making it difficult to navigate through the
resulting web of rules. This is particularly true
for countries with insufficient human and
institutional capacity to formulate and implement
services IIAs.
A specific example of difficulties arising
from complexity and ambiguity relates to the
scheduling of commitments and reservations.
Frequently, negotiations cannot produce the
necessary clarity, certainty and comparability in
term of commitments; this leaves lacunae that,
eventually, may be filled through dispute
settlement. A recent example of this is the 2004
WTO case MexicoTelecommunications with
respect to telecom services (WTO Dispute
Settlement Body 2004). Amongst other issues,
this case dealt with the exact meaning of
Mexicos entries in its schedule of commitments
(particularly, as to what extent Mexico was bound
by the Reference Paper). This underlines the
231
232
233
CHAPTER VI
C. Na
tional and
National
interna
tional policies: a
international
comple
x and dynamic
complex
inter
action
interaction
The interaction between services IIAs
and national regulations for services is dynamic
and complex. This is because rules for FDI in
services are constantly evolving, both at the
international and national levels. Unlike the
liberalization of conditions for FDI in the
manufacturing and primary sectors that has
already progressed significantly, liberalization
in the area of services has only relatively recently
begun to play an important policy role (chapter
V). In developed countries, services regimes are
undergoing significant changes. In particular,
such changes result in a further opening of
service industries and increased private
participation in the provision of what were
previously treated as public services (box VI.6).
In developing countries, this process is generally
less advanced. Many of the rules and regulations
for services are not yet fully established, with
regulators experimenting, adopting different
methods, and ultimately seeking the regulatory
approach that best suits the developmental needs
of their countries. At the same time, new
international disciplines on services are being
adopted that serve as parameters for domestic
regulatory action. The result of these national
and international policy trends is a complex
interaction, whereby some of the issues address
regulation and go beyond the question of
discrimination between foreign and domestic
service providers.
Two forms of interaction between
services IIAs and national policies are
particularly noteworthy. One form is an
autonomousliberalization led interaction,
whereby the degree of FDI liberalization and
protection in an IIA is determined mainly by the
scope and extent of the countries national
policies on services as they appear at the time
of negotiations. Thus, the actual level of
liberalization inscribed in an IIA reflects either
the level of openness already existing in national
laws and policies at the time of negotiation, or
a level that is below the national regulatory status
quo. The results of the services negotiations
during the Uruguay Round are an example.
During these negotiations, many countries made
234
Source: UNCTAD.
a
b
c
d
f
g
The MERCOSUR Protocol of Montevideo, the CARICOM Agreement, the EFTASingapore FTA, the Japan
Singapore Agreement and, to some extent, the Andean Community Decision 439 match the language of the GATS.
The GATS does not further define these terms. At the same time, the academic and policy debate has
seen considerable discussion about the possible meaning of Article I, para. 3 (c) (e.g. Krajewski 2003).
For a discussion of these ambiguities as they may arise in the health sector, and the challenges they bring about, see
Mashayekhi, Julsaint and Tuerk (forthcoming).
Liechtenstein, Norway, Sweden and Switzerland, for example, exclude the public works function from their
sanitation services commitments. Similarly, the European Communities, in its schedule, reserves the right to make
services considered public utilities subject to exclusive rights (emphasis added). Also, the European Communities
schedule states that the supply of a service, or its subsidization, within the public sector is not in breach of this
commitment. Similarly, in its 2003 initial offer, the European Communities states that [t]his offer cannot be
construed as offering in any way the privatisation of public undertakings nor as preventing the Community and its
Member States from regulating public services in order to meet national policy objectives (TN/S/O/EEC). Similarly,
Brazil makes clear that its offer cannot be construed as offering in any way the privatisation of public undertakings
nor as preventing Brazil from regulating public and private services in order to meet national policy objectives
(TN/S/O/BRA). Also, the United States states in its initial offer that,[c]onsistent with GATS Article I.3(b) and (c),
this offer applies only to services open to private sector participants, unless otherwise indicated, in the attached draft
schedules, and does not include the right to acquire or invest in government monopolies supplying services included
within any of the sectors or sub-sectors covered by this offer (TN/S/O/USA).
Note, however, that several other stakeholders have made requests to that effect. See, for example, various motions
passed in the United Kingdom by several trade unions, members of Parliament and local authorities http://
www.wdm.org.uk/presrel/current/ukgatspublic.htm.
The 1996 CanadaChile FTA matches the language of NAFTA.
More specifically, Canadas Annex II reservation (for national treatment, MFN, local presence of senior management
and boards of directors, that apply to both cross border services and investment) in the social services industry reads:
Canada reserves the right to adopt or maintain any measure with respect to the provision of public law enforcement
and correctional services, and the following services to the extent that they are social services established or maintained
for a public purpose: income security or insurance, social security or insurance, social welfare, public education,
public training, health, and child care.
CHAPTER VI
235
D. Conc
lusion: strik
ing a
Conclusion:
striking
de
velopment-oriented
dev
balance
IIAs covering services FDI are
proliferating at the bilateral, regional and
multilateral levels. The resulting network of
international rules on FDI in services is multifaceted, multilayered and constantly evolving,
with obligations differing in geographical scope
and substantive coverage. These rules are
increasingly setting the parameters for national
policies in the services sector.
Services IIAs differ in their approach
towards covering services FDI (investment-based,
services-based or mixed) and in their substantive
provisions. Several services IIAs contain followup procedures and separate chapters for certain
service industries. While these issues in
themselves pose challenges for policy-makers
dealing with services, additional challenges arise
from the multilayered network of rules, including
the need to ensure that rules are consistent with,
or complementary to, each other in order to avoid
conflicts.
Services IIAs can offer a series of
potential benefits. They can provide a stable,
predictable and transparent enabling framework
for attracting investment and benefiting from it.
At the same time, the optimal realization of these
potential benefits remains a challenge.
Specifically, the challenge is to strike a balance
between using IIAs for attracting FDI and
benefiting from it on one hand, and preserving
the flexibility needed for the pursuit of national
development strategies in the services sector on
the other.
236
CHAPTER VI
***
In conclusion, to benefit from an
increasingly globalized and interdependent world
economy, countries need to strengthen their
capabilities for the supply of competitive
services. If conditions are right, FDI can help
to achieve this. Its most important contribution
is in bringing the capital, skills and technology
countries need to set up competitive service
industries. This applies not only to the new ITenabled services, but also to traditional services
such as infrastructure and tourism. Moreover,
as services become more tradable, FDI can help
link developing countries to global value chains
in services. Such chains comprise international
service production networks that are increasingly
important to access international markets. At the
same time, caution is necessary when attracting
FDI in services. For instance, some services
(especially basic utilities and infrastructure) may
be natural monopolies and hence susceptible to
237
Notes
1
3
4
10
238
13
14
15
16
17
18
19
20
21
22
23
24
25
26
CHAPTER VI
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
239
240
45
46
47
48
49
50
51
52
53
54
55
CHAPTER VI
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
241
242
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Xiaochuan, Zhou (2004). Some issues concerning the
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Yacaman, Jesus Marcos (2001). Competition and
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ANNEXES
262
ANNEX A
Source:
a
UNCTAD.
263
264
Annex figure A.I.2. FDI inflows as a percentage of GDP in selected developed, developing and CEE
economies, by sector, 1992-2002
ANNEX A
Annex figure A.I.2. FDI inflows as a percentage of GDP in selected developed, developing and CEE
economies, by sector, 1992-2002 (continued)
265
266
Annex figure A.I.2. FDI inflows as a percentage of GDP in selected developed, developing and CEE
economies, by sector, 1992-2002 (continued)
ANNEX A
Annex figure A.I.2. FDI inflows as a percentage of GDP in selected developed, developing and CEE
economies, by sector, 1992-2002 (continued)
Source:
UNCTAD, FDI/TNC database for FDI and IMF for GDP data.
267
268
Annex figure A.III.1. Services FDI inflows as a percentage of GDP in selected host developing and
CEE economies, by individual service industry, 1992-2002
ANNEX A
Annex figure A.III.1. Services FDI inflows as a percentage of GDP in selected host developing and
CEE economies, by individual service industry, 1992-2002
Source:
UNCTAD, based on FDI/TNC database (www.unctad.org/fdistatistics) for FDI and UN Statistical Office for GDP data.
269
270
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
15.3
7.7
7.6
6.9
5.5
5.3
4.5
4.4
4.2
4.2
3.8
3.7
3.3
2.6
2.4
2.3
2.3
2.2
2.1
2.1
2.1
2.0
1.9
1.9
1.8
1.8
1.7
1.6
1.6
1.6
1.5
1.4
1.4
1.4
1.4
Value
Rank ($ billion) Acquired company
United States
United States
Russian Federation
United States
United Kingdom
France
Germany
Italy
United States
United Kingdom
New Zealand
United States
Switzerland
Italy
United States
Germany
France
Japan
Japan
Italy
Australia
Hong Kong, China
Switzerland
Finland
Norway
Egypt
Germany
Germany
Switzerland
Morocco
Germany
United Kingdom
Azerbaijan
Japan
Hong Kong, China
Host economy
Personal credit institutions
Water supply
Crude petroleum and natural gas
Communications services, nec
Deep sea transportation of passengers, exc. ferry
Primary production of aluminum
Perfumes, cosmetics, and other toilet preparation
Books: publishing, or publishing & printing
Candy and other confectionery products
Malt beverages
Banks, non-US chartered
Bottled & canned soft drinks & carbonated water
Surgical and medical instruments and apparatus
Chewing and smoking tobacco and snuff
Ice cream and frozen desserts
Cable and other pay television services
Radiotelephone communications
Telephone communications, except radiotelephone
Life insurance
Commercial printing
Bituminous coal and lignite surface mining
Investors, nec
Medicinal chemicals and botanical products
Electromedical and electrotherapeutic apparatus
Oil and gas field exploration services
Natural gas liquids
Aircraft engines and engine parts
Perfumes, cosmetics, and other toilet preparations
Cable and other pay television services
Chewing and smoking tobacco and snuff
Investment advice
Banks, non-US chartered
Crude petroleum and natural gas
Medicinal chemicals and botanical products
Telephone communications, except radiotelephone
Acquiring company
United Kingdom
Germany
Russian Federation
Australia
United States
Canada
United States
United Kingdom
United Kingdom
United States
New Zealand
Mexico
United States
United Kingdom
United States
United Kingdom
Germany
United States
United States
United Kingdom
Switzerland
Singapore
Netherlands
United States
United States
Malaysia
United States
United States
United States
Spain
United States
United States
Japan
Japan
Hong Kong, China
Home economy
Annex table A.I.1. Cross-border M&A deals with values of over $1 billion completed in 2003
ANNEX A
271
1.4
1.3
1.3
1.3
1.2
1.2
1.2
1.2
1.2
1.1
1.1
1.1
1.1
1.1
1.1
1.0
1.0
1.0
1.0
1.0
1.0
Netherlands
Austria
United States
Spain
Germany
Germany
France
Republic of Korea
Australia
Canada
Singapore
Norway
Canada
United States
United States
United Kingdom
United States
Germany
China
Argentina
Bermuda
Host economy
Note:
Acquiring company
United States
Netherlands
Canada
Spain
United States
United Kingdom
United States
United States
United States
United States
Malaysia
Italy
United States
United States
Canada
United States
United States
France
Japan
Brazil
Hong Kong, China
Home economy
M&A deals within the same economy, but where the ulitmate parent economy is different, are still considered cross-border M&As.
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
Value
Rank ($ billion) Acquired company
Annex table A.I.I. Cross-border M&A deals with values of over $1 billion completed in 2003 (concluded)
272
World Investment Report 2004: The Shift Towards Services
273
ANNEX A
Region/economy
Year
Developed economies
Parent
corporations
based in
economy a
45 077
Western Europe
36 133
European Union
Austria
Belgium
Luxembourg
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Netherlands k
Portugal
Spain
Sweden n
United Kingdom o
2002
1997
2001
1998
2001
2002
2002
2003
2001
1999
1998
2002
1998
2002
2003
30 709
955
988
16
9 356
900
1 267
6 069
170
39
1 017
1 608
600
857
4 260
2 607
5 424
..
18
..
900
4 506
2003
2000
2003
1998
1995
1999
2000
4 674
1 439
3 235
2001
2003
2001
1998
4 270
682
..
3 371
217
14 192
1 163
..
1
..
..
1
..
..
..
..
5
..
..
1
1
..
..
4
North America
Canada
United States
Other developed countries
Australia
Israel
Japan
New Zealand
Developing economies
Africa
Algeria
Angola
Benin
Botswana
Burkina Faso
Burundi
Cameroon
Central African Republic
Chad
Comoros
Congo
Cte dIvoire
Democratic Republic of the Congo
Djibouti
Egypt
Equatorial Guinea
Ethiopia
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
1999
2003
2003
Foreign
affiliates
located in
economy a
102 560
75 664
64 464
2 633
1 504
764
2 305
2 030
10 713
9 268
750
1 225
1 843
3 132
3 000
7 465
4 656
13 176
b
c
d
11 200
129
55
137
5 105
5 774
19 437
3 725
15 712
b
c
r
7 459
2 352
131
3 870
1 106
580 638
6 849
45
59
19
6
20
3
90
8
9
2
44
212
1
6
99
7
21
h
j
l
m
e
c, e
g
i
j
c
Region/economy
Gabon
Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritania
Mauritius
Morocco
Mozambique
Namibia
Niger
Nigeria
Rwanda
Senegal
Seychelles
Sierra Leone
Somalia
South Africa
Sudan
Swaziland
Togo
Tunisia
United Republic of Tanzania
Uganda
Zambia
Zimbabwe
Year
Parent
corporations
based in
economy a
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
1998
2003
2003
1998
2003
2002
2003
2003
2003
2001
2003
1998
..
..
..
..
..
..
..
..
..
..
1
2
16
3
5
..
2
2
..
5
1
1
941
2
12
3
142
2
..
2
8
2 475
..
..
..
..
..
..
..
..
1 225
..
..
478
302
..
..
..
..
..
..
..
4
1
..
..
u
u
u
Foreign
affiliates
located in
economy a
53
13
76
27
3
170
1
18
47
15
19
4
75
288
51
6
8
116
3
65
30
7
..
2 044
5
61
14
2 616
59
255
13
36
46 117
13
1 263
33
145
126
12
332
257
8 050
129
392
3 173
2 220
307
8
137
199
304
11
287
56
12
59
177
/...
274
Region/economy
Mexico
Netherlands Antilles
Nicaragua
Panama
Paraguay
Peru
St. Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
Suriname
Trinidad & Tobago
Uruguay
Venezuela
Year
Parent
corporations
based in
economy a
2002
2003
2003
2003
1995
1997
2003
2003
2003
2003
1999
2002
2003
..
201
1
211
..
10
8
1
2
..
..
..
31
Asia
South, East and South-East Asia
Afghanistan
2003
Bangladesh
2003
Bhutan
1997
Brunei Darussalam
2003
Cambodia
1997
China
2002
Hong Kong, China
2001
India
1995
Indonesia
1995
Lao Peoples Democratic Republic 1997
Macao, China
2002
Malaysia
1999
Maldives
2003
Mongolia
1998
Myanmar
2003
Nepal
2003
Pakistan
2001
Philippines
1995
Republic of Korea
2002
Singapore
2002
Sri Lanka
1998
Taiwan Province of China
2001
Thailand
1998
Viet Nam
1996
10 535
9 614
..
4
..
1
..
350
948
187
313
..
34
..
1
..
..
1
59
..
7 460
..
..
606
..
..
b
b
919
18
..
36
11
24
22
West Asia
Bahrain
Cyprus
Iran, Islamic Republic of
Jordan
Kuwait
Lebanon
Source:
a
2003
2002
2003
2003
2003
2003
aa
af
ah
ai
u
am
ao
ar
Foreign
affiliates
located in
economy a
25 708
150
47
412
109
1 183
8
21
10
12
65
164
526
ab
ac
ad
527 119
505 763
2
25
2
23
598
424 196
9 132
1 416
2 241
669
715
15 567
2
1 400
8
11
582
14 802
12 909
14 052
305
2 841
2 721
1 544
b
b
13 639
86
3 185
60
34
50
91
ae
ag
aj
ak
al
an
ap
aq
as
Region/economy
Oman
Qatar
Saudi Arabia
Syrian Arab Republic
Turkey
United Arab Emirates
Yemen
Year
Parent
corporations
based in
economy a
at
1995
2003
1989
2003
2003
2003
2002
92
5
..
1
682
22
6
Central Asia
Armenia
Azerbaijan
Georgia
Kazakhstan
Kyrgzstan
Uzbekistan
1999
2003
1998
1999
1998
2003
2
..
..
..
..
..
2
The Pacific
Fiji
Kiribati
New Caledonia
Papua New Guinea
Samoa
Solomon Islands
Tonga
Vanuatu
19
2
..
..
..
4
7
..
6
2002
2003
2003
1998
2003
2003
2003
2003
2 313
..
..
7
26
70
660
351
..
10
150
58
951
20
..
10
..
..
..
..
1995
1994
2003
2000
1997
1999
2003
2000
2003
2003
2001
2002
2002
1994
2003
1997
2000
2002
1999
61 582
h
x
h
h
Foreign
affiliates
located in
economy a
351
30
1 461
13
7 435
839
4
at
7 717
1 604
27
190
1 865
4 004
27
b
au
av
aw
ax
553
151
1
3
345
12
18
5
18
b
x
243 750
2 422
393
39
7 153
353
71 385
2 858
26 645
401
2 652
14 469
2 670
89 911
7 793
61
5 560
1 617
6
7 362
b
az
ay
ba
bb
bc
bd
be
bf
bg
926 948
Represents the number of parent companies/foreign affiliates in the economy shown, as defined by that economy. Deviations
from the definition adopted in the WIR (see section on definitions and sources in annex B) are noted below. The data for Afghanistan,
Algeria, Angola, Antigua and Barbuda, Argentina, Aruba, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belize, Benin, Bermuda,
Bosnia and Herzegovina, Botswana, British Virgin Islands, Brunei, Burkina Faso, Burundi, Cameroon, Cayman Islands, Central African
Republic, Chad, Congo, Costa Rica, Cte dIvoire, Democratic Republic of the Congo, Djibouti, Dominica, Dominican Republic,
Ecuador, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Gibraltar, Grenada, Guinea-Bissau, Haiti, Honduras, Islamic Republic
of Iran, Israel, Jordan, Kenya, Kiribati, Kuwait, Latvia, Lebanon, Lesotho, Liberia, Madagascar, Malawi, Maldives, Mali, Malta, Mauritania,
Mauritius, Morocco, Mozambique, Myanmar, Namibia, Nepal, Netherlands Antilles, New Caledonia, Nicaragua, Nicaragua, Niger,
Nigeria, Panama, Qatar, Rwanda, Samoa, Senegal, Sierra Leone, Solomon Islands, Somalia, St. Lucia, St. Kitts and Nevis, St.
Vincent and the Grenadines, Sudan, Suriname, Syrian Arab Republic, Togo, Tonga, Uganda, United Arab Emirates, United
ANNEX A
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
s
t
u
w
y
z
ab
ac
ad
ae
af
ag
ah
ai
ak
al
am
an
ao
ap
aq
ar
as
at
au
av
aw
ax
ay
az
ba
bb
bc
bd
be
bf
bg
275
Republic of Tanzania, Uzbekistan, Vanuatu, Venezuela and Western Samoa are from Who Owns Whom CD-Rom 2003 ( London,
Dun & Bradstreet).
Includes data only for the countries shown below.
Majority-owned foreign affiliates.
Provisional figures by Banque Nationale de Belgique.
Directly and indirectly owned foreign affiliates (subsidiaries and associates), excluding branches.
As of 1999.
2001; does not include the number of foreign-owned holding companies in Germany which, in turn, hold participating interests
in Germany (indirect foreign participating interests).
As of 1994.
Refers to the number of foreign-owned affiliates in Ireland in manufacturing and services activities which receive assistance
from the Investment and Development Authority (IDA).
Relates to parent companies and foreign affiliates industrial activities (based on Consiglio Nazionale dellEconomia e del Lavoro,
Italia Multinazionale, 2000, inward and outward FDI in the Italian industry in 1998 and 1999 April 2002.
Data for parent corporations, as of October 1993; data for foreign affiliates refer to majority-owned foreign affiliates and are
taken from OECD.
2001.
Includes those Spanish parent enterprises which are controlled, at the same time, by a direct investor.
Data provided by Sveriges Riksbank. Includes those Swedish parent companies which are controlled, at the same time, by a
direct investor.
Data on the number of parent companies based in the United Kingdom, and the number of foreign affiliates in the United Kingdom
are based on the register of companies held for inquiries on the United Kingdom FDI abroad, and FDI into the United Kingdom
conducted by the Central Statistical Office. On that basis, the numbers are probably understated because of the lags in identifying
investment in greenfield sites and because some companies with small presence in the United Kingdom and abroad have not
yet been identified.
Refers to Norwegian non-financial joint-stock companies with foreign shareholders owning more than 10 per cent of total shares
in 1998.
Represents a total of 2,557 non-bank parent companies in 1999 and 60 bank parent companies in 1994 with at least one foreign
affiliate whose assets, sales or net income exceeded $3 million, and 709 non-bank and bank parent companies in 1994 whose
affiliate(s) had assets, sales and net income under $3 million. Each parent company represents a fully consolidated United States
business enterprise, which may consist of a number of individual companies.
Represents a total of 438 bank affiliates in 1997 and 9,368 non-bank affiliates in 2000 whose assets, sales or net income exceeded
$3 million, and 5,906 bank and non-bank affiliates in 1996 with assets, sales, net income less than or equal to $3 million. Each
affiliate represents a fully consolidated United States business entreprise, which may consist of a number of individual companies.
Japanese firms with at least two foreign affiliates that have a more than 20 per cent equity share. Source: Toyokeizai, Kaigai Shinshutsu
Kigyo Soran 2003 (Tokyo: Toyokeizai Shinposha, 2003).
Number of foreign affiliates in late 2002. Source: Toyokeizai, Gaishikei Kigyo Soran 2003 ( Tokyo: Toyokeizai Shimposha, 2003).
v
2001.
1999.
x
Provisional.
1997.
Estimated by Comite de Inversiones Extranjeras.
aa
Number of foreign companies registered under DL600.
Less than 10.
Out of this number, 811 are majority-owned foreign affiliates, while 159 affiliates have less than 10 per cent equity share.
An equity stake of 25 per cent or more of the ordinary shares or voting power.
Number of enterprises included in the Central Bank survey (all sectors).
Number of projects approved, both domestic and foreign, since August 1994.
In 2002, 350 companies invested abroad. The cumulative number of companies that invested abroad was 6,960.
Data refer to the cumlative number of approved FDI projects.
Number of regional headquarters as at 1 June 2002.
aj
As of 1991.
As of 1996.
Number of projects licensed since 1988 up to end 1997.
May 1999. Refers to companies with foreign equity stakes of 51 per cent and above. Of this, 3,787 are fully owned foreign affiliates.
1998.
This figure refers to directly and indirectly owned foreign affiliates.
As of 1999. Data refer to the number of investment projects abroad.
Number of wholly owned foreign companies.
Number of projects approved under section 17 of the BOI law which provides for incentives.
Number of approved new investment projects abroad in 1998.
Data refer to the number of BOI-promoted companies which have been issued promotion certificates during the period 19601998, having at least 10 per cent of foreign equity participation.
As of May 1995.
Accumulated number of joint ventures and foreign enterprises registered as of 1 November 1999.
Number of cases of approved investments of more than 100,000 dollars registered during the period of January 1996 up to
March 1998.
Joint ventures and foreign firms operating in the country.
Joint venture companies established in the economy.
Number of applications received since 1993.
1,532 joint ventures and 890 wholly-owned foreign affiliates.
The number refers to registered investment projects between 1992 and 2000, Bulgarian Foreign Investment Agency, January
2002.
Out of this number 53,775 are fully-owned foreign affiliates. Includes joint ventures.
Source: Hungary Statistics Office.
Cumulative number of companies with foreign capital share which participated in the statistical survey.
Data refer to the cumulative number of companies with FDI as at end-December 2002.
Includes joint ventures with local firms.
Source: Bank of Slovenia.
Note:
The data can vary significantly from preceding years, as data become available for countries that had not been covered
before, as definitions change, or as earlier data are updated.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
84
12
67
16
95
45
73
22
65
41
53
86
78
40
50
29
46
94
66
31
9
6
19
58
64
48
98
63
62
92
99
52
44
70
5
42
10
34
39
101
2
1
7
3
8
9
12
10
6
15
20
22
4
16
17
30
13
19
18
39
11
27
26
21
35
14
23
34
32
29
60
24
25
28
33
-
83
13
85
15
87
48
47
21
39
51
86
81
36
57
38
91
63
44
11
5
18
60
75
20
97
52
65
95
53
45
61
3
35
7
40
-
Foreign
Foreign
assets TNI b assets TNI b
General Electric
Vodafone Group Plce
Ford Motor Company
British Petroleum Company Plc
General Motors
Royal Dutch/Shell Groupg
Toyota Motor Corporation
Total Fina Elf
France Telecom
ExxonMobil Corporation
Volkswagen Group
E.On
RWE Group
Vivendi Universal
ChevronTexaco Corp.
Hutchison Whampoa Limited
Siemens AG
Electricit de France
Fiat Spa
Honda Motor Co Ltd
News Corporation
Roche Group
Suez
BMW AG
Eni Group
Nestl SAg
DaimlerChrysler Agl
Telefonica SA
IBM
ConocoPhillips
Wal-Mart Stores
Sony Corporation
Carrefour SA
Hewlett-Packard
ABB
Unileverg
Philips Electronics
Novartis
Aventis SA
AOL Time Warner Inc
Corporation
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom/ Netherlands
Japan
France
France
United States
Germany
Germany
Germany
France
United States
Hong Kong, China
Germany
France
Italy
Japan
Australia
Switzerland
France
Germany
Italy
Switzerland
Germany/United States
Spain
United States
United States
United States
Japan
France
United States
Switzerland
United Kingdom/ Netherlands
Netherlands
Switzerland
France
United States
Home economy
Electrical & electronic equipment
Telecommunications
Motor vehicles
Petroleum expl./ref./distr.
Motor vehicles
Petroleum expl./ref./distr.
Motor vehicles
Petroleum expl./ref./distr.
Telecommunications
Petroleum expl./ref./distr.
Motor vehicles
Electricity, gas and water
Electricity, gas and water
Media
Petroleum expl./ref./distr.
Diversified
Electrical & electronic equipment
Electricity, gas and water
Motor vehicles
Motor vehicles
Media
Pharmaceuticals
Electricity, gas and water
Motor vehicles
Petroleum expl./ref./distr.
Food & beverages
Motor vehicles
Telecommunications
Electrical & electronic equipment
Petroleum expl./ref./distr.
Retail
Electrical & electronic equipment
Retail
Electrical & electronic equipment
Machinery and equipment
Diversified
Electrical & electronic equipment
Pharmaceuticals
Pharmaceuticals
Media
Industry c
229 001
207 622
165 024
126 109
107 926
94 402
79 433
79 032
73 454
60 802
57 133
52 294
50 699
49 667
48 489
48 014
47 511
47 385
46 150
43 641
40 331
40 152
38 739
37 604
36 991
36 145
35 778
35 720
34 951
32 094
30 709
29 821
28 594
28 247
28 155
27 937
27 880
25 874
23 753
23 476
Foreign
f
f
h
f
f
f
l
f
f
f
f
f
f
f
f
f
f
f
f
h
f
f
Total
575 244
232 870
295 222
159 125
370 782
145 392
167 270
89 450
111 735
94 940
114 156
118 526
105 116
72 682
77 359
63 284
76 474
151 835
96 990
63 755
45 214
46 160
44 805
58 192
68 987
63 007
196 375
71 327
96 484
76 836
94 685
69 476
40 804
70 710
29 533
46 752
33 849
45 588
32 574
115 450
Assets
45 403
33 631
54 472
145 982
48 071
114 294
72 820
77 461
18 187
141 274
59 662
13 104
17 622
30 041
55 087
8 088
50 724
12 552
24 560
49 167
16 028
18 829
34 165
30 211
22 820
34 870
46 137
11 286
48 427
10 074
40 794
42 858
31 809
33 286
17 144
27 614
28 673
20 588
14 767
8 329
Foreign
Sales
Total
131 698
42 312
163 420
180 186
186 763
179 431
127 113
96 993
44 107
200 949
82 244
35 054
44 110
55 004
98 691
14 247
77 244
45 743
52 638
65 366
17 421
19 173
43 596
39 995
45 329
57 508
141 491
26 874
81 186
56 748
244 524
61 284
65 011
56 588
18 295
46 122
30 099
20 906
19 506
40 961
Annex table A.I.3. The world's top 100 non-financial TNCs, ranked by foreign assets, 2002 a
(Millions of dollars and number of employees)
150 000
56 667
188 453
97 400
101 000
65 000
85 057
68 554
102 016
56 000
157 887
42 063
55 563
45 772
37 038
124 942
251 340
50 437
98 703
42 885
31 220
61 090
138 200
20 120
36 973
150 232
72 560
88 401
178 602
23 934
300 000
94 000
271 031
56 326
131 321
193 000
140 827
40 282
37 802
18 555
Foreign
j
j
i
i
j
315 000
66 667
350 321
116 300
350 000
111 000
264 096
121 469
243 573
92 000
324 892
107 856
131 765
61 815
66 038
154 813
426 000
171 995
186 492
63 310
35 000
69 659
198 750
96 263
80 655
254 199
365 571
152 845
315 889
57 300
1 400 000
161 100
386 762
141 000
139 051
258 000
170 087
72 877
78 099
91 250
40.6
84.5
47.7
81.3
27.9
62.4
45.7
74.9
49.6
65.1
57.1
40.2
43.4
65.7
58.2
71.1
62.3
29.3
49.1
70.5
90.1
91.0
78.1
53.7
49.9
59.0
23.6
50.0
50.8
33.8
23.5
57.1
63.0
46.2
94.5
64.8
86.8
70.2
65.7
20.3
/...
TNI b
Total (Per cent)
Employment
276
World Investment Report 2004: The Shift Towards Services
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
72
32
90
57
83
30
33
93
68
85
21
59
97
36
56
104
24
2
75
69
3
25
87
61
27
100
102
80
26
47
38
15
28
105
43
51
23
14
37
81
31
38
41
40
66
45
49
52
72
44
58
77
43
51
5
47
55
42
67
71
65
70
73
59
64
50
94
68
92
78
82
95
80
79
46
56
75
69
69
24
96
54
25
27
90
68
94
33
73
98
29
59
82
10
2
58
74
4
22
76
66
32
88
28
41
37
34
14
23
100
43
49
26
12
17
78
Foreign
Foreign
assets TNI b assets TNI b
Home economy
Repsol YPF SA
Spain
AES Corporation
United States
Deutsche Post World Net
Germany
BASF AG
Germany
Endesa
Spain
Anglo Americang
United Kingdom
Compagnie De Saint-Gobain SA
France
Philip Morris Companies Inc
United States
Pfizer Inc
United States
Mitsui & Co Ltd
Japan
Royal Ahold NVg
Netherlands
Procter & Gamble
United States
Hitachi Ltd
Japan
GlaxoSmithKline Plc
United Kingdom
Pinault-Printemps Redoute SA
France
Deutsche Telekom AG
Germany
Diageo Plc
United Kingdom
Thomson Corporation
Canada
Bayer AG
Germany
Matsushita Electric Industrial Co., Ltd. Japan
Holcim AG
Switzerland
Volvo Group
Sweden
Renault SA
France
Dow Chemical Companyi
United States
United States
Coca-Cola Companyn
Mitsubishi Corporation
Japan
Telecom Italia
Italy
National Grid Transco
United Kingdom
Lvmh Mot-Hennessy Louis Vuitton SA France
Singtel Ltd.
Singapore
British American Tobacco Group
United Kingdom
Astrazeneca Plc
United Kingdom
Nokia
Finland
Verizon Communications
United States
Bertelsmann
Germany
McDonald's Corporation
United States
BHP Billiton Group
Australia
Nortel Networks
Canada
Stora Enso OYj
Finland
Du Pont (E.I.) De Nemours
United States
Corporation
Petroleum expl./ref./distr.
Electricity, gas and water
Transport and storage
Chemicals
Electricity, gas and water
Mining & quarrying
Construction materials
Diversified
Pharmaceuticals
Wholesale trade
Retail
Diversified
Electrical & electronic equipment
Pharmaceuticals
Retail
Telecommunications
Beverages
Media
Pharmaceuticals/chemicals
Electrical & electronic equipment
Construction materials
Motor vehicles
Motor vehicles
Chemicals
Beverages
Wholesale trade
Telecommunications
Energy
Luxury goods
Telecommunications
Tobacco
Pharmaceuticals
Machinery and equipment
Telecommunications
Media
Restaurant
Mining & quarrying
Machinery and equipment
Paper
Chemicals
Industry c
23 121
22 784
22 782
22 694
22 460
22 450
22 361
21 513
21 161
21 020
20 598
20 282
20 189
19 992
19 240
19 172
18 526
18 125
17 957
17 941
17 499
17 441
17 441
17 386
17 379
17 285
17 251
16 541
16 409
15 775
15 592
14 796
14 528
14 239
14 108
13 771
13 753
13 398
13 127
13 040
Foreign
f
f
f
f
f
f
i
h
f
f
h
f
f
f
f
f
h
Total
39 902
33 776
170 503
36 781
50 503
33 581
31 604
87 540
46 356
54 286
25 933
43 706
84 489
35 821
31 474
120 589
26 729
18 542
43 706
65 028
18 364
27 367
55 799
39 562
24 501
67 213
84 946
35 574
22 451
19 071
26 129
21 576
24 454
167 468
23 260
23 971
20 578
15 971
19 094
34 621
Assets
11 303
6 542
21 820
17 878
5 528
12 821
19 708
35 683
11 611
46 979
46 343
21 524
15 589
29 320
13 936
309
12 637
7 735
14 923
32 373
7 875
17 982
21 206
16 350
13 089
15 613
6 693
6 169
9 965
3 247
25 041
16 969
28 058
3 269
11 938
8 951
15 731
9 885
8 165
12 584
Foreign
Sales
34 516
8 632
37 131
30 473
16 305
20 497
28 636
80 408
32 373
108 541
59 293
43 377
67 172
31 899
25 894
24 397
14 971
7 915
28 021
60 694
8 391
19 234
34 370
27 609
19 353
109 296
32 957
13 473
12 006
5 801
37 117
17 841
28 392
67 625
17 321
15 406
17 506
10 560
12 091
24 006
Total
Annex table A.I.3. The world's top 100 non-financial TNCs, ranked by foreign assets, 2002 a (continued)
(Millions of dollars and number of employees)
14 072
24 284
108 609
39 078
12 334
147 000
122 373
40 795
72 000
14 611
236 698
61 200
83 478
58 471
53 871
78 146
26 999
41 300
52 000
166 873
49 765
45 740
35 351
24 725
45 100
12 182
21 653
9 975
33 996
9 877
60 107
46 800
30 099
19 513
48 920
237 269
23 259
26 820
29 177
29 755
Foreign
j
j
j
k
j
i
i
i
g
j
i
j
30 110
36 000
327 676
89 398
26 354
177 000
172 357
166 000
120 000
37 734
341 909
98 000
339 572
104 499
108 423
255 969
38 955
42 000
122 600
288 324
51 115
71 160
132 351
49 959
56 000
47 370
106 620
27 308
53 812
21 716
85 819
57 500
52 714
229 497
80 632
413 000
34 801
36 960
43 853
79 000
45.8
70.2
35.1
54.7
41.7
70.8
70.2
31.2
47.2
40.2
75.6
52.8
23.9
67.9
54.9
15.9
74.3
97.9
45.6
46.3
95.5
73.8
39.9
50.9
73.0
21.9
20.3
42.9
73.1
61.4
65.7
81.7
71.8
7.3
63.4
57.7
74.5
83.4
67.6
42.6
/...
TNI b
Total (Per cent)
Employment
ANNEX A
277
Source:
United Kingdom
United States
United States
Germany
France
United States
Mexico
Canada
Germany
United Kingdom/Netherlands
Canada
United States
Republic of Korea
France
United States
United States
France
Belgium
Ireland
United States
Home economy
Foreign
Electric utilities
12 971
Telecommunications
12 862 f
Pharmaceuticals
12 814 f
Metal and metal products
12 783 f
Machinery and equipment
12 688
Electricity, gas and water
12 247
Construction materials
12 193 f
Transportation
12 050
Retail
11 821 f
Publishing and printing
11 727
Metal and metal products
11 678 f
Pharmaceuticals
11 388 f
Electrical & electronic equipment
11 388
Food & beverages
11 313
Metal and metal products
11 109 f
Pharmaceuticals
11 073
Business services
11 021 f
Beverages
10 665 f
Lumber and other building materials dealers 10 596 f
Machinery and equipment
10 433 f
Industry c
Assets
19 903
13 041
40 556
30 574
27 130
49 113
16 044
21 738
24 030
14 042
17 538
47 561
51 964
16 238
29 810
24 259
11 508
11 684
11 066
31 152
Total
3 992
3 265
13 843
15 485
9 963
2 181
4 366
2 384
22 546
5 743
11 541
8 300
28 298
9 486
7 379
6 687
2 407
6 000
9 535
18 169
Foreign
Sales
7 559
3 265
36 298
33 740
15 652
15 663
7 036
6 110
48 738
7 549
12 540
51 800
47 655
12 822
20 263
17 685
2 768
6 614
10 210
37 621
Total
6 268
14 922
34 218
88 404
50 559
4 400
17 568
6 879
84 825
27 300
38 000
28 600
28 300
79 945
73 500
33 000
31 871
31 682
47 335
53 350
Foreign
j
j
52.8
99.1
33.8
44.6
59.0
19.6
67.9
41.9
46.2
78.4
78.2
25.7
38.5
76.8
43.9
43.1
90.7
90.8
94.7
45.6
TNI b
Total (Per cent)
15 490
15 130
108 300
191 254
75 940
22 000
26 752
22 114
196 462
36 100
50 000
77 300
82 400
92 209
127 000
71 819
35 681
35 044
49 889
97 000
Employment
All data are based on the companies' annual reports unless otherwise stated.
TNI, or "Transnationality Index", is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total sales and foreign employment to total employment.
Industry classification for companies follows the United States Standard Industrial Classification as used by the United States Securities and Exchange Commission (SEC).
Foreign sales are based on the origin of the sales unless otherwise stated.
Data for outside Northern Europe.
In a number of cases companies reported only partial foreign assets. In these cases, the ratio of the partial foreign assets to the partial (total) assets was applied to total assets to calculate
the total foreign assets. In all cases, the resulting figures have been sent for confirmation to the companies.
g
Data for outside Europe.
h
Foreign assets data are calculated by applying the share of both foreign sales in total sales and foreign employment in total employment to total assets.
i
Data were obtained from the company as a response to an UNCTAD survey.
j
Foreign employment data are calculated by applying the share of both foreign assets in total assets and foreign sales in total sales to total employment.
k
Foreign employment data are calculated by applying the share of foreign assets in total asets to total employment.
l
Data for outside Germany and the United States.
m In a number of cases companies reported only partial region-specified sales. In these cases, the ratio of the partial foreign sales to the partial (total) sales was applied to total sales to calculate
the total foreign sales. In all cases, the resulting figures have been sent for confirmation to the companies.
n
Data for outside North America.
o
Data for outside the Netherlands and the United Kingdom.
p
Foreign sales are based on customer location.
q
Data for outside Western Europe.
Note:
The list includes non-financial TNCs only. In some companies, foreign investors may hold a minority share of more than 10 per cent.
a
b
c
d
e
f
67
1
84
71
42
30
19
92
16
79
80
62
Scottish Power
NTL Inc
Johnson & Johnson
Thyssenkrupp AG
Alcatel
Duke Energy Corporation
Cemex S.A.
Canadian National Railway Company
Metro AG
Reed Elseviero
Alcan Inc.
Merck & Co
Samsung Electronics Co., Ltd.
Danone Groupe SA
Alcoa
Abbott Laboratories
Publicis Goupe SA
Interbrew SAq
CRH Plc
Motorola Inc
76
61
88
74
57
81
83
90
86
96
93
53
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
60
1
91
76
49
103
35
82
71
17
18
96
88
20
77
79
8
7
4
74
Corporation
Foreign
Foreign
assets TNI b assets TNI b
Annex table A.I.3. The world's top 100 non-financial TNCs, ranked by foreign assets, 2002 a (concluded)
(Millions of dollars and number of employees)
278
World Investment Report 2004: The Shift Towards Services
279
ANNEX A
Annex table A.I.4. The worlds 100 largest non-financial TNCs by country of origin and industry:
number of host countries, Network Spread Index (NSI) and Internationalization Index (II), 2002
Company
Country of ownership
Industry
Germany
United States
Switzerland
Germany
Germany
United Kingdom/Netherlands
United Kingdom
Netherlands/United Kingdom
France
Germany
Switzerland
United States
France
United States
Switzerland
France
United States
United States
France
United Kingdom
Finland
Germany/United States
United States
Switzerland
United Kingdom
United States
France
United Kingdom
United States
Netherlands
France
France
United States
United States
France
Japan
Sweden
United States
Japan
Japan
Germany
Finland
Japan
France
Italy
Germany
United States
United States
United States
United States
Switzerland
Japan
Germany
Canada
United Kingdom
Japan
France
Germany
No. of host
countries
97
96
92
78
74
72
70
64
62
61
59
58
54
54
52
52
50
50
50
49
49
48
48
48
46
46
46
45
45
45
44
44
43
43
42
42
42
41
40
40
40
39
38
35
35
34
33
32
32
32
30
30
29
28
28
28
28
27
NSIa
II b
49.74
49.23
47.18
40.00
37.95
36.92
35.90
32.82
31.79
31.28
30.26
29.74
27.69
27.69
26.67
26.67
25.64
25.64
25.64
25.13
25.13
24.62
24.62
24.62
23.59
23.59
23.59
23.08
23.08
23.08
22.56
22.56
22.05
22.05
21.54
21.54
21.54
21.03
20.51
20.51
20.51
20.00
19.49
17.95
17.95
17.44
16.92
16.41
16.41
16.41
15.38
15.38
14.87
14.36
14.36
14.36
14.36
13.85
84.34
83.46
93.67
66.08
75.00
78.93
79.59
73.52
68.17
73.55
93.18
91.25
86.96
82.30
88.58
60.04
83.17
80.48
83.26
64.46
94.00
55.15
72.17
87.56
69.26
69.82
73.71
58.51
77.54
66.31
79.72
76.76
58.56
84.83
58.37
53.26
70.00
69.95
46.10
78.48
56.50
79.93
62.69
84.09
70.31
54.18
69.05
78.97
69.33
68.81
81.68
49.50
60.98
83.65
32.04
76.00
63.30
69.57
/...
280
Annex table A.I.4. The worlds 100 largest non-financial TNCs by country of origin and industry:
number of host countries, Network Spread Index (NSI) and Internationalization Index (II),
2002 (concluded)
Company
Country of ownership
Industry
Anglo American
ChevronTexaco Corp.
Merck & Co
Metro AG
Alcoa
BHP Billiton Group
Fiat Spa
Nortel Networks
Toyota Motor Corporation
AOL Time Warner Inc
Deutsche Telekom AG
Renault SA
Samsung Electronics Co., Ltd.
ConocoPhillips
E.On
News Corporation
Telefonica SA
Vodafone Group Plc
BMW AG
Repsol YPF SA
Thomson Corporation
Carrefour SA
Vivendi Universal
CRH Plc
Electricit de France
Interbrew SA
Telecom Italia
AES Corporation
McDonalds Corporation
Reed Elsevier
Verizon Communications
Cemex S.A.
Endesa
Royal Ahold NV
Wal-Mart Stores
Duke Energy Corporation
National Grid Transco
NTL Inc
Hutchison Whampoa Limited
Scottish Power
Canadian National Railway Company
Average
United Kingdom
United States
United States
Germany
United States
Australia
Italy
Canada
Japan
United States
Germany
France
Republic of Korea
United States
Germany
Australia
Spain
United Kingdom
Germany
Spain
Canada
France
France
Ireland
France
Belgium
Italy
United States
United States
United Kingdom/Netherlands
United States
Mexico
Spain
Netherlands
United States
United States
United Kingdom
United States
Hong Kong, China
United Kingdom
Canada
Source:
a
No. of host
countries
26
26
26
26
25
25
25
25
25
24
24
24
24
22
22
20
20
20
19
19
19
18
17
16
16
16
16
14
14
13
13
11
11
10
9
6
5
4
3
3
2
35
NSIa
13.33
13.33
13.33
13.33
12.82
12.82
12.82
12.82
12.82
12.31
12.31
12.31
12.31
11.28
11.28
10.26
10.26
10.26
9.74
9.74
9.74
9.23
8.72
8.21
8.21
8.21
8.21
7.18
7.18
6.67
6.67
5.64
5.64
5.13
4.62
3.08
2.56
2.05
1.54
1.54
1.03
17.93
II b
22.99
45.41
83.64
32.16
50.50
61.46
77.62
91.43
31.72
54.31
54.55
64.80
79.31
52.50
58.02
94.47
62.96
40.74
75.83
56.70
95.03
42.68
44.14
90.63
73.31
86.41
38.89
40.32
45.45
28.38
6.58
74.47
29.22
47.64
79.27
43.02
19.46
97.18
36.84
21.60
48.15
65.46
UNCTAD.
NSI = Number of host economies / number of potential host economies. The latter is taken to be the number of economies
which were in receipt of stock of inward FDI in 2002, 195 ( WIR03). On the development of this index, see Ietto-Gillies 1998
and WIR98, box II.2.
II = number of foreign affiliates / number of all affiliates *100.
Note:
Singtel Ltd. has been excluded from the analysis, because it is mainly state owned.
Albania
Algeria
Angola
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Belarus
Belgium and Luxembourg
Benin
Bolivia
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Cameroon
Canada
Chile
China
Colombia
Congo
Congo, Democratic Republic of
Costa Rica
Cte dIvoire
Croatia
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Economy
..
102
106
39
..
15
76
..
66
23
104
..
8
16
29
24
77
103
..
93
114
38
10
46
42
84
111
18
79
..
27
..
55
26
32
14
89
..
99
1988-1990
..
99
34
43
..
24
80
..
101
4
108
..
6
5
28
47
90
106
..
98
117
55
16
50
45
65
110
21
87
..
33
..
52
32
40
30
85
..
97
1989-1991
45
114
31
44
70
39
83
..
133
3
126
125
9
7
35
71
95
117
104
121
136
65
30
43
52
73
127
23
85
110
42
41
63
38
50
58
101
15
112
1990-1992
15
118
7
48
79
44
84
..
98
4
126
117
10
18
37
136
95
108
91
114
122
73
32
19
50
12
119
28
70
80
52
31
65
38
36
46
97
16
121
1991-1993
22
130
12
54
114
50
79
107
94
10
129
113
14
44
34
139
104
115
89
103
124
69
23
9
48
13
131
30
66
84
63
32
45
41
28
42
117
18
120
1992-1994
32
130
8
56
99
46
86
24
60
45
127
121
22
106
26
138
103
17
95
101
128
69
21
11
65
5
133
37
53
90
79
28
42
40
34
50
114
14
116
1993-1995
36
125
17
53
95
51
74
4
54
1
131
113
25
99
22
89
91
7
87
101
129
65
18
15
55
34
134
33
57
69
92
31
58
56
38
73
128
20
119
1994-1996
48
120
18
47
63
58
88
1
33
2
131
92
27
111
10
76
81
4
61
116
127
75
17
20
39
32
136
41
50
64
52
40
83
57
49
99
125
21
68
1995-1997
68
112
9
62
21
87
82
1
39
2
131
92
22
109
7
81
65
3
44
128
124
67
16
31
38
63
134
40
57
49
55
37
73
61
54
103
36
15
56
1996-1998
92
112
2
43
17
97
91
1
48
37
124
74
3
105
8
94
52
4
32
129
119
63
16
42
60
14
132
49
66
40
30
22
31
36
55
106
45
18
62
1997-1999
84
109
2
42
18
89
78
10
53
43
120
90
1
94
12
103
45
7
28
125
122
32
20
51
81
15
116
64
79
31
27
16
11
34
52
102
48
19
83
1998-2000
65
102
3
47
31
90
73
35
64
54
127
92
1
87
11
115
37
7
27
123
122
34
18
56
78
17
114
72
81
24
21
12
10
33
38
110
86
22
104
1999-2001
52
94
5
85
30
71
75
13
54
72
128
104
1
88
9
65
37
4
25
124
106
32
34
50
69
41
98
67
82
26
20
10
11
36
31
113
91
21
102
2000-2002
/...
44
91
5
118
30
79
78
3
56
51
133
99
1
92
11
57
46
2
21
131
93
70
34
37
64
22
74
48
66
19
24
13
40
38
28
123
88
10
111
2001-2003
ANNEX A
281
Finland
France
Gabon
Gambia
Georgia
Germany
Ghana
Greece
Guatemala
Guinea
Guyana
Haiti
Honduras
Hong Kong, China
Hungary
Iceland
India
Indonesia
Iran, Islamic Republic of
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea, Republic of
Kuwait
Kyrgyzstan
Latvia
Lebanon
Libyan Arab Jamahiriya
Lithuania
Madagascar
Malawi
Malaysia
Mali
Economy
65
45
36
9
..
87
90
37
22
60
59
82
33
3
63
85
98
56
112
51
80
64
25
105
75
..
74
81
101
..
..
94
69
..
73
43
4
86
1988-1990
88
49
114
7
..
84
86
48
57
60
36
82
37
15
26
81
103
56
116
35
89
79
12
105
92
..
68
83
107
..
..
95
74
..
66
102
3
93
1989-1991
102
53
67
14
..
113
98
56
64
69
1
105
47
18
17
107
118
59
130
28
97
93
8
119
81
91
94
99
116
..
22
106
89
78
74
135
4
134
1990-1992
96
56
133
23
..
123
68
61
63
77
1
110
45
14
8
125
113
59
127
26
90
99
13
124
130
25
111
105
115
66
27
109
103
67
82
135
3
131
1991-1993
72
64
137
26
119
123
36
68
75
109
1
136
60
8
15
134
112
65
132
35
90
106
19
128
127
29
126
116
125
31
16
111
122
80
100
95
5
133
1992-1994
75
67
139
30
117
113
39
82
94
125
1
135
59
13
7
132
108
58
124
48
77
110
36
129
134
16
120
118
126
20
18
115
136
80
111
88
6
51
1993-1995
81
71
140
27
82
116
42
90
107
124
2
135
61
14
9
118
104
50
132
40
70
120
37
133
127
19
126
121
112
24
13
114
136
68
123
88
10
44
1994-1996
93
78
140
24
34
115
79
102
113
122
5
132
56
15
7
97
103
54
133
42
70
124
45
134
65
16
128
121
118
25
12
105
137
51
129
110
13
46
1995-1997
97
85
140
28
25
115
102
117
90
119
8
135
70
14
10
86
111
77
137
23
80
130
43
136
52
24
132
113
123
33
13
106
138
29
127
116
19
96
1996-1998
78
77
139
20
27
96
85
121
90
111
23
123
67
12
15
93
116
118
136
9
80
125
35
134
53
25
130
102
133
34
24
103
138
28
115
99
33
109
1997-1999
55
72
137
17
39
49
86
119
92
111
21
121
60
3
23
98
118
138
134
4
69
117
29
129
38
24
124
95
130
65
33
99
135
35
101
93
50
108
1998-2000
Annex table A.I.5. Inward FDI Performance Index rankings, 1988-2003 a (continued)
46
66
139
13
61
40
76
113
98
116
19
124
55
2
26
95
121
138
132
5
63
108
23
130
53
15
125
97
133
106
49
96
135
57
94
85
71
84
1999-2001
33
58
117
14
45
40
95
118
99
125
18
129
61
2
27
87
121
139
135
3
66
100
22
131
57
12
126
107
136
132
47
96
137
46
101
110
70
63
2000-2002
/...
43
50
95
7
27
102
94
127
100
125
26
134
59
9
33
89
114
139
136
4
60
98
20
132
84
8
129
120
137
115
41
90
116
55
105
109
75
52
2001-2003
282
World Investment Report 2004: The Shift Towards Services
Malta
Mexico
Moldova, Republic of
Mongolia
Morocco
Mozambique
Myanmar
Namibia
Nepal
Netherlands
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russian Federation
Rwanda
Saudi Arabia
Senegal
Sierra Leone
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
Sudan
Suriname
Economy
21
35
..
..
62
88
28
78
97
13
6
96
57
7
50
34
72
116
2
58
91
30
100
12
110
..
..
61
83
67
48
1
..
..
108
19
68
109
117
1988-1990
17
42
..
76
59
72
25
29
100
14
10
44
63
8
64
41
69
31
2
51
96
46
94
11
91
..
..
77
73
75
23
1
..
..
109
22
70
113
118
1989-1991
33
54
13
90
61
68
26
16
111
25
10
36
46
24
128
57
75
32
6
48
131
51
82
21
87
109
108
100
77
86
49
2
72
84
122
27
66
132
11
1990-1992
30
58
22
81
47
57
41
20
112
39
11
29
69
17
129
60
76
34
24
53
74
42
62
33
75
104
107
102
93
116
132
5
64
71
120
35
55
128
137
1991-1993
21
39
38
82
46
52
61
27
118
43
11
33
78
7
77
73
83
24
25
55
20
37
49
47
67
85
110
108
99
91
138
4
57
76
121
40
53
102
140
1992-1994
19
38
33
81
63
54
52
29
122
41
12
35
123
10
61
97
85
25
9
70
15
43
44
71
68
84
109
119
131
91
137
2
64
89
107
57
72
102
140
1993-1995
11
30
43
79
75
52
32
28
122
35
21
26
110
16
60
115
77
23
5
67
12
48
39
78
45
83
106
130
138
94
105
3
63
96
103
72
86
108
137
1994-1996
22
37
38
82
69
62
19
35
123
36
26
14
109
28
60
126
91
11
8
71
23
66
44
84
43
67
101
130
135
77
100
3
85
94
90
95
80
117
138
1995-1997
17
50
46
78
79
42
20
59
126
26
48
11
129
35
66
121
104
6
18
64
34
72
47
74
41
51
107
133
99
83
110
5
76
101
100
95
89
91
88
1996-1998
10
64
47
73
76
26
38
87
128
19
68
11
127
59
57
120
108
13
46
70
58
79
50
83
71
51
104
131
101
69
126
5
81
107
98
84
89
72
135
1997-1999
5
73
30
62
100
26
67
74
132
9
61
13
131
80
58
127
114
22
46
85
77
82
47
66
96
63
104
128
126
91
133
6
41
112
113
59
106
68
140
1998-2000
Annex table A.I.5. Inward FDI Performance Index rankings, 1988-2003 a (continued)
6
67
20
45
58
25
83
32
131
8
50
14
120
82
69
129
117
41
43
103
79
89
48
51
99
74
107
128
136
91
119
4
28
109
80
42
111
60
140
1999-2001
44
64
15
28
62
35
84
19
134
7
53
17
119
79
93
130
116
68
86
108
77
90
56
43
81
73
111
127
138
105
123
6
8
59
78
29
112
48
140
2000-2002
81
61
25
15
32
23
85
18
130
16
65
17
107
69
108
126
97
45
80
106
63
96
68
71
67
62
119
128
138
103
122
6
12
53
77
36
104
29
140
/...
2001-2003
ANNEX A
283
Note:
UNCTAD.
52
31
53
49
..
..
17
44
20
54
70
107
..
92
11
95
41
71
..
40
47
115
5
113
1988-1990
Source:
Sweden
Switzerland
Syrian Arab Republic
Taiwan Province of China
Tajikistan
TFYR Macedonia
Thailand
Togo
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United Republic of Tanzania
United States
Uruguay
Uzbekistan
Venezuela
Viet Nam
Yemen
Zambia
Zimbabwe
Economy
39
38
67
58
..
..
19
61
13
53
71
111
..
112
18
104
62
78
..
27
20
54
9
115
1989-1991
60
55
88
76
92
..
29
96
19
34
79
129
62
124
37
115
80
103
120
40
12
5
20
123
1990-1992
51
92
88
86
83
..
40
134
9
21
89
78
72
85
49
106
87
94
101
43
6
2
54
100
1991-1993
51
96
70
98
81
105
58
135
6
17
101
56
86
93
62
88
92
87
74
71
3
2
59
97
1992-1994
23
96
74
100
55
112
73
78
4
31
104
47
98
92
66
62
93
87
105
76
3
27
49
83
1993-1995
29
84
85
100
62
117
76
66
8
47
109
46
97
102
64
49
93
98
111
59
6
139
41
80
1994-1996
29
86
112
106
73
119
74
89
6
72
114
53
96
107
59
55
98
104
108
31
9
139
30
87
1995-1997
32
69
122
120
84
94
53
105
4
71
125
60
98
118
45
75
93
114
108
27
12
139
30
58
1996-1998
7
56
113
117
86
88
44
100
6
75
122
61
95
137
41
54
82
114
110
39
21
140
29
65
1997-1999
8
36
105
110
87
70
44
88
14
71
123
56
97
136
25
57
75
107
115
54
37
139
40
76
1998-2000
Annex table A.I.5. Inward FDI Performance Index rankings, 1988-2003 a (concluded)
9
36
105
101
93
29
59
68
16
75
112
52
88
134
30
39
77
100
118
70
44
137
62
126
1999-2001
23
39
114
103
83
24
80
49
16
60
109
42
89
120
38
55
92
97
122
74
51
115
76
133
2000-2002
42
49
121
117
82
31
87
54
14
58
110
35
73
101
83
47
112
86
113
72
39
124
76
135
2001-2003
284
World Investment Report 2004: The Shift Towards Services
0.905
0.534
0.716
0.432
0.733
0.628
0.502
0.425
0.546
0.627
0.708
0.485
0.522
0.712
0.598
0.735
0.539
0.448
0.361
0.642
0.605
0.602
0.708
1.000
0.478
0.479
0.091
0.676
0.561
0.601
0.631
0.477
0.536
0.797
0.468
0.687
0.612
0.619
0.752
(%)
7.7
2.7
5.1
1.3
5.4
3.9
2.2
1.2
2.8
3.9
5.0
2.0
2.5
5.1
3.5
5.4
2.7
1.5
0.3
4.1
3.6
3.6
5.0
9.0
1.9
1.9
-3.4
4.6
3.0
3.6
4.0
1.9
2.7
6.2
1.8
4.7
3.7
3.8
5.6
Economy
Albania
Algeria
Angola
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Belarus
Belgium and
Luxembourg
Benin
Bolivia
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Cameroon
Canada
Chile
China
Colombia
Congo
Congo, Dem. Rep. of
Costa Rica
Cte dIvoire
Croatia
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Score
0-1
27268.3
383.8
945.0
3352.2
3039.5
12697.6
1768.9
208.5
581.7
22967.9
4513.3
901.7
1923.2
986.3
99.7
3984.7
673.4
4418.7
11844.0
5921.1
30897.7
2432.2
1442.1
1365.7
2143.1
4159.7
96.2
1329.6
1775.4
696.4
5847.6
562.8
19922.5
24056.8
703.2
15927.2
12071.7
335.8
1298.0
(Dollars)
0.708
0.007
0.022
0.085
0.077
0.328
0.044
0.003
0.013
0.596
0.115
0.021
0.048
0.023
0.000
0.101
0.015
0.113
0.306
0.152
0.802
0.061
0.035
0.033
0.053
0.106
0.000
0.032
0.044
0.016
0.150
0.012
0.516
0.624
0.016
0.412
0.312
0.006
0.031
Score
0-1
98.8
20.6
19.9
54.3
13.1
..
54.9
10.7
29.9
44.0
33.5
27.1
20.6
79.1
12.7
44.2
40.5
46.3
48.8
64.5
44.4
41.1
33.1
16.6
26.6
89.4
16.2
19.5
37.9
77.1
16.7
26.5
21.2
51.7
41.8
53.4
82.7
15.0
69.9
(As a %
of GDP)
0.541
0.111
0.107
0.296
0.070
..
0.299
0.056
0.162
0.240
0.182
0.147
0.111
0.432
0.067
0.240
0.221
0.252
0.266
0.352
0.242
0.224
0.180
0.089
0.144
0.489
0.087
0.105
0.206
0.421
0.090
0.143
0.114
0.282
0.227
0.291
0.452
0.080
0.382
Score
0-1
Total exports
641.6
8.8
64.4
84.9
207.7
252.2
360.2
5.0
6.7
650.0
224.4
138.7
173.9
7.1
0.2
234.6
18.7
403.1
655.6
372.3
708.4
108.4
103.6
100.1
101.5
356.0
4.4
61.6
60.0
5.8
221.0
141.0
539.9
490.6
108.0
394.1
266.6
4.4
287.5
0.856
0.011
0.086
0.113
0.277
0.337
0.481
0.006
0.009
0.868
0.299
0.185
0.232
0.009
0.000
0.313
0.025
0.538
0.875
0.497
0.946
0.144
0.138
0.133
0.135
0.475
0.006
0.082
0.080
0.007
0.295
0.188
0.721
0.655
0.144
0.526
0.356
0.006
0.384
793.9
20.0
90.0
183.7
168.2
343.4
204.9
4.5
24.2
336.6
331.4
112.3
78.6
46.4
4.6
79.2
46.3
389.1
454.0
650.4
734.6
145.2
75.1
43.8
130.1
497.5
0.5
137.7
6.3
5.9
179.6
10.1
553.6
781.0
83.9
230.3
456.6
4.7
21.8
540.6
956.1
656.9
1663.3
687.4
5782.4
3675.1
1493.3
..
9298.4
144.5
2420.6
Per
capita
0.265
0.007
0.016
..
0.036
..
0.083
..
0.010
0.303
0.056
0.029
0.020
0.004
0.006
0.027
0.011
0.062
0.115
0.144
0.136
0.030
0.019
0.022
0.020
0.123
0.006
0.015
0.031
0.020
0.058
0.021
0.216
0.135
0.052
..
0.350
0.000
0.087
Score
0-1
Energy use
0.842 7077.9
0.021 316.1
0.095 551.6
0.194
..
0.178 1076.7
0.364
..
0.217 2316.4
0.004
..
0.025 416.8
0.357 8051.6
0.351 1605.4
0.119 897.5
0.083 678.0
0.049 245.8
0.004 299.8
0.084 859.4
0.049 420.7
0.412 1770.8
0.481 3160.4
0.690 3899.4
0.779 3693.4
0.154 920.5
0.079 653.4
0.046 722.2
0.137 658.4
0.527 3369.0
0.000 291.0
0.146
0.006
0.006
0.190
0.010
0.587
0.828
0.089
0.244
0.484
0.005
0.023
2.0
..
0.3
..
1.1
..
0.5
0.2
..
1.9
0.6
1.0
0.2
..
..
0.2
..
1.0
0.3
1.3
2.1
..
0.1
0.2
0.0
0.7
..
..
..
..
0.4
0.2
1.5
1.9
0.4
..
..
..
..
(As a %
of GDP)
0.311
..
0.048
..
0.165
..
0.086
0.029
..
0.304
0.086
0.164
0.026
..
..
0.030
..
0.154
0.039
0.208
0.339
..
0.013
0.029
0.000
0.104
..
..
..
..
0.067
0.030
0.241
0.299
0.057
..
..
..
..
R&D expenditures
3.42
0.32
3.35
0.47
1.63
1.21
3.00
0.08
0.45
3.89
2.97
0.95
2.21
0.46
0.12
1.53
0.68
2.33
1.52
2.54
3.62
2.22
2.01
3.71
1.89
4.14
0.14
1.31
1.52
0.06
4.38
1.95
4.47
3.22
2.11
2.20
1.86
0.68
4.28
0.531
0.045
0.520
0.069
0.251
0.185
0.466
0.008
0.066
0.605
0.461
0.144
0.341
0.067
0.014
0.235
0.101
0.360
0.233
0.393
0.563
0.344
0.311
0.576
0.291
0.644
0.017
0.201
0.233
0.005
0.681
0.301
0.696
0.500
0.326
0.340
0.286
0.102
0.666
87.7
..
65.8
79.3
62.3
88.3
70.8
58.3
62.0
84.8
76.8
75.0
60.8
60.8
47.3
73.5
51.8
72.3
80.5
76.3
87.8
67.3
60.8
67.5
71.8
74.8
57.0
67.3
63.8
53.8
48.0
60.3
82.5
86.8
67.3
76.0
81.0
61.3
61.5
0.929
..
0.528
0.776
0.464
0.941
0.620
0.391
0.459
0.877
0.730
0.697
0.437
0.437
0.189
0.670
0.272
0.648
0.798
0.721
0.932
0.556
0.437
0.560
0.639
0.694
0.367
0.556
0.492
0.308
0.202
0.428
0.835
0.914
0.556
0.716
0.807
0.446
0.450
1.99
0.00
0.08
0.05
1.02
0.32
0.15
0.00
0.14
6.52
1.10
1.83
0.69
0.35
0.03
0.01
0.09
0.08
0.01
0.25
0.54
0.01
0.30
0.32
0.01
0.05
0.00
0.00
3.04
1.01
0.76
0.01
3.67
0.40
0.26
0.01
0.71
0.00
0.22
Students at the
tertiary level
Country risk
2000
As of December 2002
(As a %
Compo(As a %
Score
of total
Score
site risk Score
of world
0-1 population)
0-1
rating
0-1
total)
0.224
0.000
0.009
0.005
0.115
0.036
0.017
0.000
0.016
0.733
0.124
0.206
0.077
0.040
0.003
0.001
0.010
0.009
0.001
0.028
0.060
0.001
0.034
0.036
0.002
0.005
0.000
0.000
0.342
0.113
0.086
0.001
0.412
0.044
0.030
0.002
0.080
0.000
0.024
Score
0-1
Exports
of natural
resources
2.33
0.00
0.01
0.01
0.99
0.00
0.02
0.00
0.01
6.02
0.11
5.21
0.08
..
..
0.07
0.00
0.04
0.03
0.60
0.46
0.03
0.03
0.12
0.02
0.09
0.01
0.01
0.02
..
0.32
0.00
0.86
1.03
0.01
0.01
0.02
0.01
0.03
0.132
0.000
0.001
0.000
0.056
0.000
0.001
0.000
0.000
0.340
0.006
0.294
0.005
..
..
0.004
0.000
0.002
0.002
0.034
0.026
0.002
0.002
0.007
0.001
0.005
0.000
0.000
0.001
..
0.018
0.000
0.049
0.058
0.000
0.000
0.001
0.000
0.002
3.384
0.009
0.015
0.025
0.613
..
0.155
0.002
0.023
2.473
0.262
2.232
0.131
0.010
..
0.124
0.035
0.313
0.212
0.451
1.656
0.203
0.059
0.604
0.057
0.102
0.033
0.034
0.041
0.015
0.261
0.011
1.123
2.159
0.020
0.127
0.061
0.051
0.066
0.180
0.000
0.001
0.001
0.033
..
0.008
0.000
0.001
0.132
0.014
0.119
0.007
0.000
..
0.007
0.002
0.017
0.011
0.024
0.088
0.011
0.003
0.032
0.003
0.005
0.002
0.002
0.002
0.001
0.014
0.000
0.060
0.115
0.001
0.007
0.003
0.003
0.003
Imports of parts/
accessories of
electronics and
Exports in
automobiles
services
Average 2000-2002
(As a %
(As a %
of world Score
of world
Score
total)
0-1
total)
0-1
Annex table A.I.6. Raw data and scores for the variables included in the UNCTAD Inward FDI Potential index, 2000-2002
3.006
0.009
0.088
0.026
3.277
0.069
0.052
0.002
0.020
3.196
0.685
5.987
0.239
0.031
0.009
0.086
0.052
0.074
0.068
0.438
1.026
0.094
0.127
0.304
0.033
0.050
0.015
0.011
0.069
0.148
1.134
0.009
1.725
0.539
0.066
0.026
0.091
0.016
0.022
(As a %
of world
total)
/...
0.157
0.004
0.008
0.005
0.170
0.007
0.006
0.004
0.005
0.166
0.038
0.308
0.016
0.005
0.004
0.008
0.006
0.007
0.007
0.026
0.056
0.008
0.010
0.019
0.005
0.006
0.004
0.004
0.007
0.011
0.061
0.004
0.091
0.031
0.007
0.005
0.008
0.004
0.005
Score
0-1
ANNEX A
285
(%)
3.8
2.2
2.6
3.6
2.1
1.5
4.3
3.0
3.9
4.3
3.6
0.2
2.8
3.3
3.4
3.7
6.0
2.5
3.6
8.7
4.1
1.8
0.5
1.2
3.8
0.4
2.0
5.3
3.1
0.7
3.5
3.4
1.1
2.2
2.5
3.5
5.3
4.5
4.1
3.2
Finland
France
Gabon
Gambia
Georgia
Germany
Ghana
Greece
Guatemala
Guinea
Guyana
Haiti
Honduras
Hong Kong, China
Hungary
Iceland
India
Indonesia
Iran, Islamic Rep. of
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea, Republic of
Kuwait
Kyrgyzstan
Latvia
Lebanon
Libyan Arab Jamahiriya
Lithuania
Madagascar
Malawi
Malaysia
Mali
Malta
Mexico
0.621
0.501
0.527
0.603
0.495
0.449
0.651
0.559
0.623
0.657
0.605
0.354
0.547
0.584
0.587
0.612
0.778
0.523
0.602
0.974
0.639
0.473
0.378
0.427
0.619
0.365
0.488
0.731
0.567
0.389
0.592
0.592
0.420
0.500
0.524
0.598
0.727
0.670
0.642
0.572
24028.7
22684.6
3762.4
299.6
608.9
23162.8
275.0
11364.8
1804.3
375.6
926.6
439.8
958.6
23473.9
5527.8
29254.5
473.6
720.2
1554.1
27781.6
17425.2
19400.4
3066.8
33772.3
1752.4
1333.9
363.6
9669.9
17609.0
300.6
3220.9
4733.4
5080.7
3351.3
261.0
153.7
4021.7
241.2
9406.4
6115.5
(Dollars)
(As a %
of GDP)
0.220
0.151
0.370
0.284
0.138
0.190
0.249
0.123
0.099
0.148
0.517
0.062
0.212
0.806
0.389
0.208
0.076
0.223
0.133
0.526
0.210
0.151
0.220
0.057
0.237
0.277
0.140
0.230
0.295
0.214
0.246
0.073
0.203
0.272
0.135
0.140
0.648
0.165
0.507
0.155
538.0
573.2
28.7
26.6
115.7
631.8
12.0
518.7
64.9
3.3
87.6
11.4
47.7
577.8
372.0
666.5
36.4
34.5
168.1
490.2
469.2
475.3
186.8
573.4
125.8
121.3
10.4
483.7
208.3
77.5
303.7
187.0
113.1
301.6
3.7
5.5
195.5
4.7
525.6
136.2
0.718
0.765
0.038
0.035
0.154
0.843
0.016
0.692
0.086
0.004
0.117
0.015
0.063
0.771
0.497
0.890
0.048
0.046
0.224
0.654
0.626
0.635
0.249
0.765
0.168
0.162
0.014
0.646
0.278
0.103
0.405
0.249
0.151
0.402
0.005
0.007
0.261
0.006
0.702
0.182
797.2
581.9
172.5
39.5
67.1
665.2
12.1
719.5
101.6
8.3
77.4
11.6
36.6
872.9
493.9
845.1
7.3
34.7
27.0
728.9
854.3
853.1
307.1
583.5
157.7
37.5
21.6
627.8
374.1
5.9
279.6
227.3
9.6
297.9
8.0
6.1
303.3
3.4
534.4
204.6
Per
capita
0.241
0.163
0.045
..
0.016
0.155
0.010
0.095
0.018
..
..
0.004
0.013
0.089
0.090
0.436
0.014
0.022
0.066
0.139
0.116
0.108
0.052
0.151
0.034
0.091
0.014
0.148
0.313
0.013
0.058
0.042
0.105
0.078
..
..
0.073
..
0.071
0.053
Score
0-1
Energy use
0.845 6451.3
0.617 4402.3
0.182 1319.5
0.041
..
0.071 568.6
0.705 4201.1
0.012 405.2
0.763 2623.7
0.107 626.5
0.008
..
0.082
..
0.012 260.9
0.038 473.5
0.926 2473.5
0.523 2494.2
0.896 11540.9
0.007 510.9
0.036 708.6
0.028 1863.1
0.773 3780.7
0.906 3166.8
0.904 2971.6
0.325 1504.8
0.619 4100.7
0.167 1035.4
0.039 2527.5
0.022 507.8
0.665 4005.3
0.396 8312.8
0.006 484.4
0.296 1649.3
0.241 1229.5
0.010 2893.0
0.316 2192.1
0.008
..
0.006
..
0.321 2057.4
0.003
..
0.566 1998.2
0.216 1540.6
Total exports
0.623 40.4
0.588 27.9
0.095 67.7
0.005 52.0
0.013 25.5
0.601 35.1
0.005 45.7
0.293 22.8
0.044 18.4
0.007 27.3
0.022 94.5
0.009 11.8
0.022 39.0
0.609 147.1
0.141 71.2
0.759 38.2
0.010 14.3
0.016 41.0
0.038 24.7
0.721 96.1
0.451 38.7
0.503 27.9
0.077 40.4
0.877 10.8
0.043 43.6
0.032 50.8
0.007 26.0
0.249 42.4
0.456 54.1
0.005 39.3
0.081 45.2
0.121 13.7
0.130 37.3
0.085 49.9
0.004 25.0
0.001 26.0
0.102 118.4
0.004 30.4
0.242 92.7
0.157 28.6
Score
0-1
Score
0-1
Economy
3.4
2.2
..
..
0.3
2.5
..
0.7
..
..
..
..
..
0.4
0.9
2.9
..
..
..
1.2
4.9
1.1
..
3.0
6.3
0.3
..
2.8
0.2
0.2
0.4
..
..
0.6
0.1
..
0.4
..
..
0.4
(As a %
of GDP)
0.534
0.347
..
..
0.051
0.394
..
0.106
..
..
..
..
..
0.069
0.137
0.463
..
..
..
0.181
0.778
0.168
..
0.479
1.000
0.045
..
0.444
0.030
0.029
0.062
..
..
0.099
0.020
..
0.062
..
..
0.067
R&D expenditures
5.23
3.44
0.64
0.09
2.83
2.54
0.32
4.49
0.80
0.11
1.07
0.10
1.40
1.85
3.29
3.62
0.94
1.42
1.08
4.47
4.36
3.16
1.65
3.13
2.19
2.75
0.33
6.41
1.78
4.05
4.36
4.08
5.12
3.70
0.20
0.03
2.47
0.17
1.91
2.07
0.815
0.534
0.096
0.010
0.439
0.393
0.045
0.699
0.121
0.013
0.163
0.011
0.214
0.285
0.511
0.563
0.143
0.218
0.165
0.695
0.678
0.491
0.253
0.486
0.339
0.426
0.047
1.000
0.275
0.631
0.679
0.635
0.798
0.576
0.026
0.000
0.382
0.023
0.295
0.320
89.0
81.3
66.3
66.3
..
82.8
59.8
74.5
67.0
63.0
61.5
51.5
63.5
84.3
78.0
79.5
66.3
58.3
63.3
88.8
65.3
79.3
69.8
85.3
70.5
71.8
57.5
79.8
81.0
..
76.5
55.5
70.0
74.0
58.8
53.5
77.5
58.3
79.8
70.8
0.954
0.813
0.538
0.538
..
0.840
0.418
0.688
0.550
0.477
0.450
0.266
0.486
0.868
0.752
0.780
0.538
0.391
0.483
0.950
0.519
0.776
0.602
0.886
0.615
0.639
0.376
0.785
0.807
..
0.725
0.339
0.606
0.679
0.400
0.303
0.743
0.391
0.785
0.620
0.40
1.93
0.31
0.00
0.02
3.15
0.04
0.30
0.02
0.04
0.01
0.00
0.01
0.07
0.16
0.06
0.56
2.48
3.26
0.12
0.07
1.13
0.10
1.04
0.04
0.90
0.04
1.41
2.32
0.01
0.02
0.01
1.80
0.14
0.00
0.00
1.35
0.00
0.00
2.30
Students at the
tertiary level
Country risk
2000
As of December 2002
(As a %
Compo(As a %
Score
of total
Score site risk Score of world
0-1 population) 0-1
rating
0-1
total)
0.045
0.218
0.035
0.000
0.002
0.354
0.004
0.033
0.003
0.005
0.001
0.000
0.001
0.007
0.018
0.007
0.063
0.279
0.366
0.013
0.008
0.127
0.012
0.117
0.005
0.101
0.005
0.159
0.261
0.001
0.002
0.001
0.202
0.016
0.000
0.000
0.152
0.000
0.000
0.258
Exports
of natural
resources
0.52
3.89
0.00
0.00
0.00
6.49
0.01
0.28
0.04
0.00
0.00
..
0.00
5.44
0.92
0.01
0.35
0.28
..
1.70
0.27
2.04
0.01
3.97
0.06
0.02
0.01
1.86
..
0.00
0.03
0.03
..
0.03
..
0.00
3.96
0.00
0.01
4.28
0.029
0.220
0.000
0.000
0.000
0.367
0.000
0.016
0.002
0.000
0.000
..
0.000
0.308
0.052
0.001
0.020
0.016
..
0.096
0.015
0.115
0.001
0.224
0.003
0.001
0.000
0.105
..
0.000
0.001
0.001
..
0.002
..
0.000
0.223
0.000
0.001
0.242
0.399
5.353
0.019
0.008
0.019
6.117
0.034
1.271
0.064
0.006
0.010
0.012
0.032
2.746
0.460
0.071
1.186
0.350
0.089
1.479
0.810
3.763
0.127
4.302
0.100
0.087
0.067
1.892
0.117
0.005
0.079
..
0.004
0.079
0.009
0.002
0.919
0.006
0.071
0.845
(As a %
of world
total)
/...
0.025
0.247
0.002
0.004
0.004
0.345
0.005
0.013
0.007
0.004
0.004
0.004
0.005
0.337
0.021
0.004
0.021
0.048
0.006
0.111
0.022
0.092
0.007
0.045
0.005
0.013
0.004
0.035
0.004
0.004
0.005
0.005
0.000
0.006
0.004
0.004
0.045
0.004
0.006
0.104
Score
0-1
0.021
0.414
0.285
4.774
0.001 - 0.023
0.000
0.004
0.001
0.008
0.326
6.714
0.002
0.023
0.068
0.184
0.003
0.058
0.000
0.004
0.000
0.012
0.001
0.003
0.002
0.025
0.146
6.552
0.024
0.351
0.004
0.010
0.063
0.337
0.019
0.882
0.005
0.039
0.079
2.108
0.043
0.371
0.201
1.746
0.007
0.059
0.229
0.805
0.005
0.035
0.005
0.188
0.003
0.016
0.101
0.611
0.006
0.007
0.000
0.007
0.004
0.036
..
0.021
0.000 - 0.070
0.004
0.045
0.000
0.006
0.000
0.005
0.049
0.817
0.000
0.007
0.004
0.045
0.045
1.972
Imports of parts/
accessories of
electronics and
Exports in
automobiles
services
Average 2000-2002
(As a %
(As a %
Score of world Score of world
Score
0-1
total)
0-1
total)
0-1
Annex table A.I.6. Raw data and scores for the variables included in the UNCTAD Inward FDI Potential index, 2000-2002 (continued)
286
World Investment Report 2004: The Shift Towards Services
(%)
-4.0
2.9
3.0
8.1
8.0
3.5
4.6
3.1
3.3
5.2
3.3
2.4
3.5
3.8
3.3
3.8
1.2
1.5
4.0
3.9
4.8
3.1
7.8
0.6
-0.6
4.3
1.9
4.5
-2.9
6.1
3.9
4.2
2.7
3.2
4.6
5.5
1.6
2.9
1.3
3.8
Moldova, Republic of
Mongolia
Morocco
Mozambique
Myanmar
Namibia
Nepal
Netherlands
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russian Federation
Rwanda
Saudi Arabia
Senegal
Sierra Leone
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
Sudan
Suriname
Sweden
Switzerland
Syrian Arab Republic
0.045
0.550
0.557
0.932
0.923
0.595
0.677
0.563
0.579
0.717
0.584
0.512
0.599
0.619
0.580
0.617
0.430
0.452
0.630
0.621
0.691
0.566
0.914
0.386
0.297
0.651
0.476
0.672
0.124
0.786
0.622
0.644
0.534
0.574
0.677
0.745
0.455
0.554
0.432
0.616
341.5
422.7
1135.1
192.3
..
1740.4
232.5
24442.8
14027.9
475.7
168.8
380.7
38498.8
7643.2
418.1
3732.0
619.9
1196.0
2096.3
971.7
4631.1
11211.5
29037.5
1826.7
2112.5
220.8
8943.2
486.6
157.2
21397.5
3972.1
9889.4
2655.9
15013.4
847.6
389.9
2001.7
25640.5
35070.9
1187.6
(Dollars)
(As a %
of GDP)
0.278
0.331
0.158
0.066
0.000
0.244
0.113
0.355
0.192
0.198
0.092
0.317
0.247
0.304
0.090
0.400
0.399
0.130
0.086
0.279
0.156
0.168
0.196
0.184
0.209
0.040
0.224
0.160
0.090
1.000
0.399
0.322
0.167
0.160
0.201
0.080
0.305
0.252
0.235
0.203
146.5
51.3
42.8
4.9
6.3
63.6
13.1
619.1
470.1
31.5
1.9
4.9
733.4
86.4
23.3
134.3
12.0
50.0
70.1
41.4
289.2
425.2
277.2
184.0
229.1
2.6
142.0
22.7
4.5
472.9
290.6
434.2
110.2
455.4
44.1
15.8
171.0
749.1
737.9
112.0
0.195
0.068
0.057
0.006
0.008
0.085
0.017
0.827
0.627
0.042
0.002
0.006
0.979
0.115
0.031
0.179
0.016
0.066
0.093
0.055
0.386
0.568
0.370
0.245
0.306
0.003
0.189
0.030
0.006
0.631
0.388
0.580
0.147
0.608
0.059
0.021
0.228
1.000
0.985
0.149
53.3
78.4
151.4
8.5
0.6
60.3
0.7
728.1
543.0
28.4
0.6
5.7
807.5
120.0
5.6
166.0
2.1
213.9
65.0
143.7
265.4
754.0
311.0
173.0
65.0
8.9
131.4
37.3
7.1
734.5
382.8
727.7
245.6
720.8
36.0
3.3
172.5
804.0
720.3
12.5
Per
capita
..
..
0.009
0.010
0.004
0.016
0.008
0.176
0.172
0.015
..
0.022
0.220
0.138
0.012
0.032
..
0.023
0.013
0.015
0.085
0.087
1.000
0.057
0.156
..
0.182
0.007
..
0.235
0.121
0.122
0.089
0.111
0.011
0.012
..
0.209
0.139
0.032
Score
0-1
Energy use
0.056
..
0.083
..
0.160 367.8
0.009 411.9
0.000 260.1
0.063 561.3
0.000 351.8
0.772 4735.7
0.576 4633.2
0.030 539.0
0.000
..
0.006 719.4
0.856 5885.8
0.127 3740.5
0.005 459.9
0.176 969.4
0.002
..
0.226 748.8
0.068 479.4
0.152 544.7
0.281 2364.6
0.799 2425.4
0.329 26270.6
0.183 1628.1
0.068 4210.8
0.009
..
0.139 4911.8
0.039 322.6
0.007
..
0.779 6284.6
0.406 3312.6
0.771 3322.5
0.260 2475.3
0.764 3047.5
0.038 425.3
0.003 470.5
0.182
..
0.852 5596.4
0.764 3767.1
0.013 973.9
Total exports
0.006 51.0
0.009 60.7
0.027 29.1
0.003 12.4
..
0.4
0.043 44.9
0.004 21.1
0.634 65.1
0.363 35.4
0.010 36.5
0.002 17.1
0.007 58.0
1.000 45.4
0.197 55.6
0.008 16.8
0.095 73.2
0.014 73.1
0.029 24.1
0.052 16.0
0.023 51.2
0.118 28.8
0.289 31.0
0.754 36.1
0.045 34.0
0.053 38.4
0.003
7.7
0.230 41.2
0.010 29.5
0.002 16.8
0.555 182.4
0.101 73.0
0.255 59.1
0.067 30.8
0.388 29.5
0.020 37.0
0.008 14.9
0.050 55.9
0.665 46.2
0.911 43.2
0.028 37.4
Score
0-1
Score
0-1
Economy
0.6
..
..
..
..
..
..
1.9
1.0
0.1
..
..
1.6
..
..
0.4
..
..
0.1
..
0.7
0.8
..
0.4
1.1
..
..
0.0
..
2.0
0.6
1.6
..
1.0
0.2
..
..
4.6
2.6
0.2
(As a %
of GDP)
0.097
..
..
..
..
..
..
0.307
0.162
0.022
..
..
0.258
..
..
0.069
..
..
0.016
..
0.107
0.126
..
0.059
0.174
..
..
0.000
..
0.315
0.096
0.248
..
0.149
0.028
..
..
0.729
0.416
0.028
R&D expenditures
2.35
3.19
1.09
0.05
1.21
0.56
0.43
3.19
4.45
1.21
0.12
0.40
4.25
0.76
0.18
3.18
0.21
1.51
2.96
3.20
4.58
3.93
1.30
2.39
4.92
0.17
1.93
0.33
0.18
2.73
2.67
4.61
1.60
4.63
0.36
0.71
0.73
4.02
2.21
0.61
0.363
0.495
0.167
0.003
0.185
0.084
0.063
0.496
0.693
0.185
0.015
0.057
0.662
0.114
0.023
0.493
0.029
0.232
0.459
0.497
0.713
0.610
0.199
0.369
0.766
0.021
0.298
0.046
0.024
0.423
0.414
0.717
0.245
0.720
0.051
0.106
0.109
0.625
0.342
0.091
64.0
64.0
72.8
61.3
62.3
76.5
..
83.5
80.8
53.8
57.5
51.0
91.3
79.8
58.5
71.0
63.0
56.5
68.8
71.0
76.3
78.3
79.3
69.5
70.0
..
72.5
65.5
52.3
90.0
75.8
80.3
68.8
80.8
63.3
54.3
61.8
84.5
91.5
69.8
0.495
0.495
0.657
0.446
0.464
0.725
..
0.853
0.804
0.308
0.376
0.257
0.996
0.785
0.394
0.624
0.477
0.358
0.583
0.624
0.721
0.758
0.776
0.596
0.606
..
0.651
0.523
0.281
0.972
0.712
0.794
0.583
0.804
0.483
0.317
0.455
0.872
1.000
0.602
0.00
0.03
0.13
0.04
0.02
0.02
0.00
2.59
0.12
0.00
0.01
3.78
5.68
1.25
0.03
0.01
0.27
0.00
0.37
0.14
0.48
0.14
1.17
0.21
8.74
0.00
8.89
0.02
0.00
1.72
0.18
0.07
0.74
0.87
0.01
0.17
0.05
0.62
0.57
0.57
Students at the
tertiary level
Country risk
2000
As of December 2002
(As a %
Compo(As a %
Score
of total
Score site risk Score of world
0-1 population) 0-1
rating
0-1
total)
0.000
0.003
0.015
0.004
0.002
0.002
0.000
0.291
0.014
0.000
0.001
0.426
0.639
0.141
0.003
0.001
0.030
0.000
0.042
0.015
0.054
0.015
0.132
0.024
0.982
0.000
1.000
0.003
0.000
0.193
0.020
0.007
0.083
0.098
0.001
0.019
0.006
0.070
0.064
0.064
Exports
of natural
resources
0.00
0.00
0.05
0.00
..
0.01
0.00
3.08
0.13
0.01
0.00
0.00
0.34
0.09
0.07
0.02
0.00
0.02
0.04
2.25
0.53
0.51
0.04
0.12
0.15
0.00
0.28
0.00
0.00
3.74
0.31
0.13
0.08
3.21
0.01
0.02
0.00
1.31
0.47
0.01
0.000
0.000
0.003
0.000
..
0.001
0.000
0.174
0.008
0.000
0.000
0.000
0.019
0.005
0.004
0.001
0.000
0.001
0.002
0.127
0.030
0.029
0.002
0.007
0.008
0.000
0.016
0.000
0.000
0.211
0.017
0.007
0.005
0.181
0.001
0.001
0.000
0.074
0.027
0.000
0.012
0.008
0.246
0.019
0.029
0.023
0.030
3.297
0.303
0.020
0.003
0.066
1.174
0.025
0.092
0.128
0.017
0.037
0.100
0.219
0.652
0.586
..
0.132
0.720
0.004
0.323
0.028
0.007
1.712
0.145
0.132
0.300
3.763
0.075
0.002
0.005
1.367
1.831
0.110
(As a %
of world
total)
/...
0.004
0.004
0.010
0.005
0.006
0.004
0.004
0.220
0.023
0.005
0.004
0.020
0.028
0.006
0.008
0.009
0.005
0.004
0.012
0.012
0.034
0.031
0.005
0.009
0.019
0.004
0.023
0.004
0.004
0.094
0.009
0.006
0.042
0.138
0.005
0.005
0.003
0.079
0.079
0.005
Score
0-1
0.001
0.009
0.000
0.004
0.013
0.122
0.001
0.020
0.001
0.049
0.001
0.015
0.001
0.002
0.176
4.254
0.016
0.374
0.001
0.023
0.000
0.006
0.003
0.322
0.062
0.483
0.001
0.038
0.005
0.095
0.007
0.107
0.001
0.031
0.002
0.017
0.005
0.170
0.012
0.156
0.035
0.605
0.031
0.529
..
0.035
0.007
0.115
0.038
0.310
0.000
0.004
0.017
0.389
0.001
0.013
0.000
0.000
0.091
1.771
0.008
0.106
0.007
0.056
0.016
0.747
0.201
2.650
0.004
0.038
0.000
0.030
0.000 - 0.011
0.073
1.491
0.098
1.478
0.006
0.027
Imports of parts/
accessories of
electronics and
Exports in
automobiles
services
Average 2000-2002
(As a %
(As a %
Score of world Score of world
Score
0-1
total)
0-1
total)
0-1
Annex table A.I.6. Raw data and scores for the variables included in the UNCTAD Inward FDI Potential index, 2000-2002 (continued)
ANNEX A
287
Note:
Sources:
0.720 12911.7
0.113
176.8
0.402 1751.8
0.527 1910.2
0.551
282.2
0.647 6796.3
0.680 2107.4
0.545 2614.4
0.849
243.9
0.000
752.4
0.689 26348.0
0.555 24727.0
0.632
257.7
0.594 35388.0
0.425 5129.7
0.509
461.2
0.371 4647.7
0.830
417.1
0.775
502.5
0.449
330.4
0.426
636.8
4.0
3.5
1.2
2.3
0.4
6.7
5.9
1.5
1.2
(Dollars)
5.2
-3.1
0.9
2.6
2.9
4.2
4.7
2.8
7.0
-4.6
4.8
2.9
(%)
0.004
0.919
0.131
0.010
0.119
0.008
0.011
0.006
0.014
0.334
0.002
0.043
0.047
0.005
0.174
0.052
0.066
0.004
0.017
0.684
0.641
Score
0-1
Score
0-1
15.7
10.4
19.5
30.7
26.5
55.6
40.4
28.7
25.1
53.0
70.0
41.0
65.9
35.2
53.5
45.4
30.9
11.4
58.1
64.6
28.1
(As a %
of GDP)
0.084
0.055
0.105
0.166
0.143
0.304
0.220
0.155
0.136
0.289
0.382
0.223
0.360
0.191
0.292
0.247
0.168
0.061
0.317
0.353
0.152
4.8
660.3
280.3
66.7
109.0
39.3
23.0
8.1
22.9
574.3
36.5
261.8
98.7
10.0
244.8
108.9
282.7
2.4
211.6
333.5
591.2
0.006
0.881
0.374
0.089
0.145
0.052
0.031
0.011
0.030
0.767
0.048
0.349
0.132
0.013
0.327
0.145
0.377
0.003
0.282
0.445
0.789
12.6
442.6
156.8
4.9
247.9
16.2
10.3
11.4
28.7
943.1
0.8
114.5
144.7
21.9
200.0
34.7
296.6
11.9
48.1
599.4
779.4
Per
capita
0.013
0.469
0.166
0.005
0.262
0.017
0.010
0.012
0.030
397.4
8075.0
905.0
2045.1
2298.0
473.4
201.8
633.3
813.1
0.010
0.304
0.029
0.073
0.082
0.013
0.002
0.019
0.026
0.150
0.014
..
0.040
0.007
0.244
0.026
0.036
..
0.103
0.402
0.146
Score
0-1
Energy use
1.000 4 052.0
0.000 500.1
0.121
..
0.153 1195.7
0.023 322.0
0.212 6525.9
0.036 830.6
0.314 1092.5
0.012
..
0.050 2836.9
0.635 10640.4
0.826 3951.3
Total exports
..
2.8
0.2
..
0.4
..
..
..
..
2.2
..
..
0.1
..
0.1
0.5
0.6
0.8
0.9
..
1.9
(As a %
of GDP)
..
0.434
0.036
..
0.060
..
..
..
..
0.342
..
..
0.015
..
0.020
0.070
0.100
0.118
0.148
..
0.296
0.07
4.88
2.92
3.05
2.82
0.94
0.97
0.27
0.42
4.90
1.27
1.99
3.41
0.34
0.67
2.16
2.41
0.29
3.11
0.89
3.51
0.005
0.761
0.453
0.473
0.437
0.142
0.148
0.037
0.061
0.763
0.194
0.307
0.530
0.048
0.099
0.334
0.373
0.041
0.483
0.135
0.546
58.0
77.5
61.5
..
53.8
70.3
66.0
48.0
37.0
82.0
..
..
76.3
59.3
73.3
72.0
59.8
62.5
67.5
81.8
82.0
0.385
0.743
0.450
..
0.308
0.611
0.532
0.202
0.000
0.826
..
..
0.721
0.409
0.666
0.642
0.418
0.468
0.560
0.822
0.826
0.01
3.76
0.01
0.08
3.26
0.52
0.55
0.08
0.04
0.51
0.07
0.02
0.39
0.01
0.38
0.10
0.18
0.01
0.42
2.14
4.11
Students at the
tertiary level
Country risk
2000
As of December 2002
(As a %
Compo(As a %
Score
of total
Score site risk Score of world
0-1 population) 0-1
rating
0-1
total)
R&D expenditures
0.001
0.423
0.001
0.009
0.366
0.059
0.062
0.009
0.005
0.057
0.007
0.002
0.044
0.001
0.043
0.012
0.020
0.001
0.047
0.241
0.462
0.01
17.70
0.03
..
0.09
0.01
0.00
0.01
0.00
1.11
0.00
0.00
1.45
0.00
0.01
0.05
0.43
0.00
0.06
0.16
6.06
0.000
1.000
0.002
..
0.005
0.000
0.000
0.000
0.000
0.063
0.000
0.000
0.082
0.000
0.001
0.003
0.025
0.000
0.003
0.009
0.342
0.040
18.760
0.068
..
0.076
0.178
0.014
0.007
0.032
1.309
0.004
0.017
0.910
0.004
0.047
0.180
1.106
0.014
0.269
..
7.637
0.002
1.000
0.004
..
0.004
0.009
0.001
0.000
0.002
0.070
0.000
0.001
0.048
0.000
0.002
0.010
0.059
0.001
0.014
..
0.407
0.031
19.578
0.029
0.012
0.447
0.240
0.020
0.033
0.017
0.470
0.002
0.011
0.421
0.007
0.118
0.187
0.278
0.018
0.070
0.032
8.171
(As a %
of world
total)
0.005
1.000
0.005
0.004
0.026
0.016
0.005
0.005
0.004
0.027
0.004
0.004
0.025
0.004
0.010
0.013
0.018
0.005
0.007
0.005
0.419
Score
0-1
For data for energy use, refer to the period average 1999-2001.
UNCTAD, based on data from the World Bank and IMF (real GDP growth); UNCTAD (GDP per capita, exports); World Bank, WDI online (telephone mainlines, mobile phones, energy use,
R&D expenditures); UNESCO (students in the tertiary level); the PRS Group/International country risk guide (country risk); United Nations Statistics Division, DESA and COMTRADE database
(exports of natural resources, imports of parts and accessories of electronics and automobiles and exports in services); UNCTAD FDI database (inward FDI stock).
Taiwan Province
of China
Tajikistan
TFYR Macedonia
Thailand
Togo
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United Republic
of Tanzania
United States
Uruguay
Uzbekistan
Venezuela
Viet Nam
Yemen
Zambia
Zimbabwe
Economy
Exports
of natural
resources
Imports of parts/
accessories of
electronics and
Exports in
automobiles
services
Average 2000-2002
(As a %
(As a %
Score of world Score of world
Score
0-1
total)
0-1
total)
0-1
Annex table A.I.6. Raw data and scores for the variables included in the UNCTAD Inward FDI Potential index, 2000-2002 (concluded)
288
World Investment Report 2004: The Shift Towards Services
289
ANNEX A
Albania
Algeria
Angola
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Belarus
Belgium and Luxembourg
Benin
Bolivia
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Cameroon
Canada
Chile
China
Colombia
Congo
Congo, Dem. Rep. of
Costa Rica
Cte dIvoire
Croatia
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Finland
France
Gabon
Gambia
Georgia
Germany
Ghana
Greece
Guatemala
Guinea
Guyana
Haiti
Honduras
Hong Kong, China
Hungary
Iceland
India
Indonesia
Iran, Islamic Rep. of
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea, Republic of
Kuwait
Kyrgyzstan
Latvia
Lebanon
1988-1990 1989-1991 1990-1992 1991-1993 1992-1994 1993-1995 1994-1996 1995-1997 1996-1998 1997-1999 1998-2000 1999-2001 2000-2002
..
54
72
60
..
14
19
..
28
26
108
..
10
112
84
32
47
31
..
96
81
2
41
45
59
75
101
51
98
..
33
..
16
67
69
68
82
..
113
8
6
61
63
..
7
93
34
106
91
104
115
86
17
46
15
74
43
52
24
27
18
62
13
65
..
87
20
48
..
..
83
..
61
76
58
..
14
19
..
30
28
105
..
10
113
79
32
48
31
..
98
99
2
41
43
56
87
111
47
95
..
33
..
16
68
71
65
77
..
115
9
7
63
66
..
6
89
34
100
91
101
116
82
17
49
15
72
44
46
24
26
18
62
12
69
..
90
20
51
..
..
75
125
79
97
56
124
13
20
..
32
30
112
28
9
131
91
50
69
24
42
114
119
2
49
55
71
111
129
58
106
..
37
61
14
73
82
88
86
76
135
11
5
80
84
..
4
104
34
110
108
93
130
96
18
63
17
99
57
53
29
31
19
74
12
67
54
105
26
43
..
46
59
122
87
118
49
133
9
19
..
31
29
105
32
11
134
95
48
70
23
56
114
124
2
43
61
72
116
135
57
110
117
35
54
15
67
86
83
76
89
130
14
6
77
75
..
3
103
37
111
109
88
132
97
16
64
18
94
55
50
28
30
20
73
10
68
78
107
25
39
127
66
52
120
93
119
48
122
11
19
135
33
29
111
31
9
136
91
47
72
22
63
118
132
2
42
60
79
108
139
57
115
109
38
50
16
69
87
80
74
83
129
15
6
84
95
130
3
105
39
110
112
71
134
100
13
66
18
97
55
51
28
30
20
68
8
67
86
104
21
32
133
90
54
125
97
102
49
118
12
18
132
35
30
117
72
10
135
90
46
74
27
48
122
130
2
41
57
86
105
138
63
112
85
36
39
16
68
96
83
51
67
126
15
7
79
98
136
3
110
38
109
115
66
133
100
13
60
19
93
64
59
22
26
23
69
8
65
94
101
17
32
134
88
75
119
75
103
53
127
7
21
132
36
33
112
78
9
134
91
54
71
32
65
120
128
2
40
47
84
99
139
62
105
96
38
44
17
63
94
90
87
66
124
15
10
72
86
138
5
111
39
101
113
60
135
102
13
61
20
92
42
43
22
29
24
70
11
37
98
104
19
30
136
97
81
131
87
119
46
127
10
22
125
36
31
112
72
9
132
83
49
75
27
76
124
126
2
40
41
101
123
139
60
106
93
38
43
16
62
90
88
79
59
115
15
8
69
80
138
5
110
37
94
113
56
134
97
13
53
20
98
61
57
21
26
23
70
7
35
99
114
18
32
135
91
64
121
88
109
42
122
15
22
127
38
30
113
73
8
135
81
58
76
27
59
120
119
4
46
43
90
108
137
66
101
65
40
44
16
62
97
64
80
49
130
13
10
72
87
139
6
110
37
99
105
57
133
94
14
48
19
96
79
61
18
25
23
70
12
36
98
115
21
34
132
71
52
108
88
115
47
122
14
23
123
38
27
112
72
9
135
78
55
77
29
65
113
117
5
48
41
90
109
137
64
99
68
40
42
16
59
105
69
80
43
130
10
11
75
84
138
6
114
35
97
106
58
133
86
12
45
19
94
70
71
15
24
25
74
13
37
98
124
18
36
126
66
50
104
82
103
48
125
19
23
108
38
33
110
71
9
134
78
58
70
30
69
122
123
5
46
43
88
105
139
66
111
60
41
42
15
56
106
72
79
40
121
10
12
83
93
136
6
116
37
92
112
59
135
91
11
45
17
97
75
67
14
24
26
77
13
39
94
124
21
32
117
64
49
90
79
102
52
110
21
23
99
38
31
121
66
6
133
83
60
73
27
65
128
114
5
47
44
101
100
139
70
111
53
45
42
18
62
104
71
80
40
125
12
15
76
94
131
7
112
37
97
108
63
135
98
11
43
16
91
81
59
10
24
26
75
14
41
84
127
20
32
118
56
57
76
75
86
77
99
22
24
96
40
29
117
56
6
132
85
55
68
35
64
130
116
5
48
39
101
95
140
69
123
51
43
42
19
62
107
70
91
38
122
13
14
80
97
121
9
111
36
102
109
65
137
103
12
41
15
89
82
61
7
23
26
79
16
45
78
131
18
28
118
49
60
/...
290
Annex table A.I.7. Inward FDI Potential Index rankings, 1988-2002 a (concluded)
Economy
1988-1990 1989-1991 1990-1992 1991-1993 1992-1994 1993-1995 1994-1996 1995-1997 1996-1998 1997-1999 1998-2000 1999-2001 2000-2002
56
..
102
89
37
107
35
44
..
53
73
114
118
88
110
9
23
97
109
70
4
36
94
55
78
71
79
77
50
39
22
..
..
117
30
95
105
12
..
..
49
25
100
116
42
5
11
76
21
..
..
40
92
58
66
64
103
..
29
3
90
1
57
..
38
80
111
99
85
50
..
103
92
36
107
39
45
..
57
74
110
118
83
108
8
25
97
109
60
4
38
88
55
80
67
85
78
52
35
22
..
..
117
29
96
112
13
..
..
53
23
93
114
42
5
11
73
21
..
..
40
94
64
70
59
104
..
27
3
86
1
54
..
37
81
106
102
84
48
70
123
107
40
120
38
44
33
90
81
128
126
89
127
8
25
115
121
77
6
45
109
68
92
75
95
78
62
36
16
85
35
133
22
116
132
15
52
117
60
21
113
134
64
7
10
87
27
94
..
51
118
72
83
65
122
39
23
3
98
1
66
47
41
101
100
102
103
46
90
120
113
38
101
36
41
33
91
80
128
126
82
129
7
26
123
121
84
5
47
106
58
69
74
99
71
59
34
17
92
40
137
21
119
131
13
51
112
62
22
115
136
65
8
12
81
24
104
..
45
125
79
85
60
108
53
27
4
98
1
63
44
42
93
96
102
100
43
94
126
117
36
102
35
44
37
89
77
127
128
75
131
10
25
121
125
88
5
49
103
52
62
78
96
73
59
34
17
98
40
140
26
124
137
7
64
53
58
27
106
138
61
12
14
76
23
113
114
46
123
82
81
70
116
56
24
4
101
1
65
41
45
92
85
107
99
50
92
127
111
31
108
33
54
43
84
91
129
120
76
131
11
25
121
128
99
5
52
113
44
56
82
95
71
58
34
20
89
37
140
29
123
137
4
47
40
61
28
104
139
53
9
14
73
21
114
106
42
124
80
78
77
107
55
24
6
116
1
70
62
45
87
81
119
103
46
93
125
107
34
115
31
49
100
73
89
129
118
68
130
8
26
122
126
80
3
50
110
51
55
82
85
57
59
35
25
95
27
140
14
123
133
4
56
48
58
28
108
137
52
12
18
69
23
131
114
45
117
74
76
77
106
83
16
6
116
1
67
88
41
64
79
121
109
68
81
122
104
33
109
30
51
102
73
96
133
108
67
129
11
28
120
128
89
4
48
116
42
63
84
86
52
54
34
19
103
39
140
29
121
137
3
55
45
58
25
100
136
47
12
17
71
24
130
111
50
95
66
74
78
105
85
14
6
118
1
65
77
44
82
92
117
107
UNCTAD.
Covering 140 economies and based on 12 economic and policy variables.
41
63
116
107
32
103
35
53
111
69
91
125
106
75
134
9
29
129
128
93
3
55
126
47
78
95
82
54
45
33
20
102
39
140
28
118
138
2
51
31
68
26
100
131
74
7
17
83
24
136
112
50
114
67
77
85
104
92
11
5
123
1
60
89
56
86
84
124
117
46
62
120
104
32
100
34
52
128
61
89
125
101
76
134
7
28
118
121
93
4
56
129
49
83
92
81
53
44
33
21
103
39
139
30
119
140
2
54
31
63
26
110
132
87
8
17
85
22
136
107
51
116
67
73
82
102
96
20
3
131
1
60
91
57
79
95
127
111
47
62
119
113
31
107
35
50
131
63
98
126
99
80
132
7
28
114
115
86
2
55
129
51
85
95
76
57
44
34
18
100
36
138
27
118
140
3
52
29
68
25
109
127
84
8
16
90
22
137
102
53
120
65
74
81
101
96
20
4
128
1
61
87
54
73
89
130
133
39
61
116
122
33
117
35
49
113
68
96
119
77
82
132
8
30
109
126
87
2
50
129
51
103
107
78
55
46
34
13
95
36
138
28
115
140
3
48
29
69
25
120
124
86
9
17
93
22
137
105
54
123
64
74
89
106
92
19
4
130
1
67
88
58
72
85
134
136
46
52
125
127
32
113
34
50
110
63
93
108
74
84
133
11
30
115
126
98
2
53
128
58
105
114
81
57
44
37
8
83
33
135
31
119
139
4
47
27
66
25
112
120
92
10
20
100
21
136
106
54
124
59
71
72
104
94
17
3
129
1
90
88
73
67
87
134
138
Albania
Algeria
Angola
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Belarus
Belgium and Luxembourg
Benin
Bolivia
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Cameroon
Canada
Chile
China
Colombia
Congo
Costa Rica
Cte dIvoire
Croatia
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Finland
Economy
..
74
75
63
..
20
24
..
95
25
85
..
10
..
66
49
44
..
..
79
38
21
61
36
51
58
54
41
..
59
..
17
..
83
60
89
..
..
12
1988-1990
..
60
75
61
..
28
23
..
89
24
86
..
8
..
65
46
42
64
..
77
41
20
47
39
57
58
55
33
..
48
..
15
..
85
53
90
..
..
14
1989-1991
14
67
81
43
..
26
22
..
98
20
89
..
4
..
70
44
51
73
85
96
46
24
36
35
57
62
66
25
..
49
63
15
101
71
65
93
59
..
37
1990-1992
12
70
82
45
..
22
29
..
105
20
96
..
4
..
72
48
58
34
90
76
50
23
26
30
59
68
71
15
56
49
53
13
67
78
64
102
60
..
55
1991-1993
29
85
102
47
..
26
37
..
95
11
99
..
8
..
76
51
66
21
94
59
54
23
18
35
56
77
75
22
64
57
52
12
69
61
71
104
68
..
14
1992-1994
40
89
101
42
..
32
38
..
97
18
96
..
9
82
81
41
59
33
112
61
70
14
19
39
53
106
77
30
73
54
55
12
63
51
72
103
67
..
10
1993-1995
53
98
116
44
1
30
39
2
112
16
102
3
19
58
92
56
79
41
123
75
82
21
26
60
62
118
87
51
78
59
66
22
74
64
84
94
54
4
17
1994-1996
49
101
109
30
..
22
33
..
105
16
100
99
9
50
92
58
74
45
118
95
73
13
20
60
43
97
84
54
53
48
65
15
75
38
68
98
23
7
12
1995-1997
62
106
108
35
42
25
33
13
105
15
104
101
10
54
97
90
71
52
123
80
81
12
23
61
43
121
92
60
50
47
69
20
91
59
78
103
28
11
6
1996-1998
67
96
115
39
49
43
29
10
108
21
111
109
1
52
102
89
61
58
93
79
95
15
19
64
50
125
99
55
53
38
75
11
106
60
82
72
26
20
8
1997-1999
74
94
117
50
49
58
21
19
106
28
112
108
1
51
98
92
54
67
88
80
99
14
17
69
52
124
95
60
62
29
72
8
76
126
90
73
36
35
6
1998-2000
76
90
116
59
48
37
24
19
111
27
100
107
1
49
95
21
78
63
82
86
94
14
16
60
66
73
91
68
58
23
65
5
88
114
93
75
22
77
8
1999-2001
81
82
115
85
50
25
22
18
112
27
103
127
1
72
97
19
70
75
77
101
95
14
17
59
49
67
76
105
36
20
62
7
89
114
96
123
23
54
4
2000-2002
/...
85
81
115
83
57
16
21
5
113
8
102
126
1
82
92
19
91
69
74
97
94
13
25
58
45
73
67
104
34
18
59
12
121
114
100
119
22
46
23
2001-2003
ANNEX A
291
France
Gabon
Gambia
Georgia
Germany
Ghana
Greece
Guatemala
Guinea
Guyana
Haiti
Honduras
Hong Kong, China
Hungary
Iceland
India
Indonesia
Iran, Islamic Republic of
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea, Republic of
Kuwait
Kyrgyzstan
Latvia
Lebanon
Libyan Arab Jamahiriya
Lithuania
Madagascar
Malawi
Malaysia
Mali
Malta
Mexico
Economy
14
33
22
..
18
..
78
81
..
..
94
80
5
..
52
82
71
..
13
34
29
23
16
92
..
72
32
15
..
..
90
35
..
91
..
28
84
..
56
1988-1990
12
37
22
..
18
..
91
80
..
..
98
79
5
52
38
84
73
67
13
30
27
21
17
88
..
78
34
19
..
..
95
35
..
70
..
31
92
..
54
1989-1991
9
41
19
..
16
..
78
87
..
..
107
82
2
69
45
86
48
84
34
27
32
18
21
104
..
92
40
13
..
47
103
53
..
77
..
42
80
..
55
1990-1992
10
47
19
..
18
..
97
95
..
..
110
93
1
73
51
94
46
99
42
24
36
16
37
109
..
83
41
5
..
108
44
111
..
91
..
28
87
74
65
1991-1993
10
49
20
..
32
..
89
98
..
101
112
96
1
74
53
91
28
103
39
31
40
19
48
113
100
86
42
41
..
115
58
114
..
79
..
13
84
70
60
1992-1994
17
47
16
..
22
..
91
111
..
62
113
94
1
68
49
87
27
109
29
31
36
20
46
115
98
71
37
117
..
116
60
114
86
80
..
8
99
65
75
1993-1995
23
61
25
5
24
20
104
119
101
120
121
107
8
77
43
90
35
93
33
38
40
28
48
126
110
89
37
127
6
128
113
68
105
96
73
14
86
70
76
1994-1996
17
61
18
..
14
19
82
115
94
116
89
103
2
51
36
86
55
78
26
37
34
28
39
122
104
87
32
121
..
123
72
47
66
114
76
11
69
59
71
1995-1997
18
120
26
1
16
32
76
94
98
122
96
110
3
48
37
95
70
88
19
38
36
31
46
125
102
116
34
128
27
55
86
44
75
117
73
17
53
56
65
1996-1998
12
85
30
100
16
47
63
105
90
126
110
116
3
45
32
107
88
62
14
36
41
31
51
97
104
114
33
128
37
54
91
42
77
122
74
22
35
46
57
1997-1999
9
71
32
109
16
44
42
96
86
123
107
116
2
41
20
91
85
55
13
25
40
33
48
93
100
115
34
128
45
53
59
47
89
101
65
24
37
43
61
1998-2000
Annex table A.I.8. Outward FDI Performance Index rankings, 1988-2003 a (continued)
10
61
36
105
18
39
40
98
85
119
109
117
2
42
17
71
81
34
13
29
33
35
46
84
122
113
44
80
55
67
51
53
87
101
64
30
43
41
54
1999-2001
10
64
34
94
26
39
40
93
86
79
107
116
2
42
15
63
80
32
16
28
30
37
41
71
45
102
44
121
55
73
46
56
83
108
66
29
51
52
58
2000-2002
/...
10
99
27
79
44
39
51
101
84
103
108
116
6
35
17
61
80
26
20
36
29
37
41
72
54
95
47
128
56
63
48
52
71
111
65
32
49
53
55
2001-2003
292
World Investment Report 2004: The Shift Towards Services
Moldova, Republic of
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russian Federation
Rwanda
Saudi Arabia
Senegal
Sierra Leone
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
Sweden
Switzerland
Taiwan Province of China
TFYR Macedonia
Thailand
Togo
Economy
..
43
88
55
3
11
..
46
7
19
73
53
1
37
64
47
62
65
40
..
57
..
69
26
50
86
9
..
..
48
30
68
2
4
6
..
45
42
1988-1990
..
50
76
44
2
7
..
56
4
16
72
69
1
32
74
51
59
71
36
..
63
..
83
93
96
68
9
..
..
49
25
62
3
6
10
..
45
40
1989-1991
..
58
91
60
3
17
..
29
7
23
88
99
1
10
94
64
56
79
33
..
72
..
97
105
54
68
5
61
100
30
28
74
6
8
12
..
50
38
1990-1992
..
62
89
57
3
21
84
27
11
32
101
106
2
8
107
100
43
85
39
..
81
75
103
86
52
66
7
63
98
33
35
69
14
6
17
..
54
38
1991-1993
6
67
109
93
3
15
92
30
24
36
87
106
4
9
55
107
44
83
46
..
90
72
108
63
43
80
2
65
111
33
38
73
17
5
25
..
50
45
1992-1994
28
74
..
105
3
13
92
52
25
15
78
100
7
24
56
102
43
83
45
44
93
66
108
69
64
90
2
58
110
26
34
76
6
4
23
..
48
50
1993-1995
52
80
97
124
11
122
125
49
55
18
88
106
9
34
67
115
63
91
42
50
109
69
100
71
72
111
10
65
117
32
36
85
15
12
29
7
45
47
1994-1996
102
81
107
120
4
124
119
41
63
10
90
113
1
35
77
83
64
91
29
56
112
46
79
67
111
106
3
57
80
24
25
85
8
5
21
108
42
44
1995-1997
119
87
109
126
5
127
107
45
67
14
113
115
2
41
83
82
66
79
22
63
118
49
89
74
77
112
4
51
84
30
21
85
9
7
24
111
57
40
1996-1998
121
92
113
124
4
34
71
56
65
17
117
123
2
48
87
73
81
84
18
69
118
44
94
86
78
119
7
127
80
28
13
83
9
6
25
112
59
27
1997-1999
122
81
113
110
3
22
66
70
63
18
121
104
10
57
84
79
102
83
15
64
120
39
97
87
78
118
12
127
68
38
11
82
7
5
27
119
77
30
1998-2000
Annex table A.I.8. Outward FDI Performance Index rankings, 1988-2003 a (continued)
102
70
110
124
3
47
69
123
62
20
112
99
15
31
83
74
125
120
12
56
121
38
92
97
118
115
6
128
52
127
11
89
9
4
25
104
72
45
1999-2001
106
68
113
124
3
57
69
120
65
21
118
92
9
35
87
88
122
98
13
53
119
38
91
99
61
117
5
78
48
128
12
100
8
6
24
111
84
125
2000-2002
/...
105
75
112
124
4
125
68
120
66
33
118
88
2
31
86
78
96
76
15
50
89
38
87
107
60
117
3
77
42
127
11
93
7
9
24
106
62
123
2001-2003
ANNEX A
293
83
75
76
106
..
102
11
95
31
90
39
52
1990-1992
Note:
87
66
81
97
..
94
11
..
26
82
29
43
1989-1991
UNCTAD.
77
70
87
93
..
67
8
..
27
76
31
39
1988-1990
Source:
Economy
88
79
80
40
..
77
9
104
25
92
31
61
1991-1993
88
78
81
16
82
110
7
105
27
97
34
62
1992-1994
88
84
79
11
85
107
5
104
21
95
35
57
1993-1995
99
95
83
27
103
81
13
114
31
108
46
57
1994-1996
117
93
70
31
88
62
6
110
27
96
40
52
1995-1997
124
100
72
64
99
68
8
114
29
93
39
58
1996-1998
23
103
68
76
98
70
5
120
24
101
40
66
1997-1999
23
103
56
125
111
31
4
114
26
105
46
75
1998-2000
Annex table A.I.8. Outward FDI Performance Index rankings, 1988-2003 a (concluded)
26
103
57
126
96
32
7
108
28
106
50
79
1999-2001
43
110
60
126
104
31
11
109
33
74
47
90
2000-2002
28
109
64
122
98
40
14
110
30
70
43
90
2001-2003
294
World Investment Report 2004: The Shift Towards Services
295
ANNEX A
Annex table A.I.9. Outward FDI Performance Index of the top 20 economies, based on stock ,
1988-2003 a
Rank
Economy
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1988-1990
1993-1995
1999-2001
2000-2002
2001-2003
1.859
3.671
2.590
2.378
4.469
2.936
8.919
2.509
0.892
0.620
0.959
1.824
0.369
3.376
0.725
1.086
2.270
2.659
0.166
1.243
4.717
4.464
3.656
2.854
4.149
2.731
6.272
2.867
1.204
1.330
1.353
1.918
0.589
2.276
1.081
1.036
1.851
3.652
0.287
1.417
11.699
4.929
3.864
3.604
4.283
3.046
2.340
2.670
2.012
1.988
1.699
1.767
1.405
1.861
1.341
1.326
1.306
1.625
0.827
1.321
11.210
5.132
4.019
3.648
4.151
2.993
2.407
2.756
2.226
2.141
1.868
1.727
1.559
1.669
1.339
1.433
1.195
1.378
1.058
1.226
10.750
5.142
4.479
4.029
3.847
2.883
2.845
2.836
2.107
1.948
1.823
1.697
1.404
1.384
1.364
1.361
1.299
1.298
1.172
1.123
Source:
UNCTAD.
Notes:
Economies are ranked in descending order of their performance index in 2001-2003. Figures were calculated based on
outward stock.
44 171
3
42 328
41 582
41 582
..
..
..
..
..
..
6 178
..
..
..
708
..
..
708
38
..
..
38
1 840
1 754
..
..
..
..
..
..
..
..
1 754
..
..
..
86
..
..
86
..
..
..
..
8 667
..
..
..
754
..
..
754
39
..
..
39
1 924
1 853
..
..
..
..
..
..
..
..
1 853
..
..
..
71
..
..
71
1991
38 463
6
36 533
35 740
35 740
..
..
1990
a
b
c
d
World
Unspecified
Developed countries
Western Europe a
Unspecified Western Europe
European Union
Austria
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
United Kingdom
Other Western Europe
Switzerland
North America
Canada
United States
Unspecified America b
Other developed countries
Australia
Japan
Unspecified Pacific c
Developing countries
Africa
Botswana
Lesotho
Mauritius
Mozambique
Namibia
Swaziland
Zambia
Zimbabwe
Unspecified Africa
Latin America and the Caribbean
Bermuda
Unspecified Latin America and the Caribbean
Asia
Hong Kong, China
Singapore
Unspecified Asia d
Region/economy
..
..
..
..
..
..
..
..
554
..
..
554
10
..
..
10
2 880
2 638
..
..
..
..
..
..
..
..
2 638
..
..
..
242
..
..
242
54 329
3
51 446
50 882
50 882
..
..
1992
..
..
..
..
..
..
..
..
1 129
..
..
1 129
53
..
..
53
3 155
2 832
..
..
..
..
..
..
..
..
2 832
..
..
..
323
..
..
323
61 020
3
57 862
56 680
56 680
..
..
1993
..
..
..
..
..
..
..
..
4 733
..
..
4 733
96
..
..
96
3 715
3 217
..
..
..
..
..
..
..
..
3 217
..
..
..
498
..
..
498
67 698
5
63 978
59 149
59 149
..
..
1994
(Millions of rand)
..
..
..
..
..
..
..
..
5 162
..
..
5 162
75
..
..
75
4 131
3 833
..
..
..
..
..
..
..
..
3 833
..
..
..
298
..
..
298
84 991
2
80 858
75 621
75 621
..
..
1995
..
..
..
..
..
..
..
..
5 338
..
..
5 338
599
..
..
599
4 983
4 482
..
..
..
..
..
..
..
..
4 482
..
..
..
501
..
..
501
114 013
8
109 022
103 085
103 085
..
..
1996
..
..
..
..
..
..
..
..
5 507
..
..
5 507
1 404
..
..
1 404
7 080
6 147
..
..
..
..
..
..
..
..
6 147
..
..
..
933
..
..
933
113 170
9
106 081
99 170
99 170
..
..
1997
..
..
..
..
..
..
..
..
6 466
..
..
6 466
1 138
..
..
1 138
10 939
9 386
..
..
..
..
..
..
..
..
9 386
..
..
..
1 553
..
..
1 553
157 385
..
146 446
138 842
138 842
..
..
1998
..
..
..
..
..
..
..
..
10 937
..
..
10 937
4 232
..
..
4 232
11 243
9 971
..
..
..
..
..
..
..
..
9 971
..
..
..
1 272
..
..
1 272
203 036
3
191 790
176 621
176 621
..
..
1999
..
..
..
58 308
..
77 286
48 717
48 717
16 474
..
11 215
5 259
5 241
..
..
5 241
13 936
12 265
..
..
..
..
..
..
..
..
12 265
..
..
..
1 671
..
..
1 671
244 653
65
230 652
208 937
24 626
135 594
..
2000
231 416
..
211 752
193 323
1 968
190 364
17 598
15 716
577
7 735
4 359
61 103
8 667
74 609
991
991
14 242
141
14 101
..
4 187
3 853
331
3
19 664
14 031
408
177
6 628
4 117
806
156
89
587
1 063
2 266
30
2 236
3 367
2 795
182
390
2001
202 826
30
182 652
152 348
1 576
150 419
27 039
18 141
588
5 866
341
46 809
6 178
45 457
353
353
22 927
64
22 863
..
7 377
6 997
377
3
20 144
14 234
290
168
3 729
6 896
839
272
146
603
1 291
1 843
30
1 813
4 067
3 578
191
298
2002
296
World Investment Report 2004: The Shift Towards Services
Host country
2002
2001
2001
1998
2003
2002
2001
2000
2002
2001
2000
2002
2003
2003
2003
2003
2003
2003
2003
2003
2003
Source:
Year
Eskom Holdings
Sasol Oil
AngloGold
MTN
AngloGold
Vodacom
Industrial Development Corporation
Vodacom
Kumba Resources
Vodacom
AngloGold
Ressano Garcia Railway Company
Impala Platinum
Impala Platinum
Sun International SA
Industrial Development Corporation
Nedbank
Stanbic Africa
Stanbic Africa
Impala Platinum
Sasol
1 200
581
454
285
274
260
160
142
120
94
83
78
85
80
60
33
33
22
21
19
..
Transaction value
($ mil.)
Annex table A.I.11. South Africa: some large investments in Africa by South African companies, 2000-2003
Utilities
Natural resources
Natural resources
Non-cyclical services
Natural resources
Non-cyclical services
Basic industries
Non-cyclical services
Basic industries
Non-cyclical services
Natural resources
Cyclical services
Natural resources
Natural resources
Cyclical services
Basic industries
Financial services
Financial services
Financial services
Natural resources
Natural resources
Industry
ANNEX A
297
298
Annex table A.I.12. China's approved FDI outflows, top 30 destinations, 1979-2002
(Millions of dollars)
1999
Rank a Economy
2002
1979-2002
Cumulative
Cumulative
number of
investment
projects b
value
Value
Number of
projects b
Value
Number of
projects b
Value
Number of
projects b
Value
220
590.6
243
551.0
232
707.5
350
982.7
6 960
9 340.0
24
21
1
3
3
12
1
3
2
4
13
1
14
1
2
1
6
1
0
1
15
1
..
5
..
..
2
3
7
1
24.5
81.1
0.1
1.7
2.0
3.8
75.7
0.2
97.0
6.7
32.8
0.5
12.8
0.1
6.6
0.5
2.9
6.6
18.9
1.2
40.3
0.3
..
3.8
..
..
1.6
16.3
17.2
2.0
15
15
8
13
6
14
1
4
1
3
7
3
17
5
17
2
6
7
1
1
12
1
..
3
..
1
1
1
5
2
26
19
4
6
9
12
2
6
1
3
7
4
2
2
12
6
3
3
2
..
7
3
2
2
..
..
8
..
1
1
200.7
53.7
3.5
10.1
121.3
12.4
3.1
2.4
0.2
4.3
34.9
31.8
12.4
0.8
26.8
1.7
0.4
1.8
0.6
..
4.5
3.5
0.9
1.4
..
..
6.4
..
0.3
1.2
40
41
4
15
5
27
..
2
1
1
3
8
3
7
20
11
6
5
6
..
7
6
2
3
1
..
9
2
3
2
355.6
151.5
1.2
48.6
3.9
35.5
..
2.0
2.0
0.3
5.1
9.3
1.7
83.4
27.2
18.2
2.1
15.8
3.7
..
3.4
2.8
0.9
16.3
17.5
..
11.4
0.4
26.9
61
2 025
703
144
215
234
482
20
229
45
18
61
67
98
62
73
236
172
38
59
5
69
150
26
27
70
20
49
19
51
18
4 074.3
834.5
436.0
431.0
214.7
206.6
201.2
183.7
167.4
134.4
125.0
119.7
119.3
107.8
85.0
82.1
71.7
66.1
65.0
58.1
56.6
51.5
48.7
48.5
47.2
44.7
44.3
41.3
39.6
36.6
Source:
a
2001
Number of
projects b
Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
2000
17.5
23.1
31.7
10.2
3.3
13.9
0.001
0.5
19.8
11.6
17.2
21.1
31.5
4.2
17.6
0.3
1.0
32.9
8.0
28.7
5.4
1.6
..
9.7
..
0.9
2.6
1.0
7.7
24.4
299
ANNEX A
Economy
Fiscal year
2001/02
2002/03
2003/04 a
Total
FY 1996-2003
734.2
3.5
242.3
..
18.0
55.3
37.6
0.7
0.1
39.4
64.9
65.7
11.3
2.5
..
7.9
..
10.9
0.5
8.4
..
0.2
30.5
4.8
0.4
..
..
..
42.9
428.1
1 741.9
154.5
..
6.4
85.5
16.1
75.0
228.2
25.0
0.2
43.1
11.8
1.9
..
13.3
1.3
10.6
50.9
1.4
21.7
11.4
0.0
1.4
2.6
12.4
..
30.0
52.4
185.3
0.1
133.3
750.0
3.3
34.5
14.8
28.9
0.1
46.8
0.4
15.9
12.6
95.0
43.6
29.6
0.1
5.7
..
6.6
24.4
0.0
0.1
0.8
7.7
0.1
..
..
32.5
138.7
..
160.9
162.0
2.2
98.1
13.1
14.7
0.0
13.5
1.5
29.9
29.5
41.3
0.1
19.8
75.0
5.1
..
6.0
21.0
43.5
0.0
1.4
7.3
19.3
..
..
45.7
1 864.8
1 748.8
912.6
912.0
782.0
543.2
473.1
276.3
228.9
213.2
206.7
203.7
152.3
143.3
102.9
87.7
79.5
77.8
77.6
74.2
67.0
0.4
42.3
41.5
40.2
39.6
32.5
30.0
428.5
18.8
17.6
9.2
9.2
7.9
5.5
4.8
2.8
2.3
2.1
2.1
2.1
1.5
1.4
1.0
0.9
0.8
0.8
0.8
0.7
0.7
3 138.9
1 382.2
3 027.0
1 472.2
906.1
9 925.6
100.0
809.0
2 329.9
913.3
468.8
651.5
2 375.5
367.6
1 104.6
346.2
560.0
3 086.9
6 838.7
31.1
68.9
1996-2000
2000/01
378.5
3.3
221.6
..
752.1
269.8
391.4
156.9
0.4
88.5
139.8
49.1
87.2
2.6
59.1
17.1
3.2
45.5
26.3
51.8
..
31.8
11.7
33.0
22.1
7.8
32.5
..
255.7
All countries
Memorandum:
Developed countries
Developing countries
United States
Russian Federation
Mauritius
Sudan
British Virgin Islands
United Kingdom
Hong Kong, China
Bermuda
Viet Nam
Singapore
Oman
Netherlands
United Arab Emirates
Australia
Iran, Islamic Republic of
China
Kazakhstan
Nepal
Austria
Sri Lanka
Malta
Ireland
Italy
Malaysia
Thailand
Indonesia
Morocco
Libyan Arab Jamahiriya
Others
Source:
a
Note:
Share
0.4
0.4
0.4
0.4
0.3
0.3
4.3
300
Annex table A.I.14. Industry distribution of approved Indian outward FDI, fiscal years 1999-2003
(Millions of dollars and per cent)
Fiscal year a
1999/00
2000/01
2001/02
2002/03
2003/04b
Total
1999/03
Source:
a
Manufacturing
Amount Percentage
Financial services
Amount Percentage
Industry
Non-financial services
Amount
Percentage
Trading
Amount Percentage
Others
Amount Percentage
Total
535.8
370.7
2 210.9
1 056.7
504.5
30.9
26.8
73.0
71.8
55.7
4.3
16.6
48.6
1.8
35.1
0.2
1.2
1.6
0.1
3.9
1 130.7
876.5
565.5
280.2
223.3
65.3
63.4
18.7
19.0
24.6
58.3
89.2
139.2
69.9
37.0
3.4
6.5
4.6
4.7
4.1
2.3
29.1
62.3
63.7
106.3
0.1
2.1
2.1
4.3
11.7
1 731.5
1 382.2
3 027.0
1 472.2
906.3
4 678.7
54.9
106.4
1.2
3 076.2
36.1
393.5
4.6
263.7
3.1
8 519.2
Note:
Annex table A.I.15. Top 15 IT software and service exporters from India, fiscal year 2002-2003
(Millions of dollars)
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Company
Tata Consultancy Services
Infosys Technologies Ltd
Wipro Technologies
Satyam Computer Services Ltd
HCL Technologies Ltd
Patni Computer Systems Ltd
Mahindra British Telecom Ltd
iFlex Solutions
HCL Perot Systems Ltd
NIIT Ltd
Polaris Software
Birlasoft Ltd
Mphasis BFL Ltd
Pentafoft Technologies Ltd
Hexaware Technologies Ltd
Export value
963.0
750.7
590.5
424.4
324.3
193.6
134.5
125.7
95.1
90.3
77.8
73.4
71.1
62.8
54.6
Source:
UNCTAD, based on National Association of Software and Service Companies, India and various media sources.
Note:
Companies such as Cognizant Technology Solutions, Syntel and others that are registered in the United States but offer
India-based services delivery, are not included in the ranking.
ANNEX A
Annex table A.I.16. Outward FDI stock of Brazil, by sector and industry, 2002
(Millions of dollars)
Sector/industry
Value
Total
Primary
Agriculture, hunting, forestry and fishing
Mining, quarrying and petroleum
Manufacturing
Food, beverages and tobacco
Textiles, clothing and leather
Wood and wood products
Publishing, printing and reproduction of record
Coke, petroleum products and nuclear fuel
Chemicals and chemical products
Rubber and plastic products
Non-metallic mineral products
Metal and metal products
Machinery and equipment
Electrical and electronic equipment
Precision instruments
Motor vehicles and other transport equipment
Other manufacturing
Recycling
Services
Electricity, gas and water
Construction
Trade
Hotels and restaurants
Transport, storage and communications
Finance
Business activities
Public administration and defence
Education
Health and social services
Community, social and personal service activiti
Other services
Source:
43 396.7
119.3
37.3
82.0
1 732.1
145.8
28.0
33.2
227.9
15.9
548.0
269.8
150.7
179.6
22.2
111.0
41 545.3
129.3
1 504.2
1 845.5
7.5
254.3
23 596.7
14 129.3
1.0
0.1
77.4
-
Share
Europe
United States
Mexico
MERCOSUR
Chile
Venezuela
Equador
China
Bolivia
Colombia
India
Panama
Source: Brazil, Development Bank (BNDES), 2002.
21.6
20.4
10.0
9.3
6.2
3.7
2.5
2.0
2.0
2.0
2.0
2.0
301
302
Annex table A.I.18. Estimated world inward FDI stock, by sector and industry, 1990, 2002
(Millions of dollars)
1990
Sector/industry
Primary
Agriculture, hunting, forestry and fishing
Mining, quarrying and petroleum
Unspecified primary
Manufacturing
Food, beverages and tobacco
Textiles, clothing and leather
Wood and wood products
Publishing, printing and reproduction of recorded media
Coke, petroleum products and nuclear fuel
Chemicals and chemical products
Rubber and plastic products
Non-metallic mineral products
Metal and metal products
Machinery and equipment
Electrical and electronic equipment
Precision instruments
Motor vehicles and other transport equipment
Other manufacturing
Unspecified secondary
Services
Electricity, gas and water
Construction
Trade
Hotels and restaurants
Transport, storage and communications
Finance
Business activities
Public administration and defence
Education
Health and social services
Community, social and personal service activities
Other services
Unspecified tertiary
Private buying and selling of property
Unspecified
Developed Developing
countries economies
159 432
3 647
155 786
650 974
73 142
24 371
20 943
15 829
56 307
126 362
13 384
17 540
51 947
48 984
74 747
12 391
49 242
19 377
46 408
784 758
7 021
17 452
209 168
22 188
16 677
289 508
117 459
99
1 044
14 026
75 681
14 435
9 187
23 068
3 951
16 774
2 343
155 941
10 108
5 426
4 811
499
3 450
49 146
2 659
3 038
16 537
9 803
18 981
524
8 907
2 852
19 199
163 348
3 051
5 157
24 159
3 193
12 313
92 945
8 298
3
13 074
1 156
3 595
World
2002
Central and
Developed Developing Eastern
countries economies Europe
182 500
7 598
172 560
2 343
806 915
83 249
29 797
25 755
16 328
59 757
175 508
16 044
20 578
68 483
58 788
93 729
12 915
58 149
22 229
65 606
948 106
10 072
22 609
233 327
25 382
28 990
382 453
125 756
99
1 044
14 029
88 755
15 591
12 782
297 165
144 800
6 936
7 578
18 979
907
289 587
125 821
6 029
1 601 944
750 221 90 398
143 825
29 235 18 978
41 286
9 087
1 965
53 137
16 729
8 187
70 721
273
510
33 177
10 116
901
338 468
70 874
8 848
26 207
4 632
3 185
49 044
6 544
8 556
119 653
26 426
4 304
98 378
24 492
4 441
216 554
62 093
9 290
25 151
2 441
287
214 499
21 315 15 927
52 896
10 615
614
118 947
455 350
4 405
3 130 002 1 098 544 134 824
89 921
45 463
8 467
35 577
33 632
6 227
617 058
148 293 28 373
53 031
19 825
2 478
338 152
105 716 32 214
963 542
246 299 39 133
703 053
434 109 a 13 514
6 524
88
5
370
16
15
8 364
4 067
123
62 926
5 427
1 130
63 652
38 235
3 144
187 832
17 375
1 218
665
37 365
69 174
8 296
World
448 901
27 464
421 437
2 442 563
192 038
52 338
78 054
71 504
44 194
418 189
34 024
64 144
150 382
127 311
287 937
27 879
251 741
64 125
578 703
4 363 371
143 851
75 436
793 724
75 334
476 082
1 248 975
1 150 676 a
6 617
400
12 553
69 483
105 032
205 207
1 884
114 835
Source:
UNCTAD.
A considerable share of investment in this industry is in Hong Kong (China), accounting for 40% of developing economies
and 15% of the world total. Hong Kong (China) data include investment holding companies.
Notes:
Data should be interpreted with caution. The world total was extrapolated on the basis of data covering 48 countries
in 1990 and 61 countries in 2002, or latest year available. They account for over four-fifths of world inward FDI stock in
1990 and 2002. Only countries for which data for the three main sectors were available, were included. The distribution
share of each industry of these countries was applied to estimate the world total in each sector and industry. As a result,
the sum of the sectors for the individual economy groups is different from the totals shown in annex table B.3. Approval
data were used for Mongolia in 1992 and Sri Lanka in 1990. However in the case of Cambodia, China, Indonesia, Lao People's
Democratic Republic, Mongolia (2002), Myanmar, Nepal, Taiwan Province of China and Viet Nam, the actual data was estimated
by applying the implementation ratio of realized FDI to approved FDI to the latter (33% in 1994 for Cambodia, 54% in
2002 for China, 30% in 1997 for Indonesia, 10% in 1990 and 7% in 1999 for Lao People's Democratic Republic, 44% in 2002
for Mongolia, 39% in 1990 and 45% in 2002 for Myanmar, 41% in 1990 and 47% in 1999 for Nepal, 74% in 1990 and 63%
in 2002 for Taiwan Province of China and 15% in 1990 for Viet Nam). The world total in 1990 includes the countries of
Central and Eastern Europe, although data by sector and industry are not available for that region.
303
ANNEX A
Annex table A.I.19. Estimated world outward FDI stock, by sector and industry, 1990, 2002
(Millions of dollars)
1990
Sector/industry
Primary
Agriculture, hunting, forestry and fishing
Mining, quarrying and petroleum
Manufacturing
Food, beverages and tobacco
Textiles, clothing and leather
Wood and wood products
Publishing, printing and reproduction of recorded media
Coke, petroleum products and nuclear fuel
Chemicals and chemical products
Rubber and plastic products
Non-metallic mineral products
Metal and metal products
Machinery and equipment
Electrical and electronic equipment
Precision instruments
Motor vehicles and other transport equipment
Other manufacturing
Unspecified secondary
Services
Electricity, gas and water
Construction
Trade
Hotels and restaurants
Transport, storage and communications
Finance
Business activities
Public administration and defence
Education
Health and social services
Community, social and personal service activities
Other services
Unspecified tertiary
Private buying and selling of property
Unspecified
Developed Developing
countries economies
156 913
5 096
151 817
770 491
73 666
19 009
20 926
2 200
39 215
146 262
14 155
12 826
65 106
40 723
94 933
13 164
58 620
34 828
134 859
809 037
9 396
17 594
135 637
6 902
38 587
387 646
52 029
419
834
3 019
108 252
48 722
3 314
862
283
579
6 075
418
186
80
758
100
182
84
22
1 012
10
10
3 213
11 286
177
1 826
498
6 988
1 275
523
238
World
2002
Central and
Developed Developing Eastern
countries economies Europe
157 775
5 379
152 396
776 566
74 084
19 195
21 006
2 200
39 215
147 020
14 255
13 008
65 190
40 744
95 945
13 164
58 630
34 838
138 072
820 323
9 396
17 770
137 463
6 902
39 085
394 633
53 304
419
834
3 019
108 775
48 722
3 552
259 782
4 878
254 904
1 922 143
223 585
96 976
69 459
11 078
24 447
416 750
21 859
16 000
206 351
82 342
187 608
21 627
316 623
25 474
201 966
4 267 506
92 085
30 429
420 738
77 683
465 500
1 496 998
1 434 435
3 791
6 063
574
14 653
89 558
134 999
2 405
123 153
3 450
627
2 823
83 311
1 467
1 541
915
302
2 563
1 139
712
1 606
324
8 735
218
909
261
62 619
491 076
170
7 735
59 370
8 429
33 573
106 701
264 680
1
122
10 295
51 049
79
13
66
1 470
176
46
39
8
11
423
6
57
93
114
32
14
174
42
234
4 089
97
87
688
755
1 587
791
1
6
79
66
World
263 311
5 518
257 793
2 006 925
225 228
98 563
70 413
11 086
24 760
419 736
23 004
16 769
208 050
82 780
196 375
21 859
317 706
25 778
264 818
4 762 672
92 351
38 250
480 796
86 112
499 829
1 605 286
1 699 906
3 791
6 065
575
14 781
99 933
134 999
2 405
174 269
Source:
UNCTAD.
Notes:
Data should be interpreted with caution. The world total was extrapolated on the basis of data covering 23 countries
in 1990 and 35 countries in 2002, or latest year available. They account for around four-fifths of world outward FDI stock
in 1990 and in 2002. The distribution share of each industry of these countries was applied to estimate the world total
in each sector and industry. As a result, the sum of the sectors for the individual economy groups is different from the
totals shown in annex table B.4. Approval data were used for Taiwan Province of China. For 1990, the world total includes
the countries of Central and Eastern Europe although data by sector and industry were not available for that region. Moreover,
as major home developing economies were not covered due to lack of data, the respective shares for developing economies
were underestimated in that year.
304
Economy
Developed countries
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Iceland
Ireland
Israel c
Italy
Japanc c
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
United States
Developing economies
Argentina
Armenia
Bangladesh
Bolivia
Brazil
Brunei Darussalam
Cambodia
Chile
China
Colombia
Costa Rica
Cyprus
Dominican Republic
Ecuador
Egypt
El Salvador
Ethiopia
Fiji
Guyana
Honduras
Hong Kong, China
India
Indonesia
Iran, Islamic Rep. of c
Jamaica
Jordan
Kazakhstan
Kenya c
Kyrgyzstan
Lao Peoples Dem. Rep.
Macao, China
Malaysia
Mauritius
Average
1990-1994
Flows
Average
Average
1995-1999
2000-2002
1 560
..
..
1 827
956
303
8 244
5 016
2
11
43
2 193
2 005
..
4 167
61
569
4 195
1 186
1 250
8 549
23 867
3 627
2 611
4 267
5 306
5 078
2 519
20 512
20 340
36
3 483
..
3 128
6 073
..
13 527
1 661
1 463
5 446
4 850
4 524
32 410
73 901
3 154
4 548
..
2 744
14 584
6 086
35 398
91 495
81
9 820
..
7 668
18 442
..
37 604
2 738
3 101
23 014
6 721
8 346
51 477
108 175
1 618
..
..
21
..
..
425
329
..
707
55
8
..
14
..
..
7
..
24
22
..
52
..
185
..
6
119
28
..
..
..
..
16
3 272
127
81
377
14 786
3
508
3 330
15 760
1 837
131
420
570
112
..
562
41
13
20
55
16 540
725
- 726
173
128
..
328
8
30
25
..
115
22
1 658
88
165
355
15 757
199
95
2 221
12 805
1 299
163
726
901
101
..
145
10
7
..
109
30 647
..
- 699
..
..
..
652
..
- 3
10
123
12
103
b
b
b
e
b
Stock
2001
2002
- 3 115
4 869
..
1 606
9 552
3 956
42 338
27 792
158
4 650
..
8 279
15 222
..
32 461
1 364
5 045
12 656
3 888
9 878
30 176
100 085
..
310
..
3 038
5 054
7 188
36 749
42 433
59
11 235
..
..
..
..
..
494
1 803
..
8 403
5 604
26 853
25 532
1 260
65
54
302
12 547
6
65
3 063
13 210
1 224
215
572
976
132
..
159
..
5
..
123
24 101
..
- 1 098
..
..
..
671
..
- 6
6
123
13
21
- 1 036
94
189
434
10 585
586
86
1 176
13 014
915
163
..
899
141
..
143
..
0.2
..
121
7 757
..
- 61
..
..
..
897
..
- 1
16
..
..
12
1990
1995
.. 49 067
4 162 11 423
..
..
37 152 41 833
..
..
..
3 294
48 448 129 098
51 654 92 044
44
46
..
..
..
..
35 745 37 107
..
..
.. 15 926
35 188 61 866
4 181
7 454
.. 11 230
..
..
.. 10 063
.. 48 889
83 766 93 164
196 113 281 007
..
..
..
124
9 322
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
1 997
..
11 451
..
19
..
12 864
..
..
..
..
..
..
..
..
..
6 479
..
..
..
..
..
65 093
..
6 415
..
..
..
96
..
..
..
..
4 893
..
2000
55 982
21 852
..
62 692
58 635
12 997
198 884
183 791
171
..
..
62 565
..
18 643
158 693
14 522
13 392
..
28 107
71 456
295 480
734 134
2001
47 816
25 359
..
69 457
58 696
13 616
231 761
176 093
327
..
..
59 473
..
..
181 414
15 591
..
..
27 842
73 653
309 135
822 337
2002
..
..
..
69 808
..
..
..
..
371
..
..
..
..
..
..
19 223
..
..
..
107 123
361 591
826 447
22 989 24 524
8 095
360
425
519
674
728
..
..
..
..
65 888
..
..
..
..
..
627
659
648
.. 24 379
..
.. 242 334 c 259 689 c
6 435
8 417
8 925
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
1 628
1 771
..
..
..
..
..
..
..
..
..
..
..
..
418 998 387 631 312 580
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
2 888
3 759
..
..
..
..
..
..
..
..
..
..
2 497
..
..
..
..
..
..
..
/...
305
ANNEX A
Economy
Mexico
Mongolia c
Morocco
Myanmar
Namibia
N epal c
Nicaragua
Nigeria
Oman
Pakistan
Papua New Guinea
Paraguay
Peru
Philippines f
Republic of Korea
Singapore
Solomon Islands c
Sri Lanka
Taiwan Province of China c
Thailand
Trinidad and Tobago
Tunisia
Turkey
United Rep. of Tanzania
Vanuatu
Venezuela
Viet Nam
Zambia
Zimbabwe c
Central and Eastern Europe
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Latvia
Lithuania
Poland
Russian Federation
Slovakia
Slovenia
TFYR of Macedonia
Source:
a
b
c
d
e
f
g
4 344
4
..
..
..
14
21
..
11
271
366
19
649
110
289
..
13
..
662
1 220
3
10
..
..
..
452
..
60
65
..
..
..
..
326
91
..
..
..
..
..
..
Flows
Average
1995-1999
Stock
Average
2000-2002
2001
2002
1990
1995
2000
2001
3 565
18
487
26
..
19
126
437
50
304
234 c
131
647
710
1 708
9 067
42
306 c
1 565
3 004
16
31
..
68
8
500
561
42
80
10 785
56
1 103
50
..
..
207 d
..
..
227
..
53 b
806
607
2 232
5 716
..
81 c
3 176
830
..
38
1 601 b
..
9
366
291
..
..
20 498
38
2 661
48
..
..
..
..
..
99
..
34
529
529
1 568
6 004
..
40
3 119
983
..
70
2 439
..
8
118
384
..
..
5 508
102
271
40
..
..
..
..
..
411
..
..
534
315
1 903
4 426
..
85
1 828
154
..
14
..
..
6
377
111
..
..
..
1
..
168
361
12
..
297
..
1 277
55
..
369
768
1 961
17 824
..
..
3 607
3 923
..
..
..
..
..
630
369
..
..
..
39
..
1 032
..
60
..
..
..
3 989
52
400
3 233
1 701
3 847
40 515
..
901
7 001
10 235
..
..
..
..
..
2 252
8 456
..
..
..
141
..
2 599
..
..
..
..
..
..
..
863
7 528
5 791
14 879
71 393
..
1 017
18 499
18 725
..
..
..
..
..
4 854
..
..
..
..
179
..
2 599 c
..
..
..
..
..
..
..
715
8 057
6 309
16 447
..
..
959
21 619
19 308
..
..
8 870
..
..
4 972
..
..
..
..
281
..
2 599 c
..
..
..
..
..
..
..
..
8 591
6 624
18 350
..
..
2 643 c
23 446
19 941
..
..
..
..
..
5 349
..
..
..
326
..
10
289
1 962
216
1 444
..
425
2 699
1 361
..
672
..
266
748
4 743
334
1 033
..
322
7 220
2 045
..
522
..
402
..
3 923
453
..
..
..
..
1 996
..
..
1 356
..
..
16 402
2 470
12 026
1 810
..
31 143
8 501
..
..
2 258
..
..
24 375
3 391
15 811
..
..
..
9 452
..
b
d
d
d
d
766
..
..
..
7 456
230
..
..
..
..
1 725
..
..
..
..
..
..
..
..
..
..
..
..
..
..
1 019
..
..
..
..
..
..
..
..
..
..
g
c
3 062
1 598
..
..
12 952
2 015
11 383
1 675
1 627
20 720
7 457
1 710
2002
306
Average
1990-1994
Economy
Developed countries
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Iceland
Ireland
Israel
Italy
Japan d
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
United States
Developing economies
Brazil
Colombia
Cyprus
Hong Kong, China
Kazakhstan
Macao, China
Mauritius
Nigeria
Republic of Korea
Singapore
Taiwan Province of China d
Thailand
Turkey
Central and Eastern Europe
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Poland
Russian Federation
Slovakia
Slovenia
TFYR of Macedonia
Source:
a
b
c
d
e
f
Flows
Average
Average
1995-1999
2000-2002
1 363
..
..
1 781
694
398
10 360
9 438
7
..
95
4 319
35 884
..
7 124
533
192
2 634
2 628
2 906
10 285
30 868
1 302
1 556
2 483
7 558
4 694
2 462
36 976
32 562
34
..
..
4 572
27 554
..
21 802
1 696
1 195
10 146
3 548
11 979
46 844
84 194
3 996
4 127
..
15 120
12 332
3 872
90 344
31 841
228
980
..
6 685
27 049
..
40 206
1 165
3 636
34 983
11 371
13 958
88 580
79 226
..
59
8
..
..
..
25
..
419
..
745
131
..
..
465
80
14 382
3
..
3
3
1 379
..
1 736
363
..
..
158
163
25 745
9
17
6
..
1 339
..
2 989
- 6
419
..
..
..
1
..
..
..
..
..
..
10
..
58
46
84
25
..
..
..
..
4
..
130
115
168
4
..
..
..
0.5
c
b
b
b
e
b
Stock
2001
2002
1990
1995
5 112
2 279
..
20 420
11 030
885
74 090
40 373
221
235
..
7 904
17 336
..
32 395
- 3 669
7 411
19 988
1 793
11 488
25 492
60 006
..
4 738
..
17 341
4 205
876
44 382
18 538
147
1 725
..
..
..
..
..
1 700
3 138
..
10 415
- 238
36 974
81 426
..
1 645
..
44 048
..
..
52 032
67 541
14
..
..
37 062
..
..
48 090
3 402
..
..
..
27 073
96 053
212 283
18 780
8 184
..
63 682
..
1 457
262 999
151 186
64
..
..
62 914
..
1 365
84 985
7 992
..
..
23 129
71 130
122 170
392 540
..
- 131
196
12 623
25
17
2
..
653
..
2 377
64
323
..
80
..
11 194
- 1
..
..
..
815
..
2 497
17
..
..
301
..
..
..
..
..
..
633
6 275
1 101
246
..
..
690
..
..
0.3
..
..
..
3 337
25 881
4 971
1 474
..
..
..
134
166
..
..
..
..
..
1
..
..
235
137
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
257
..
f
f
2000
2001
2002
29 076 29 696
..
18 686 20 959
..
..
..
..
126 306 144 920 166 493
50 805 54 700
..
13 844 14 102
..
325 987 371 581
..
333 855 422 931
..
407
505
671
..
..
..
..
..
..
95 279 91 416
..
..
..
..
..
..
..
173 295 185 687
..
14 421
..
..
10 894
..
..
..
..
..
46 356 46 871
..
156 748 176 601 197 391
573 435 496 109 575 822
902 952 941 738 1 049 943
.. 38 742
3 340
..
..
..
333 483 303 838
..
38
..
106
..
..
..
..
11 442 12 095
38 396
..
16 968 19 345
1 615
1 645
..
..
36
150
637
216
993
878
381
195
321
..
..
..
1 019
362
1 227
..
..
..
424
..
41 545
..
..
254 514
36
..
..
..
12 910
..
21 842
1 702
..
..
..
1 208
591
1 525
..
..
..
649
..
307
ANNEX A
Economy
Developed countries
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Iceland
Ireland
Israel c
Italy
Japanc c
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
United States
Developing economies
Argentina
Armenia
Bangladesh
Bolivia
Brazil
Brunei Darussalam
Cambodia
Chile
China
Colombia
Costa Rica
Cyprus
Dominican Republic
Ecuador
Egypt
El Salvador
Ethiopia
Fiji
Guyana
Honduras
Hong Kong, China
India
Indonesia
Iran, Islamic Rep. of c
Jamaica
Jordan
Kazakhstan
Kenya c
Kyrgyzstan
Lao Peoples Dem. Rep.
Macao, China
Malaysia
Mauritius
Average
1990-1994
Flows
Average
Average
1995-1999
2000-2002
31.1
..
..
32.5
46.6
31.9
69.5
191.4
31.3
3.4
20.7
61.6
53.3
..
57.8
5.0
45.4
40.9
32.1
76.2
50.4
64.1
52.3
77.1
77.7
34.0
78.9
59.9
73.0
91.2
41.5
60.9
..
64.3
63.4
..
57.1
40.0
81.3
66.4
21.7
69.4
67.5
52.5
44.7
..
..
18.1
..
..
84.2
21.8
..
48.9
24.9
13.1
..
4.7
..
..
97.3
..
22.7
46.6
..
10.5
..
89.2
..
41.7
12.3
47.6
..
..
..
..
73.9
30.9
68.4
28.5
51.6
69.5
0.4
57.6 c
59.1
36.1
65.7
27.3
87.5
96.0
17.5
..
85.2
25.5
39.5
31.7
44.4
84.1
28.3
28.5
16.8
28.7
..
27.1
11.2
40.0
48.9
..
3.0
64.4
Stock
2001
2002
1990
1995
36.2 b
84.0
..
7.1
87.1
89.5
70.8
107.2
52.7
50.7
..
57.0 b
78.6 b
..
67.7 b
85.6
65.6
85.5 b
43.7
74.2
77.5
66.5
- 70.7
82.8
..
5.6
83.2
106.0
76.7
129.5
91.6
48.2
..
58.4
84.9
..
59.5
67.9
85.6
69.7
33.0
111.5
57.3
69.5
..
20.4
..
14.7
84.9
91.7
71.4
126.5
49.6
46.1
..
..
..
..
..
72.8
97.8
..
75.8
99.2
96.7
85.0
..
42.1
..
32.9
..
..
55.8
46.4
30.1
..
..
61.6
..
..
52.5
33.7
..
..
..
..
41.1
49.7
47.1
65.2
..
34.0
..
38.9
67.4
55.5
35.9
..
..
58.5
..
86.1
55.2
39.6
62.7
..
33.0
85.7
46.6
52.5
51.2
71.8
..
30.6
91.1
53.5
76.6
67.7
34.8
..
..
57.0
..
80.5
65.6
48.0
47.6
..
29.9
82.3
67.4
58.4
44.9
73.9
..
33.2
89.2
56.6
80.2
66.4
48.4
..
..
57.0
..
..
65.0
47.9
..
..
30.3
83.0
61.0
60.7
..
..
..
31.6
..
..
..
..
46.3
..
..
..
..
..
..
45.1
..
..
..
85.6
63.6
61.3
37.2
73.2
45.7
39.4
64.6
28.3
59.2 c
60.4
27.4
57.1
32.1
99.6 b
90.3
9.1
..
68.8
7.7 d
51.3
..
50.1
96.4
..
22.4
..
..
..
29.3
..
- 106.8
34.6
93.1 e
0.6 b
91.5
58.2
74.3
58.0
36.3
59.6
1.2
44.7
64.7
28.2
49.2
47.4
87.8
90.5
9.9
..
63.4
..
65.6
..
63.5
101.4
..
33.5
..
..
..
23.8
..
- 116.0
24.0
93.1
2.4
64.4
- 133.8
62.8
68.5
41.5
56.4
56.6
55.6
35.4
24.7
44.8
24.6
..
93.6
11.1
..
68.6
..
47.2
..
69.2
80.1
..
4.0
..
..
..
35.0
..
- 14.6
62.7
..
..
43.7
..
..
..
15.4
25.0
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
35.4
..
40.9
..
5.3
..
30.9
..
..
..
..
..
..
..
..
..
48.5
..
..
..
..
..
91.7
..
17.2
..
..
..
3.3
..
..
..
..
33.5
..
33.9
72.6
27.7
..
64.0
..
39.7
..
..
59.1
..
..
..
..
..
..
..
..
..
..
92.0
..
..
..
..
..
..
..
..
..
..
..
..
35.6
72.8
28.9
..
..
..
38.1
51.9
32.5
55.9
..
..
..
..
..
73.3
..
..
..
..
92.4
..
..
..
..
..
22.4
..
..
..
87.4
..
..
23.3
70.8
..
..
..
..
36.4
..
31.4
50.6
..
..
..
..
..
72.8
..
..
..
..
93.0
..
..
..
..
..
24.5
..
..
..
..
..
..
2000
2001
2002
/...
308
Annex table A.I.22. Share of services in total inward FDI, a 1990-2002 (concluded)
(Percentage)
Average
1990-1994
Economy
Mexico
Mongolia c
Morocco
Myanmar
Namibia
Nepal c
Nicaragua
Nigeria
Oman
Pakistan
Papua New Guinea
Paraguay
Peru
Philippines f
Republic of Korea
Singapore
Solomon Islands c
Sri Lanka
Taiwan Province of China c
Thailand
Trinidad and Tobago
Tunisia
Turkey
United Rep. of Tanzania
Vanuatu
Venezuela
Viet Nam
Zambia
Zimbabwe c
Central and Eastern Europe
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Latvia
Lithuania
Poland
Russian Federation
Slovakia
Slovenia
TFYR Macedonia
Source:
a
b
c
d
e
f
g
28.9
54.7
..
..
..
52.7
50.3
..
3.3
64.6
26.3
21.0
82.1
25.0
38.3
..
5.4
..
39.4
61.8
1.1
2.4
..
..
..
53.7
..
25.2
21.4
..
..
42.8
41.8
..
..
..
..
..
..
..
..
Flows
Average
Average
1995-1999
2000-2002
Stock
2001
2002
1990
1995
56.8
59.1
56.5
31.1
..
..
..
..
..
51.5
..
..
79.8
22.0
64.8
72.6
..
50.9
55.9
15.7
..
2.0
..
..
87.0
27.6
9.2
..
..
..
100.0
..
23.0
17.7
44.2
..
25.6
..
67.5
3.4
..
28.3
23.5
37.8
58.5
..
..
27.2
47.6
..
..
..
..
..
16.3
20.6
..
..
..
51.4
..
31.9
..
48.2
..
..
..
73.4
3.1
62.3
63.9
28.0
35.2
61.7
..
43.2
31.4
57.9
..
..
..
..
..
27.3
45.8
..
..
30.3
36.0
53.6
8.7
..
68.3
76.2
29.5
14.6
69.1
22.0 c
70.2
64.4
57.8
41.9
70.7
29.8
75.4 c
44.4
68.6
2.7
7.6
..
13.2
46.6
12.9
37.8
21.5
33.9
64.1
43.4
86.5
28.3
..
..
78.1 d
..
..
56.6
..
56.0 b
86.4
49.3
44.2
58.1
..
48.1 c
59.5
30.3
..
5.8
75.4 b
..
90.5
11.8
23.0
..
..
80.9
30.1
92.6
24.8
..
..
..
..
..
72.8
..
45.1
76.0
61.6
42.9
54.8
..
42.6
60.8
25.7
..
14.5
74.7
..
85.9
3.4
29.6
..
..
48.0
84.7
64.0
72.1
72.3
..
72.1
46.8
35.7
..
..
17.1
74.1
..
74.5 b
82.0 d
62.8
..
85.0 d
77.3
49.4 d
.. d
..
85.9
64.2
..
69.5
84.0
..
..
..
..
50.2
..
..
90.7
84.7
..
87.9
79.6
..
..
..
..
43.1
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
57.8
..
2000
g
c
..
37.0
..
35.1
..
..
..
..
..
..
..
71.3
69.0
45.2
34.9
63.3
..
63.7
41.5
62.2
..
..
..
..
..
17.2
..
..
..
..
59.0
59.8
76.2
58.1
80.4
69.7
60.5
46.2
45.8
56.9
..
2001
..
35.3
..
35.1
..
..
..
..
..
..
..
69.2
69.4
46.2
34.7
..
..
63.2
43.5
58.0
..
..
50.6
..
..
15.7
..
..
..
..
..
60.5
78.2
53.3
77.2
..
54.8
46.8
..
52.1
..
2002
..
41.3
..
34.7
..
..
..
..
..
..
..
..
70.0
43.9
42.0
..
..
59.0
44.3
56.8
..
..
..
..
..
16.2
..
..
..
..
..
63.0
80.2
50.9
..
..
..
46.4
..
55.0
..
309
ANNEX A
Average
1990-1994
Economy
Developed countries
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Iceland
Ireland
Israel
Italy
Japan d
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
United States
Developing economies
Brazil
Colombia
Cyprus
Hong Kong, China
Kazakhstan
Macao, China
Mauritius
Nigeria
Republic of Korea
Singapore
Taiwan Province of China d
Thailand
Turkey
Central and Eastern Europe
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Poland
Russian Federation
Slovakia
Slovenia
TFYR Macedonia
Source:
a
b
c
d
e
f
Flows
Average
Average
1995-1999
2000-2002
Stock
2001
2002
1990
1995
2000
2001
2002
40.7
..
..
30.0
49.6
24.1
57.9
46.2
48.6
..
14.5
68.7
68.3
..
53.3
25.4
67.8
84.0
43.4
37.7
46.6
60.1
33.5
58.1
61.6
38.1
75.2
34.5
69.3
49.5
50.8
..
..
55.0
52.5
..
63.7
38.1
57.4
66.0
23.6
61.0
50.5
68.7
65.7 b
85.2
..
40.5
86.3
28.9
81.4
83.2
75.4
26.4 c
..
43.0 b
65.7 b
..
69.2 b
33.3
58.9
88.4 b
58.8
59.4
81.2
65.0
44.0
72.6
..
55.7
85.1
10.6
79.7
124.2
64.3
5.8
..
37.4
53.3
..
72.8
277.4
98.0
78.5
27.2
63.0
43.3
57.8
..
83.9
..
60.2
86.9
11.3
71.0
68.6
84.6
55.9
..
..
..
..
..
40.5
95.4
..
95.8
- 3.1
105.1
68.0
..
38.5
..
51.9
..
..
47.2
44.6
19.0
..
..
66.1
..
..
46.9
31.3
..
..
..
41.0
41.9
49.3
35.4
69.9
..
53.9
..
9.7
67.6
56.3
35.4
..
..
64.8
..
29.0
50.9
35.5
..
..
32.2
49.9
40.1
56.2
34.9
75.3
..
53.7
79.3
26.6
73.2
61.6
61.4
..
..
59.5
..
..
58.0
42.8
61.3
..
38.5
67.2
63.9
68.6
32.5
73.5
..
59.2
78.4
27.0
75.9
68.7
59.9
..
..
56.3
..
..
58.1
..
..
..
39.2
69.7
57.0
68.1
..
..
..
60.9
..
..
..
..
62.5
..
..
..
..
..
..
..
..
..
..
66.8
62.5
69.0
..
54.9
13.1
..
..
..
85.8
..
35.1
..
50.5
55.6
..
..
94.6
95.4
79.1
95.3
..
40.3
0.9
45.7
..
66.9
67.9
..
..
68.7
84.4 b
87.6
6.1
102.3 e
104.5 b
..
51.7
..
69.8
- 15.2
62.0 b
..
148.3
89.0
111.3
92.1
102.3
79.4
..
29.9
..
54.1
71.4
67.3
..
52.7
..
64.1
- 0.2
..
..
..
39.1
..
74.1
30.8
..
..
74.9
..
..
..
..
..
..
27.5
80.4
35.8
59.0
..
..
67.2
..
..
100.0
..
..
..
32.6
73.8
48.5
64.8
..
..
87.3
..
85.9
..
..
..
..
42.6
72.3
62.9
62.6
..
91.0
..
..
86.2
89.1
77.5
..
..
41.7
..
61.7
63.0
..
95.7
..
..
82.3
7.7
..
..
..
41.5
..
62.9
62.4
..
..
..
..
22.2
..
..
..
..
..
..
57.3
..
64.5
85.1
32.8
57.8
..
..
..
..
129.0
..
93.9
87.6
30.2
25.9
..
..
..
344.8
..
..
80.9
82.0
..
..
..
..
..
97.6
..
..
114.0
103.8
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
52.4
..
41.4
37.2
86.3
83.2
80.4
86.2
99.7
60.4
40.4
..
..
..
89.7
82.0
83.0
..
..
..
42.3
..
..
..
82.0
87.5
76.3
..
..
..
43.7
..
f
f
310
Annex table A.I.24. Network Spread Index (NSI) and Internationalization Index (II) of the worlds
100 largest non-financial TNCs, by home economy, 2002
(Averages)
Home economy
Number of TNCs
in the economy
United States
France
Germany
United Kingdom
Japan
Netherlands
Switzerland
Canada
Italy
Spain
Australia
Finland
Belgium
Hong Kong, China
Ireland
Mexico
Republic of Korea
Sweden
Average
27
14
13
12
7
5
5
4
3
3
2
2
1
1
1
1
1
1
6
Number of host
economies
35
38
45
37
35
41
56
19
25
17
23
44
16
3
16
11
24
42
35
NSI
17.74
19.49
22.84
18.85
17.80
20.92
28.82
9.49
12.99
8.55
11.54
22.57
8.21
1.54
8.21
5.64
12.31
21.54
17.93
II
66.41
68.52
62.76
49.12
56.82
58.96
88.93
79.57
62.27
49.63
77.97
86.97
86.41
36.84
90.63
74.47
79.31
70.00
65.46
Source:
UNCTAD.
Note:
NSI and II as for annex table A.I.4. The total number of TNCs is 104, because there are 5 TNCs with double nationality. These
are counted in two countries each. They are: Daimler Chrysler (Germany/United States), Royal Dutch/Shell Group, Reed
Elsevier and Unilever (United Kingdom/Netherlands) and Rio Tinto (United Kingdom/Australia). Singtel Ltd. has been excluded
from the analysis.
Annex table I.25. Network Spread Index (NSI) and Internationalization Index (II) of the worlds 100
largest non-financial TNCs, by industry, 2002
(Averages)
Home economy
Chemicals and pharmaceuticals
Retail, trading and services
Automotive
Electronics and electronic equipment
Utility
Petroleum expl./ref./distr.
Telecommunications
Food, beverages and tobacco
Metals and mining
Construction and building materials
Diversified
Machinery and equipment
Media
Paper, publishing and printing
Transportation
Average
Number of TNCs
in industry
13
10
10
9
9
8
7
6
5
4
4
5
5
2
2
7
Source:
UNCTAD.
Note:
Number of host
economies
49
30
38
45
15
42
20
42
29
25
43
42
23
26
50
35
NSI
25.01
15.23
19.33
23.30
7.64
21.35
10.18
21.28
14.77
12.95
21.92
21.44
11.69
13.33
25.38
17.93
II
79.25
56.70
66.27
70.86
45.47
63.58
51.32
70.63
55.02
80.88
68.29
85.43
68.42
54.15
66.24
65.46
311
ANNEX A
Source:
UNCTAD.
1.73
0.88
1.36
1.79
1.11
1.05
1.69
0.68
0.81
2.36
0.95
1.26
0.14
0.15
0.06
0.37
0.29
0.16
0.10
Total
5.95
1.32
2.53
2.31
3.66
2.07
7.61
3.86
4.15
9.69
0.89
1.74
14.29
11.43
4.35
4.76
4.03
6.34
4.35
3.40
2.91
5.56
5.33
5.58
3.26
10.11
32.43
1.83
4.40
0.41
5.71
2.17
6.67
5.58
The Pacific
1.99
1.91
1.50
4.25
1.19
2.43
2.48
0.29
0.80
4.86
0.53
1.12
1.90
1.89
Central Asia
1.02
1.00
0.38
0.62
0.10
0.90
1.00
1.46
0.53
2.86
0.48
0.70
5.19
3.00
2.90
3.87
2.85
5.17
3.71
1.71
0.62
2.32
1.52
2.17
0.48
3.28
West Asia
North America
7.39
10.04
10.97
26.32
25.98
34.75
9.67
35.44
6.56
15.21
22.42
4.99
11.24
14.29
22.11
42.86
17.39
14.29
15.09
4.41
3.88
4.55
2.93
1.50
2.17
1.11
5.27
5.24
0.85
1.29
4.40
7.71
2.86
2.86
3.51
South America
52.61
61.08
58.56
45.77
35.39
36.83
51.06
43.01
66.66
40.37
59.09
51.00
77.53
71.43
67.14
31.43
34.78
59.52
51.96
Other Africa
27
14
13
12
7
5
5
4
3
3
2
2
1
1
1
1
1
1
6
North Africa
United States
France
Germany
United Kingdom
Japan
Netherlands
Switzerland
Canada
Italy
Spain
Australia
Finland
Belgium
Hong Kong, China
Ireland
Mexico
Rep. of Korea
Sweden
Average
Home economy
European Union
Region
Annex table A.I.26. The world's largest non-financial TNCs: percentage share of foreign affiliates
in each region, by home economy, 2002
9.00
7.97
5.54
5.18
19.79
4.94
8.18
4.11
1.58
5.74
15.63
2.25
0.00
0.00
2.86
30.43
1.43
7.82
0.22
0.26
0.14
0.13
0.23
0.16
1.59
0.16
4.00
4.32
8.16
3.85
2.85
4.24
7.30
2.11
3.15
12.95
7.87
0.00
2.64
8.70
6.67
4.60
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
312
Other Africa
South America
Total
7.40
4.89
0.90
2.94
6.76
4.73
2.46
0.04
15.12
0.22
3.80
100
6.26
17.27
3.42
0.31
1.75
3.47
4.29
0.97
0.02
7.34
0.19
4.39
100
Automotive
10
57.77
4.23
11.13
3.32
1.27
2.39
6.00
2.03
2.32
0.13
3.58
0.04
5.78
100
46.17
1.89
12.57
4.02
0.55
0.44
3.67
3.38
0.89
0.02
20.95
5.44
100
Central Asia
West Asia
The Pacific
North Africa
4.10
50.32
46.64
12
13
Industry
European Union
Region
North America
Annex table A.I.27. The world's 100 largest non-financial TNCs: percentage share of
foreign affiliates in each region, by industry, 2002
Utility
49.93
0.50
30.94
0.09
0.12
1.01
7.53
4.34
0.50
2.11
0.06
2.87
100
Petroleum expl./ref./distr.
55.55
2.37
17.08
2.81
0.96
2.54
7.09
3.41
1.45
0.33
3.85
0.46
2.09
100
Telecommunications
60.72
2.51
6.90
3.41
0.40
0.60
10.05
6.43
0.49
3.67
0.11
4.69
100
56.05
2.94
8.72
3.32
1.42
2.57
5.97
3.68
0.82
0.20
6.19
0.28
7.85
100
51.85
5.52
14.47
3.77
0.34
6.06
3.65
2.40
0.43
0.23
5.10
0.63
5.54
100
54.76
3.19
19.98
0.31
0.99
0.59
5.30
6.83
0.51
0.23
1.80
5.52
100
Diversified
51.95
6.43
7.32
5.44
0.94
2.49
5.51
6.92
1.74
0.14
5.36
0.16
5.62
100
39.52
4.83
8.81
4.39
0.89
0.56
6.53
4.58
2.42
21.12
6.37
100
Media
73.51
1.36
17.39
2.81
0.70
0.42
1.10
0.37
1.77
0.59
100
48.01
2.46
31.56
5.21
1.87
0.68
0.23
2.39
7.63
100
Transportation
25.74
2.93
50.39
1.31
0.17
2.28
1.96
7.10
1.79
0.65
1.31
4.40
100
Average
51.96
3.51
15.09
3.28
0.70
1.89
5.58
4.03
1.26
0.10
7.82
0.16
4.60
100
Source:
UNCTAD.
a
b
58
64
102
38
67
15
123
14
548
291
12
22
33
20
5
53
18
12
6
3
11
147
97
6
9
4
Count
Total
34
8
52
47
18
40
2
79
27
33
50
41
12
Per cent
UNCTAD.
4
6
7
4
6
1
8
1
42
France
Germany
United Kingdom
Switzerland
United States
Canada
Japan
Hong Kong, China
Total
Source:
22
1
2
2
Region/economy
Number Number of
of TNCs directors
8
2
21
14
5
6
1
8
72
44
4
7
2
Count
14
3
21
37
7
40
1
57
13
15
33
32
6
Per cent
European Union
6
1
22
2
..
..
1
..
41
32
2
1
..
Count
10
2
22
5
..
..
1
..
7
11
17
5
..
Per cent
United States
3
..
..
1
..
..
..
..
4
3
..
..
..
Count
Japan
5
..
..
3
..
..
..
..
1
1
..
..
..
Per cent
..
1
2
..
..
..
..
..
3
3
..
..
..
Count
Asia a
..
2
2
..
..
..
..
..
1
1
..
..
..
Per cent
1
..
4
1
5
..
1
..
14
7
..
..
2
Count
2
..
4
3
7
..
1
..
3
2
..
..
6
Per cent
..
..
2
..
..
..
..
..
2
2
..
..
..
Count
Africa
..
..
2
..
..
..
..
..
-
1
..
..
..
Per cent
..
1
..
..
..
..
..
..
1
1
..
..
..
Count
..
2
..
..
..
..
..
..
-
..
..
..
Per cent
Central and
Eastern Europe
2
..
2
..
2
..
..
3
10
5
..
1
..
Count
Other b
3
..
2
..
3
..
..
21
2
2
..
5
..
Per cent
Annex table A.I.28. Regional composition of directors on the boards of 42 of the largest 100 TNCs, grouped by home region/economy, 2003
ANNEX A
313
314
Annex table A.II.1. Selected bilateral, regional and inter-regional agreements containing FDI
provisions concluded or under negotiation, 2003-2004 a
Year
Title
Setting
Level
Status
Developing countries
Africa
2003 ECOWAS Energy Protocol
Signed
2004
Inter-regional
Under negotiation
2004
Inter-regional
Under negotiation
2004
Egypt-Singapore
Bilateral
Under negotiation
2004
Inter-regional
Under negotiation
2004
SACU (Southern African Customs Union Botswana, Lesotho, Namibia, South Africa,
Swaziland)-United States
Bilateral
Under negotiation
2004
Under negotiation
ASEAN - Japan
Bilateral
Signed
2003
Bilateral
Signed
2003
Bilateral
Signed
2003
China-Macao (China)
Bilateral
Signed
2003
India-ASEAN
Bilateral
Signed
2003
India-Thailand
Bilateral
Signed
2003
Singapore-Australia
Bilateral
Signed
2004
Bahrain-United States
Bilateral
Signed
2004
Signed
Regional
2004
Singapore-Jordan
Bilateral
Signed
2004
Signed
2004
ASEAN-Republic of Korea
ASEAN-Republic of Korea
Under consultation
/...
Bilateral
315
ANNEX A
Annex table A.II.1. Selected bilateral, regional and inter-regional agreements containing FDI
provisions concluded or under negotiation, 2003-2004 a (continued)
Year
Setting
Level
Status
2004
Title
ASEAN-Australia-New Zealand
Inter-regional
Under negotiation
2004
Bahrain-Singapore
Bilateral
Under negotiation
2004
Bilateral
Under negotiation
2004
Bilateral
Under negotiation
2004
India-China
Bilateral
Under discussion
2004
India-Mauritius
Bilateral
Under discussion
2004
Republic of Korea-Singapore
Bilateral
Under negotiation
2004
SAARC agreement on the promotion and protection of investment SAARC member States
Regional
Under negotiation
2004
Bilateral
Under negotiation
2004
Thailand-United States
Bilateral
Under negotiation
Uruguay-Mexico
Bilateral
Signed
Bilateral
Signed
2004
CARICOM-Costa Rica
Bilateral
Signed
2004
Signed
2004
Regional
Under negotiation
2004
Bilateral
Under negotiation
2004
Brazil-Russian Federation
Brazil-Russian Federation
Bilateral
Under negotiation
2004
CARICOM-EFTA
2004
CARICOM-European Community
Inter-regional
Under negotiation
2004
Costa Rica-Panama
Bilateral
Under negotiation
2004
Mexico Singapore
Bilateral
Under negotiation
2004
Peru-Thailand
Bilateral
Under negotiation
Under negotiation
Developed countries
2003
Australia-China
Bilateral
Signed
2003
Bilateral
Concluded
2003
Free Trade Agreement between the Government of the United States United States-Chile
of America and the Government of the Republic of Chile
Bilateral
Signed
2003
Bilateral
Signed
United States-Pakistan
/...
316
Annex table A.II.1. Selected bilateral, regional and inter-regional agreements containing FDI
provisions concluded or under negotiation, 2003-2004 a (concluded)
Year
Setting
Level
Status
2003
Title
Bilateral
Signed
2003
United States-Singapore
Bilateral
Signed
2003
Inter-regional
Concluded
2004
Australia-Thailand
Bilateral
Signed
2004
Bilateral
Signed
2004
Bilateral
Signed
2004
United States-Australia
Bilateral
Signed
2004
Agreement between the United States and Central Asian Countries United States-Kazakhstan, Kyrgyzstan, Tajikistan, Bilateral
Concerning Regional Trade and Investment Framework
Turkmenistan, and Uzbekistan
Signed
2004
United States-Kuwait
Bilateral
Signed
2004
United States-Malaysia
Bilateral
Signed
2004
United States-Morocco
Bilateral
Signed
2004
Bilateral
Signed
2004
Japan-Chile
Bilateral
Under consideration
2004
Japan-Philippines
Bilateral
Under consideration
2004
Japan-Thailand
Bilateral
Under consultation
2004
Canada-Andean countries
Bilateral
Under discussion
2004
Canada-CARICOM
Bilateral
Under consideration
2004
Bilateral
Under negotiation
2004
Canada-Dominican Republic
Bilateral
Under consideration
2004
Canada-EFTA
Bilateral
Under negotiation
2004
Canada-Singapore
Bilateral
Under negotiation
2004
EFTA-SACU
Bilateral
Under negotiation
2004
European UnionMERCOSUR
European Community-Mercosur
Inter-regional
Under negotiation
2004
Japan- Korea
Bilateral
Under negotiation
2004
New Zealand-Chile-Singapore
Pluraliteral
Under negotiation
2004
United States-Uruguay
Bilateral
Under negotiation
Source:
a
b
UNCTAD.
11
4
3
13
1
7
24
20
8
18
22
16
9
12
21
6
2
17
23
25
10
15
14
19
5
Lukoil JSC
Novoship Co.
Pliva d.d.
Norilsk Nickel, OJSC MMC
Primorsk Shipping Corporation
Gorenje Gospodinjski Aparati
Hrvatska Elektroprivreda d.d. c
Mercator d.d., Poslovni sistem
Krka Group
Far Eastern Shipping Co. c
Petrol Group
Richter Gedeon Ltd.
Malv Hungarian Airlines
Podravka Group
MOL Hungarian Oil and Gas Plc. c
BLRT Grupp AS
Zalakermia Rt. c
Intereuropa d.d.
Merkur d.d.
Petrom S.A., SNP
Budimex Capital Group c
Croatia Airlines
Finvest Corp d.d.
Iskraemeco d.d.
Policolor S.A.
Corporation
Russian Federation
Russian Federation
Croatia
Russian Federation
Russian Federation
Slovenia
Croatia
Slovenia
Slovenia
Russian Federation
Slovenia
Hungary
Hungary
Croatia
Hungary
Estonia
Hungary
Slovenia
Slovenia
Romania
Poland
Croatia
Croatia
Slovenia
Romania
Home country
Petroleum and natural gas
Transportation
Pharmaceuticals
Mining
Transportation
Domestic appliances
Energy
Retail trade
Pharmaceuticals
Transportation
Petroleum and natural gas
Pharmaceuticals
Transportation
Food and beverages/ pharmaceuticals
Petroleum and natural gas
Shipbuilding
Clay product and refractory
Trade
Trade
Petroleum and natural gas
Construction
Transportation
Forestry
Electrical machinery
Chemicals
Industry
393.1
5.4
5 354.0
962.9
689.1
502.0
331.8
312.8
272.0
224.6
180.7
123.0
108.5
105.6
105.0
102.4
95.9
66.2
65.0
45.0
43.3
31.5
23.8
23.4
22.2
20.7
17.2
Assets
Foreign
2 053.9
52.1
22 001.0
1 093.9
1 382.0
9 739.0
384.2
632.8
2 357.0
1 040.0
577.9
377.0
623.5
742.7
280.0
485.8
3 243.2
116.0
120.0
216.0
500.5
4 558.0
372.6
316.1
71.9
85.2
31.0
Total
679.5
29.4
10 705.0
270.7
668.1
2 360.0
96.0
531.6
8.0
139.1
282.6
101.0
67.0
70.3
291.0
171.6
819.2
53.7
39.0
36.0
55.1
4.9
50.4
101.7
6.6
33.1
25.5
d
Sales
Foreign
1 343.2
11.1
15 334.0
351.1
815.5
3 094.0
123.9
755.6
775.0
1 331.0
367.7
318.0
1 154.6
388.1
392.0
384.4
3 850.0
111.3
64.0
182.0
517.8
2 318.0
610.0
164.5
31.3
100.2
47.1
Total
1 376
9.9
13 000
85
3 213
34
1 305
731
1 893
817
233
25
1 996
28
1 191
776
1 778
1 889
701
143
12
1 076
59
..
201
457
18 050
34.6
180 000
6 291
7 326
96 410
2 611
8 772
15 071
14 331
4 332
5 608
1 632
5 124
2 851
7 488
15 218
3 642
2 921
2 422
2 988
60 459
1 189
992
547
2 100
933
Employment
Foreign
Total
31.5
1.2
33.8
55.5
58.5
27.2
71.3
42.7
6.3
15.1
42.3
22.8
8.2
23.8
37.6
27.2
9.8
51.4
59.9
23.2
8.0
0.3
35.0
25.1
26.1
22.3
52.9
TNI b
(%)
Source:
Averages
Change from 2001 (in %)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Ranking by
Foreign
assets TNI b
Annex table A.II.2. The top 25 non-financial TNCs from Central and Eastern Europe, a ranked by foreign assets, 2002
(Millions of dollars and number of employees)
ANNEX A
317
318
Annex table A.III.1. Estimated world inward FDI, average annual flows, by sector and industry,
1989-1991 and 2001-2002
(Millions of dollars)
1989-1991
Sector/industry
Primary
Agriculture, hunting, forestry and fishing
Mining, quarrying and petroleum
Unspecified primary
Manufacturing
Food, beverages and tobacco
Textiles, clothing and leather
Wood and wood products
Publishing, printing and reproduction
of recorded media
Coke, petroleum products and nuclear fuel
Chemicals and chemical products
Rubber and plastic products
Non-metallic mineral products
Metal and metal products
Machinery and equipment
Electrical and electronic equipment
Precision instruments
Motor vehicles and other transport equipment
Other manufacturing
Recycling
Unspecified secondary
Services
Electricity, gas and water
Construction
Trade
Hotels and restaurants
Transport, storage and communications
Finance
Business activities
Public administration and defence
Education
Health and social services
Community, social and personal service activities
Other services
Unspecified tertiary
Private buying and selling of property
Unspecified
Developed
countries
Developing
economies
World
Developed
countries
2001-2002
Central and
Developing
Eastern
economies
Europe
World
8 805
- 23
8 788
40
51 033
6 291
2 354
2 602
3 689
634
3 054
17 045
2 529
283
262
12 494
612
11 842
40
68 078
8 820
2 637
2 864
46 218
81
46 091
47
90 156
7 969
88
3 001
19 290
1 694
17 596
76 578
3 222
442
178
923
110
813
6 965
1 825
122
546
66 431
1 885
64 499
47
173 699
13 016
652
3 726
945
- 1 104
12 716
1 319
1 309
4 548
5 181
4 317
909
4 829
3 861
956
83 157
844
446
16 557
3 903
1 190
34 201
11 602
2 516
8
74
2 468
8 461
887
124
7 571
246
2 280
35
249
1 391
3 202
876
1
321
1 057
4 311
11 232
1 288
554
2 467
957
1 349
2 252
1 272
5
24
4
727
332
4 031
945
- 858
14 996
1 355
1 559
5 939
8 383
5 194
910
5 150
4 918
5 267
94 389
2 132
1 000
19 025
4 860
2 540
36 453
12 874
2 517
12
98
2 472
9 187
1 219
124
11 602
1 589
377
11 466
346
2 895
4 872
13 349
10 090
2 971
7 577
12 668
10 899
371 190
15 120
3 248
42 375
1 398
51 514
81 354
109 888
3 334
- 8
108
14 793
42 586
5 480
308
12 941
117
677
3 902
291
294
1 636
4 451
3 762
126
2 363
1 820
22
53 277
97 139
6 261
2 108
14 322
900
15 408
22 204
24 581
7
31
166
3 948
4 613
2 591
4 674
1
137
554
421
102
470
696
446
37
665
940
1
2
19 905
721
421
3 614
167
7 708
5 191
1 732
6
37
307
1 875
1 707
1 191
15 922
1 058
3 290
6 978
18 495
14 298
3 134
10 605
15 428
22
64 177
488 235
22 102
5 776
60 311
2 465
74 630
108 749
136 201
3 341
29
274
18 777
47 506
8 071
308
19 490
Source:
UNCTAD.
Note:
Data should be interpreted with caution. The world total was extrapolated on the basis of data covering 63 countries
in the period 1989-1991 and 84 countries in the period 2001-2002 (or latest three-year/two-year period available), accounting
respectively for 89% and 81% of world inward FDI flows. Only those economies for which data for the three main sectors
were available, were included. The distribution share of each industry of these economies is applied to estimate the world
total in each sector and industry. As a result, the sum of the sectors for the individual economy groups is different from
the totals shown in annex table B.1. Approval data were used for Israel in 1994 and Myanmar in 1990-1992. However
in some countries, the actual data was estimated by applying the implementation ratio of realized FDI to approved FDI
to the latter (9% in 1994-1995 and 98% in 2001-2002 for Cambodia, 47% in 1989-1991 for China, 15% in 1989-1991 for
Indonesia, 17% in 1993-1995 for the Islamic Republic of Iran, 21% in 1989-1991 and 31% in 2000-2001 for Japan, 7% in
1992-1994 for Kenya, 1% in 1989-1991 for Lao People's Democratic Republic, 40% in 2001-2002 for Mongolia, 30% in 19891991 and 56% in 1997-1998 for Nepal, 20% in 1993-1995 and 13% in 1997-1998 for Papua New Guinea, 1% in 1994-1995
and 3% in 1996 for the Solomon Islands, 47% in 1995 for Sri Lanka, 65% in 1989-1991 and 66% in 2001-2002 for Taiwan
Province of China, 40% in 1989-1991 for Turkey, 20% in 1989-1991 for Viet Nam and 23% in 1993-1995 for Zimbabwe).
The world total in 1989-1991 includes the countries of Central and Eastern Europe, although data by sector and industry
are not available for that region.
319
ANNEX A
Annex table A.III.2. Estimated world outward FDI, average annual flows, by sector and industry,
1989-1991 and 2001-2002
(Millions of dollars)
1989-1991
Sector/industry
Primary
Agriculture, hunting, forestry and fishing
Mining, quarrying and petroleum
Unspecified primary
Manufacturing
Food, beverages and tobacco
Textiles, clothing and leather
Wood and wood products
Publishing, printing and reproduction of
recorded media
Coke, petroleum products and nuclear fuel
Chemicals and chemical products
Rubber and plastic products
Non-metallic mineral products
Metal and metal products
Machinery and equipment
Electrical and electronic equipment
Precision instruments
Motor vehicles and other transport equipment
Other manufacturing
Unspecified secondary
Services
Electricity, gas and water
Construction
Trade
Hotels and restaurants
Transport, storage and communications
Finance
Business activities
Public administration and defence
Education
Health and social services
Community, social and personal service activities
Other services
Unspecified tertiary
Private buying and selling of property
Unspecified
Developed
countries
Developing
economies
World
Developed
countries
2001-2002
Central and
Developing
Eastern
economies
Europe
World
11 623
683
10 789
151
81 349
13 979
1 979
5 356
79
42
37
1 497
136
61
40
11 702
725
10 826
151
82 846
14 115
2 040
5 396
45 644
298
45 174
171
137 240
23 274
- 1 054
7 748
447
- 0
447
5 269
63
69
12
1
- 3
4
332
22
2
6
46 091
295
45 625
171
142 840
23 359
- 983
7 766
156
122
12 945
588
1 194
6 214
7 310
9 997
655
5 498
8 430
6 926
116 955
1 021
2 396
18 922
413
7 445
48 466
24 472
20
- 124
568
8 856
4 501
25
10 070
212
35
70
168
7
305
5
460
1 019
31
270
4
33
446
19
217
90
156
122
13 157
623
1 264
6 381
7 317
10 302
655
5 498
8 435
7 386
117 974
1 021
2 426
19 192
417
7 478
48 912
24 490
20
- 124
568
9 073
4 501
25
10 160
1 446
120
17 480
1 548
773
17 706
7 876
12 573
1 469
23 544
- 2 296
25 032
432 214
8 639
3 178
54 009
8 030
61 924
154 730
124 460
762
18
81
305
10 056
6 021
130
15 174
166
17
3
27
6
1 231
37
70
8
3 562
19 486
103
- 50
4 272
- 61
- 946
2 282
12 776
3
1 109
2 415
212
68
5
2
6
- 12
3
18
603
10
7
164
22
63
246
67
1
23
41
1 446
332
17 714
1 570
776
17 735
7 887
13 792
1 505
23 614
- 2 285
28 612
452 303
8 753
3 135
58 445
7 991
61 041
157 258
137 303
762
18
81
308
11 187
6 021
130
17 630
Source:
UNCTAD.
Note:
Data should be interpreted with caution. The world total was extrapolated on the basis of data covering 25 countries
in the period 1989-1991 and 37 countries in the period 2001-2002 (or latest three-year/two-year period available), accounting
respectively for 94% and 78% of world outward FDI flows. The distribution share of each industry of these countries
was applied to estimate the world total in each sector and industry. As a result, the sum of the sectors for the individual
economy groups is different from the totals shown in annex table B.2. Approval data was used for Taiwan Province of
China. However in the case of Japan, the actual data was estimated by applying the implementation ratio of realized
FDI to approved FDI to the latter (65% in 1989-1991 and 85% in 2000-2001). The world total in 1989-1991 includes the
countries of Central and Eastern Europe, although data by sector and industry are not available for that region.
320
Annex table A.III.3. Comparison of values of services delivered by foreign affiliates and by trade in
selected countries, various years
(Billions of dollars and percentage)
Country
Year
Services delivered by
foreign affiliates of homebased TNCs a (S)
Austria
Canada
Finland
Japan
Germany
Portugal
United States
2000
1999
2002
1999
2001
2001
2001
2.0 c
77.1 c
13.9 c
110.6
227.2
5.6 c
456.1
Source:
a
Exports of
services(X)
S/X (%)
31.0
34.8
6.0
60.3
83.2
8.7
259.4
6.5
221.5
231.7
183.4
273.1
64.4
175.8
Country
Year
Austria
China
Czech Republic
Finland
Japan
Germany
Hungary
Portugal
Sweden
United States
2001
2002
1999
2001
1999
2001
2000
2001
2001
2001
Services delivered by
affiliates of foreignbased TNCs b (S)
38.3 c
12.8
10.8
9.0
10.1
122.3
0.01
6.8 c
42.3
474.0
Imports of
services(M)
S/M (%)
31.5
44.2
5.8
8.0
114.2
137.2
4.4
6.0
22.9
192.7
121.6
29.0
186.0
112.5
8.8
89.1
0.2
113.3
184.7
246.1
UNCTAD, based on data on sales by affiliates from UNCTAD FDI/TNC database (www.unctad.org/fdistatistics) and data
on services trade from WTO.
Except for the United States, the data refer to sales by service foreign affiliates of home-based TNCs less those by trading foreign
affiliates, as sales of the latter are mainly of goods. For the United States the data refer to sales of services by all foreign affiliates
of United States TNCs.
Except for China and the United States, the data refer to sales by service affiliates of foreign-based TNCs less those by trade
affiliates, as sales of the latter are mainly of goods. For China the data refer to sales by all service affiliates. For the United States
the data refer to sales of services by all affiliates of foreign-based TNCs in the United States.
Majority-owned foreign affiliates only.
ANNEX A
321
Annex table A.III.4. Penetration ratios a of majority-owned foreign bank affiliates in banking,b by
host economy, 2001
(Per cent)
Developing economies
Developed countries
New Zealand
United Kingdom
United States c
Norway
Portugal
Australia
Greece
Switzerland
Spain
Japan d
Finland
Italy
Canada
Germany
Netherlands
Sweden f
Denmark
Iceland
Source:
a
b
c
d
e
f
g
99.1
46.0
20.2
19.2
17.7
17.0
10.8
10.7
8.5
6.7
6.2
5.7
4.8
4.3
2.2
1.8
-
CEE
Estonia
Czech Republic
Croatia
Hungary
Slovakia
Lithuania
Bulgaria
Bosnia and Herzegovina
Poland
Latvia
Macedonia
Romania
Albania
Moldova, Republic of
Belarus
Slovenia
Ukraine
Russian Federation
Africa
98.9
90.0
89.3
88.8
85.5
78.2
74.6
73.0
68.7
65.2
51.1
47.3
46.0
36.7
26.0
20.6
10.5
8.8
Botswana
100.0
Guinea-Bissau 100.0
Lesotho
100.0
Gambia
95.8
Benin
91.0
Guinea
90.0
Cte dIvoire
84.2
Senegal
78.7
Niger
73.4
Madagascar
67.8
Mali
67.0
64.0
Zambia f
Seychelles
60.2
Ghana
53.5
Kenya
39.3
Zimbabwe
28.0
Mauritius
24.5
Morocco
20.8
Tunisia
15.7
Egypt
13.3
8.3
Malawi f
South Africa
7.7
Sudan
4.0
Algeria
3.9
Burundi f
Nigeria f
Rwanda
-
UNCTAD, based on World Bank database on bank regulation and supervision (2002 and 1998 surveys) (www.worldbank.org/
research/projects/bank_regulation.htm), United States Federal Reserve (www.federalreserve.gov/releases/iba) and Committee
on the Global Financial System (CGFS) (2004).
11 216
9 158
6 442
4 372
3 358
2 145
1 945
1 710
1 360
1 219
941
807
797
529
199
France
France
Sweden
Germany
Spain
Sweden
Japan
Germany
Singapore
United States
France
Netherlands
Japan
Netherlands
United Kingdom
France
United Kingdom
Hong Kong, China
Hotel
IAccor
Intercontinental Hotels Group PLC
Shangri-La Asia Limited
9 131
5 283
4 013
11 021
6 492
4 411
2 129
2 038
1 562
1 472
747
364
338
288
129
121
89
43
Foreign
France
United Kingdom
France
United States
France
Japan
United States
France
France
United States
United States
United Kingdom
Switzerland
United Kingdom
United Kingdom
Home economy
Advertising
Publicis Groupe SA
WPP Group Plc
Havas
Interpublic Group Companies Inc
Jcdecaux SA
Dentsu Inc
Grey Global Group Inc f
SR Teleperformance
Ipsos
Monster Worldwide Inc
Omnicom Group Inc f
Aegis Group PLC
Publigroup
Incepta Group PLC
Taylor Nelson Sofres PLC
Construction
Bouygues
Vinci (Ex SGE)
Skanska AB
Hochtief
Grupo Ferrovial
NCC AB
Kajima Corporation
Bilfinger Berger
Keppel Corporation Limited
Fluor Corp.
Eiffage
BAM Groep NV
Nishimatsu Construction Company Limited
Volker Wessels Stevin
Amec PLC
TNC
b
b
b
c
c
c
c
h
h
b
Assets
13 781
9 429
4 742
25 097
27 515
9 057
8 935
11 763
4 167
16 406
2 880
5 926
3 449
6 299
4 054
5 444
2 171
2 888
13 346
19 103
5 300
11 890
3 747
9 715
2 490
997
718
1 122
14 355
3 316
650
614
1 186
Total
5 646
2 420
432
2 589
7 593
15 177
10 745
1 510
3 543
1 506
3 593
875
3 444
1 073
748
635
698
4 247
4 362
6 160
1 722
2 579
1 056
858
722
773
114
161
3 901
45
264
191
431
Foreign
b
b
h
b
Sales
8 521
3 843
540
5 793
22 813
18 036
13 250
5 289
6 286
15 861
6 052
3 409
8 803
7 186
3 755
3 897
3 196
7 673
4 859
7 332
2 069
5 863
1 942
2 418
1 307
1 119
717
680
8 621
1 159
1 413
395
1 314
Total
104 704
17 738
13 000
16 536
42 397
54 091
22 129
8 124
12 983
1 855
29 957
8 722
10 802
6 884
6 093
723
3 628
14 285
31 871
43 634
13 284
13 431
3 760
3 513
6 001
26 288
3 571
1 158
13 820
333
519
674
2 031
Foreign
d
e
d
d
e
e
d
e
e
d
b
e
d
d
e
e
e
e
e
i
d
e
e
d
e
d
e
e
158 023
29 809
16 300
37 000
127 380
69 669
34 039
28 454
24 076
17 376
50 460
20 402
29 011
46 101 b
30 588 b
4 672
15 700 b
45 901
35 166
54 324
15 961
43 400
6 915
13 623
10 500
32 522
4 181
4 300
58 500
8 538
2 779
2 148
11 150
Total
Employment
66.3
59.5
81.5
44.7
33.3
77.6
65.0
28.6
53.9
10.7
59.4
30.5
37.2
14.9
19.9
15.5
23.1
31.1
87.7
66.1
83.2
30.9
54.4
25.8
57.2
75.0
50.7
26.9
23.6
3.9
18.7
31.4
18.2
TNI
(Per cent)
360
339
..
638
540
542
128
210
206
84
243
242
89
498
155
7
366
335
408
822
319
569
65
63
269
87
71
88
313
159
76
77
116
Total
Annex table A.III.5. The worlds selected 15 largest services TNCs in eight industries, 2003
(Millions of dollars and number of employees)
190
251
..
265
201
316
104
128
114
63
101
52
45
59
12
3
68
181
341
499
254
432
57
35
246
34
57
77
171
123
48
21
75
33
42
..
55
24
35
25
9
17
10
29
10
17
17
2
3
10
24
50
48
36
59
21
12
37
20
20
28
26
31
18
10
24
/...
Affiliates
Number of
Number of
foreign affiliates host countries
322
World Investment Report 2004: The Shift Towards Services
2 955
2 940
2 179
2 083
1 726
722
650
604
555
508
472
395
29 184
7 578
4 580
3 567
1 536
1 148
1 012
773
568
568
502
432
396
386
308
49 667
35 360
22 907
18 421
15 437
14 108
9 277
9 117
Singapore
United Kingdom
United Kingdom
United States
Canada
Bermuda j
Hong Kong, China
Singapore
Ireland
Canada
United Kingdom
United States
Germany
Netherlands
Singapore
United States
United States
Hong Kong, China
Denmark
United States
France
Japan
United States
British Virgin islands
Japan
United States
France
France
Australia
United States
Canada
France
Germany
United Kingdom
Netherlands
Foreign
Home economy
TNC
c
b
b
c
c
h
b
b
b
b
b
6 490
4 139
9 422
11 894
2 503
1 174
2 404
1 455
835
947
1 351
8 296
Total
69 080
45 651
121 783
18 680
22 587
21 001
14 459
11 607
193 732
9 698
4 064
28 909
15 385
2 189
1 357
2 750
2 158
10 026
1 036
626
794
941
950
Assets
b
b
17 617
18 377
7 442
7 945
10 707
11 938
3 765
4 197
21 806
10 156
4 501
6 517
5 210
1 012
2 227
1 434
1 278
2 111
2 105
261
893
1 086
498
806
812
2 683
994
326
229
135
192
161
92
230
563
Foreign
b
b
b
k
b
b
Sales
32 053
20 157
39 565
8 136
15 666
17 321
8 795
4 883
45 267
13 423
5 386
33 485
22 487
2 458
2 987
5 104
4 020
13 951
2 625
405
1 663
2 172
1 537
1 278
934
15 947
3 779
691
329
332
247
286
123
522
1 487
Total
b
b
45 772
31 220
15 048
38 269
29 394
46 157
27 300
31 753
b
e
d
e
d
e
e
e
e
e
49 617
36 900
80 000
39 000
43 009
73 221
35 000
38 605
341 572
163 028
12 218 b
357 000
190 918
4743 b
9 249 b
26 000
22 519
40 081
8 600
10 079
5 915
9 000
..
b
e
b
e
e
b
d
d
108 609
125 372
11 187
56 765
31 647
4 039
6 896
7 304
4 700
4 167
5 533
6 730
3 063
4 099
..
13 940 b
12 328
49 187
110 000
..
5 300
5 953 b
3 248
3 822 b
28 640
6 200 b
128 000 b
Total
11 001 b
9 739 e
9 825 e
24 099 e
..
5 150
3 653 b
1 936 e
2 346 e
27 409
2 449 e
27 279 e
Foreign
Employment
73.0
84.4
18.8
98.1
68.3
66.4
61.7
82.3
31.7
76.9
95.9
15.9
16.6
59.6
74.6
28.1
26.3
10.4
64.3
66.8
51.8
45.5
32.4
62.5
79.0
20.0
21.9
58.1
76.1
43.0
59.6
61.4
74.7
39.5
21.3
TNI
(Per cent)
287
93
374
316
423
415
360
185
363
241
98
163
91
13
60
39
216
61
68
1
33
23
99
57
44
298
62
26
4
9
28
8
30
81
161
Total
119
86
181
305
171
273
134
126
307
167
57
97
59
13
47
21
59
30
66
1
25
17
29
6
9
117
9
11
1
1
15
1
25
50
79
16
15
25
19
24
32
20
50
99
29
14
34
32
4
9
12
20
20
44
1
13
9
10
2
5
39
7
6
1
1
5
1
8
5
28
/...
Number of
Number of
foreign affiliates host countries
Affiliates
Annex table A.III.5. The worlds selected 15 largest services TNCs in eight industries, 2003 (continued)
(Millions of dollars and number of employees)
ANNEX A
323
25 525
8 812
14 113
5 442
2 214 b
2 730
3 132
..
280 b
5 537
436 b
401 b
150
347
11
24 491
16 106
5 350
2 516
3 898
1 487
1 445
4 947
817
796
2 956
544
2 553
16 976
7 498 c
3 718
1 880
830 c
603
589
302 b
193 c
133
108 b
54 b
22 b
3b
2
8 039 c
4 113 b
3 940
1 629
1 313
1 110
493
453
308 c
293
258 b
107
65
United States
Germany
Germany
Canada
United Kingdom
Switzerland
Hong Kong, China
Japan
United Kingdom
Australia
United States
Japan
United Kingdom
United States
France
United Kingdom
United States
France
United States
United States
Belgium
Spain
United Kingdom
Switzerland
United Kingdom
United States
United States
Singapore
11 350
11 582
5 931
6 305
49 988
89 754
14 706
7 252
5 843 b
5 153 b
3 077 c
2 811
2 718
2 600 b
United Kingdom
Canada
United States
Netherlands
United States
United States
United States
Total
Pearson Plc
Quebecor Inc
Unitedglobalcom Inc
Wolters Kluwer NV
Walt Disney Company
Viacom Inc
Gannett
Restaurants o
McDonalds Corporation
Sodexho Alliance SA
Compass Group PLC
Yum! Brands Inc
Elior
Starbucks Corporation
Wendys International Inc
Quick Restaurant
Tele Pizza, SA
Whitbread PLC
Mvenpick Holding AG f
CI Traders Limited
Worldwide Restaurants Concepts Inc
Papa Johns International Inc
Inno-Pacific Holdings Limited
Tourism p
Carnival Corporation
TUI
Thomas Cook AG
Intrawest Corp.
Exel PLC
Kuoni Reisen
China Travel International
JTB Corp.
First Choice Holidays PLC
Flight Centres International
Sabre Holdings Corp. f
H.I.S.
Mytravel Group PLC
Foreign
Home economy
TNC
Assets
2 205
13 541
4 362
612
5 920
1 801
265
729
525
218
808 b
264
2 412
11 101
10 927
13 667
2 725
1 144 b
209 b
952
216 b
237 b
139
..
86 b
144 b
32
3
6 010
5 965
1 320 b
2 096 b
4 937
4 029
983
Foreign
Sales
6 718
24 170
8 011
1 081
8 904
2 447
424
9 648
1 391
626
2 001
1 831
6 972
17 141
12 843
18 646
8 380
3 051
4 100
3 149
332
343
3 188
109
454
294
917
5
7 229
8 659
1 515
4 295
27 061
24 606
6 711
Total
b
b
21 663 d
26 205 e
20 493
13 289 e
37 061 e
5 879 e
3 229 e
..
5 203 d
1 860 e
1 522 e
653 e
4 265 e
66 000
64 257
25 978
21 900
74 000
7 931
6 694
..
13 796
5 188
6 200
3 841
22 961
418 000
308 385
412 574
265 000
47 416
74 000
53 000
..
14 363 b
52 437
13 812 b
3 458 b
8 450
14 610
58
237 269 b
262 389 d
205 551 e
88 860 e
17 779 d
10 059 e
12 994 e
..
9 924 d
1 775 e
3 421 e
560 e
4 950
315 e
26 e
25 610
29 373
8 875
9 536
13 366
11 703
8 567
30 868
49 225
10 200 b
19 540
112 000
120 630
53 000
Total
b
e
e
d
e
e
e
Foreign
Employment
32.8
40.8
69.0
60.7
50.1
74.1
48.2
8.4
37.7
35.9
24.6
17.0
18.6
62.7
85.1
49.8
33.5
37.5
13.6
24.5
65.1
69.1
3.4
24.8
16.2
40.8
2.2
44.3
76.7
59.7
87.0
48.8
11.9
9.7
16.2
TNI
(Per cent)
34
329
90
22
345
63
2
89
162
12
8
16
128
69
255
379
78
127
135
12
15
10
54
29
51
11
..
3
245
103
96
204
189
204
261
Total
18
272
75
12
155
55
..
35
55
7
4
6
41
30
193
184
17
42
129
5
7
3
3
10
1
..
..
2
82
69
87
162
61
92
181
10
27
17
1
35
19
..
12
15
6
4
3
11
/...
13
46
26
7
8
13
3
3
3
2
5
1
..
..
1
19
10
12
20
18
15
1
Number of
Number of
foreign affiliates host countries
Affiliates
Annex table A.III.5. The worlds selected 15 largest services TNCs in eight industries, 2003 (continued)
(Millions of dollars and number of employees)
324
World Investment Report 2004: The Shift Towards Services
20 620
12 323
11 735
8 340
6 057
5 642 c
4 451
3 128
2 809
2 347 c
2 245 c
1 999 c
1 817
..
..
Japan
Japan
Japan
Japan
Japan
Germany
Netherlands
Netherlands
United States
United Kingdom
France
United States
Japan
Japan
Japan
40 788
80 446
64 391
43 023
29 502
6 947
4 644
3 288
4 168
3 015
4 584
4 500
7 873
48 058
7 374
82
1 460
Total
35 360
20 570
30 102
17 634
10 647
16 992
8 218
6 787
9 567
4 012
3 680 b
4 020
179
..
..
10
75
Foreign
Sales
69 943
134 275
108 658
84 199
51 860
20 924
9 089
7 153
17 406
5 153
7 515
9 048
3 161
81 376
14 192
57
889
Total
e
e
12 593
7 257
3 300
878
4 475
20 282 d
16 606 e
17 048 e
5 139 e
30 600 d
10 436 d
4 487 d
713 e
..
..
199
522
Foreign
24 909
47 370
37 734
4 355
21 800
24 975
17 832
17 944
8 400
39 299
21 311 b
10 100
4 966
31 589
5 871
433
9 520
Total
Employment
50.6
15.3
18.2
20.2
20.5
81.2
93.1
95.0
61.2
77.9
49.0
44.4
14.4
..
..
45.9
5.5
TNI a
(Per cent)
263
309
368
374
80
384
151
127
17
346
111
87
61
376
119
..
18
Total
131
158
209
195
43
378
97
105
15
129
90
82
11
192
63
..
1
38
31
42
41
19
12
19
16
10
17
24
27
2
37
24
..
4
Affiliates
Number of
Number of
foreign affiliates host countries
p
q
d
e
f
g
h
i
j
k
l
m
n
o
b
c
TNI is the abbreviation for Transnationality Index. The Transnationlity Index is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total
sales and foreign employment to total employment. For the TNCs for which all of these ratios are not available, one or two ratios are used to calculate TNI.
Data refer to 2002.
Estimated by applying the share of foreign sales in total assets to total assets.
Estimated by applying the share of foreign sales in total sales to total employment.
Estimated by applying the average of the share of foreign assets in total assets and the share of foreign sales in total sales to total employment.
Holding company.
Estimated by applying the average of the share of foreign sales in total sales and the share of foreign employment in total employment to total assets.
Estimated by applying the share of foreign assets in total assets to total sales.
Estimated by applying the share of foreign assets in total assets to total employment.
Management decision is undertaken in United Kingdom.
Estimated by applying the average of the share of foreign assets in total assets and the share of foreign employment in total employment to total sales.
Includes postal and courier services, trucking without storage and freight forwarding.
Includes radio, TV, printing and pulishing.
On 16 October 2003, AOL Time Warner Inc. changed its name to Time Warner Inc.
Includes eating and drinking places, catering services.
Includes travel and transportation agencies, tour operators, retal cars,passenger ticket offices.
On 1 April 2003, Nichimen and Nissho Iwai Corporation were merged to establish a parent holding company, Nissho Iwai - Nichimen Holdings Corporation.
Sources: UNCTAD/Erasmus University database on largest TNCs; Thomson ONE Banker (http://banker.analytics.thomsonib.com/); Who Owns Whom, 2003 (London, Dun and Bradstreet, 2003).
Note:
TNCs in this table are selected according to the following criteria: first, large TNCs are selected by the volume of foreign assets, then by foreign employment and finally by the number
of foreign affiliates. They are ranked according to the volume of foreign assets, then foreign employment and finally the number of foreign affiliates.
60
36
Foreign
Home economy
TNC
Assets
Annex table A.III.5. The worlds selected 15 largest services TNCs in eight industries, 2003 (concluded)
(Millions of dollars and number of employees)
ANNEX A
325
326
Annex table A.III.6. The 20 largest legal TNCs, ranked by number of lawyers, 2002
(Millions of dollars and number)
Rank Name
Home country
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United Kingdom
United Kingdom
United States
United States
United States
Australia
United States
United States
United States
United States
United States
United States
United Kingdom
United Kingdom
No. of
No. of
partners lawyers
621
580
314
277
416
265
386
229
218
322
313
192
412
533
178
480
298
317
185
227
3 141
2 600
1 366
1 327
1 319
1 285
1 062
1 036
1 017
984
964
922
886
859
849
849
836
827
822
801
Growth in no. of
lawyers, 1993-2002
(Per cent)
61
125
35
103
24
128
51
51
127
79
62
23
41
81
44
21
Fee income,
No. of
No. of
latest year
countries locations (Million dollars)
38
24
14
20
13
20
12
22
28
10
7
4
8
6
10
3
8
9
37
23
68
33
22
28
29
25
21
30
39
21
17
..
..
34
18
8
17
16
..
26
UNCTAD, based on International Financial Law Review, January 2000 (www.iflr.com); and company websites.
1 134
1 520
1 310
1 200
908
1 155
425
..
675
1 032
558
..
831
532
700
628
575
705
..
..
France
Italy
Germany
United States
United Kingdom
Sweden
United Kingdom
Sweden
Spain
Japan
United Kingdom
Japan
United Kingdom
United States
South Africa
United States
Denmark
United States
Netherlands
United States
United States
Switzerland
Spain
Singapore
Mexico
South Africa
United States
Australia
Malaysia
Canada
Home economy
73
..
37
..
4
18
2
5
36
..
207
..
2
..
..
14
..
3
..
1
..
2
4
16
2
1
13
3
..
1
Foreign
112
85
121
55
26
24
43
6
71
158
233
24
4
95
1
167
13
49
26
9
..
12
24
19
11
4
13
21
9
39
Total
20
6
17
2
5
1
2
4
11
..
34
..
1
..
2
3
4
2
3
1
2
3
1
3
2
1
3
1
..
1
Foreign
49
30
51
38
8
7
29
5
27
99
42
21
2
43
2
67
7
22
12
3
2
11
10
6
6
2
3
11
3
20
Total
Sales
102 016
20 334
78 146
..
..
16 504
9 000
..
88 401
..
56 667
..
..
..
..
19 513
..
..
..
..
..
..
..
9 877
6 629
..
15 130
..
..
..
Foreign
243 573
106 620
255 969
71 000
35 561
29 173
107 400
3 274
152 845
213 062
66 667
13 575
5 005
175 980
3 023
229 497
22 263
77 000
38 118
6 275
1 100
20 470
14 285
21 716
14 572
4 192
14 922
40 427
33 726
66 266
Total
Employment
50
20
32
4
37
75
8
77
50
..
85
..
57
..
96
7
55
8
24
16
75
23
12
62
31
36
100
12
..
3
TNI a
(Per cent)
220
343
163
142
130
154
237
..
222
353
196
60
33
218
30
218
63
67
129
49
17
40
69
43
9
12
160
27
69
90
Total affiliates
129
192
86
51
47
93
84
..
146
72
65
28
17
16
26
13
28
12
39
17
11
19
12
8
8
6
155
8
5
14
Foreign affiliates
Number of affiliates
42
41
28
28
27
26
26
23
19
19
19
19
13
12
12
11
10
10
9
9
9
8
6
6
6
6
5
4
4
3
Number of
host counries
The Transnationlity Index (TNI) is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total sales and foreign employment to total employment.
For the TNCs for which these three ratios are not available, one or two ratios are used to calculate the Index.
UNCTAD, based on UNCTAD/Erasmus University database on largest TNCs; Thomson ONE Banker (http://banker.analytics.thomsonib.com); Who Owns Whom, 2003 (London: Dun and Bradstreet).
France Telecom
Telecom Italia
Deutsche Telekom
AT & T Corp.
Cable & Wireless PLC
Teliasonera AB
BT Group PLC
Tele2 AB
Telefnica SA
Nippon Telegraph and Telephone Corp.
Vodafone Group PLC
Kddi Corp.
Colt Telecom Group PLC
SBC Communications Inc
Datatec Limited
Verizon Communications Inc
TDC A/S
Bellsouth Corp.
Royal KPN
Level 3 Communications Inc
Cellstar Corp.
Swisscom R
Iberdrola
Singapore Telecommunications Ltd.
Amrica Mvil
MTN Group Limited
NTL Inc
Telstra Corporation
Telekom Malaysia Berhad
BCE Inc
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Source:
Corporation
Rank
Assets
Annex table A.III.7. The 30 largest telecom TNCs in the world, ranked by the number of host economies, 2002
(Billions of dollars and numbers of employees)
ANNEX A
327
Germany
Germany
France
France
Republic of Korea
United States
Spain
France
United Kingdom
United Kingdom
United States
Finland
United States
Spain
United States
Portugal
United States
United States
United States
Hong Kong, China
United States
Switzerland
United States
Hong Kong, China
Switzerland
Home economy
Total
Foreign
13 104
17 622
12 552
34 165
6 542
6 542
5 528
5 271
6 169
3 992
2 181
7 464
1 157
2 048
526
1 243
1 300
860
860
130
637
2 050
260
3
1 690
Foreign
35 054
44 110
45 743
43 596
8 632
8 632
16 305
8 673
13 473
7 559
15 663
11 698
11 488
6 119
8 390
6 702
6 436
10 034
11 571
3 350
11 558
2 677
8 687
1 522
1 897
Total
Sales
42 063
55 563
50 437
138 200
..
24 284
12 334
..
9 975
6 291 b
4 400
..
..
..
..
..
..
..
..
37
..
5 175
..
..
..
Foreign
107 856
131 765
171 995
198 750
36 000
36 000
26 354
50 147
27 308
13 825
22 000
13 670
15 038
23 925
12 911
18 455
7 000
14 600
11 855
4 303
6 002
7 879
10 477
2 204
232
Total
Employment
40.2
43.4
29.3
78.1
75.8
70.2
41.7
60.8
42.9
54.5 b
19.6
63.8
16.8
33.5
11.4
18.5
18.4
9.4
8.9
9.7
8.0
63.3
6.8
7.1
89.1
TNI a
(Per cent)
663
709
247
494
12
60
149
202
235
110
86
95
201
121
19
69
36
42
62
10
45
49
25
10
6
Total affiliates
385
400
185
277
2
25
43
81
39
27
37
78
61
65
2
10
10
4
12
3
7
18
1
3
2
Foreign affiliates
Number of affiliates
23
31
20
26
2
14
10
29
5
2
6
12
7
24
2
3
4
2
4
1
3
11
1
2
2
Number of
host counries
The Transnationlity Index (TNI) is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total sales and foreign employment to total employment.
For the TNCs for which these three ratios are not available, one or two ratios are used to calculate the Index.
As of 31 March 2003.
UNCTAD, based on UNCTAD/Erasmus University database on the largest TNCs; Thomson ONE Banker (http://banker.analytics.thomsonib.com); Who Owns Whom, 2003 (London, Dun and
Bradstreet, 2003); company websites.
E.On
RWE
Electricit de France
Suez
Korea Electric Power
AES Corp.
Endesa
Areva
National Grid Transco
Scottish Power PLC
Duke Energy Corp.
Fortum Corp.
Edison International Inc
Union Fenosa SA
Public Service Enterprise Group Inc
Electricidad De Portugal
Cinergy Corp.
Dominion Resources
TXU corp.
CLP Holdings
CMS Energy Corp.
Motor-Columbus
Centerpoint Energy Inc
Hong Kong Electric Holdings Ltd.
EG Laufenburg
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Source:
Corporation
Rank
Assets
Annex table A.III.8. The worlds largest electricity TNCs, ranked by foreign assets, 2002
(Millions of dollars and number of employees)
328
World Investment Report 2004: The Shift Towards Services
329
ANNEX A
Annex table A.III.9. The worlds 10 largest insurance and reinsurance TNCs,
ranked by foreign income, 2003
(Millions of dollars and number of employees)
Business a
Corporation
Allianz
AXA
Zrich Financial Services
ING c
Generali
AIG
Munich Re
Aviva
Swiss Re
Prudential e
Source:
a
b
c
d
e
I
I
I
I
I
I
R
I
R
I
Home country
Total assets
Germany
France
Switzerland
Netherlands
Italy
United States
Germany
United Kingdom
Switzerland
United Kingdom
1 168 000
967 000
317 900
972 500
287 100
678 350
261 400
370 650
130 540
287 250
Insurance income
Foreign
Total
Employment
Foreign
Total
74 550
69 700
44 520
90 350
85 490
..
80 000
..
..
11 060
..
..
9 540
..d
37 890
31 980
27 640
26 640
24 826
12 975
106 200
89 390
48 920
66 420
61 920
92 700
50 436
53 280
25 646
24 480
173 750
117 113
62 000
115 200
58 000
86 000
41 430
56 000
7 949
21 000
TNI b
(Per cent)
Number
of host
countries
61.1
75.5
91.0
69.4
61.2
34.5
40.7
50.0
96.8
49.2
60
50
50
48
42
95
30
27
30
18
I = Insurance; R = Reinsurance.
The Transnationlity Index ( TNI) in this table is calculated as the average of the following two ratios: foreign insurance income
to total insurance income and foreign employment to total employment. For the TNCs for which these two ratios are not available,
only one ratio is used.
Employment figures refer to global activities.
Figure is not available, but the estimated amount is in the order of $44 billion.
Foreign income and foreign employment cover non-European business only.
As
As
As
As
Netherlands
United States
France
Germany
Belgium
France
Germany
Germany
Japan
France
Sweden
France
United Kingdom
France
Germany
Germany
United Kingdom
Germany
France
United States
Home country
Industry segments
53 356
47 572
35 589
25 225
18 275
16 692
13 671
12 811
11 915
11 276
11 037
10 390
9 207
9 156
8 682
8 113
7 438
6 711
5 886
4 189
66 339
244 524
72 737
54 531
21 895
28 972
28 226
33 837
25 258
13 936
..
26 071
13 695
31 688
16 463
35 405
33 503
21 728
25 062
41 366
Sales
Foreign
Total
7 130
..
..
..
4 491
..
..
3 481
20 858
30 709
28 594
11 699
9 920
19 240
..
..
3 099
11 909
..
23 736
94 685
40 105
22 511
10 645
29 484
5 227
..
20 977
26 320
..
18 489
9 992
..
5 674
..
19 110
..
17 728
50 409
Assets
Foreign
Total
26
9
31
27
7
15
15
11
12
48
32
19
8
7
18
10
10
19
15
2
Number of
host countries
of December 2002.
of January 2003.
of April 2002.
of February 2003.
UNCTAD, based on Coe 2003, p. 12, annual reports, Thomson ONE Banker (http://banker.analytics.thomsonib.com/), and 2004 Global Powers of Retailing (http://www.stores.org).
Royal Ahold NV
Wal-Mart Stores
Carrefour SA
Metro Group
Delhaize Group
Pinault-Printemps-Redoute
Tengelmann Group
Aldi
Ito-Yokado Co. Ltd
Christian Dior
IKEA
Auchan
Kingfisher Plc
Intermarch
Otto Versand
Rewe
Tesco Plc
Lidl & Schwarz
Rallye
Sears, Roebuck and Co.
Source:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Rank Corporation
Annex table A.III.10. The worlds 20 largest retail TNCs, ranked by foreign sales, 2002
(Millions of dollars)
330
World Investment Report 2004: The Shift Towards Services
Corporation
c
d
e
f
a
b
40 788
64 391
80 446
43 023
29 502
48 058
7 374
20 620 c
11 735 d
12 323 c
8 340
6 057 c
..
..
35 360
30 102
20 570
17 634
10 647
..
..
69 943
108 658
134 275
84 199
51 860
81 376
14 192
Sales
Foreign a
Total
12 593 c
3 300
7 257c
878 e
4 475c
..
..
24
37
47
4
21
31
5
909
734
370
355
800
589
871
Employment
Foreign
Total
UNCTAD, based on companies annual reports and Who Owns Whom (London: Dun and Bradstreet, 2003).
Assets
Total
Foreign
50.6
18.2
15.3
20.2
20.5
..
..
TNI b
(Per cent)
10 516
..
18 008
7 899
7 731
..
2 451
Exports from
parent firms
263
368
309
374
80
376
119
131
209
158
195
43
192
63
Number of affiliates
Total affiliates Foreign affiliates
38
42
31
41
19
37
24
Number of
host countries
Defined as the sum of: (1) exports from parent firms, (2) exports from foreign affiliates less those to Japan, (3) exports between foreign affiliates, and (4) domestic sales of foreign affiliates.
TNI is the abbreviation for Transnationality Index. The Transnationlity Index is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total
sales and foreign employment to total employment. For the TNCs for which all of these ratios are not available, one or two ratios are used to calculate TNI.
Estimated by applying the share of foreign sales in total sales to total assets.
Estimated by applying the average of the share of foreign sales in total sales and the share of foreign employment in total employment to total assets.
Estimated by applying the average of the share of foreign assets in total assets and the share of foreign sales in total sales to total employment.
On 1 April 2003, Nichimen and Nissho Iwai Corporation formed a holding company, Nissho Iwai-Nichimen Holdings Corporation. On 1 April 2004, the company was renamed Sojitz Corporation.
Source:
1
Marubeni Corporation
2Mitsui & Co Ltd
3Mitsubishi Corporation
4Itochu Corporation
5Nissho Iwai - Nichimen Holding f
6Sumitomo Corporation
7Tomen Corporation
Rank
Annex table A.III.11. Trading for Japan: the seven sogo shosha, ranked by foreign sales, 2003
(Millions of dollars and number of employees)
ANNEX A
331
332
Annex table A.III.12. The worlds 20 largest TNBs, ranked by number of host countries, 2002
(Millions of dollars and number)
Rank by
number
of host
countries
Rank by
total
assets
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
13
5
3
17
11
18
8
6
19
15
4
16
10
9
7
20
12
2
14
Source:
a
b
c
Corporation
Home economy
Citigroup
JP Morgan Chase Bank
HSBC Bank plc
Deutsche Bank
Crdit Agricole SA
Barclays Bank plc
Socit Gnrale
Credit Suisse
BNP Paribas SA
ING Bank NV
ABN AMRO Bank NV
UBS
Bank of America NA
The Royal Bank of Scotland plc
The Bank of Tokyo-Mitsubishi Ltd. c
Bayerische Hypo-und Vereinsbank AG
Commerzbank AG
UFJ Bank Ltd. c
Sumitomo Mitsui Banking Corporation c
Mizuho Bank Ltd. c
United States
United States
United Kingdom
Germany
France
United Kingdom
France
Switzerland
France
Netherlands
Netherlands
Switzerland
United States
United Kingdom
Japan
Germany
Germany
Japan
Japan
Japan
Total assets
Employees
1 097 190
622 388
758 605
795 839
530 715
637 125
526 042
691 152
745 429
500 694
583 501
769 489
565 382
663 232
668 723 b
725 320
442 999
625 306 b
860 315 b
584 665 b
250 000
72 000
192 000
94 782
93 244
77 200
39 102
79 699
45 870
9 000
106 438
68 395
133 500
23 382
37 125
65 926
36 566
17 565
22 348
16 090
UNCTAD, based on Bankers Almanac database and individual bank internet websites.
Subsidiaries a
Total
Foreign
1 237
1 095
1 411
1 276
338
627
380
244
208
269
154
168
1 003
891
129
97
99
61
36
74
662
584
1 028
981
157
192
257
196
142
191
137
145
171
313
104
77
52
39
26
52
Number
of host
countries
73
52
51
45
45
42
40
36
34
34
32
31
31
25
20
19
18
14
12
12
333
ANNEX A
Annex table A.III.13. Cross-border M&A sales and purchases in the services sector and their share
in totals, by group of economies, 1987-2003
(Mllions of dollars and per cent)
Sector
(a) Sales
All sectors
Total world
Developed countries
Developing countries
Central and Eastern Europe
Services
Total world
Developed countries
Developing countries
Central and Eastern Europe
Share of services
Total world
Developed countries
Developing countries
Central and Eastern Europe
(b) Purchases
All sectors
Total world
Developed countries
Developing countries
Central and Eastern Europe
Services
Total world
Developed countries
Developing countries
Central and Eastern Europe
Share of services
Total world
Developed countries
Developing countries
Central and Eastern Europe
1987-1990
1991-1995
1996-2000
2001-2003
1987-2003
481 096
455 080
25 705
312
556 761
484 599
59 772
12 260
2 973 379
2 598 441
330 034
42 078
1 260 736
1 044 371
172 475
43 889
5 271 973
4 582 490
587 985
98 539
178 068
162 135
15 873
61
257 233
214 845
36 753
5 634
1 873 014
1 618 255
221 600
30 580
747 690
620 388
102 677
24 625
3 056 004
2 615 623
376 903
60 901
37.0
35.6
61.7
19.6
46.2
44.3
61.5
46.0
63.0
62.3
67.1
72.7
59.3
59.4
59.5
56.1
58.0
57.1
64.1
61.8
481 096
463 800
16 308
14
556 761
508 122
48 038
537
2 973 379
2 763 372
198 474
5 030
1 260 736
1 130 553
114 538
13 780
5 271 972
4 865 847
377 359
19 361
172 684
162 789
9 847
6
251 321
220 544
30 598
179
1 869 157
1 735 165
125 369
2 365
811 199
737 783
67 757
3 795
3 104 360
2 856 280
233 570
6 345
36
35
60
44
45
43
64
33
63
63
63
47
64
65
59
27
59
59
62
33
Source:
Note:
Figures for the groups of economies may not add up to the world total due to inclusion of deals involving sales to, or
puchases from, more than two countries in the world total.
28
36
3
4
9
6
5
5
2
2
100
Total
7
11
..
3
5
1
4
5
..
..
36
Services
Number of deals
Value
73 191
111 983
10 833
8 134
35 260
18 786
10 218
11 165
3 444
7 742
290 757
Total
Note:
Western Europe
United States
Other developed countries
Western Europe
United States
Western Europe
Other developed countries
Developing countries
Developed countries
Western Europe
Western Europe
Western Europe
Other developed countries
Other developed countries
United States
United States
Developed countries
Developing countries
Other
Grand total
Source:
Host economy
Home economy
16 042
33 712
..
5 498
20 321
1 631
7 609
11 165
..
..
95 978
Services
1987 - 1995
25
38
4
3
12
7
4
4
1
3
100
17
35
..
6
21
2
8
12
..
..
100
Services
Share in value
Total
32
28
5
4
6
10
2
5a
5
3
100
Total
22
18
3
..
4
8
1
3
4
1
64
Services
Number of deals
587 455
431 160
68 286
30 430
45 107
82 099
13 987
57 463
44 954
19 584
1380 526
Total
473 222
249 932
53 058
..
28 783
68 749
6 565
36 185
34 219
5 680
956 393
Services
Value
1996 - 2003
Annex table A.III.14. The top 100 M&A deals, by home and host country or region, 1987-2003
(Number of deals, millions of dollars and per cent)
43
31
5
2
3
6
1
4
3
1
100
50
26
6
..
3
7
1
4
4
1
100
Services
Share in value
Total
334
World Investment Report 2004: The Shift Towards Services
335
ANNEX A
1988-1990
1991-1994
1995-1997
1998-2000
2001-2003
156 748
1 753
300
617
835
1 641
24 826
17 408
7 418
24 067
4 986
2 961
12 011
223
990
2 562
333
20 220
1 022
5 474
13 723
50 809
2 197
1 117
12 912
1 446
10 857
350
21 931
20 104
1 309
4 984
11 358
2 452
12
1 014
1 014
12 205
2 392
8 813
483
107
410
99
163 600
7 212
5 319
217
1 676
2 099
7 971
6 447
1 524
28 373
9 560
9 324
1 395
1 972
3 481
1 839
803
26 892
2 859
7 361
16 671
50 103
2 489
1 209
9 078
1 255
12 209
266
23 599
20 978
2 756
6 590
11 283
349
471
3 044
3 044
15 751
994
10 076
2 972
69
1 640
707
398 608
63 135
56 558
1 705
4 756
115
6 750
16 232
10 108
6 124
53 627
16 569
7 635
9 140
320
6 757
9 178
4 028
43 484
3 156
12 168
28 160
118 588
4 737
1 352
36 266
6 632
35 160
169
34 271
49 350
4 381
12 491
30 309
2 169
715
183
4 678
4 637
41
38 260
2 446
7 875
20 277
4 302
3 360
3 607
1568 038
119 803
93 840
13 541
11 076
1 346
9 809
32 346
18 051
14 295
103 418
15 368
24 509
2 456
2 857
24 916
30 627
2 685
584 841
17 933
31 189
535 719
393 807
22 291
942
101 713
15 714
111 307
229
141 612
232 661
32 931
39 048
149 265
11 416
2 172
327
2 116
1 892
224
86 555
3 486
47 949
28 924
859
5 336
184
747 690
98 528
70 626
12 117
15 785
4 721
18 532
12 841
5 691
53 201
14 816
9 866
2 772
1 308
9 420
13 440
1 579
187 038
6 384
25 366
155 289
218 698
33 458
1 370
73 275
4 040
47 379
464
58 711
125 132
9 399
40 640
70 608
4 485
459
522
3 772
3 451
321
36 942
1 210
2 228
31 453
653
1 397
145
Source:
Note:
The data cover only deals involving the acquisition of an equity stake of more than 10%.
336
Seller/Purchaser
Other Western
Europe
Other developed
countries
Developing
countries
Central and
Eastern Europe
Total world a
United States
European Union
1987-1990
United States
European Union
Other Western Europe
Other developed countries
Developing countries
Central and Eastern Europe
Total world a
7 111
1 662
657
819
871
11 939
7 612
8 703
459
407
2 420
31
20 023
714
438
8
4
1 172
4 836
3 036
88
479
451
9 369
966
550
2
132
222
2 002
1
2
21 247
14 392
1 205
1 845
3 968
31
44 517
1991-1994
United States
European Union
Other Western Europe
Other developed countries
Developing countries
Central and Eastern Europe
Total world a
2 377
4 292
44
482
1 639
68
9 383
5 907
11 022
595
363
1 385
191
19 826
59
289
2
1
67
6
424
3 480
1 251
47
364
623
32
6 160
815
866
35
217
2 854
62
5 066
10
1
25
36
12 638
17 730
724
1 426
6 570
388
40 900
1995-1997
United States
European Union
Other Western Europe
Other developed countries
Developing countries
Central and Eastern Europe
Total world a
8 093
12 256
195
3 654
7 705
491
36 047
17 528
29 264
1 448
1 416
6 490
1 711
59 273
2 204
4 226
250
23
204
29
6 958
7 814
691
7
2 166
983
7
13 834
1 201
4 321
349
620
8 869
714
16 695
3
20
22
36 840
50 761
2 249
7 878
24 261
3 001
132 869
1998-2000
United States
European Union
Other Western Europe
Other developed countries
Developing countries
Central and Eastern Europe
Total world a
17 441
38 899
1 448
8 148
11 378
414
86 097
87 852
205 618
6 098
10 482
29 846
7 411
358 428
7 899
15 318
117
51
775
161
24 372
13 966
4 826
302
2 877
1 778
28
26 654
8 080
4 207
777
1 185
9 091
36
24 561
19
71
33
504
627
135 257
270 685
8 742
22 743
53 097
8 553
522 679
2001-2003
United States
European Union
Other Western Europe
Other developed countries
Developing countries
Central and Eastern Europe
Total world a
6 673
19 364
1 169
4 664
8 303
415
45 252
45 360
74 106
4 848
2 754
8 922
6 056
144 801
1 030
1 736
414
47
578
626
4 478
14 402
5 113
4
2 732
2 439
7
27 428
5 992
1 899
811
1 697
13 789
18
25 904
52
33
12
1 086
1 184
73 458
102 270
7 280
11 894
34 226
8 208
249 230
Source:
Note:
The data cover deals involving the acquisition of an equity stake of more than 10% only. For sales/purchases made by
the United States with itself, the ultimate seller/acquiror is a country other than the United States.
337
ANNEX A
Annex table A.III.17. Profit remittances to parent firms a by Japanese and United States foreign
affiliates, by sector, 1994-2002
(Millions of dollars)
Country/industry of foreign affiliates
1994
Japan
All industries
Mining
Manufacturing
Services
Construction
Information, telecommunications, transport
Trade
Services
Other services
..
..
..
..
..
..
..
..
..
United States
All industries
44 899
Mining
7 684
Manufacturing
14 179
Services
23 037
Utilities
..
Wholesale trade
4 853
Information
..
Depository institutions
3 020
Finance (except depository institutions)
and insurance
11 600
Professional scientific and
technical services
2 160
Other industries
1 404
Source:
a
1995
1996
1997
1998
1999
2000
2001
2002
2 870
24
2 072
774
24
..
682
19
49
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
3 333
179
1 764
1 390
14
..
1 062
183
130
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
3 559
51
2 167
1 341
14
52
1 151
69
54
..
..
..
..
..
..
..
..
..
40 113
8 712
11 893
19 511
..
4 371
..
3 111
46 361
6 649
16 709
23 004
..
5 166
..
2 445
55 816
8 315
19 878
27 625
..
7 790
..
3 772
58 154
6 715
19 593
31 847
..
4 972
..
4 183
65 640
6 745
21 304
37 593
608
6 102
1 488
5 834
56 674
5 234
14 967
36 473
479
4 758
1 412
3 700
51 214
4 833
13 667
32 716
226
5 552
1 357
3 977
47 830
3 581
15 677
28 575
298
5 514
1 412
3 970
9 064
11 507
10 970
16 448
5 474
6 291
5 034
3 929
1 553
1 412
1 447
2 439
3 085
2 008
4 204
2 040
1 949
16 138
1 695
18 138
1 568
15 002
968
12 484
UNCTAD, based on data from United States, Department of Commerce and Japan, Ministry of Industry, Economy and Trade.
338
Annex table A.III.18. Profit remittances a as a percentage of total income of foreign affiliates of
Japanese and United States TNCs, by sector, 1994-2002
(Per cent)
Country/industry of foreign affiliates
1994
1995
1996
1997
1998
1999
2000
2001
2002
..
..
..
..
..
..
..
..
..
32
3
36
42
-8
..
41
7
21
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
46
67
56
36
-2
..
29
46
28
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
52
6
62
53
18
-2
30
9
22
..
..
..
..
..
..
..
..
..
65
112
55
63
46
96
35
44
50
55
49
49
53
67
52
51
64
93
66
59
58
48
57
86
55
78
96
73
115
570
57
80
60
55
41
49
198
603
42
40
35
46
30
34
-147
169
48
48
42
51
14
43
-39
149
39
35
50
35
19
42
596
175
60
37
40
34
47
42
41
60
28
76
84
38
49
40
110
51
59
69
64
65
42
48
43
75
37
33
26
Japan
All industries
Mining
Manufacturing
Services
Construction
Information, telecommunications, transport
Trade
Services
Other services
United States
All industries
Mining
Manufacturing
Services
Utilities
Wholesale trade
Information
Depository institutions
Finance (except depository institutions)
and insurance
Professional scientific and
technical services
Other industries
Source:
a
UNCTAD, based on data from United States, Department of Commerce and Japan, Ministry of Industry, Economy and Trade.
339
ANNEX A
SSC
IT services
RHQ
Region/economy
World
Developed countries
Western Europe
EU
Austria
Belgium
Denmark
Finland
France
Germany
Greece
Iceland
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
Sweden
United Kingdom
Other Western Europe
North America
Canada
United States
Other developed economies
Australia
Israel
Japan
New Zealand
Developing economies
Africa
Latin America and the Caribbean
Asia and the Pacific
Central and Eastern Europe
Source:
No. of
projects
Share
of total
No. of
projects
513
468
141
127
3
3
2
16
27
4
3
5
9
1
4
12
38
14
309
2
307
18
4
14
43
2
8
33
2
100
91
27
25
3
5
2
7
3
60
60
4
3
9
6
-
138
128
46
43
1
1
9
1
8
23
3
76
76
6
2
4
10
4
6
-
Share
of total
100
93
33
31
1
1
7
1
6
17
2
55
55
4
1
3
7
3
4
-
No. of
projects
Share
of total
No. of
projects
Share
of total
632
562
105
99
1
1
4
11
11
100
89
17
16
1
2
2
1
2
7
1
68
2
66
5
1
3
10
1
1
8
1
566
523
208
188
3
5
4
4
24
54
1
2
2
6
11
1
4
12
55
20
253
15
238
62
11
3
47
1
41
3
5
33
2
100
92
37
33
1
1
1
1
4
10
1
2
1
2
10
4
45
3
42
11
2
8
8
6
-
1
5
2
2
3
11
47
6
428
14
414
29
6
3
19
1
65
8
7
50
5
340
Company name
Economy of origin
Industry
ICT Group
Net Screen
Hewlett Packard
IBM
Dell Computer
Siemens
Transcom Worldwide
EADS
ExxonMobil
General Electric
United States
United States
United States
United States
United States
Germany
Luxembourg
France
United States
United States
Business services
IT and software
IT and software
IT and software
Electronics
Telecom equipment
Business services
Aerospace
Energy
Heavy industry
30/70
..
..
1 130
1 670
..
558
..
350
1 200
IT and software
Financial services
Business services
Heavy industry
Financial services
Electronics
IT and software
Financial services
Energy
Financial services
2 050
350
6 800
2 800
8 100
1 050
1 940
650
850
3 300
IT and software
IT and software
IT and software
IT and software
IT and software
IT and software
IT and software
IT and software
IT and software
IT and software
2280
510
5 362
360
..
600
1 495
100
2 535
470
Telecom services
Automotive OEM
IT and software
Automotive OEM
Automotive OEM
Logistics and distribution
IT and software
IT and software
Aerospace
Electronics
300
..
..
700
135
600
1 000
215
..
..
Bermuda
United States
United States
United States
United Kingdom
Netherlands
United Kingdom
Netherlands
United States
United Kingdom
IBM
Microsoft
Oracle
Hewlett Packard
NetScreen
Tata Group
Honeywell
I-flex Solutions
Intel
Motorola
United States
United States
United States
United States
United States
India
United States
India
United States
United States
Siemens
Ford
General Electric
Hyundai
Toyota
Deutsche Post
IBM
Microsoft
EADS
Hitachi
Germany
United States
United States
Korea, Republic of
Japan
Germany
United States
United States
France
Japan
IT services
Regional HQs
Source:
a
341
ANNEX A
No. of EPZs
Main activity/industry
Tourism, packaging
Ireland
National Technical
Park Shannon FZ
Japan
Malta
10
Portugal
Spain
Turkey
20
Stand-alone plants
Trade
Developing economies
Africa
North Africa
Egypt
Morocco
Sudan
Tunisia
Cape Verde
Cameroon
Gabon
Ghana
Kenya
19 industrial parks
Commercial activities
Other Africa
11 industrial parks
Madagascar
Maldives
Tourism, fisheries
Mali
Tourism
Mauritius
Whole island
Namibia
11
Warehousing
Nigeria
Senegal
Seychelles
Tourism
South Africa
Togo
342
No. of EPZs
Main activity/industry
West Asia
Bahrain
Cyprus
Jordan
11
Trade, tourism
Kuwait
Oman
Saudi Arabia
Warehousing
16
Yemen
15
Indonesia
Bonded zone
Macao, China
Port franc
Warehousing
Malaysia
14
Pakistan
22
Philippines
34
Republic of Korea
2 free economic
and trade zones
Singapore
35 industrial parks
173
Thailand
Viet Nam
10
/...
343
ANNEX A
No. of EPZs
Main activity/industry
The Pacific
Fiji
Industrial parks
Brazil
R&D
Chile
Peru
Uruguay
Venezuela
Bahamas
Barbados
Bonded
Belize
Costa Rica
12
Cuba
Tourism
Netherlands Antilles
Dominican Republic
53
El Salvador
17
Guatemala
20
Commercial services
Honduras
28
Jamaica
Mexico
Maquiladoras
Nicaragua
Panama
Puerto Rico
17 designated
free zone areas
Industrial parks
4 industrial parks
344
No. of EPZs
Main activity/industry
Industrial parks
Services, trade
Bulgaria
IT workshops
Bosnia
--
Croatia
Czech Republic
11
Hungary
Lithuania
Poland
14
Romania
Russian Federation
Nakhodka FEZ
Offshore
Slovenia
Ukraine
11
Tourism
Yugoslavia
12
Warehousing
Source:
ILO, www.ilo.org/epz.
A subsidiary is an incorporated enterprise in the host country in which another entity directly
owns more than a half of the shareholders voting power, and has the right to appoint or remove
a majority of the members of the administrative, management or supervisory body.
An associate is an incorporated enterprise in the host country in which an investor owns a total
of at least 10%, but not more than half, of the shareholders voting power.
A branch is a wholly or jointly owned unincorporated enterprise in the host country which is
one of the following: (i) a permanent establishment or office of the foreign investor; (ii) an
unincorporated partnership or joint venture between the foreign direct investor and one or more
third parties; (iii) land, structures (except structures owned by government entities), and /or
immovable equipment and objects directly owned by a foreign resident; or (iv) mobile equipment
(such as ships, aircraft, gas- or oil-drilling rigs) operating within a country, other than that of
the foreign investor, for at least one year.
Equity capital is the foreign direct investors purchase of shares of an enterprise in a country
other than its own.
Reinvested earnings comprise the direct investors share (in proportion to direct equity participation)
of earnings not distributed as dividends by affiliates, or earnings not remitted to the direct investor.
Such retained profits by affiliates are reinvested.
346
FDI stock is the value of the share of their capital and reserves (including retained profits)
attributable to the parent enterprise, plus the net indebtedness of affiliates to the parent enterprise.
FDI flow and stock data used in WIR are not always defined as above, because these definitions are
often not applicable to disaggregated FDI data. For example, in analysing geographical and industrial
trends and patterns of FDI, data based on approvals of FDI may also be used because they allow a
disaggregation at the country or industry level. Such cases are denoted accordingly.
B. A
vaila
bility
tions and estima
tes of FDI da
ta
Av
ailability
bility,, limita
limitations
estimates
data
pr
esented in WIR
presented
FDI data have a number of limitations. This section therefore spells out how UNCTAD collects
and reports such data. These limitations need to be kept in mind also when dealing with the size
of TNC activities and their impact (box 1).
1 . FDI flows
Data on FDI flows in annex tables B.1 and B.2, as well as in most of the tables in the text,
are on a net basis (capital transactions credits less debits between direct investors and their foreign
affiliates). Net decreases in assets (outward FDI) or net increases in liabilities (inward FDI) are recorded
as credits (recorded with a positive sign in the balance of payments), while net increases in assets
or net decreases in liabilities are recorded as debits (recorded with a negative sign in the balance
of payments). In the annex tables, as well as in the tables in the text, the negative signs are deleted
for practical purposes. Hence, FDI flows with a negative sign in WIR indicate that at least one of
the three components of FDI (equity capital, reinvested earnings or intra-company loans) is negative
and is not offset by positive amounts of the other components. These are instances of reverse investment
or disinvestment.
UNCTAD regularly collects published and unpublished national official FDI flows data directly
from central banks, statistical offices or national authorities on an aggregated and disaggregated basis
for its FDI/TNC database. These data constitute the main source for reported data on FDI flows.
These data are further complemented by data obtained from: (i) other international organizations
such as the International Monetary Fund (IMF), the World Bank and the Organisation for Economic
Co-operation and Development (OECD); (ii) regional organizations such as the ASEAN Secretariat
and the European Bank for Reconstruction and Development (EBRD); and (iii) UNCTADs own
estimates.
For those economies for which data were not available from national official sources, or for
those for which data were not available for the entire period of 1980-2003 covered in the World
Investment Report 2004 (WIR04), data from the IMF were obtained using the IMFs CD-ROM on
International Financial Statistics and Balance of Payments, June 2004. If the data were not available
from the above IMF data source, data from the IMFs Country Report, under Article IV of the IMFs
Articles of Agreements, were used.
347
For those economies for which data were not available from national official sources and the
IMF, or for those for which data were not available for the entire period of 1980-2003, data from
the World Banks World Development Indicators 2004 CD-ROM were used. This report covers data
up to 2003 and reports data on net FDI flows (FDI inflows less FDI outflows) and inward FDI flows
only. Consequently, data on FDI outflows, which are reported as World Bank data, are estimated
by subtracting inward FDI flows from net FDI flows.
Data from the EBRD were utilized for those economies in Central Asia for which data were
not available from one of the above-mentioned sources.
Furthermore, data on the FDI outflows of the OECD, as presented in its publication, Geographical
Distribution of Financial Flows to Developing Countries, and as obtained from its online databank,
were used as a proxy for FDI inflows. As these OECD data are based on FDI outflows to developing
Box 1. What do changes in FDI mean?
Trends in FDI often differ greatly from indicators of economic performance such as fixed investment
flows or stocks, sales and employment in parent firms and/or their foreign affiliates. Nonetheless, FDI
is a commonly used indicator of economic activity in TNCs primarily because it is the most widely
available indicator published in a timely fashion. Thus, changes in flows or stocks of FDI are often
interpreted to signal changes in real economic activity of TNCs, even when there may be no major changes,
or vice versa.
The major reason for differences in trends in FDI and trends in the indicators of economic activity,
such as those indicated above, is conceptual. When examining investment trends, the net stock of fixed
assets (cumulative fixed investment less depreciation) is used as one of the most common measures
of capital. On the other hand, FDI flows are a source, not a use, of corporate finance, which makes
them different from fixed investment flows conceptually. FDI flows are the sum of equity, reinvested
earnings and loans remitted from the parent firm and related firms abroad to an affiliate in which it
controls an ownership share above a certain threshold (i.e. 10%). Using the corporate balance sheet
that shows total liabilities (equity + loans) equals total assets, FDI stock can then be related to more
common measures of capital such as fixed asset stocks as follows: a
FDI stock = FDI equity + FDI reinvested earnings + FDI loans = fixed assets
+ non-fixed assets (non-FDI equity + non-FDI loans)
In short, an increase in FDI stock (positive net FDI flows) can be used to finance purchases of
fixed assets, non-fixed assets (of which the majority are usually financial assets), or a reduction in nonFDI liabilities (equity and/or loans). Thus, to the extent that FDI is used to purchase non-fixed assets
or finance reductions in non-FDI liabilities, trends in FDI stock can easily diverge from trends in the
accumulation of fixed capital. Moreover, trends in fixed assets may also differ from trends in other measures
of real activity, which makes it very important to use the indicator that best describes the activity of
concern in a given case.
For example, in both Japan and the United States, FDI flows have increased much more rapidly
than fixed investment flows of foreign-owned affiliates, but the reverse is true in China. In China, fixed
investment flows of affiliates have always been smaller than FDI flows, but this has not been the case
for several years in Japan and the United States when FDI flows were relatively small. In contrast, FDI
stocks have increased much more rapidly than measures of real activity, such as fixed asset stocks, sales
and employment in China and the United States, but this has not necessarily been the case in Japan
where FDI stock, fixed asset stock and employment have all increased rapidly, but sales have grown
much more slowly. Finally, in the United States, the rapid growth of FDI stock has been accompanied
by much more rapid growth in total assets than in fixed assets, indicating that large portions of the rapid
growth in FDI were used to finance the purchase of non-fixed assets. Thus, even these three examples
show a great variety of experience, and underline the importance of choosing the indicator that most
closely reflects the activity of concern when analyzing TNC activities.
Source: UNCTAD, based on communications by Eric D. Ramstetter.
a
This discussion ignores valuation changes and the like, which affect more sophisticated measures of FDI stock.
However, this is another potential source of differences in trends of FDI stock and other indicators.
348
economies from the member countries of the Development Assistance Committee (DAC) of OECD, 4
inflows of FDI to developing economies may be underestimated. In some economies, FDI data from
large recipients and investors are also used as proxies.
Finally, in those economies for which data were not available from either of the above-mentioned
sources, or only partial data (quarterly or monthly) were available, estimates were made by: annualizing
the data, if they are only partially available (monthly or quarterly) from either the IMF or national
official sources; and using data on cross-border mergers and acquisitions (M&As) and their growth
rates.
The following sections give details of how data on FDI flows for each economy used in the
Report were obtained.
a. FDI inflows
Those economies for which data from national official sources were used for the period 19802003, or part of it, are listed below.
Period
Economy
1980-2003
/...
Period
Economy
1980-2002
1980-1985 and 1990-2002
1984-2002
1985-2002
1989-2002
1990-2002
1994-2002
1995-2002
2001-2002
2002
1990-2001
1992-2001
1996-2001
1999-2001
2000-2001
2001
1994-1999
1980-1994
1990-1994
1990-1993
Paraguay
Belize
Pakistan
Australia
Fiji, Gambia, Jamaica, Madagascar, Nigeria and Zimbabwe
Albania
Kyrgyzstan
Macao (China)
Vanuatu
Suriname
Ethiopia
Sudan
Belgium and Luxembourg
Libyan Arab Jamahiriya
Tajikistan
Azerbaijan
Thailand
Viet Nam
Malawi
349
Barbados
Those economies for which national official sources provided either preliminary or estimated
data are listed below.
Period
Economy
2003
As mentioned above, one of the main sources for annex table B.1 is the IMF. Those economies
for which IMF data were used for the period 1980-2003, or part of it, are listed below.
Period
Economy
1980-2003
1980-1988 and 2003
1984-1985, 1989 and
2002-2003
1990-2003
1997-2003
2000-2003
1980-2002
1980-1989 and 2002
1980-1990 and 2002
1980-1981, 1983, 1985,
1987 and 1994-2002
1983-1984 and 1986-2002
1986-2002
1998-2002
1980-2001
1982-2001
1984-1993 and 2000-2001
1986-2001
1995-2001
1994-2000
1996-2000
1980-1999
1980 and 1982-1999
350
Period
Economy
1980-1998
1980-1995 and 1998
1994-1998
1980-1997
1980-1993 and 1995-1997
1996-1997
1980-1995
1987-1995
1994-1995
1980-1994
1980-1987 and 1990-1994
1983 and 1985-1994
1984-1989 and 1991-1994
1986-1994
1988-1994
1989-1994
1993-1994
1994
1986-1993
1990-1993
1992-1993
1980-1992
1980-1991
1980-1989
Those economies for which the IMFs Country Report data were used for the period 19802003, or part of it, are listed below.
Period
Economy
Country Report
1999-2003
2002-2003
2001-2003
Liberia
Cameroon
Democratic Republic of Congo
Eritrea
Sierra Leone
Mauritania
Barbados
Comoros
2000-2003
2003
1988
351
Those economies for which World Bank data were used for the period 1980-2003, or part of
it, are listed below.
Period
Economy
Samoa
Lebanon
Cameroon
Tonga
Somalia
Kiribati
Nepal
Zambia
Guinea-Bissau
Ethiopia
Chad
Czech Republic
Djibouti
Guinea
China
Hungary
Indonesia
Those economies for which data from the ASEAN Secretariat were used for the period 1995
to 2003, or part of it, are listed below. The data are on a balance-of-payments basis.
Period
Economy
1995-2003
1995-2002
Those economies for which data from EBRDs Transition Report 2003 were used for the period
1980-2003, or part of it, are listed below.
Period
Economy
1992-2003
1993-1995 and 1998-2003
1992-2000
1993-1996
1994
1991-1993
1993
1992
Uzbekistan
Turkmenistan
Tajikistan
Georgia
Bosnia and Herzegovina
TFYR Macedonia
Azerbaijan
Croatia
For those economies in which FDI inflows data were unavailable from the above-mentioned
sources, UNCTADs estimates were made on the following basis:
Net foreign direct investment flows
Estimates were applied by using the net FDI flows from either national official sources or
the IMF for the economies and the years listed below.
(a)
Year
Economy
2002-2003
2003
1994-1999
Equatorial Guinea
Bolivia
TFYR Macedonia
352
(b)
IMF
Year
Economy
1993-1999
1988
1982-1985
1980-1983
1983
Annualized data
Estimates were applied by annualizing quarterly data obtained from either national official
sources or the IMF for the economies and the years listed below.
(a)
Year
Latest quarter/month
Economy
2003
Third quarter
Second quarter
August
Year
Latest quarter/month
Economy
2003
1994
Third quarter
Second quarter
2001
(b)
IMF
Proxy
In estimating FDI inflows for some economies for which data were not available, OECD data
on outward flows from DAC member countries were used as proxies for FDI inflows. These economies
for which this methodology was applied for the period 1980-2002, or part of it, are listed below; these
data were available only until 2002 at the time of the compilation of inflow data.
Period
Economy
1980-2002
New Caledonia
Islamic Republic of Iran
Nepal
Cuba
Qatar
Afghanistan
Iraq
Tuvalu
Samoa
Macao (China)
Bhutan
Democratic Peoples Republic of Korea
Sierra Leone
Mauritania
Comoros
So Tom and Principe
Guinea-Bissau
/...
353
Period
Economy
Sudan
Bosnia and Herzegovina
Lebanon
Brunei Darussalam
Congo and El Salvador
Syrian Arab Republic
Uruguay
Guyana
Burkina Faso
Mongolia
India
Djibouti
Uganda
Nicaragua
Kuwait and United Republic of Tanzania
Viet Nam
Malawi
Namibia
Yemen
Aruba
Ethiopia and Madagascar
Equatorial Guinea
Myanmar
Benin
Gambia
Guinea
Bangladesh
Maldives and Mozambique
Lao Peoples Democratic Republic
Angola and Burundi
Vanuatu
Bahrain, Belize and Dominica
Cambodia and Grenada
Estimates of UNCTAD
Estimates of UNCTAD based on national and secondary information sources were applied to the
following economies and periods where FDI inflows data were not available:
Period
Economy
Samoa
New Caledonia
Qatar
Syrian Arab Republic
Kiribati
Tuvalu
Afghanistan
Bhutan
Ethiopia, Lebanon, Libyan Arab
Jamahiriya and Tonga
Albania, Belize, Fiji, Gambia,
Jamaica, Lao Peoples Democratic
Republic, Macao (China),
Madagascar, Malawi, Maldives,
Nigeria, So Tom and Principe,
Somalia, Vanuatu and Zimbabwe
2003
Methodology
Estimated by projecting
investment trend.
/...
354
Period
Economy
1996
1981 and 1989
1980, 1983-1984 and 1987
1986
1980, 1982 and 1984
1980
2003
Iraq
Brunei Darussalam
Viet Nam
Namibia
Nicaragua
Denmark and Equatorial Guinea
Bermuda, British Virgin Islands,
Cayman Islands, Cuba, Gibraltar,
Islamic Republic of Iran, Saudi
Arabia and United Arab Emirates
1980-1997
Methodology
Estimated by
monitoring investment
situation using secondary
sources and investment
reported by major
investor economies.
Investments reported by
major investor
economies were used.
b. FDI outflows
Those economies for which national official sources data were used for the period, 1980-2003,
or part of it, are listed below.
Period
Economy
1980-2003
1981-2003
1982-2003
1984-2003
1985-2003
1986-2003
1986-1989 and 1991-2003
1987-2003
1988-2003
1988-1992 and 2002-2003
1989-2003
1990-2003
Period
Economy
1992-2002
1993-2002
1994-1999 and 2002
1995-2002
1996-1999 and 2001-2002
1999-2002
2000-2002
2001-2002
2002
1985-2001
1990-2001
1992-2001
1994-2001
1999-2001
2000
1980-1999
1998-1999
1999
1992 and 1995-1997
1990-1991
Niger
Burkina Faso and Mali
Cape Verde
Paraguay
Benin
Ecuador
Guinea-Bissau
Macao (China) and Madagascar
Serbia and Montenegro
Pakistan
Indonesia and Sri Lanka
Albania
Libyan Arab Jamahiriya
Belgium and Luxembourg
Brunei Darussalam
Bolivia
Azerbaijan
Armenia
Bosnia and Herzegovina
Haiti
355
Those economies for which national official sources provided either preliminary or estimated
data are listed below.
Period
Economy
2003
2002
Switzerland
Benin, Burkina Faso, Cte dIvoire, Guinea-Bissau, Madagascar, Mali,
Niger, Senegal and Togo
As mentioned above, one of the main sources for annex table B.2 is the IMF. Those economies
for which IMF data were used for the period 1980-2003, or part of it, are listed below.
Period
Economy
1980-2003
1980-1988 and 2000-2003
1984 and 2002-2003
1985 and 1987-2003
1999-2003
2000 and 2002-2003
2003
1982-2002
1985-1989 and 2002
2000-2002
1988-1993 and 2000-2001
1995-2001
1998-2001
1981-1984, 1995 and 2000
1980-1999
1980-1996 and 1999
1997-1999
1980-1998
1998
1993-1996
1996
New Zealand
Australia
Pakistan
Cyprus
Georgia
Azerbaijan
Thailand
China
Sri Lanka
Bolivia
Cape Verde
The occupied Palestinian territory
Kyrgyzstan
Benin
The Netherlands Antilles
Jordan
Bangladesh
Belgium and Luxembourg
Armenia
Dominican Republic
El Salvador and Guinea
/...
356
Period
Economy
1980-1995
1980-1983, 1985-1989 and 1991-1994
1982-1994
1990 and 1993-1994
1994
1980-1993
1980-1982 and 1987-1993
1990-1993
1992-1993
1992
1980-1991
1989-1991
1990
1980-1989
Cameroon
Chad
Central African Republic
Angola
Kiribati
Gabon and Spain
Libyan Arab Jamahiriya
Tonga
Slovenia
Humgary
Algeria and Niger
Equatorial Guinea
Comoros
Colombia, Costa Rica, Egypt, Fiji, Israel, Italy, Kenya, Kuwait,
Portugal, Senegal, Seychelles and Singapore
Venezuela
Bahamas and Burundi
Uruguay
Mauritania
Lesotho, So Tom and Principe
Papua New Guinea
Trinidad and Tobago
Iceland
Burkina Faso, Germany and the Netherlands
Yemen
France, Norway, Poland and Swaziland
Botswana
Switzerland
Austria
Denmark
Argentina
Sweden
Where data were unavailable from the above-mentioned sources, estimates were applied by
annualizing quarterly data obtained from either national official sources or the IMF for the economies
and years listed below.
(c)
Year
Latest quarter/month
Economy
2003
Third quarter
Year
Latest quarter
Economy
2003
Third quarter
Bangladesh
(d)
IMF
The World Bank reports only data on net FDI flows and FDI inward flows. Therefore, for
selected economies, FDI outward flows were estimated by subtracting FDI inflows from net FDI flows.
This methodology was used for the economies and years listed below.
Period
Economy
Uganda
Saint Kitts and Nevis
Saint Lucia
Mozambique
/...
Period
Economy
Grenada
Ethiopia
Honduras
Angola
Lao Peoples Democratic Republic
United Republic of Tanzania
Papua New Guinea
Paraguay
Sierra Leone
Uruguay
El Salvador
Nicaragua
Guatemala and Solomon Islands
Trinidad and Tobago
Bulgaria and Lesotho
Comoros
Saint Vincent and the Grenadines
Mauritania
Bangladesh
Tonga
Togo
Mauritius
Pakistan
357
In the case of economies for which FDI outflows data were unavailable from the above-mentioned
sources, three methodologies were used to calculate UNCTADs estimates.
Proxy
Inflows of FDI to large recipient economies were used as a proxy. Those economies for which
this methodology was used for the period 1980-2003, or part of it, are listed below.
Economy
Period
Proxy countries/region
Algeria
1992-1996
1997
1997-2000
1992-1996 and 1998
1997 and 1999-2000
1984-1986
1987-1988
Anguilla
Antigua and Barbuda
Argentina
1989-1991
Bahamas
Bahrain
Bermuda
1980-1985
1986-1988
1982
1985-1989
1980-1984
1985-1999
2000-2001
1993-1994
1993-2001
1987-1990
1996-1999
1980-1987
/...
358
Economy
Period
1988-2000
Proxy countries/region
359
Cross-border M&As
Data on cross-border M&As and their growth rates were used to estimate FDI outflows for
the following economies:
Period
Economy
Ghana
Qatar
Brunei Darussalam
Cambodia
Estimates of UNCTAD
Estimates of UNCTAD based on national and secondary information sources are applied to
the following economies and periods where FDI inflows data are not available:
Period
Economy
Togo
Nigeria
2002-2003
2003
2000-2002
2001
1993-1994, 1996-1997 and 1999
1997
1989-1992, 1995-1996
1995-1996
1994
1985-1989 and 1992
1984 and 1990
1990
1980-1989
1989
1982 and 1986-1989
1986
Honduras
Sierra Leone
Uganda
Burkina Faso
Saint Lucia
Haiti
Guatemala
Guyana
United Republic of Tanzania
Grenada
Brunei Darussalam
Ghana
Angola
Malawi
Qatar
Guinea
Ethiopia, Mozambique and
Saint Kitts and Nevis
Albania and Kyrgyzstan
Benin, Bolivia, Cape Verde, Cte
dIvoire, Fiji, Gambia,
Guinea-Bissau, Jamaica
Madagascar, Mali, Niger,
Senegal, Sri Lanka and Zimbabwe
Armenia
Azerbaijan
Papua New Guinea
El Salvador
Uruguay
Trinidad and Tobago
Gabon
Paraguay
Chad
Poland
Morocco
Saint Vincent and the Grenadines
Botswana
Cyprus
Methodology
Estimated by projecting
investment trend.
Estimated by projecting
investment trend.
/...
360
Period
Economy
1985
1983
1980-1981
1980
1996-1998
1981-1994
1992
1983-1986 and 2002-2003
1987 and 2001-2003
1992-1994, 1996-1997 and 2002-2003
1999-2003
2000-2003
2001-2003
Bangladesh
Venezuela
Central African Republic
Denmark
Malawi
Peru
Czech Republic
Libyan Arab Jamahiriya
Oman
Lao Peoples Democratic Republic
Rwanda
Cameroon
Anguilla, Antigua and Barbuda
and Cayman Islands
Bermuda, British Virgin Islands,
Indonesia, Islamic Republic of Iran,
Lebanon, Liberia, Nicaragua,
Panama and Saudi Arabia
Barbados, Belize, Macao (China)
and United Arab Emirates
Dominican Republic
2002-2003
2003
1999 and 2002
Methodology
Estimated by monitoring
investment situation using
secondary sources and
investments reported by
major investment recipients.
2. FDI stoc
k
stock
Annex tables B.3 and B.4, as well as some tables in the text, present data on FDI stock at
book value or historical cost, reflecting prices at the time when the investment was made.
UNCTAD regularly collects published and unpublished national official FDI stock data directly
from central banks, statistical offices and/or national authorities on an aggregated and disaggregated
basis for its FDI/TNC database. These data constitute the main source for the reported data on FDI
stock. They are further complemented by the data obtained from the IMF.
As for economies for which data were not available from national official sources, or for those
for which data were not available for the entire period of 1980-2003, data on International Investment
Position assets and liabilities from the IMFs CD-ROMs on International Financial Statistics and
Balance of Payments, June 2004, were used instead.
361
For a large number of economies (as indicated in the footnotes to annex tables B.3 and B.4),
FDI stocks were estimated by either adding up FDI flows over a period of time, or adding or subtracting
flows to an FDI stock that had been obtained for a particular year from national official sources, or
the IMF data series on assets and liabilities of direct investment.
Data for the Republic of Korea were obtained from the Ministry of Commerce, Industry and
Energy. Inward stock refers to implemented FDI accumulated since 1962, whereas outward stock
refers to actual investment outflows less withdrawals, accumulated since 1968.
Inward FDI for Egypt does not include investment in petroleum and free zones.
In the case of the Hong Kong (China), stock data are based on market value.
In the case of Belgium and Luxembourg, stock data for 2003 are estimated by adding the 2003
flows of Belgium and of Luxembourg to the 2002 stock.
Those economies for which national official sources data were used for the period 1980-2003,
or part of it, are listed below.
Country/economy
Inward stock
Outward stock
Australia
Austria
Argentina
Azerbaijan
Bahrain
Bangladesh
Barbados
Belgium and Luxembourg
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Cambodia
Canada
Chile
China
Colombia
Costa Rica
Croatia
Czech Republic
Denmark
Dominican Republic
Ecuador
El Salvador
Estonia
Fiji
Finland
France
Gambia
Georgia
Germany
Greece
Guatemala
Hong Kong (China)
Hungary
Iceland
India
Indonesia
Ireland
Israel
Italy
Japan
Kazakhstan
1980-2003
1990-2003
None
None
1990-2003
None
1980-2002
1980
1986-1999
None
1990-2003
2001-2003
None
1980-2003
1980-1992 and 1996-2002
1981-1989
1980-2003
None
1992-1997
1992-2002
1980-2002
None
None
1998-2003
1996-2003
None
1980-2003
1989-2002
1990-2001
None
1980-2002
1999-2003
None
1997-2003
1990-2003
1988-2003
1997-2003
1993-1999
1999-2002
1990-2003
1990-2003
1990-2003
1995-2003
/...
362
Country/economy
Inward stock
Outward stock
Republic of Korea
Kuwait
Latvia
Lithuania
Macao (China)
Malawi
Malaysia
Malta
Mexico
Republic of Moldova
Myanmar
Namibia
Nepal
The Netherlands
New Zealand
Norway
Pakistan
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Romania
Russian Federation
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
Swaziland
Sweden
Switzerland
Taiwan Province of China
Thailand
Trinidad and Tobago
Tunisia
Turkey
Ukraine
United Kingdom
United States
Uruguay
Venezuela
Yemen
1980-2002
None
1991-2003
1991-2003
2001-2002
None
None
1994-2001
1990-2001
1992-2003
1990-2003
1990-2002
2001
1980-2002
1980-1988
1987-2002
1980-2001
1980-1997
1995-2002
1980-2003
1980-2002
1990-2000
1990-2003
1990-2003
1993-1999
1980-2003
1990-2003
1993-2002
1980-2002
1980-1991 and 1993-2003
1980-1988
1986-2003
1986-2003
1980-2003
1980-1988
1980-2002
1980-1990
1980-2003
2000-2002
1991-2002
1980-2003
1980-2003
1996-2002
1980-2002
1990-2002
1980-2002
1990-2003
1991-2003
1994-2003
2001-2002
1996-1998
1980-2002
1994-2001
2001-2002
1994-2003
None
1990-2003
None
1980-2002
None
1988-2000
1980-2001
1980-1989
1995-2002
1980-2003
1980-1988 and 1990-2002
1990-2000
1990-2003
1990-2003
1992-1999
1990-2003
1991-2003
1990-2002
1980-2002
1990-2003
None
1986-2003
1986-2003
1980-1983 and 1986-2003
1980-1988
1980-2002
None
1980-2003
2000-2002
1993-2002
1980-2003
1980-2003
1996-1999
1980-1982 and 1990-2002
None
Those economies for which national official sources provided either preliminary or estimated
data are listed below.
Country/economy
Inward stock
Outward stock
2003
2002-2003
1990-2002
1990-1993
Those economies for which IMF data were used for the period 1980-2003, or part of it, are
listed below.
Country/economy
Inward stock
Outward stock
Australia
Austria
Argentina
Armenia
Azerbaijan
Bahrain
Belarus
Belgium and Luxembourg
Bolivia
Bulgaria
Cambodia
Costa Rica
Croatia
Cyprus
Dominican Republic
El Salvador
France
Greece
Italy
Japan
Kyrgyzstan
Malaysia
New Zealand
Norway
Panama
Poland
Portugal
Russian Federation
Spain
Swaziland
Sweden
Switzerland
Venezuela
1986-1988
1980-1989
None
1997-2002
2003
1989
1996-2003
1981-2002
2000-2002
1998-2001
None
None
1998-2003
2002
1996-1997
1996-1997
None
1998
None
1980-1989
1993-2002
1980-1994
1989-2003
None
1995-2002
2001-2002
1992
2000-2002
None
1981-1985
1982-1985
None
None
None
1980-1989
1991-2002
None
2003
1989
1997-2003
1981-2002
2000-2002
1998-2001
1998-2002
1996-2002
1998-2003
2002
None
1996-1997
1987-1988
None
1980-1989
1980-1989
1998-2002
None
1992-2003
1980-1987
None
2001-2002
None
2000-2002
1980-1989
1981-1985
1982-1985
1984-1985
1983-1989
363
C. Da
ta rre
evisions and upda
tes
Data
updates
All FDI data and estimates in WIR are continuously revised. Because of ongoing revisions,
FDI data reported in WIR may differ from those reported in earlier Reports or other publications of
UNCTAD. In particular, recent FDI data are being revised in many economies according to the fifth
edition of the Balance-of-Payments Manual of the IMF. Because of this, the data reported in last years
Report may be completely or partly changed in this Report.
D. Da
ta v
erif
ica
tion
Data
verif
erifica
ication
In compiling data for this year s Report, requests were made to national official sources of
virtually all economies for verification and confirmation of the latest data revisions and accuracy.
In addition, websites of certain national official sources were consulted. This verification process
continued until end June 2004. Any revisions made after this process are not reflected in the Report.
Below is a list of economies for which data were checked using either of these methods. For the
economies which are not mentioned below, the UNCTAD secretariat could not have the data verified
or confirmed by their respective governments.
364
Official verification
Algeria, Angola, Aruba, Australia, Austria, ASEAN Secretariat, Bahamas, Bahrain, Barbados, Banque
Centrale de lAfrique de lOuest, Banque des Etats de lAfrique Centrale, Belarus, Belgium, Belize,
Botswana, Brazil, Burundi, Cambodia, Canada, Colombia, Comoros, Denmark, Djibouti, Egypt, El
Salvador, Estonia, Fiji, France, Gabon, Gambia, Germany, Greece, Guatemala, Guyana, Haiti, Hungary,
Iceland, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kuwait, Latvia,
Lesotho, Lithuania, Luxembourg, Macao (China), Madagascar, Malaysia, Malta, Mauritius, Mexico,
Myanmar, Namibia, Nicaragua, Norway, Oman, Papua New Guinea, Peru, Philippines, Portugal, Republic
of Korea, Republic of Moldova, Romania, Rwanda, Seychelles, Singapore, Slovakia, South Africa,
Swaziland, Sweden, Switzerland, Trinidad and Tobago, Tunisia, Turkey, United Kingdom, United
Republic of Tanzania and Zambia
Web sites
Albania, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Barbados, Bahrain,
Bangladesh, Belarus, Belgium, Belize, Bolivia, Brazil, Bosnia and Herzegovina, Bulgaria, Canada,
Cape Verde, China, Chile, Colombia, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Dominican
Republic, Eastern Caribbean Central Bank, Ecuador, Egypt, El Salvador, Estonia, Fiji, Finland, France,
Germany, Ghana, Greece, Guatemala, Haiti, Honduras, Hong Kong (China), Hungary, Iceland, India,
Ireland, Israel, Italy, Jamaica, Japan, Kazakhstan, Kenya, Kuwait, Latvia, Lithuania, Luxembourg,
Macao (China), Malta, Mauritius, Mexico, Mongolia, Morocco, Mozambique, Namibia, Nepal, the
Netherlands, the Netherlands Antilles, New Zealand, Norway, Nicaragua, the occupied Palestinian
territory, Oman, Pakistan, Paraguay, Peru, Philippines, Poland, Portugal, Republic of Korea, Republic
of Moldova, Romania, Russian Federation, Rwanda, Serbia and Montenegro, Seychelles, Slovakia,
Slovenia, Solomon Islands, South Africa, Spain, Sudan, Swaziland, Sweden, Switzerland, Tajikistan,
Taiwan Province of China, TFYR Macedonia, Trinidad and Tobago, Thailand, Tunisia, Turkey, Uganda,
Ukraine, Uruguay, United Kingdom, United Republic of Tanzania, United States, Vanuatu, Venezuela
and Yemen
E. Def
initions and sour
ces of the da
ta in anne
x
Definitions
sources
data
annex
ta
bles B
.5 and B
.6
tab
B.5
B.6
These two annex tables show the ratio of inward and outward FDI flows to gross fixed capital
formation (annex table B.5) and inward and outward FDI stock to GDP (annex table B.6). All of
these data are in current prices.
The data on GDP were obtained from the UNCTAD secretariat, the IMFs CD-ROM on
International Financial Statistics, June 2004 and the IMFs World Economic Outlook, April 2004. For
some economies, such as Taiwan Province of China, data are complemented by official sources.
The data on gross fixed capital formation were obtained from the IMFs CD-ROM on
International Financial Statistics, June 2004. For some economies, for which data are not available
for the period 1980-2003, or part of it, data are complemented by data on gross capital formation.
These data are further complemented by data obtained from: (i) national official sources; and (ii)
World Bank data on gross fixed capital formation or gross capital formation, obtained from World
Development Indicators 2004 CD-ROM.
For annex table B.5, figures exceeding 100% may result from the fact that, for some economies,
the reported data on gross fixed capital formation do not necessarily reflect the value of capital formation
accurately, and FDI flows do not necessarily translate into capital formation.
Data on FDI are from annex tables B.1-B.4.
365
F. Def
initions and sour
ces of the da
ta on cr
ossDefinitions
sources
data
crossbor
der M&As in anne
x ta
bles B
.7-B
.10
border
annex
tab
B.7-B
.7-B.10
FDI is a balance-of-payments concept involving the cross-border transfer of funds. Crossborder M&A statistics shown in the Report are based on information reported by Thomson Financial.
In some cases, these include M&As between foreign affiliates and firms located in the same host economy.
Therefore, such M&As conform to the FDI definition as far as the equity share is concerned. However,
the data also include purchases via domestic and international capital markets, which should not be
considered as FDI flows. Although it is possible to distinguish types of financing used for M&As
(e.g. syndicated loans, corporate bonds, venture capital), it is not possible to trace the origin or countrysources of the funds used. Therefore, the data used in the Report include the funds not categorized
as FDI.
FDI flows are recorded on a net basis (capital account credits less debits between direct investors
and their foreign affiliates) in a particular year. On the other hand, M&A data are expressed as the
total transaction amount of particular deals, and not as differences between gross acquisitions and
divestment abroad by firms from a particular country. Transaction amounts recorded in the UNCTAD
M&A statistics are those at the time of closure of the deals, and not at the time of announcement.
The M&A values are not necessarily paid out in a single year.
Cross-border M&As are recorded in both directions of transactions. That is, when a crossborder M&A takes place, it registers as both a sale in the country of the target firm (annex table B.7),
and as a purchase in the home country of the acquiring firm (annex table B.8). Data showing crossborder M&A activities on an industry basis are also recorded as sales and purchases (annex tables
B.9-B.10). Thus, if a food company acquires a chemical company, this transaction is recorded in the
chemical industry in the table on M&As by industry of seller (annex table B.9), it is also recorded
in the food industry in the table on M&As by industry of purchaser (annex table B.10).
Notes
1
2
3
4
In some countries, an equity stake of other than 10% is still used. In the United Kingdom, for example, a stake of
20% or more was the threshold used until 1997.
This general definition of FDI is based on OECD, Detailed Benchmark Definition of Foreign Direct Investment, third
edition (OECD 1996) and International Monetary Fund, Balance of Payments Manual, fifth edition (IMF 1993).
International Monetary Fund, op. cit., p. 40.
Includes Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, the Netherlands, Norway, Spain,
Sweden, United Kingdom and United States.
366
367
ANNEX B
Annex table B.1. FDI inflows, by host region and economy, 1992-2003
(Millions of dollars)
Host region/economy
1998
1999
2000
2001
2002
2003
310 879
690 905
1 086 750
1 387 953
817 574
678 751
559 576
Developed countries
180 750
472 545
828 352
1 107 987
571 483
489 907
366 573
Western Europe
100 796
263 016
500 045
697 436
368 828
380 245
310 234
European Union
95 845
249 931
479 372
671 417
357 441
374 000
295 154
2 276
11 217
..
..
2 582
1 190
19 779
6 042
1 033
1 694
3 523
9 978
1 554
8 615
6 835
19 527
4 533
22 691
..
..
7 730
2 040
30 984
24 593
85
8 579
2 635
36 964
3 144
11 797
19 835
74 321
2 975
119 693
..
..
16 700
4 581
46 545
56 077
571
18 218
6 911
41 205
1 234
15 758
60 926
87 979
8 840
88 739
..
..
33 818
8 015
43 250
198 276
1 089
25 843
13 375
63 854
6 787
37 523
23 242
118 764
5 919
88 203
..
..
11 525
3 732
50 476
21 138
1 560
9 659
14 871
51 927
5 892
28 005
11 910
52 623
952
..
14 759
116 984
6 637
7 920
48 906
36 014
51
24 486
14 545
25 571
1 844
35 908
11 647
27 776
6 855
..
29 484
87 557
2 608
2 765
46 981
12 866
47
25 497
16 421
19 674
962
25 625
3 296
14 515
4 950
13 086
20 673
26 019
11 387
6 245
15 080
17a
69
822
8 046
11 719
138a
175
622
5 829
19 255
27 a
126
- 428
872
5 648
20a
147
380
2 372
12 161
World
Austria
Belgium and Luxembourg
Belgium
Luxembourg
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Netherlands
Portugal
Spain
Sweden
United Kingdom
Other Western Europe
Gibraltar
Iceland
Malta
Norway
Switzerland
1992-1997
(Annual average)
39a
35
126
2 145
2 605
- 162a
146
267
3 893
8 941
12a
176
281
2 062
8 856
North America
68 280
197 243
308 119
380 798
186 948
83 900
36 352
Canada
United States
8 012
60 268
22 809
174 434
24 743
283 376
66 791
314 007
27 487
159 461
21 030
62 870
6 580
29 772
11 675
12 286
20 188
29 752
15 707
25 761
19 986
6 797
1 069
1 225
2 583
6 015
1 887
3 192
1 191
2 924
3 111
12 741
1 412
13 071
5 011
8 323
3 347
4 006
3 549
6 241
1 911
13 978
1 721
9 239
823
7 900
3 745
6 324
2 017
118 596
194 055
231 880
252 459
219 721
157 612
172 033
5 936
9 114
11 590
8 728
19 616
11 780
15 033
1 926
2 904
3 032
2 918
5 490
3 631
5 784
93
820
501
1 076
507
1 065
438
1 235
1 196
510
1 065
647
634
237
/...
368
Annex table B.1. FDI inflows, by host region and economy, 1992-2003 (continued)
(Millions of dollars)
Host region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
- 31
551
35
457
- 128
417
371
668
- 128
850
371
368
- 142
215
392
779
- 101
2 825
574
486
4 010
6 209
8 558
5 810
14 126
304
21
- 10
10
19
12
27
94
-6
210
2
67
39b
58
- 201
14
115
11
4
18
25
7
13
10
37
6
27
46
106
13
1 402
3
-c
51
30
2
1
1 045
45
10
95
90
93
72
1 114
33
96
4
2
50
9
8
22
34
61a
380
3
306
149
261
104
24
56
18
4
11
27
190a
16
12
9
12
235
77
-1
1 051
7
4
60
55
- 10a
-a
561
109
19
210
172
198
444
2 471
38
37
8
40
53
4
25
491
11a
324
4
238
83
70
- 205
49
267
63
9
14
33
27
58
59
1
1a
49
382
20
1 005
2
3
142
60
6a
- 1a
1 502
100
29
222
542
163
59
879
56
57
23
12
31
34
1
116
168
23a
235
3
109
28
135
- 43
44
115
10
1
111
31
21
69
26
78
40
277
139
186
9
930
8
4
62
56
5a
-a
888
91
41
275
282
122
23
2 146
41
31
8
75
9
5
453
1
76
82
273
3
931
12
20
- 88
35
89
2
1
5
28
8
84
19
104
92
32
255
365
26
1 104
4
3
39
65
2
-a
6 789
51
71
229
467
72
4
2002
- 96a
481
713
821
2003
700a
2 279
1 349
584
8 149
9 250
1 643
41
405
9
176
12
6
1 030
152
117
230
4
323
20
75a
251
43
59
30a
1
28
27
3
8
6
102
118
33
155
181
8
1 281
7
3
54
48
4
-a
757
47
53
249
240
82
26
1 415
51
86
11
215
14
4
837
1
386
158
389
11
1 431
22
60a
53
60
137
8a
2
82
42
50a
23a
129
214
70
337
84
31
1 200a
5
10a
78
58
8
1a
762
44
20
283
248
100
20a
/...
369
ANNEX B
Annex table B.1. FDI inflows, by host region and economy, 1992-2003 (continued)
(Millions of dollars)
Host region/economy
1998
1999
2000
2001
2002
2003
38 167
82 491
107 406
97 537
88 139
51 358
49 722
22 136
52 715
69 677
57 852
38 771
26 788
21 268
5 430
339
6 615
2 932
2 129
486
90
133
2 023
- 20
115
1 864
7 291
1 023
28 856
4 628
2 829
870
47
342
1 644
38
164
4 985
23 988
1 010
28 578
8 761
1 508
648
48
95
1 940
- 24
235
2 890
10 418
822
32 779
4 860
2 395
720
67
104
810
- 97
273
4 701
2 166
832
22 457
4 200
2 525
1 330
56
85
1 144
- 27
320
3 683
785
1 044
16 590
1 888
2 115
1 275
44
11
2 156
- 74
175
779
478
160
10 144
2 982
1 762
1 555
26
82
1 377
- 92
263
2 531
29 776
37 729
39 684
49 367
24 570
28 454
28
23
84
147
16
19
5 399a
4 354a
612
15a
7
700
1 104
49
673
11
99
369
12 332
3
- 53
195
1 296
32
83
89
730
1 362a
38
31
- 425
149
17
60
9 470 a
6 569 a
620
9a
18
1 338
216
42
155
30
237
524
13 206
8
- 22
300
652
58
83
56
643
3 648
38
28
117
250
19
30
10 627a
6 922 a
409
- 10 a
11
953
173
37
230
13
282
469
16 586
3
- 63
267
603
96
55
29
680
830
33
44
- 261
101
19
60
13 346a
4 356 a
454
4a
12
1 079
279
59
456
4
193
614
26 776
1
-5
150
405
88
22
21
835
222
37
48
289
200
17
25
2 711 a
2 509 a
662
3a
14
917
208
58
110
6
176
479
14 745
2
8
204
78
82
31
32
791
132
28
57
165
145
121
40a
8 500 a
4 600 a
587
3a
17
310
157
59
104
8
198
520a
10 783
2
- 81
201
792
53
32
38
616
400
Anguilla
Antigua and Barbuda
Aruba
Bahamas
Barbados
Belize
Bermuda
Cayman Islands
Costa Rica
Cuba
Dominica
Dominican Republic
El Salvador
Grenada
Guatemala
Haiti
Honduras
Jamaica
Mexico
Montserrat
Netherlands Antilles
Nicaragua
Panama
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
Trinidad and Tobago
Virgin Islands (British)
Asia and the Pacific
Asia
West Asia
1992-1997
(Annual average)
18
22
28
76
13
17
2 426
898
324
8
25
251
21
22
90
72
166
9 619
4
- 38
78
442
20
34
43
454
899a
74 494
102 449
112 884
146 195
111 966
94 474
107 278
74 090
102 209
112 588
146 067
111 854
94 383
107 120
2 929
7 060
961
1 494
6 099
3 554
4 132
/...
370
Annex table B.1. FDI inflows, by host region and economy, 1992-2003 (continued)
(Millions of dollars)
Host region/economy
1992-1997
(Annual average)
Bahrain
Cyprus
Iran, Islamic Republic of
Iraq
Jordan
Kuwait
Lebanon
Oman
Occupied Palestinian Territory
Qatar
Saudi Arabia
Syrian Arab Republic
Turkey
United Arab Emirates
Yemen
Central Asia
Armenia
Azerbaijan
Georgia
Kazakhstan
Kyrgyzstan
Tajikistan
Turkmenistan
Uzbekistan
South, East and South-East Asia
Afghanistan
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China
Hong Kong, China
India
Indonesia
Korea, Democratic Peoples Republic of
Korea, Republic of
Lao Peoples Democratic Republic
Macao, China
Malaysia
Maldives
Mongolia
Myanmar
Nepal
Pakistan
Philippines
Singapore
Sri Lanka
Taiwan Province of China
Thailand
Viet Nam
602
150
52
2
67
70
52
79
154d
182
280
108
750
254
203
1 551
18
419c
62 c
909
55c
13
126c
61
1998
1999
2000
2001
2002
2003
180
264
24
7a
310
59
200
101
218
347a
4 289
82
940
258a
- 219
454
685
35
- 7a
158
72
250
39
189
113a
- 780
263
783
- 985a
- 308
364
804
39
- 3a
787
16
298
16
62
252a
- 1 884
270
982
- 515a
6
81
652
55a
- 6a
100
- 147
249
83
20
296a
20
110
3 266
1 184a
136
217
614
276a
- 2a
56
7
257a
23
..
631a
- 615
115
1 038
834a
102
3 013
2 511
1 890
3 527
4 503
6 073
237
1 023
265
1 151
109
25a
62a
140a
135
510
82
1 472
44
21a
125a
121a
124
130
131
1 283
-2
24a
126a
75a
88
227
110
2 835
5
9
170a
83a
150
1 392
165
2 590
5
36
100a
65a
155
3 285
338
2 068
25a
32
100a
70a
69 609
92 136
31
-d
327
128
32 799
7 781
1 676
3 518
53
1 298
67
-2
5 816
8
11
359
11
577
1 343
8 295
186
1 474
2 269
1 586
-a
190
-a
573
243
45 463
14 766
2 633
- 241
31a
5 039
45
- 18a
2 714
12
19
684e
12
507
2 212
7 690
150
222
7 491
1 700
109 115
6a
180
-a
748
230
40 319
24 580
2 168
- 1 866
- 15a
9 436
52
9a
3 895
12
30
304e
4
530
1 725
16 067
201
2 926
6 091
1 484
142 683
-a
280
-a
549
149
40 715
61 939
2 319
- 4 550
5a
8 572
34
- 1a
3 788
13
54
208e
305
1 345
17 217
175
4 928
3 350
1 289
102 228
1a
79
-a
526
149
46 878
23 775
3 403
- 2 977
- 4a
3 683
24
160
554
12
43
192e
21a
385
982
15 038
82
4 109
3 813
1 300
517
830
120a
..
379
67
358a
138
..
400a
208a
150a
575
480a
- 89
86 326
96 915
1a
52
-a
1 035
145
52 743
9 682
3 449
145
- 15a
2 941
25
382
3 203
12
78
191e
2a
823
1 792
5 730
197
1 445
1 068
1 200
1a
121
-a
2 009
87
53 505a
13 561
4 269
- 597
- 5a
3 752
19a
350a
2 474
12 a
132
128e
30
1 405
319
11 409
229
453
1 802
1 450
/...
371
ANNEX B
Annex table B.1. FDI inflows, by host region and economy, 1992-2003 (concluded)
(Millions of dollars)
Host region/economy
The Pacific
Fiji
Kiribati
New Caledonia
Papua New Guinea
Samoa
Solomon Islands
Tonga
Tuvalu
Vanuatu
Central and Eastern Europe
Albania
Belarus
Bosnia and Herzegovina
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Latvia
Lithuania
Moldova, Republic of
Poland
Romania
Russian Federation
Serbia and Montenegro
Slovakia
Slovenia
TFYR Macedonia
Ukraine
1992-1997
(Annual average)
1998
1999
2000
2001
2002
2003
404
240
297
128
113
91
158
44
7
301
6
14
2
-h
29
103
1a
-a
110
3
2
2
-a
20
-4
1a
4a
296
2
- 19
2
-a
13
- 16
1a
22a
96
- 2a
1
5
1a
20
42
1a
- 1a
63
1
- 12
1
1a
18
26
1a
2a
21
-a
-1
2a
26 a
15
20a
1a
8a
101
-a
-2
3a
9a
19a
11 533
24 305
26 518
27 508
26 371
31 232
20 970
56
84
-h
149
235
1 304
180
2 924
229
108
35
2 889
402
2 018
178
235
166
12
328
45
203
56
537
932
3 700
581
3 828
357
926
76
6 365
2 031
2 761
113
707
218
128
743
41
444
154
819
1 467
6 310
305
3 312
347
486
38
7 270
1 041
3 309
112
428
106
33
496
143
119
147
1 002
1 089
4 984
387
2 764
411
379
134
9 341
1 037
2 714
25
1 925
137
175
595
207
96
130
813
1 561
5 639
542
3 936
163
446
146
5 713
1 157
2 469
165
1 584
369
442
792
135
247
265
905
1 124
8 483
284
2 845
384
732
117
4 131
1 144
3 461
475
4 123
1 606
78
693
180
171
381
1 419
1 713
2 583
891
2 470
360
179
58
4 225
1 566
1 144
1 360
571
181
95
1 424
1 930
9 659
85 798
4 541
13 852
148 592
5 675
5 453
191 562
3 802
2 170
211 744
6 454
8 212
172 843
5 763
8 636
104 869
7 356
10 937
118 528
Memorandum
Least developed countries g
Oil-exporting countries h
All developing economies, excluding China
Source:
a
b
c
d
e
f
g
372
Annex table B.2. FDI outflows, by home region and economy, 1992-2003
(Millions of dollars)
Home region/economy
World
1992-1997
1998
(Annual average)
1999
2000
2001
2002
2003
328 248
687 240
1 092 279
1 186 838
721 501
596 487
612 201
Developed countries
275 716
631 478
1 014 331
1 083 885
658 094
547 603
569 577
Western Europe
161 720
436 521
763 868
859 432
447 033
364 507
350 281
European Union
146 882
415 362
724 312
806 151
429 159
351 181
336 994
Austria
Belgium and Luxembourg
Belgium
Luxembourg
` Denmark
Finland
France
Germany
Greece
Ireland
Italy
Netherlands
Portugal
Spain
Sweden
United Kingdom
1 533
7 427
..
..
2 928
2 554
26 045
31 051
35
573
7 142
19 518
753
5 235
6 226
35 861
2 745
28 845
..
..
4 477
18 647
48 611
88 823
262
3 906
12 407
36 669
3 847
18 936
24 370
122 816
3 301
122 304
..
..
16 943
6 605
126 856
108 692
539
6 111
6 722
57 610
3 168
42 084
21 928
201 451
5 740
86 362
..
..
26 558
22 572
177 449
56 557
2 102
4 640
12 316
75 635
7 512
54 675
40 662
233 371
3 137
100 646
..
..
13 374
8 362
86 767
36 855
616
4 069
21 472
47 968
7 564
33 093
6 380
58 855
5 252
..
12 355
126 116
5 686
7 622
49 434
8 622
655
3 099
17 123
34 554
3 289
31 512
10 683
35 180
7 083
..
36 646
95 991
1 158
- 7 370
57 279
2 560
586
1 911
9 121
36 092
95
23 373
17 375
55 093
14 838
21 159
39 555
53 282
17 874
13 326
13 288
Iceland
Malta
Norway
Switzerland
30
6a
2 853
11 949
71
15
2 306
18 767
121
45
6 113
33 276
390
26
8 193
44 673
344
24
- 734
18 240
215
-4
5 537
7 578
168
24
2 176
10 919
North America
88 605
165 362
226 638
187 301
160 986
141 749
173 426
Canada
United States
11 036
77 569
34 358
131 004
17 247
209 391
44 675
142 626
36 113
124 873
26 409
115 340
21 542
151 884
25 391
29 595
23 825
37 151
50 075
41 348
45 869
4 477
636
20 232
46
3 352
1 163
24 152
928
- 688
967
22 743
803
829
3 465
31 558
1 300
12 228
630
38 333
- 1 116
7 576
1 115
32 281
376
15 108
1 774
28 800
188
51 351
53 438
75 488
98 929
59 861
44 009
35 591
2 228
1 982
2 564
1 319
- 2 535
115
1 288
54
367
313
227
202
266
148
7
49
- 29
21
5
1
46
299
20
2
47
38
208
18
3
18
51
98
58
2
9
12
84
97
-
100
28
110 b
28
-
14
21
100 b
12
1
2 174
1 614
2 252
1 092
- 2 738
- 152
-b
-b
-b
-b
-b
1 140
-b
/...
373
ANNEX B
Annex table B.2. FDI outflows, by home region and economy, 1992-2003 (continued)
(Millions of dollars)
Home region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
2002
2
381
3b
6
2
4
69 b
4
5
53 b
2b
..
- 167 b
4b
17
3
-b
- 13
-4
94
-b
-7
9
-b
- 3 180
- 18
-7
- 5b
-b
4
43
1
3b
1
7
2
7b
5
61b
2b
7
- 50b
3b
19
9
-b
-5
101
-b
39
9
-b
- 399
-9
- 14b
-b
3
2003
Benin
Botswana
Burkina Faso
Burundi
Cameroon
Cape Verde
Central African Republic
Chad
Congo
Cte dIvoire
Equatorial Guinea
Ethiopia
Gabon
Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritius
Mozambique
Namibia
Niger
Nigeria
Rwanda
Senegal
Seychelles
Sierra Leone
South Africa
Swaziland
Togo
Uganda
United Republic of Tanzania
Zimbabwe
8c
12
2
13
4
4
76
-c
228d
14
5
100 e
-e
..
2
..
98
1e
2
15
-e
-4
13
174
11
9
1 561
13
7
47
19
9 509
19 865
31 279
13 738
11 971
6 009
10 666
3 767
8 497
7 097
8 026
- 178
4 080
4 559
1 606
2
510
848
285
68
9
11
3
426
2 325
3
2 854
1 483
796
- 84 b
-b
6
62
9
1 043
1 730
3
1 690
2 558
116
- 2b
6
128
-3
872
901
3
2 282
3 987
325
2b
6
521
161
3
- 2 258
1 610
16
-b
6
74
6
204
- 627
3
2 482
294
857
-b
-2
54
1 020
774
3
249
1 395
926
5
60
3
1 143
5 712
12 149
1 929
6 107
South America
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Guyana
Paraguay
Peru
Uruguay
Venezuela
Other Latin America and the Caribbean
Anguilla
Antigua and Barbuda
5 743
1d
-
2
4
5
-b
-9
36
254 b
- 15
6
30 b
-b
..
..
- 731 b
1b
6b
27
14
-b
-1
10
107
-b
10
3
-b
1 779
23
22
20 b
-b
9
11 368
1b
- 1b
23
1
5
3b
-2
2
57
2
- 46 b
12
4
77 b
3b
..
..
310 b
-b
3b
50
6
-b
92
-b
6
9
-b
1 580
12
41
- 8b
-b
9
24 182
1b
-b
8
2
4b
1
4
-4
- 1b
26
5
52b
2b
..
608b
1b
3b
4
13
-b
3
85
-b
7
-b
271
17
- 28b
1b
8
1b
1b
1b
-b
1b
-b
3
40
3
2
25
7
55
2
2
130
3
13
41
-6
-1
93
11
8
720
-2
- 15
5
1
-
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
/...
374
Annex table B.2. FDI outflows, by home region and economy, 1992-2003 (continued)
(Millions of dollars)
Home region/economy
Aruba
Bahamas
Barbados
Belize
Bermuda
Cayman Islands
Costa Rica
Dominican Republic
El Salvador
Grenada
Guatemala
Haiti
Honduras
Jamaica
Mexico
Netherlands Antilles
Nicaragua
Panama
Saint Kitts and Nevis
Saint Lucia
Trinidad and Tobago
Virgin Islands (British)
Asia and the Pacific
Asia
West Asia
Bahrain
Cyprus
Iran, Islamic Republic of
Jordan
Kuwait
Lebanon
Oman
Occupied Palestinian Territory
Qatar
Saudi Arabia
Turkey
United Arab Emirates
1992-1997
1998
(Annual average)
1
2
3
875
1 174
5
9
-2
-2
63
413
- 3e
908
-2
2 757a
1
1
1
6
2 980b
4 452 b
5
2b
1
8b
1b
-b
82
1 363
-2
7b
3 289b
-b
-b
1b
- 830b
1999
4
1
18 137b
2 187b
5
6b
54
-b
- 3b
- 1b
-b
95
1 475b
-1
3b
356b
-b
-b
364
1 500b
2000
13
1
6
2 426 b
1 795 b
9
61 b
-5
-b
16 b
1b
-b
74
984 b
-2
4b
- 839 b
-b
-b
25
1 141 b
2001
2002
2003
- 15
1
- 5 407b
2 811b
9
- 33b
- 10
-b
1b
-b
-b
89
4 404
5b
1 902b
-b
-b
58
8 333b
3
- 1 823 b
967 b
34
-b
- 26
-b
5b
-b
-b
74
930
1
4b
1 861 b
-b
-b
106
- 209 b
12
-b
-b
2b
- 1 601 b
1 858 b
47
..
19
-b
7b
-b
-b
79 b
1 390
4b
975 b
-b
-b
225
3 088 b
39 613
31 591
41 645
83 872
50 425
37 885
23 637
39 554
31 647
41 668
83 805
50 309
37 884
23 608
543
- 1 020
2 093
3 757
5 096
2 460
- 701
104
24
19
- 25
16
11
3
142 c
30 c
153
100
51
181
69
10 b
2b
- 1 867
- 1b
- 5b
160
20 b
74 b
367
- 30 b
163
146
738b
5
23
5b
3b
169
30 b
50 b
645
115b
10
202
348 b
5
- 303
125 b
- 2b
213
41 b
155 b
870
2 094 b
216
218
2 812b
9
365
92b
- 1b
380
112b
- 44b
497
441b
190
299
1 299 b
25
- 155
74 b
-b
..
61 b
50 b
175
442 b
741
345
1 486 b
3
- 4 989
97 b
-1b
..
71 b
54 b
499
992 b
17
149
772
822
11b
158 b
- 26
6
11 b
326
4
426
6b
933
4
- 120
5
Central Asia
179
360
Armenia
Azerbaijan
Georgia
Kazakhstan
Kyrgyzstan
..
..
..
-f
..
12
137
..
8
23
13
336
1
4
6
39 010
32 487
39 216
80 031
45 063
34 652
3
30 a
..
2 846
20 557
96
1 096
3
10 b
20
2 634
16 985
47
44
20 b
9
1 775
19 358
80
72
2
-3
7
916
59 375
509
150
21
9b
7
6 884
11 345
1 397
125
4
8b
6
2 518
17 463
1 107
116 b
8b
4
5
23 487
8
5b
10
1 800 b
3 769
913
130 b
/...
375
ANNEX B
Annex table B.2. FDI outflows, by home region and economy, 1992-2003 (concluded)
(Millions of dollars)
Home region/economy
Korea, Republic of
Lao Peoples Democratic Republic
Macao, China
Malaysia
Maldives
Pakistan
Philippines
Singapore
Sri Lanka
Taiwan Province of China
Thailand
The Pacific
Fiji
Papua New Guinea
Central and Eastern Europe
Albania
Belarus
Bosnia and Herzegovina
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Latvia
Lithuania
Moldova, Republic of
Poland
Romania
Russian Federation
Serbia and Montenegro
Slovakia
Slovenia
TFYR Macedonia
Ukraine
1992-1997
(Annual average)
1998
1999
2000
2001
4 999
168b
..
2 026
..
11
- 108
5 298
2
6 701
- 22
2 420
3b
11
267
..
31
- 160
17 063
5 480
162
2002
2003
2 939
..
2 073
-g
-5
199
5 419
6
3 215
546
4 740
-b
..
863
..
5
160
2 996
13
3 836
132
4 198
-b
..
1 422
..
1
- 29
7 517
24
4 420
349
2 617
57b
62
1 904
..
28
59
3 699
11
4 886
106
3 429
76 b
24 b
1 370
..
19
158
5 536 b
4b
5 679
557
59
- 56
- 24
67
116
29
- 16
75
- 56
-b
- 58
35 b
69
- 2b
7
109 b
25
3
1 182
2 324
2 460
4 024
3 546
4 876
7 034
11
2d
6
-9
48a
74
32
96
- 21
9c
5f
33
1 027 a
..
39
2
-e
14 f
1
2
..
98
125
6
319
54
4
316
-9
1 270
..
147
-5
1
-4
7
..
17
47
90
83
250
17
9
31
16
2 208
..
- 371
48
1
7
6
..
3
4
43
63
620
10
4
17
- 11
3 177
..
21
66
1
..
10
155
165
200
368
12
7
- 90
- 17
2 533
..
35
144
23
4b
- 206
..
28
533
206
132
275
8
18
230
16
3 533
5
5
93
-5
3b
2
..
22
62
232
148
1 581
32
37
386
56
4 133
..
22
304
-b
13
- 342
- 135
50 804
400
2 810
73 713
780
3 265
98 013
- 53
4 493
52 977
Memorandum
Least developed countries h
Oil-exporting countries i
All developing economies, excluding China
Source:
a
b
c
d
e
f
g
h
238
2 068
48 505
83
3 455
41 490
273
64
33 791
376
Annex table B.3. FDI inward stock, by host region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a
(Millions of dollars)
Host region/economy
2002
2003 a
6 089 884
7 371 554b
8 245 074b
2 035 799
4 011 686
5 049 786b
5 701 633b
795 808
1 213 003
2 378 173
3 070 966 b
3 538 135b
748 298
1 136 017
2 257 701
2 899 795 b
3 335 454b
1980
1985
692 714
972 205
1 950 303
2 992 068
Developed countries
390 740
569 696
1 399 509
Western Europe
231 544
285 006
216 296
267 073
World
European Union
Austria
Belgium and Luxembourg
Belgium
Luxembourg
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Netherlands
Portugal
Spain
Sweden
United Kingdom
Other Western Europe
Gibraltar k
Iceland
Malta
Norway
Switzerland
1990
1995
2000
3 163
7 306
..
..
4 193
540
25 927f
36 630
4 524
31 281h
8 892
19 167
3 665i
5 141
2 852j
63 014
3 762
18 447
..
..
3 613
1 339
36 701f
36 926
8 309
32 181h
18 976
24 921
4 599i
8 939
4 333
64 028
9 884
58 388
..
..
9 192
5 132
86 845
119 618
5 667g
33 826h
57 985
68 731
10 571
65 916
12 636
203 905
17 532
112 960
..
18 504d
23 801
8 465
191 434
192 898
10 957g
40 024h
63 456
116 049
18 381
109 200
31 089
199 772
30 431
195 219
..
23 492d
66 701
24 272
259 775
470 933
12 499
136 921
113 047
241 328
29 040
144 934
93 970
438 631
43 508
..
..
..
73 587
34 007
386 540
531 738
15 560c
167 945
126 481
316 475
43 197
236 267
117 960
568 260
60 100c
..
..
..
76 195 e
46 400
433 521 e
544 604 e
17 000c
193 442 e
173 630
336 149 e
53 525c
230 332
143 230 c
672 015
15 248
17 933
47 511
76 986
120 471
171 171
202 681
98
71 l
286n
7 419p
10 058
263
147
465n
12 391
34 245
432
129
562
18 800
57 063
529
499
2 374
30 265
86 804
568
779
2 110o
42 637
125 076
588
872 c
2 490 o
45 010e
153 721
33
..l,m
156 n
6 584p
8 506
North America
137 209
249 272
507 793
658 843
1 427 069
1 726 340
1 829 734
Canada
United States
54 163
83 046
64 657
184 615
112 882
394 911
123 290
535 553
212 815
1 214 254
221 169
1 505 171
275 779 c
1 553 955
21 988
35 417
95 908
163 954
206 445
252 479
333 764
13 173
3 181i
3 270
2 363
25 049
3 586i
4 740
2 043
73 644
4 476
9 850
7 938
95 878
5 844c
36 658
25 574
108 687
24 319c
50 322
23 116
121 915
24 807c
78 140
27 616
174 240
31 827c
89 729
37 968
301 974
402 460
547 965
916 697
1 939 926
2 093 569
2 280 171
32 045
33 811
50 854
77 334
140 886
149 919
167 111
4 322
8 242
16 915
26 338
37 438
47 767
55 473
1 320
2 260
.. m
189
28
3 341
1 281
5 703
.. m
440
76
4 917
1 355
11 043
.. m
917
54
7 615
1 465
14 690
.. m
3 032
164
10 967
3 441
19 589
..m
6 023
1 396
11 545
5 702
20 746
.. m
9 329
2 684
14 061
6 336
20 983
.. m
11 608
4 033
16 567
/...
377
ANNEX B
Annex table B.3. FDI inward stock, by host region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a (continued)
(Millions of dollars)
Host region/economy
1980
1985
1990
1995
2000
2002
2003 a
Other Africa
27 724
25 569
33 939
50 996
103 449
102 152
111 638
Angola k
Benin k
Botswana
Burkina Faso k
Burundi k
Cameroon k
Cape Verde r
Central African Republic k
Chad k
Comoros s
Congo k
Congo, Democratic Republic of k
Cte dIvoire k
Djibouti t
Equatorial Guinea u
Eritrea v
Ethiopia k
Gabon k
Gambia
Ghana k
Guinea t
Guinea-Bissau w
Kenya k
Lesotho x
Liberia k
Madagascar k
Malawi k
Mali y
Mauritania k
Mauritius k
Mozambique k
Namibia
Niger k
Nigeria k
Rwanda k
So Tom and Principe r
Senegal k
Seychelles k
Sierra Leone k
Somalia k
South Africa
Swaziland
Togo k
Uganda k
United Republic of Tanzania k
Zambia y
Zimbabwe k
Latin America and the Caribbean
63
32
698i
18
7
330
..
50
121
2
315
709
530
4
..
..
110
512
127 i
229
1
386
5
868
40
113
16
.. m
26
15
1 994i
190
2 405
54
..
150
54
79
34
16 519
150 z
176
10
47
355
186
677
34
947i
24
24
1 125
..
77
184
2
485
620
699
4
6
..
114
833
127i
272
2
4
476
25
1 260
51
151
37
39
43
17
2 010i
206
4 417
133
..
188
105
68
10
9 024
104
210
8
91
450
187
1 027
159
1 309
39
30
1 044
4
95
249
17
575
546
975
6
25
..
124
1 208
157
315
69
8
668
83
2 454
107
198
42
57
169
42
2 047
286
8 072
213
258
204
.. m
.. m
9 221
336
268
5
93
1 012
124
2 923
381
1 126
74
34
1 062
38
80
331
19
1 024
541
1 567
17
177
..
165
745
185
822
131
20
732
179
2 419
172
201
154
92
256
201
1 708
362
14 065
231
374
321
.. m
2
15 016
535
301
276
325
1 281
342
7 979
535
1 821
135
48
1 263
174
104
576
21
1 865
617
3 191
34
1 123
301
941
.. m
216
1 462
263
46
931
330
2 739
340
328
356
139
687
1 094
1 230
389
20 184
252
11
821
577
19
4
43 462
537
424
1 281
1 627
2 088
1 085
11 768
617
854
152
48
1 515
195
116
2 059
22
2 093
816
3 694
40
2 377
333
1 036
.. m
264o
1 610
295
48
964
385
2 750
432
353
562
348
751
1 505
1 092
423
22 570
263
18
913
690
25
4
29 611
579
548
1 759
2 335
2 241
1 114
13 182
668
1 080
163
48
1 730
209
119
2 895
23
2 480
974
4 083
52
3 808
355
1 096
20
324o
1 746
303
50
1 046
427
2 750
482
376
692
562
822
1 842
1 176e
454
23 770
268
28
992
748
33
5
30 373 e
719
567
2 042
2 583
2 341
1 134
50 412
80 113
116 866
200 081
512 455
581 939
647 678
South America
29 345
42 207
66 617
111 253
280 656
259 516
296 801
Argentina
Bolivia
Brazil
Chile
5 344
420
17 480
886
6 563
592
25 664
2 321
8 778aa
1 026
37 143
10 067
27 991
1 564
41 696
15 547
67 601
5 188
103 015
45 418
34 622
6 570
100 847
43 861
35 100e
6 730 e
128 425 b
46 843 e
/...
378
Annex table B.3. FDI inward stock, by host region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a (continued)
(Millions of dollars)
Host region/economy
Colombia
Ecuador
Guyana k
Paraguay
Peru
Suriname k
Uruguay
Venezuela
1980
1985
1 061
719
25
212ad
898
.. m
727ae
1 604
2 231
982
39
301ad
1 152
52
763ae
1 548
..
23
..
547
104
12
5 131
222
672
239
154
1
701 aj
79
92
564
8 105aj
..
770
116
2 461al
1
94
1
976
1
1990
3 500
1 626
42
399ad
1 330
.. m
976ae
2 260
1995
6 407
3 619
452
705
5 510
.. m
1 432ae
6 975
37 906
50 250
88 828
..
94
..
543
125
20
8 053
1 479
957
11
265
181
13
1 050aj
112
172
522
18 797aj
..
257
120
3 142al
32
197
9
1 719
39
11
292
132
586
171
89
13 849
1 749
1 447
2
71
572
212
70
1 734
149
383
790
22 424
40
408
126
2 198al
160
319
48
2 093
126
68
438
204
742
227
175
23 997
2 745
2 733 ai
40
197
1 707 ai
293
168
2 202
153
652
1 568
41 130
68
364
365
3 245
244
517
179
3 634 ai
776
2000
2002
10 895
7 081
759
1 325
11 062
..m
2 088
26 944
17 626
9 686
859
804
12 460
.. m
1 291
31 710
231 799
226
561
259
1 587
308
312
56 393
24 973
5 206ai
74
271
5 214ai
1 973
346
3 420
215
1 488
3 317
97 170
84
78
1 397
6 744
484
804
489
7 042ai
11 363
2003 a
19 063ac
11 240e
885
886 e
12 745
.. m
1 554 e
34 241 e
322 423
350 877
295
653
287
1 888
344
397
72 449
31 838
6 322ai
81
297
7 210ai
2 460
462
4 155
226
1 857
4 410
155 121o
87
81
1 751
7 314
654
858
542
8 667ai
11 717
324
710
452
2 033
465 e
437
80 949
36 438
6 909 ai
84
314
7 520 ai
2 617
522
4 259
233
2 055
4 930
165 904 o
89
1 952
8 105 e
707
890
580
9 283 ai
12 117
219 516
288 536
380 244
639 282
1 286 585
1 361 711
1 465 382
218 320
287 330
378 002
636 465
1 283 082
1 358 005
1 461 518
7 281
37 370
40 920
51 457
70 418
73 940
78 072
61 f
173ao
2 962
.. m
155
30
20
483
..
83
.. m
-
399f
502ao
2 780
.. m
493
33
34
1 201
..
93
21 828
37
552
859ao
2 039
.. m
615
37
53
1 723
..
71
22 500
374
2 403
1 293ao
2 297
.. m
627
94
138
2 210
..
451
22 423
915
5 906
3 591ao
2 474
..m
2 258
608
1 116
2 490
809
1 920
25 963
1 699
6 203
4 856o
2 805
.. m
2 414
468
1 623
2 597
829
2 847
25 368
1 924
6 720
5 686 o
2 925
.. m
2 793
535
1 981
2 735
829
3 247
25 576
2 074
/...
379
ANNEX B
Annex table B.3. FDI inward stock, by host region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a (continued)
(Millions of dollars)
Host region/economy
Turkey
United Arab Emirates k
Yemen
Central Asia
Armenia
Azerbaijan
Georgia
Kazakhstan
Kyrgyzstan
Tajikistan av
Turkmenistan aw
Uzbekistan av
South, East and South-East Asia
1985
1990
1995
2000
2002
8 845 ar
409
195 i
9 253 ar
482
283i
11 194ar
751
180
14 977ar
1 770
1 882
19 209
1 061
1 336
17 621
3 080
1 336
18 196e
3 560
1 247e
..
..
..
3 997
16 977
24 930
31 037
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
34 as
330 at
32
2 895
144
40
415
106
513
3 735
423au
10 078
439
146
944
699
684
5 354
698au
15 464
476
192
1 214
847
840e
8 639
1 036au
17 567
501e
223
1 314
917
211 039
249 960
337 082
581 012
11
313al
..
28
38ax
6 063as
183 219ay
747az
24 971
..
2 160
1
2 809 ao
7 388
3
..
1i
2bc
1 079
2 601
13 016
517
2 930
1 999
64
12
324al
2
23
38 ax
20 694as
201 652 ay
1 657az
38 883
572
5 186
13
2 809ao
10 318
25
281
12 bc
1 928
3 268
30 468
681bd
9 735bd
8 242
260
12
356
2
631
356
134 869 as
227 532 ay
5 641az
50 601
716
9 451
205
2 802ao
28 731bb
61
38
1 210
39 bc
5 552
6 086
65 644
1 297bd
15 736bd
17 684
5 760
17
2 429
3
3 856
1 549
348 346
455 469
17 517
60 638ba
1 046
37 120
550
2 801ao
52 747 bb
119
182
3 865
97bc
6 912
12 810
112 571
2 389bd
27 924 bd
30 106
14 624
19
2 574o
4
5 418
1 843
447 966
366 278
25 408
57 806ba
1 027
43 713
599
3 390
56 505bb
142
302
4 248
118o
6 359o
11 148 c
135 890 c
2 668bd
33 478bd
35 108
17 124
19
2 695o
4
7 427
1 930
501 471 e
375 048
30 827
57 209ba
1 022
47 465 e
618
3 740e
58 979b
154
434
4 376
148o
7 764o
11 467e
147 299
2 897d
33 931d
36 910e
18 574
1 196
1 207
2 243
2 816
3 502
3 706
3 864
358
..
28
748
1
28
..
33
393
-1
35
683
2
32
..
62
394be
76
1 582
9
70
1
..
110
627be
1
110
1 667
29
126
8
249
754be
5
146
2 007 bg
53
150
21
1
366
821be
6
146
2 090bg
54
137
25
27
399
841e
6
154
2 192g
54
135
27
36
418
..
49
2 828
39 573
138 271
228 199
..
..
..
201
568
910
Afghanistan k
11
Bangladesh
308 al
Bhutan af
..
19
Brunei Darussalam k
Cambodia
38 ax
China
1 077as
Hong Kong, China
177 755 ay
India
452 az
Indonesia
10 274
Korea, Democratic Peoples Republic of r
..
Korea, Republic of
1 327
Lao Peoples Democratic Republic k
2
Macao, China
2 800 ao
Malaysia
5 169
Maldives t
5
..
Mongolia ak
Myanmar q
1i
Nepal
1bc
Pakistan
691
Philippines
1 281
Singapore
6 203
Sri Lanka
231
Taiwan Province of China
2 405
Thailand
981
Viet Nam k
9
The Pacific
Fiji
Kiribati bf
New Caledonia ap
Papua New Guinea
Samoa k
Solomon Islands y
Tonga x
Tuvalu bh
Vanuatu y
Central and Eastern Europe
Albania av
2003 a
1980
1 195 687
1 259 136
1 352 409
263 270
1 091
/...
380
Annex table B.3. FDI inward stock, by host region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a (concluded)
(Millions of dollars)
Host region/economy
Belarus
Bosnia and Herzegovina
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Latvia
Lithuania
Moldova, Republic of
Poland
Romania
Russian Federation
Serbia and Montenegro av
Slovakia
Slovenia
TFYR Macedonia bh
Ukraine
1980
1985
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
49 i
..
..
..
..
..
..
..
..
..
..
..
4 119
12 759
300 897
5 778
58 870
396 397
1990
..
..
112ay
..
1 363bk
..
569
..
..
..
109
..
..
81
594bl
..
..
1995
2000
2002
50 bi
20 ay
445ay
478bj
7 350
688 bj
11 304
615
352
94
7 843
821
5 465
329
810
1 763
33
910
1 306
376 au
2 257
3 560
21 644
2 645
22 870
2 084
2 334
459
34 227
6 480
25 226
1 319
3 738
2 894
410
3 875
1 646
772au
3 662o
6 711
38 450
4 226
35 890
2 751
3 981
727
47 900
8 873
51 374
1 959
7 800
4 109
929
5 529
2003 a
1 897
1 153 au
5 082 o
11 351
41 033e
6 511
42 915
3 320
4 960
789
52 125e
12 693
52 518 e
3 319
10 248
4 290 e
1 024
6 953 e
Memorandum
Least developed countries bj
Oil-exporting countries bk
All developing economies, excluding China
Source:
a
8 949
79 627
527 271
16 518
112 505
781 828
37 503
170 630
1 591 580
49 465
187 544
1 645 603
56 821
198 481
1 778 700
Estimates. For details, see Definitions and Sources in annex B. For the countries for which the stock data are estimated by
either accumulating FDI flows or adding or subtracting flows to FDI stock in a particular year, notes are given below.
b
Data on Belgium and on Luxembourg are included. Stock data for 2002 ($ 238,270 million) as reported by the International
Moneraty Fund (IMF) Balance of Payment CD-ROM, June 2004, for the Belgium and Luxembourg Monetary Union were used. Stock
data for 2003 ($ 335,311 million) are estimated by adding the 2003 flows of Belgium and of Luxembourg to the 2002 stock reported
by the IMF for the Union .
c
Preliminary data.
d
Data as reported to UNCTAD by the Central Service for Statistics and Economic Studies (STATEC). For details, see Definitions
and Sources in annex B. Data are available from 1995 to 2001 only.
e
Stock data after 2002 are estimated by adding flows.
f
Stock data prior to 1989 are estimated by subtracting flows.
g
Stock data from 1990 to 1997 are estimated by subtracting flows from the stock of 1998.
h
Stock data prior to 1999 are estimated by subtracting flows.
i
Stock data prior to 1990 are estimated by subtracting flows.
j
Stock data prior to 1982 are estimated by subtracting flows.
k
Stock data are estimated by accumulating flows since 1970.
l
Stock data prior to 1988 are estimated by subtracting flows.
m Negative stock value. However, this value is included in the regional and global total.
n
Stock data prior to 1994 are estimated by accumulating flows since 1970.
o
Stock data are estimated by adding flows to the stock of 2001.
p
Stock data prior to 1987 are estimated by subtracting flows.
q
Data on a fiscal year basis.
r
Stock data are estimated by accumulating flows since 1987.
s
Stock data are estimated by accumulating flows since 1978.
t
Stock data are estimated by accumulating flows since 1973.
u
Stock data are estimated by accumulating flows since 1982.
v
Stock data are estimated by accumulating flows since 1997.
w Stock data are estimated by accumulating flows since 1975.
x
Stock data are estimated by accumulating flows since 1977.
y
Stock data are estimated by accumulating flows since 1971.
z
Stock data prior to 1981 are estimated by subtracting flows.
aa Stock data for 1990 is estimated by subtracting flows from the stock of 1991.
ab Data as of September 2003.
ac Data as of June 2003.
ANNEX B
ad
ae
af
ag
ah
ai
aj
ak
al
am
an
ao
ap
aq
ar
as
at
au
av
aw
ax
ay
az
ba
bb
bc
bd
be
bf
bg
bh
bi
bj
bk
bl
bm
bo
381
Stock data prior to 1995 are estimated by accumulating flows since 1970.
Stock data prior to 1996 are estimated by accumulating flows since 1970.
Stock data are estimated by accumulating flows since 1990.
Stock data are estimated by accumulating flows since 1989.
Stock data are estimated by accumulating flows since 1974.
Stock data after 1990 are estimated by adding flows.
Stock data prior to 1990 are estimated by accumulating flows since 1970.
Stock data are estimated by accumulating flows since 1986.
Stock data prior to 1995 are estimated by subtracting flows.
Stock data are estimated by accumulating flows since 1980.
Stock data are estimated by accumulating flows since 1976.
Stock data prior to 2001 are estimated by subtracting flows.
Stock data are estimated by accumulating flows since 1972.
Stock data are estimated by accumulating flows since 1996.
Stock data prior to 2000 are estimated by subtracting flows.
Stock data prior to 1997 are estimated by subtracting flows.
Stock data up to 1998 are estimated by accumulating flows since 1994.
Stock data after 1998 are estimated by adding flows.
Stock data are estimated by accumulating flows since 1992.
Stock data are estimated by accumulating flows since 1993.
Stock data prior to 1994 are estimated by subtracting flows.
Stock data prior to 1998 are estimated by subtracting flows.
Stock data prior to 1997 are estimated by accumulating flows since 1970.
Stock data after 1999 are estimated by adding flows.
Stock data after 1994 are estimated by adding flows.
Stock data prior to 2001 are estimated by accumulating flows since 1972.
Stock data after 1988 are estimated by adding flows.
Stock data after 1989 are estimated by adding flows.
Stock data are estimated by accumulating flows since 1983.
Stock data after 1997 are estimated by adding flows.
Stock data are estimated by accumulating flows since 1994.
Stock data up to 1995 are estimated by accumulating flows since 1992.
Stock data prior to 1996 are estimated by subtracting flows.
Stock data prior to 1992 are estimated by subtracting flows.
Stock data prior to 1993 are estimated by subtracting flows.
Least developed countries include: Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, Cape Verde,
Central African Republic, Chad, Comoros, Democratic Republic of Congo, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gambia,
Guinea, Guinea-Bissau, Haiti, Kiribati, Lao Peoples Democratic Republic, Lesotho, Liberia, Madagascar, Malawi, Maldives, Mali,
Mauritania, Mozambique, Myanmar, Nepal, Niger, Rwanda, Samoa, Sao Tome and Principe, Senegal, Sierra Leone, Solomon Islands,
Somalia, Sudan, Togo, Tuvalu, Uganda, United Republic of Tanzania, Vanuatu, Yemen and Zambia. Timor-Leste is not included
due to unavailability of data.
Oil-exporting countries include: Algeria, Angola, Bahrain, Brunei Darussalam, Congo, Gabon, Indonesia, Islamic Republic of Iran,
Iraq, Kuwait, Libyan Arab Jamahiriya, Nigeria, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, Trinidad and Tobago, United Arab
Emirates, Venezuela and Yemen.
Note:
For data on FDI stock which are calculated as an accumulation of flows, price changes are not taken into account.
382
Annex table B.4. FDI outward stock, by home region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a
(Millions of dollars)
Home region/economy
1985
559 629
738 809
1 758 216
2 897 574
5 983 342
7 209 582b
8 196 863
Developed countries
499 390
664 856
1 629 040
2 582 789
5 163 815
6 355 130b
7 272 319
Western Europe
237 694
330 592
874 148
1 463 253
3 238 830
3 831 361 b
4 421 992
European Union
215 582
304 346
797 102
1 298 043
2 970 938
3 496 148 b
4 035 610
530
6 037
..
..
2 065
737
24 281f
43 127
2 923g
..
7 319
42 116
512h
1 931
3 572i
80 434
1 343
9 551
..
..
1 801
1 829
37 753f
59 909
2 923g
8 619g
16 600
47 898
583h
4 455
10 768
100 313
4 273
40 636
..
..
7 342
11 227
110 125
148 456
2 948g
11 355g
57 261
106 899
900
15 652
50 720
229 307
11 702
80 690
..
4 703 d
24 703
14 993
204 431
258 142
3 004g
13 240g
97 042
172 672
3 173
36 243
73 143
304 865
24 820
179 773
..
7 927d
66 217
52 109
445 091
483 942
5 861
32 253
180 275
302 448
17 170
159 904
123 230
897 845
42 485
..
..
..
75 913
63 923
586 119
619 939
9 000c
31 616
194 498
348 312
31 872c
225 201
144 363
921 446
59 100c
..
..
..
77 071 e
68 702
643 398
622 499 e
10 000c
33 527e
238 877
384 404 e
38 541c
207 530
189 278 c
1 128 584
22 112
26 245
77 046
165 210
267 892
335 213
386 382
59 j
..
561
21 491
59 j
..
1 093
25 093
75
..
10 884
66 087
179
32
22 519
142 479
663
203
33 655
233 370
1 113
246 k
38 458l
295 396
1 374 c
270 k
40 635l
344 104 c
North America
239 158
281 512
515 358
817 224
1 531 181
2 112 328
2 376 868
Canada
United States
23 783
215 375
43 143
238 369
84 837
430 521
118 209
699 015
237 750
1 293 431
272 333
1 839 995
307 855 c
2 069 013
22 538
52 753
239 534
302 312
393 804
411 440
473 459
2 260
140h
19 610
529 n
6 653
622h
43 970
1 508n
30 507
1 188
201 441
6 398n
52 768
3 462
238 452
7 630
98 781
9 353
278 442
7 229
89 673
10 622
304 237
6 909
117 091 e
12 131
335 500
8 737
60 239
73 952
128 561
308 624
793 297
796 503
858 681
6 871
10 960
20 940
32 873
45 558
38 138
39 459
460
872
1 473
1 528
2 998
3 470
3 623
98
39
162
155
6
156
91
287
333
6
183
163
623
489
15
266
350
278
603
30
343
655
1 230
736
33
452
695
1 424
862
37
466
716
1 524
874
44
6 412
10 088
19 467
31 345
42 560
34 668
35 836
2
447
2
650
60
517
62
1 260
World
Austria
Belgium and Luxembourg
Belgium
Luxembourg
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Netherlands
Portugal
Spain
Sweden
United Kingdom
Other Western Europe
Iceland
Malta
Norway
Switzerland
438h
2
439h
1990
1995
2000
2002
2003 a
1980
66
1 304
/...
383
ANNEX B
Annex table B.4. FDI outward stock, by home region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a (continued)
(Millions of dollars)
Home region/economy
Burkina Faso s
Burundi t
Cameroon u
Cape Verde v
Central African Republic w
Chad x
Comoros y
Cte dIvoire y
Equatorial Guinea t
Ethiopia aa
Gabon s
Gambia
Ghana ab
Guinea ab
Kenya w
Lesotho v
Liberia ac
Madagascar ad
Malawi
Mali w
Mauritania ad
Mauritius af
Mozambique ag
Namibia
Niger s
Nigeria x
Rwanda y
Senegal q
Seychelles ah
South Africa
Swaziland
Togo aj
Uganda ak
Zimbabwe al
Latin America and the Caribbean
South America
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador as
Guyana at
Paraguay
Peru
Uruguay
Venezuela
1980
1985
1990
1995
2000
2002
3
..
23
..
1
..
..
..
..
78
..
..
..
18
..
48
..
..
22
..
..
..
..
2
9
..
7
14
5 722
19 ai
10
..
..
3
..
53
..
1
1
..
..
..
..
103
..
..
..
60
..
361
..
..
22
..
..
..
8
.. z
..
43
44
8 963
9
10
..
10
4
150
1
17
48
1
31
..
164
22
..
..
99
453
1
..
22
3
2
..
80
54
2 586
49
61
15 027
38
16
..
88
13
1
227
5
40
81
2
517
..
254
36
..
..
116
1 113
5
..
23
3
94
15
109
3 975
..z
96
94
23 305
135
44
255
137
24
2
255
7
42
81
2
677
.. z
435
284
44
359
8
113
1 524
4
15 ae
112
3
133
1
45
145
4 358
3
116
136
32 333
95
125
265
241
26
2
261
7
44
81
2
682
3
511
287
46 k
472
12
121
1 307
4
22 ae
148
3
145
1
19
141
4 553
5
148
154
23 475
54
118
246
249
27
2
264
8
44
81
2
683
3
536
287
53k
528
14
123
1
1 437l
4
25ae
161
3
186
1
31
140
4 646
5
159
162
24 195 e
57
116
230
253
46 915
50 914
58 754
86 263
155 477
173 987
183 843
45 028
46 299
50 410
63 564
94 199
99 083
102 744
5 997 am
1 an
38 545 ao
42
136
..
..
113 au
3
169av
23
5 944 am
1an
39 439 ao
102
301
..
..
128 au
38
181av
165
6 106am
9
41 044ao
178
402
..
..
137au
112
183av
2 239
10 696
18
44 474ao
2 425 aq
1 027
73
2
179
567
186av
3 918
21 118
29
51 946ao
11 154
2 989
270
214
505
208aw
5 766
20 529
34
54 423
12 389
3 553
270
145
666
268aw
6 807
21 303e
37e
54 646ap
13 784e
3 520ar
270
1
150e
814
271w
7 950 e
4 614
8 344
22 699
61 279
74 905
81 099
..
154
13
11
1 691
..
614
23
20
1 550
10
1 286
33
28
2 626
28
1 385
41
50
14 942
15
1 385l
42
50
7 712l
2003 a
..
285
6
..
727
27
1 385l
43 e
52
6 110l
/...
384
Annex table B.4. FDI outward stock, by home region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a (continued)
(Millions of dollars)
Home region/economy
Cayman Islands ay
Costa Rica
Dominica aa
Dominican Republic at
El Salvador
Grenada y
Guatemala ab
Haiti as
Jamaica o
Mexico
Netherlands Antilles ah
Nicaragua at
Panama ac
Saint Kitts and Nevis y
Saint Lucia y
Saint Vincent and the Grenadines ba
Trinidad and Tobago al
Virgin Island (British) at
Asia and the Pacific
Asia
West Asia
Bahrain
Cyprus
Iran, Islamic Republic of ak
Jordan q
Kuwait
Lebanon bd
Oman af
Qatar as
Saudi Arabia be
Turkey
United Arab Emirates ac
Yemen bd
1980
5
7 az
..
..
..
..
..
..
5
31 ao
9
..
811
..
..
..
..
..
1985
85
27 az
..
..
..
..
..
..
5
399ao
10
..
2 204
..
..
..
15
..
1990
1995
694
44az
..
..
54 av
..
..
42
1 070ao
21
..
4 188
1
22
..
1 984
66az
..
38
53av
..
1
308
2 572ao
24
4 939
1
1
24
8 704
2000
2002
16 247
86
122
74
1
31
4
709
7 540ao
11
8
4 004
1
1
397
15 598
20 026
126
89
39
1
36
4
872
12 425
12
17
7 767l
1
562
23 722
12 079
48 868
189 489
592 262
584 378
635 379
6 440
12 041
48 783
189 064
591 821
583 820
634 792
1 925
2 753
7 741
7 251
13 504
21 386
25 641
600bb
..
..
35
1 046h
..
..
..
239
..
5
..
599bb
133bc
..
38
1 408h
42
2
..
508
..
19
4
719
141bc
..
28
3 662
49
7
..
1 873
1 157bf
99
5
1 044
216bc
.. z
.. z
2 804
94
23
30
1 621
1 425bf
98
5
1 752
715 bc
1 207
..z
1 427
248
23
181
2 120
3 668
2 253
5
..
..
..
555
Armenia bg
Azerbaijan
Kazakhstan
Kyrgyzstan
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
33
474 bh
16
33
4 515
9 288
41 042
181 812
..
..
..
131
2 344bk
19 bl
55bm
461
..
..
1 374
6
..
..
2 489bj
11 920bk
50bl
77bm
2 301
..
..
2 671
Bangladesh ad
Brunei Darussalam ag
Cambodia
China
Hong Kong, China
India
Indonesia
Korea, Republic of
Lao Peoples Democratic Republic ag
Macao, China
Malaysia
21 884
173 e
89
146
1
43
5
951
13 815e
12
21
8 742 l
1
787
26 810
6 453
Central Asia
2003 a
..
..
..
..
148bk
4bl
..
127
..
..
197
9
71
139bi
15 802bj
78 833bk
264bl
1 295
10 231
1
..
11 042
577 763
29
148
193
25 804bj
388 380
1 859
2 339aw
26 833
169
..
21 276
2 158
1 232
5 318
.. z
1 635
414
22
353
2 126
5 047
3 136 l
5
2 899
1 577 e
6 804
..z
1 603
510
21
424
2 180
5 546 e
4 129 l
5
1 468
1 663
55
957bh
417
39
560 966
54
165
229
35 206bj
309 430
4 006
2 580aw
31 102
229
465
28 316
54
1 260
305
45 e
607 488
62
169
238 e
37 006bj
336 098
5 054
2 710 w
34 531 e
305
489 e
29 686 e
/...
385
ANNEX B
Annex table B.4. FDI outward stock, by home region and economy, 1980, 1985, 1990,
1995, 2000, 2002, 2003 a (concluded)
(Millions of dollars)
Home region/economy
2003 a
1980
1985
1990
1995
2000
2002
..
..
..
40
171
3 718h
..
97
13
..
..
..
127
171
4 387h
1
204
14
..
..
..
250
155
7 808
8
12 888 bo
418
..
403
1 220
35 050
35
25 144bo
2 274
521
1 597
56 766
86
49 187 bo
2 575
616k
815
85 374
97
59 553bo
2 729 i
635k
973
90 910
102
65 232 bo
3 287
13
37
85
426
440
558
586
2
..
10
..
..
15
..
22
..
..
70
..
15 bj
-
43
383bj
-
.. z
519bj
-
..z
629bj
-
..z
632bj
-
..
..
616
6 161
26 230
57 949
65 863
Albania ak
Belarus
Bosnia and Herzegovina at
Bulgaria
Croatia
Czech Republic
Estonia
Hungary
Latvia
Lithuania
Moldova, Republic of
Poland
Romania
Russian Federation
Slovakia
Slovenia
TFYR Macedonia ab
Ukraine
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
197
..
..
..
95
66
..
..
258
..
..
48
..
13
105bi
703
346
69 az
278
231
1
18
539
121
3 015
87
490
..
97
82
6
40
87
875
738
259
1 280
241
29
23
1 025
142
20 141
325
768
170
86
4
40
125k
1 818
1 496
676
2 162
67
60
23
1 453
155
47 676
479
1 486
1
144
90
6
40
147k
2 295
1 727 e
1 021
3 921e
105
120
23
1 839e
211
51 809 e
562
1 790 e
1
157 e
92
2 260
60 239
456
3 276
73 821
704
12 260
126 073
Maldives y
Mongolia as
Myanmar bn
Pakistan
Philippines
Singapore
Sri Lanka af
Taiwan Province of China
Thailand
The Pacific
Fiji ay
Kiribati bn
Papua New Guinea
Solomon Islands y
Tonga ad
Memorandum
Least developed countries bp
Oil-exporting countries bq
All developing economies, excluding China
Source:
a
b
c
d
e
f
g
h
1 980
15 663
292 823
3 415
23 832
767 493
3 459
31 583
761 297
3 732
36 605
821 675
Estimates. For details, see Definitions and Sources in annex B. For the countries for which the stock data are estimated by
either accumulating FDI flows or adding or subtracting flows to FDI stock in a particular year, notes are given below.
Data on Belgium and on Luxembourg are included. Stock data for 2002 ($ 201,461 million) as reported by the International
Moneraty Fund (IMF) Balance of Payment CD-ROM, June 2004, for the Belgium and Luxembourg Monetary Union were used. Stock
data for 2003 ($ 334,099 million) are estimated by adding the 2003 flows of Belgium and of Luxembourg to the 2002 stock reported
by the IMF for the Union .
Preliminary data.
Data as reported to UNCTAD by the Central Service for Statistics and Economic Studies (STATEC). For details, see Definitions
and Sources in annex B. Data are available from 1995 to 2001 only.
Stock data after 2002 are estimated by adding flows.
Stock data prior to 1987 are estimated by subtracting flows.
Stock data prior to 1999 are estimated by subtracting flows.
Stock data prior to 1990 are estimated by subtracting flows.
386
i
j
k
l
m
n
o
p
q
r
s
t
u
v
w
x
y
z
aa
ab
ac
ad
ae
af
ag
ah
ai
aj
ak
al
am
an
ao
ap
aq
ar
as
at
au
av
aw
ax
ay
az
ba
bb
bc
bd
be
bf
bg
bh
bi
bj
bk
bl
bm
bn
bo
bp
bq
Note:
For data on FDI stock which are calculated as an accumulation of flows, price changes are not taken into account.
387
ANNEX B
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003
(Per cent)
Region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
5.2
5.5
10.6
10.7
16.0
16.1
19.8
17.1
12.0
10.8
10.1
9.0
7.5
8.4
Developed countries
inward
outward
4.2
6.4
9.9
13.2
16.2
19.9
21.3
20.8
11.5
13.2
10.0
11.1
6.7
10.3
Western Europe
inward
outward
6.0
9.6
14.8
24.6
27.4
41.9
40.8
50.2
21.9
26.5
21.5
20.6
14.8
16.7
European Union
inward
outward
6.0
9.2
14.8
24.7
27.7
41.8
41.3
49.6
22.3
26.8
22.3
20.9
14.7
16.8
4.7
3.3
9.1
5.5
6.0
6.7
19.3
12.5
13.4
7.1
2.1
11.6
12.0
12.4
21.3
13.9
40.6
51.6
208.9
213.5
168.8
164.3
169.6
193.5
..
..
..
..
..
..
..
..
..
..
..
..
..
..
30.4
25.4
50.1
62.3
..
..
..
..
..
..
..
..
..
..
2462.7
2655.0
1539.1
1687.3
8.8
9.8
21.7
12.6
48.8
49.5
106.7
83.8
35.6
41.4
18.7
16.0
6.2
2.8
6.3
13.7
8.5
77.3
18.3
26.4
33.8
95.1
15.0
33.7
31.7
30.5
9.5
-25.3
7.3
9.7
11.6
18.2
16.8
45.7
16.4
67.1
19.0
32.7
17.6
17.7
13.9
17.0
1.2
6.3
5.4
19.4
12.3
23.9
48.9
14.0
5.6
9.8
9.8
2.3
3.0
0.6
4.9
0.2
0.3
1.0
2.1
2.0
4.2
8.2
5.6
2.2
0.2
2.1
0.1
1.3
14.8
4.8
45.4
20.7
79.7
26.7
112.5
20.2
40.0
16.9
90.8
11.5
74.7
5.6
1.7
3.5
1.2
5.6
3.1
3.0
6.3
5.8
6.9
10.0
6.2
7.3
5.8
3.2
14.0
27.4
48.9
48.5
45.9
64.2
77.9
92.3
62.4
57.6
29.5
39.8
19.2
35.1
6.7
3.1
11.3
13.9
3.8
9.7
21.9
24.2
19.1
24.5
5.9
10.5
2.9
0.3
7.6
4.5
8.8
14.1
10.8
29.0
26.4
38.4
18.9
22.3
21.8
19.1
12.0
10.9
/...
World
inward
outward
Austria
inward
outward
Belgium and Luxembourg
inward
outward
Belgium
inward
outward
Luxembourg
inward
outward
Denmark
inward
outward
Finland
inward
outward
France
inward
outward
Germany
inward
outward
Greece
inward
outward
Ireland
inward
outward
Italy
inward
outward
Netherlands
inward
outward
Portugal
inward
outward
Spain
inward
outward
2002
2003
388
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
Sweden
inward
outward
United Kingdom
inward
outward
Other Western Europe
inward
outward
Iceland
inward
outward
Malta
inward
outward
Norway
inward
outward
Switzerland
inward
outward
North America
inward
outward
Canada
inward
outward
United States
inward
outward
Other developed countries
inward
outward
Australia
inward
outward
Israel
inward
outward
Japan
inward
outward
New Zealand
inward
outward
Developing economies
inward
outward
Africa
inward
outward
1992-1997
(Annual average)
1998
1999
2000
2001
2002
2003
19.2
17.1
48.6
59.7
140.5
50.6
54.7
95.8
31.1
16.7
29.0
26.6
7.0
36.7
10.4
19.3
29.7
49.1
35.1
80.4
48.7
95.7
21.9
24.5
10.9
13.8
5.0
19.0
5.5
16.8
14.2
22.7
23.1
44.2
30.9
63.6
13.8
21.7
7.2
15.4
16.6
14.7
2.4
2.3
7.4
3.6
3.6
6.4
8.6
19.2
10.4
20.3
7.9
13.6
6.5
7.4
14.2
0.7 a
31.1
1.7
96.5
5.3
66.5
2.8
33.3
2.8
-53.0
-0.5
34.2
2.1
7.1
9.2
10.3
6.1
23.1
17.5
18.8
26.4
6.6
-2.4
2.6
16.4
6.3
5.8
4.7
21.3
17.1
35.8
22.6
64.0
38.7
89.7
18.1
37.2
11.2
15.0
24.4
21.9
5.5
7.4
10.8
9.1
15.6
11.5
17.9
8.8
8.9
7.7
4.1
6.9
1.7
8.0
7.3
9.8
18.6
28.1
19.0
13.2
47.2
31.6
19.4
25.4
14.5
18.2
4.6
15.1
5.4
7.1
10.3
7.7
15.4
11.3
15.8
7.2
8.1
6.4
3.3
6.0
1.5
7.5
0.8
1.8
1.0
2.5
1.6
1.8
2.2
2.7
1.3
4.2
2.4
3.8
1.6
3.7
8.7
5.7
7.1
3.9
3.1
-0.7
15.1
1.0
5.1
15.7
14.8
8.0
6.3
12.0
4.9
3.3
8.4
5.2
14.0
4.3
22.0
15.2
16.7
3.0
9.3
6.1
20.1
9.5
0.1
1.6
0.3
2.3
1.1
1.9
0.7
2.5
0.6
3.6
1.0
3.4
0.6
2.6
24.5
1.1
11.3
8.8
12.7
7.2
34.2
13.3
19.4
-11.3
7.0
3.2
12.5
1.2
7.9
3.4
12.3
3.3
14.7
3.8
14.9
6.1
13.1
3.6
9.9
3.0
10.0
2.1
6.5
2.5
8.3
2.6
11.6
2.3
8.8
0.8
20.7
-2.6
12.3
0.2
13.9
1.1
/...
389
ANNEX B
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
North Africa
inward
outward
Algeria
inward
outward
Egypt
inward
outward
Libyan Arab Jamahiriya
inward
outward
Morocco
inward
outward
Sudan
inward
outward
Tunisia
inward
outward
Other Africa
inward
outward
Angola
inward
outward
Benin
inward
outward
Botswana
inward
outward
Burkina Faso
inward
outward
Burundi
inward
outward
Cameroon
inward
outward
Cape Verde
inward
outward
Central African Republic
inward
outward
Chad
inward
outward
Comoros
inward
outward
1992-1997
(Annual average)
1998
1999
2000
2001
5.0
0.1
6.1
0.8
6.2
0.7
5.9
0.5
11.7
0.5
7.8
0.6
11.7
0.3
0.8
0.1
4.0
-
4.3
0.4
3.7
0.2
9.6
0.1
7.7
0.7
3.9
0.1
8.9
0.4
5.9
0.3
5.7
0.2
6.7
0.3
3.2
0.1
4.3
0.2
2.0
0.2
-0.9
-0.2
-4.3
10.0
-3.9
6.3
-3.3
2.3
-2.8
2.3
-3.6
4.2
19.9
2.8
8.3
0.3
5.3
0.3
10.2
0.2
2.7
0.7
37.4
1.3
5.8
0.3
22.2
0.1
2.2
..
29.3
..
30.2
..
27.8
..
27.7
..
45.4
..
80.1
..
10.6
0.1
13.6
-
7.0
-
15.2
-
9.3
-
15.5
-
9.6
-
7.5
4.5
10.1
4.1
16.7
4.0
11.6
1.0
29.6
-5.6
16.6
-0.2
15.8
1.8
41.8
-
48.6
-
86.8
-
28.0
-
66.7
-
49.7
-
43.9
-
7.7
0.5
8.5
5.2
13.2
1.9
9.1
0.5
7.5
-
10.8
0.7
-1.1
1.1
7.8
0.3
2.7
0.1
4.3
0.2
2.6
32.3
33.1
3.5
6.9
3.2
2.0
0.4
0.7
0.8
1.2
0.7
4.0
-
1.3
0.1
1.3
0.2
1.4
0.1
0.4
0.1
3.7
0.7
0.3
1.3
21.8
-
1.2
0.8
3.3
0.1
2.3
0.2
2.1
0.2
4.9
0.2
10.5
0.2
13.8
0.2
8.4
0.4
8.2
-
43.4
0.3
31.1
1.3
9.0
0.5
10.5
-
12.8
0.6
3.1
3.2
5.6
0.2
2.3
-
0.9
-
3.8
-
4.1
1.0
2.8
-
17.5
4.2
9.3
-0.1
9.9
-0.8
48.5
-
68.0
-
97.4
-
127.9
-
0.4
..
1.2
..
1.0
..
0.4
..
4.9
..
1.2
..
6.8
2.1b
2002
2003
3.8
..
/...
390
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
Congo
inward
outward
Congo, Democratic Republic of
inward
outward
Cte dIvoire
inward
outward
Djibouti
inward
outward
Equatorial Guinea
inward
outward
Eritrea
inward
outward
Ethiopia
inward
outward
Gabon
inward
outward
Gambia
inward
outward
Ghana
inward
outward
Guinea
inward
outward
Guinea-Bissau
inward
outward
Kenya
inward
outward
Lesotho
inward
outward
Madagascar
inward
outward
Malawi
inward
outward
Mali
inward
outward
Mauritania
inward
outward
Mauritius
inward
outward
1992-1997
(Annual average)
1998
1999
2000
2001
15.6
0.1
3.6
-0.9
59.0
0.2
22.3
0.5
9.6
0.7
17.7
0.8
37.5
-0.1
-1.5
..
13.5
..
1.2
..
1.8
..
25.6
..
29.0
..
23.6
..
17.0
8.3
19.2
1.8
17.7
3.1
20.3
-
26.3
0.2
18.8
0.2
34.2
0.1
4.4
..
8.9
..
4.6
..
5.2
..
5.7
..
17.2
..
33.1
-
73.3
-
49.8
0.3
21.7
-0.7
199.8
0.9
67.1
-
295.9
-
16.5 d
..
56.4
..
27.7
..
12.5
..
5.0
..
7.4
..
8.9
..
5.2
19.9
24.1
23.4
7.1
-4.7
13.8
-0.1
1.9
6.7
5.6
0.5
5.4
2.3
-16.9
1.2
7.3
-1.0
-16.8
1.0
-3.3
2.0
-6.6
0.3
17.8
-
4.0
-
19.2
6.9
30.9
7.3
64.4
5.8
60.7
6.6
50.8
7.3
58.1
6.5
83.6
9.4
8.6
6.8 d
3.3
1.8
16.1
4.6
9.6
4.4
7.1
4.2
4.3
4.4
10.7
4.3
1.7
0.1 d
2.8
0.2
8.3
0.4
1.5
0.3
0.3
0.3
3.7
0.3
1.1
0.3
7.1
..
18.8
..
22.9
..
2.0
-
1.6
-
5.6
-
6.5
-
1.0
0.1
0.6
-
0.9
-
7.3
-
0.3
-
1.7
0.5
5.2
0.1
4.8
0.1e
6.1
..
7.5
..
8.2
..
8.6
..
8.8
-
9.6
-
3.4
0.1
3.3
0.2
10.9
-
11.0
0.2
10.3
-
1.4
-
5.3
-
4.1
0.6 d
6.2
2.9
26.1
1.3
11.4
1.4
10.1
2.1
4.3
2.5
12.4
1.9
6.3
0.3
1.7
5.2
0.3
9.8
15.4
0.8
17.7
2.9
16.2
3.0
22.4
2.3
4.0
..
0.1
..
0.5
..
13.5
..
34.3
..
48.4
..
79.5
..
2.6
1.6
1.3
1.4
4.2
0.5
25.9
1.2
3.1
0.3
3.1
0.9
5.5
3.2
6.7b
..
2002
2003
/...
391
ANNEX B
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
Mozambique
inward
outward
Namibia
inward
outward
Niger
inward
outward
Nigeria
inward
outward
Rwanda
inward
outward
So Tom and Principe
inward
outward
Senegal
inward
outward
Seychelles
inward
outward
Sierra Leone
inward
outward
South Africa
inward
outward
Swaziland
inward
outward
Togo
inward
outward
Uganda
inward
outward
United Republic of Tanzania
inward
outward
Zambia
inward
outward
Zimbabwe
inward
outward
Latin America and the Caribbean
inward
outward
South America
inward
outward
1992-1997
(Annual average)
1998
1999
2000
2001
2002
2003
8.8
-
33.1
-
47.9
-
7.5
-
33.1
-
20.8
-
29.9
-
15.3
-0.5
9.9
-0.2
2.5
-0.1
29.0
0.4
53.0
-1.8
26.0
-0.7
12.3
-0.9
6.1
5.6
-0.4
3.3
0.2
0.1
4.4
-0.3
13.3
-1.8
3.1
-
14.3
-0.6
28.4
4.3
11.9
1.2
52.1
4.7
49.4
4.5
31.3
2.6
37.8
3.0
36.0
2.8
1.2
0.1
2.4
0.1
0.5
0.3
2.6
0.2
1.3
0.2
2.4
0.3
1.6
0.2
-0.2
..
28.7
..
16.2
..
18.8
..
14.8
..
13.8
..
45.7
..
8.0
1.6
7.8
1.3
15.4
0.6
8.2
0.1
4.8
-0.9
5.2
3.7
9.0
1.3
20.6
6.1
26.3
1.4
31.7
4.8
30.9
4.0
30.7
4.3
23.0
4.3
28.9
4.0
1.7
0.3
-25.9
-0.1
21.0
-
12.2
-
4.9
-
7.1
-
5.7
-
4.4
6.9
2.5
7.8
7.5
7.9
4.7
1.4
40.9
-19.1
4.8
-2.5
3.0
2.9
18.5
5.5
36.1
7.6
38.8
4.8
32.8
6.0
22.3
-8.0
22.4
-4.4
18.2
-0.3
5.9
3.9
9.0
10.3
14.7
20.9
21.5
0.3
33.8
-3.4
20.3
-
9.0
-1.0
10.6
5.8
18.2
1.7
18.7
-0.7
25.5
-2.6
20.2
-0.5
20.2
-1.1
20.9
-1.1
8.3
-f
12.8
-
40.8
-
17.8
0.1
29.8
-
14.9
-
15.6
-
10.8
..
41.3
..
32.5
..
21.8
..
10.5
..
13.4
..
16.2
..
4.6
1.3
33.8
0.7
6.7
1.0
2.5
0.8
0.5
0.6
3.5
0.4
2.5
0.6
10.1
1.6
17.4
3.2
25.6
2.8
21.1
2.2
19.8
1.8
14.9
2.3
11.2
2.3
8.7
1.6
17.7
2.9
32.2
3.3
25.7
3.6
19.0
-0.1
17.2
2.6
12.0
2.6
/...
392
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
11.2
3.3
12.2
3.9
46.9
3.4
22.6
2.0
5.7
0.4
6.4
-5.1
1.9
3.1
28.2
0.2
52.0
0.1
63.8
0.2
54.7
0.2
71.5
0.2
84.2
0.2
15.4
0.3
4.7
0.4
18.6
1.8
28.2
1.7
28.2
2.0
22.7
-2.3
19.6
2.9
11.4
0.3
17.5
5.4
22.3
7.2
57.6
16.8
31.2
25.6
28.4
10.9
13.2
2.1
19.6
9.1
12.3
1.6
15.2
4.3
13.2
1.0
22.8
3.1
21.8
0.1
17.7
7.2
15.5
8.2
13.8
1.7
18.8
-1.8
22.9
-
22.1
-
29.3
-
23.0
-
25.1
-
36.1
-0.1f
22.5
-0.2
29.7
-1.2
41.6
1.2
36.7
-0.1
27.4
-
16.5
0.4
7.1
0.5
18.0
0.3
5.5
0.3
6.4
0.4
6.6
0.4
1.1
-0.2
6.3
0.4
18.0
0.1
12.3
0.5
17.3
1.1
7.5
-
11.5
0.7
21.6
-
13.5
0.6
-669.6
..
14.5
..
-12.8
..
-73.5
..
-22.2
..
-49.9
..
-69.3
..
4.3
0.1
4.8
0.3
7.8
-0.1
10.3
-
13.8
0.3
14.1
4.3
24.3
0.3
13.4
3.4
27.3
5.7
17.8
5.4
27.3
3.0
17.8
1.0
5.7
7.4
14.7
6.6
16.7
4.3
14.2
1.9
14.3
0.2
20.8
4.2
12.6
2.0
10.2
1.9
94.3g
4.5
101.6
3.6
109.3
2.9
110.0
2.9
101.0
3.1
107.6
2.9
83.6
2.9
12.6
0.4f
8.5
-0.4
10.4
-0.3
8.8
0.3
23.6
-0.2
17.9
-
22.3
0.1
45.3
-0.4
17.6
0.3
-84.7
0.8
26.5
3.0
-62.8
-3.7
67.5
0.6
38.5
2.8
11.9
-
22.6
0.2
23.5
-
38.9
-
15.7
-
31.2
-
22.6
-
5.6
0.9
3.6
0.2
3.6
0.3
3.8
0.2
3.5
0.2
3.4
0.1
24.0
0.2
Argentina
inward
outward
Bolivia
inward
outward
Brazil
inward
outward
Chile
inward
outward
Colombia
inward
outward
Ecuador
inward
outward
Guyana
inward
outward
Paraguay
inward
outward
Peru
inward
outward
Suriname
inward
outward
Uruguay
inward
outward
Venezuela
inward
outward
Anguilla
inward
outward
Antigua and Barbuda
inward
outward
Aruba
inward
outward
Bahamas
inward
outward
Barbados
inward
outward
2002
2003
/...
393
ANNEX B
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
Belize
inward
outward
Costa Rica
inward
outward
Dominica
inward
outward
Dominican Republic
inward
outward
El Salvador
inward
outward
Grenada
inward
outward
Guatemala
inward
outward
Haiti
inward
outward
Honduras
inward
outward
Jamaica
inward
outward
Mexico
inward
outward
Montserrat
inward
outward
Nicaragua
inward
outward
Panama
inward
outward
Saint Kitts and Nevis
inward
outward
Saint Lucia
inward
outward
Saint Vincent and the Grenadines
inward
outward
Trinidad and Tobago
inward
outward
1992-1997
(Annual average)
1998
1999
2000
2001
2002
2003
12.3
2.0
14.7
4.2
33.2
-
12.4
2.6
27.4
-
11.8
-
18.0
0.9
15.7
0.2
21.3
0.2
21.8
0.2
14.4
0.3
15.1
0.3
20.8
1.1
19.5
1.6
39.4
..
9.2
..
24.3
..
14.2
..
18.7
..
25.3
..
23.6
..
10.7
0.4f
19.1
0.1
32.2
0.1
20.5
1.3
22.1
-0.7
18.8
-
6.5
..
1.4
-
55.2
0.1
10.8
2.7
7.8
-0.2
12.3
-0.4
8.9
-1.1
6.9
0.8
24.2
0.1
38.2
0.2
27.5
0.3
22.3
-0.2
46.1
0.1
38.7
-
40.1
-0.1
4.6
-0.1
20.8
0.2
4.7
-0.1
7.4
0.5
14.0
-
3.0
0.1
2.9
0.2
-0.9
-1.9
1.1
0.1
2.6
-0.1
1.3
0.1
0.5
-
0.7
-
0.9
0.1
7.2
-
6.7
-
14.6
-
17.9
-
12.7
-
12.0
-
12.2
-
11.1
4.1
18.6
4.1
27.8
5.0
22.2
3.5
26.1
3.8
17.7
2.7
21.8
3.3
14.4
0.5
14.0
1.5
13.0
1.4
13.4
0.8
21.5
3.5
11.8
0.7
8.9
1.1
13.4g
..
10.4
..
37.7
..
19.7
..
4.5
..
10.3
..
10.7
..
16.0
-0.4a
28.2
1.0
31.5
0.3
31.2
0.5
17.9
0.6
22.8
0.5
23.3
0.5
22.2
48.1
49.4
125.3
22.4
12.2
22.9
-31.8
13.0
61.2
2.4
58.1
27.5
33.8
19.6
-
25.9
0.1
53.1
0.2
58.9
-0.1
45.0
-
52.4
-
30.7
-
24.5
0.1
52.0
-0.2
44.7
-
30.2
-
13.1
-0.1
20.4
-
19.0
-
56.6
..
78.5
..
49.1
..
31.9
..
20.5
..
30.0
..
37.3
..
41.8
-0.1
38.5
0.1
45.9
26.0
42.3
1.6
41.7
2.9
47.4
6.4
36.9
13.5
/...
394
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
7.4
4.1
10.6
3.4
11.3
4.3
13.3
7.9
10.2
4.7
8.3
3.4
9.3
2.1
Asia
inward
outward
7.3
4.1
10.6
3.4
11.3
4.3
13.3
7.9
10.2
4.7
8.3
3.4
9.3
2.1
West Asia
inward
outward
1.7
0.2
4.6
-0.7
0.7
1.7
1.0
2.8
4.6
4.0
2.7
2.0
2.9
-0.5
72.9
11.9
20.7
20.8
50.5
18.2
33.8
0.9
7.7
20.4
23.0
20.1
50.4
72.2
9.0
1.4
14.8
3.9
39.7
8.5
51.0
12.8
40.4
13.5
32.1
15.6
48.8
20.3
0.3
-
0.1
-
0.2
3.8
0.1
1.3
0.2
8.1
0.8
4.0
0.4
4.7
-h
..
..
..
..
..
..
..
..
..
..
..
..
..
3.6
-1.3
18.5
0.1
8.3
0.2
44.2
0.3
5.7
0.5
2.3
1.0
19.2
0.1
1.7
-0.8
1.2
-39.3
1.6
0.5
0.6
-10.7
-5.0
12.3
0.2
-4.8
2.2
-166.0
1.5
0.4
4.2
-
7.0
0.1
10.0
4.2
8.9
3.3
8.3
2.4
12.1
3.3
3.7
0.2
3.0
-0.1
1.7
0.1
0.7
-0.1
3.3
-
0.9
-
5.5
-
11.8 d
10.8
14.5
10.7
11.2
10.0
4.3
15.0
1.3
24.6
..
..
..
..
6.8
1.0 b
11.0
0.6
5.0
1.3
7.3
1.2
7.6
2.9
19.7
1.9
11.4
2.0
1.0
0.6
14.2
0.2
-2.5
0.2
-5.7
0.5
0.1
-0.1
-1.9
0.2
0.6
0.2
0.9
..
0.6
..
1.9
..
1.9
..
2.7
..
2.2
..
1.9
..
1.8
0.2
1.9
0.7
1.9
1.6
2.2
2.0
12.4
1.9
3.4
0.6
1.6
1.3
2.4
0.4
1.9
-0.2
-7.8
0.9
-3.9
16.0
9.1
3.4
6.5
3.4
3.7
7.6
4.8
..
-11.1
..
-18.0
..
0.4
..
8.7
..
6.4
..
-5.7
..
Bahrain
inward
outward
Cyprus
inward
outward
Iran, Islamic Republic of
inward
outward
Iraq
inward
outward
Jordan
inward
outward
Kuwait
inward
outward
Lebanon
inward
outward
Oman
inward
outward
Occupied Palestinian Territory
inward
outward
Qatar
inward
outward
Saudi Arabia
inward
outward
Syrian Arab Republic
inward
outward
Turkey
inward
outward
United Arab Emirates
inward
outward
Yemen
inward
outward
2002
2003
/...
395
ANNEX B
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
14.9
-g
30.6
3.2
26.1
7.1
19.8
0.3
29.0
2.0
34.6
8.2
42.5
8.0
7.1
..
77.2
3.8
44.6
4.3
35.2
2.3
23.4
2.9
29.8
2.1
22.9
-0.1
49.4
..
64.8
8.7
39.1
25.7
10.7
0.1
18.7
13.0
54.2
12.7
197.0
56.0
22.2
..
65.8
..
16.2
0.2
25.5
-0.1
19.8
-
29.6
0.7
62.2
0.7
22.2
-g
33.1
0.2
53.9
0.1
40.5
0.1
53.9
-0.5
46.9
7.7
29.1
-1.7
24.7a
..
51.7
10.7
22.6
3.1
-1.0
1.8
2.3
2.8
1.7
2.0
10.0
2.2
6.2
..
28.4
..
21.2
..
25.8
..
11.6
..
73.6
..
42.4
..
10.7
..
4.9
..
8.4
..
7.4
..
7.9
..
5.6
..
5.3
..
1.7f
..
5.6
..
4.0
..
3.3
..
3.6
..
3.7
..
3.3
..
8.5
4.9
11.5
4.2
12.9
4.7
15.2
8.7
10.8
4.8
8.7
3.6
9.7
2.4
0.4
-
2.1
-
1.8
-
2.7
-
0.7
0.2
0.5
-
1.1
0.1
0.2
..
0.2
..
0.2
..
..
0.1
..
0.1
..
0.1
..
35.0
0.8i
65.7
5.4
48.3
1.9
29.1
1.3
21.0
1.0
16.0
0.7
12.3
1.4
13.7
1.3
13.6
0.8
11.3
0.5
10.3
0.2
10.5
1.5
11.5
0.5
12.4
0.4
18.4
48.7
29.4
33.8
58.6
46.2
138.9
133.2
55.7
26.6
25.8
46.5
38.4
10.7
2.0
0.1
2.9
0.1
2.2
0.1
2.3
0.5
3.2
1.3
3.0
1.0
4.0
0.8
6.4
2.2
-1.0
0.2
-6.6
0.3
-13.9
0.5
-9.7
0.4
0.4
0.3
-1.8
0.4
0.8
1.7
4.8
4.5
7.1
3.2
5.4
3.1
2.6
1.7
1.8
1.6
2.1
1.9
Central Asia
inward
outward
Armenia
inward
outward
Azerbaijan
inward
outward
Georgia
inward
outward
Kazakhstan
inward
outward
Kyrgyzstan
inward
outward
Tajikistan
inward
outward
Turkmenistan
inward
outward
Uzbekistan
inward
outward
South, East and South-East Asia
inward
outward
Bangladesh
inward
outward
Bhutan
inward
outward
Cambodia
inward
outward
China
inward
outward
Hong Kong, China
inward
outward
India
inward
outward
Indonesia
inward
outward
Korea, Republic of
inward
outward
2002
2003
/...
396
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
2002
2003
26.7 b
-b
14.4
-
15.7
-
9.1
45.0
6.2
0.8
6.9
15.7
5.2
20.3
-0.1
..
-1.5
..
0.9
..
-0.1
..
25.0
1.7
55.0
8.9
33.4
2.3
18.0
5.6
14.0
4.5
22.5
8.2
16.4
8.8
2.5
1.2
14.5
8.6
10.8
6.0
8.1
..
7.1
..
6.7
..
9.8
..
8.6
..
7.8
..
8.6
..
5.5a
..
6.8
..
11.8
..
18.4
..
13.7
..
27.0
..
44.2
..
1.2
..
1.2
..
0.5
..
..
2.0
..
0.2
..
2.7
..
6.0
-0.1
5.7
0.1
6.4
-
3.6
0.1
5.0
0.4
10.3
0.4
15.4
0.2
8.5
1.3
16.0
1.2
11.9
-0.2
8.4
-0.7
6.9
-1.1
11.9
0.4
2.2
1.1
29.3
18.1
25.0
9.7
57.8
27.0
62.8
19.3
60.1
68.2
25.6
16.5
45.7
22.2
6.0
0.2
3.8
0.3
4.7
0.6
3.8
-
2.4
-
5.7
0.3
6.0
0.1
2.4
5.3
0.4
6.1
4.4
6.7
6.8
9.2
7.8
10.4
2.9
9.8
0.9
11.3
4.1
0.9
29.9
0.5
23.8
1.4
12.4
-0.1
14.4
0.6
3.7
0.4
5.2
1.6
34.5
..
23.1
..
20.1
..
15.0
..
13.6
..
11.4
..
15.2
..
30.2
4.9
25.2
-7.2
34.5
-3.5
11.6
8.9
12.5
16.0
7.1
0.1
16.0
4.0
20.3
-7.2
42.4
-23.1
-1.4
-22.6
-8.3
36.5
18.4
3.2
11.4
-
8.9
11.3
1.7
0.1j
2.4
..
2.4
..
3.2
..
2.6
..
2.4
..
2.7
..
33.3
8.1
20.9
0.1
71.7
8.4
17.0
-0.4
12.5
21.8
4.3
0.2
20.6
0.6
20.9
-0.3k
2.8
..
-28.5
..
2.1
..
-17.8
..
-2.2
..
-3.1
..
/...
397
ANNEX B
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (continued)
(Per cent)
Region/economy
Tonga
inward
outward
Vanuatu
inward
outward
Central and Eastern Europe
inward
outward
Albania
inward
outward
Belarus
inward
outward
Bosnia and Herzegovina
inward
outward
Bulgaria
inward
outward
Croatia
inward
outward
Czech Republic
inward
outward
Estonia
inward
outward
Hungary
inward
outward
Latvia
inward
outward
Lithuania
inward
outward
Moldova, Republic of
inward
outward
Poland
inward
outward
Romania
inward
outward
Russian Federation
inward
outward
Serbia and Montenegro
inward
outward
1992-1997
(Annual average)
1998
1999
2000
2001
2002
2003
8.8
..
9.3
..
9.3
..
21.8
..
4.7
..
11.2
..
12.6
..
50.5
..
31.3
..
21.4
..
31.9
..
28.2
..
23.7
..
30.0
..
6.9
0.7
15.2
1.5
19.3
1.8
18.3
2.7
15.4
2.1
16.8
2.6
9.5
3.2
25.9f
11.5f
9.2
0.2
6.7
1.1
20.5
0.9
25.9
-
15.1
0.5
22.7
0.4
2.4f
0.1
5.1
0.1
13.9
-
4.5
-
3.4
-
7.7
-6.4
5.9
0.1
-b
2.1b
4.2
..
16.5
..
16.4
..
12.3
..
24.1
..
37.4
..
11.8
-0.7f
32.4
-
41.8
0.9
50.6
0.2
32.8
0.4
31.8
1.0
36.5
0.6
6.9a
1.2a
18.5
1.9
31.6
1.0
27.1
0.1
35.0
3.5
20.3
9.6
21.8
0.8
9.5
0.6f
22.3
0.8
41.3
0.6
32.7
0.3
33.6
1.0
44.5
1.1
11.6
1.0
23.3f
2.7f
37.6
0.4
23.5
6.4
29.6
4.8
36.6
13.5
15.3
7.1
35.2
5.9
33.0
1.0
34.4
2.9
28.8
2.2
24.5
5.5
32.1
3.0
19.1
1.8
13.5
8.7
27.8f
-3.5f
21.5
3.3
20.7
1.0
21.6
0.5
7.9
0.6
17.3
0.4
13.7
1.2
5.8f
0.4b
34.5
0.2
20.2
0.4
17.7
0.2
18.2
0.3
25.5
0.6
4.7
1.0
8.1f
0.9
20.2
g
17.5
-0.2
67.6
-
73.0
0.1
49.8
-
27.7
0.2-
12.2
0.1
15.9
0.8
18.4
0.1
23.8
-
14.9
-0.2
11.4
0.6
11.1
1.0
5.8
-
26.5
-0.1
16.5
0.3
14.8
-0.2
13.9
-0.2
11.7
0.2
12.2
0.4
2.7f
1.4a
6.3
2.9
11.7
7.8
6.2
7.3
4.3
4.4
5.6
5.7
1.5
5.2
..
..
..
..
8.7
..
2.0
..
11.5
..
20.3
0.2
81.1
..
/...
398
Annex table B.5. Inward and outward FDI flows as a percentage of gross fixed capital formation,
by region and economy, 1992-2003 (concluded)
(Per cent)
Region/economy
1992-1997
(Annual average)
1998
1999
2000
2001
4.6
0.7f
8.8
1.8
7.1
-6.1
36.6
0.4
26.3
0.6
62.2
0.1
6.8
0.3
4.9
-f
4.5
-0.1
1.9
0.9
2.8
1.4
7.9
3.1
32.3
1.9
2.9
4.8
2.0g
-d
20.5
-
5.3
-
30.0
-0.1
86.5
0.2
12.4
-
16.5
0.1
3.3 f
0.1 g
9.0
-
8.1
0.1
9.6
-
10.6
0.3
8.2
-0.1
19.3
0.2
6.1
0.9
12.3
1.7
16.8
0.4
10.5
0.6
18.5
0.4
15.8
0.5
20.5
0.5
4.5
1.1
7.9
-0.1
3.0
2.0
0.9
2.1
4.4
2.6
4.5
2.1
5.0
-
6.8
3.9
12.0
4.1
15.9
4.9
16.4
8.1
14.1
4.5
9.2
4.1
9.1
2.8
Slovakia
inward
outward
Slovenia
inward
outward
TFYR Macedonia
inward
outward
Ukraine
inward
outward
2002
2003
Memorandum
Least developed countries l
inward
outward
Oil-exporting countries m
inward
outward
All developing economies, excluding China
inward
outward
Source:
a
b
c
d
e
f
g
h
i
j
k
l
399
ANNEX B
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003
(Per cent)
Region/economy
1980
1985
1990
1995
2000
2002
2003
6.6
5.8
8.3
6.6
9.3
8.6
10.2
10.0
19.3
19.1
23.0
22.6
22.9
23.0
Developed countries
inward
outward
4.9
6.2
6.2
7.3
8.2
9.6
8.9
11.3
16.6
21.4
20.5
25.8
20.7
26.4
Western Europe
inward
outward
6.2
6.4
9.3
10.8
11.0
12.1
13.3
16.1
28.5
38.9
34.6
43.2
33.0
41.2
European Union
inward
outward
6.1
6.1
9.2
10.5
10.9
11.6
13.2
15.0
28.5
37.5
34.6
41.7
32.8
39.6
4.0
0.7
5.6
2.0
6.1
2.6
7.4
5.0
15.9
13.0
21.1
20.6
23.7
23.3
5.8
4.8
21.2
11.0
27.8
19.4
38.3
27.4
78.6
72.4
..
..
..
..
6.1
3.0
6.0
3.0
6.9
5.5
13.2
13.7
42.2
41.9
42.7
44.0
36.1
36.6
1.0
1.4
2.5
3.4
3.8
8.2
6.5
11.5
20.2
43.3
25.8
48.4
28.6
42.4
3.8
3.6
6.9
7.1
7.1
9.1
12.3
13.1
19.8
33.9
26.9
40.7
24.7
36.7
3.9
4.6
5.1
8.4
7.1
8.8
7.8
10.5
25.1
25.8
26.7
31.1
22.6
25.8
9.3
6.0
20.2
7.1
6.7
3.5
9.3
2.6
11.0
5.1
11.7
6.7
9.8
5.7
149.9
..
157.7
42.2
71.5
24.0
60.2
19.9
144.1
33.9
137.5
25.9
129.7
22.5
2.0
1.6
4.5
3.9
5.3
5.2
5.8
8.8
10.5
16.7
10.6
16.3
11.8
16.2
10.8
23.7
18.8
36.1
23.3
36.3
28.0
41.6
64.9
81.4
75.4
83.0
65.6
75.0
12.3
1.7
18.7
2.4
14.8
1.3
17.1
3.0
27.2
16.1
35.4
26.1
36.3
26.1
2.3
0.9
5.2
2.6
12.8
3.0
18.7
6.2
25.7
28.4
35.9
34.3
27.4
24.7
2.2
2.8
4.2
10.4
5.3
21.3
12.5
29.5
39.2
51.4
48.9
59.9
47.5
62.7
11.8
15.0
14.1
22.0
20.6
23.2
17.6
26.9
30.4
62.3
36.3
58.9
37.4
62.7
World
inward
outward
Austria
inward
outward
Belgium and Luxembourg
inward
outward
Denmark
inward
outward
Finland
inward
outward
France
inward
outward
Germany
inward
outward
Greece
inward
outward
Ireland
inward
outward
Italy
inward
outward
Netherlands
inward
outward
Portugal
inward
outward
Spain
inward
outward
Sweden
inward
outward
United Kingdom
inward
outward
/...
400
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
1980
1985
1990
1995
2000
2002
2003
8.7
12.7
10.9
16.1
13.4
22.0
16.5
35.5
28.6
63.9
36.3
71.2
37.1
70.9
.. a
1.7
2.4
2.0
2.3
1.2
1.9
2.6
5.9
7.9
9.2
13.1
8.3
13.1
13.8
..
28.1
..
20.1
..
17.3
1.0
66.5
5.7
54.4
6.3
63.5
6.9
10.4
0.9
11.7
1.7
10.7
9.4
12.7
15.2
18.1
20.2
22.4
20.2
20.4
18.4
7.9
20.0
10.4
26.0
15.0
28.9
18.6
46.4
36.1
97.1
46.7
110.3
49.7
111.2
4.5
7.9
5.5
6.2
8.0
8.1
8.2
10.2
13.5
14.5
15.4
18.8
15.4
20.1
20.4
8.9
18.4
12.3
19.6
14.7
20.9
20.0
29.4
32.8
30.1
37.0
31.8
35.5
3.0
7.8
4.4
5.7
6.9
7.5
7.2
9.4
12.4
13.2
14.4
17.6
14.1
18.8
1.7
1.8
2.2
3.3
2.8
6.9
2.8
5.2
3.9
7.4
5.6
9.1
6.7
9.5
7.9
1.4
14.5
3.8
23.7
9.8
26.7
14.7
28.7
26.1
30.5
22.5
34.3
23.0
14.6
0.6
14.9
2.6
8.5
2.3
6.5
3.8
21.2
8.1
23.9
10.2
29.3
11.2
0.3
1.8
0.3
3.2
0.3
6.6
0.7
4.5
1.1
5.9
2.0
7.7
2.1
7.8
10.3
2.3
8.9
6.6
18.2
14.7
42.7
12.7
45.0
14.1
47.1
11.8
49.1
11.3
12.4
3.6
16.3
3.6
14.7
3.8
16.3
5.7
29.3
12.4
31.9
12.6
31.4
12.2
Africa
inward
outward
8.2
2.2
9.8
4.1
10.9
5.3
15.4
7.3
24.6
8.6
27.0
7.6
25.3
6.6
North Africa
inward
outward
3.2
0.4
5.3
0.6
9.1
0.9
13.8
0.8
14.8
1.2
20.5
1.6
21.6
1.5
Algeria
inward
outward
3.1
0.2
2.2
0.3
2.2
0.3
3.5
0.6
6.3
0.6
10.2
0.8
9.6
0.7
/...
401
ANNEX B
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
Egypt
inward
outward
Libyan Arab Jamahiriya
inward
outward
Morocco
inward
outward
Sudan
inward
outward
Tunisia
inward
outward
Other Africa
inward
outward
Angola
inward
outward
Benin
inward
outward
Botswana
inward
outward
Burkina Faso
inward
outward
Burundi
inward
outward
Cameroon
inward
outward
Cape Verde
inward
outward
Central African Republic
inward
outward
Chad
inward
outward
Comoros
inward
outward
Congo
inward
outward
Congo, Democratic Republic of
inward
outward
1980
1985
1990
1995
2000
2002
2003
9.9
0.2
16.4
0.3
25.6
0.4
24.3
0.6
19.8
0.7
24.3
0.8
26.2
0.9
..a
0.4
..a
1.0
.. a
2.2
.. a
0.9
..a
3.5
..a
7.3
.. a
6.6
1.0
0.8
3.4
2.6
3.5
1.9
9.2
1.8
18.1
2.2
25.8
2.4
26.0
2.0
0.4
..
0.6
..
0.4
..
2.3
..
11.5
..
17.6
..
23.1
..
38.2
0.1
58.5
0.1
62.0
0.1
60.8
0.2
59.3
0.2
66.9
0.2
66.0
0.2
10.9
3.6
13.5
8.2
12.0
8.6
16.5
11.7
32.4
14.8
31.7
12.1
27.7
9.9
1.8
..
9.9
..
10.0
..
57.7
..
90.0
..
105.0
..
100.0
..
2.2
-
3.2
0.2
8.6
0.1
18.9
0.1
23.5
2.6
22.8
2.3
19.1
1.9
61.8
38.7
79.5
36.8
34.8
11.9
23.6
13.6
34.6
9.8
16.1
23.7
14.6
17.6
1.0
0.2
1.7
0.2
1.4
0.1
2.8
0.5
5.1
0.9
4.7
0.8
3.9
0.6
0.7
..
2.1
..
2.7
-
3.4
0.1
6.7
0.3
7.6
0.3
7.9
0.3
4.9
0.3
13.8
0.6
9.4
1.3
13.3
2.9
14.3
2.9
15.4
2.6
13.9
2.1
..
..
..
..
1.1
0.4
7.7
0.9
32.2
1.2
30.2
1.1
25.1
0.9
6.2
..a
8.9
0.1
6.4
1.2
7.1
3.6
10.9
4.4
11.0
4.2
9.8
3.6
11.7
0.1
17.8
0.1
14.3
2.7
23.0
5.6
41.5
5.8
102.8
4.0
109.3
3.0
1.6
..
1.8
..
6.8
0.4
8.3
0.7
10.1
0.8
9.2
0.7
7.4
0.5
18.5
..
22.4
..
20.6
..
48.4
..
57.9
..
69.4
..
71.3
..
4.9
..
8.6
..
5.8
..
9.6
..
14.3
..
14.7
..
17.4
..
/...
402
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
Cte dIvoire
inward
outward
Djibouti
inward
outward
Equatorial Guinea
inward
outward
Eritrea
inward
outward
Ethiopia
inward
outward
Gabon
inward
outward
Gambia
inward
outward
Ghana
inward
outward
Guinea
inward
outward
Guinea-Bissau
inward
outward
Kenya
inward
outward
Lesotho
inward
outward
Liberia
inward
outward
Madagascar
inward
outward
Malawi
inward
outward
Mali
inward
outward
Mauritania
inward
outward
Mauritius
inward
outward
Mozambique
inward
outward
1980
1985
1990
1995
2000
2002
2003
5.2
..
10.0
..
9.0
0.3
14.2
4.7
30.0
6.4
31.5
5.8
29.7
5.0
1.2
..
1.1
..
1.5
..
3.4
..
6.1
..
6.8
..
8.3
..
..
..
7.0
..
19.2
0.2
107.6
0.2
87.2
..a
109.3
0.1
127.7
0.1
..
..
..
..
..
..
..
..
46.9
..
51.7
..
45.4
..
2.7
..
1.7
..
1.8
..
2.9
..
14.8
6.8
17.1
8.4
16.5
8.1
12.0
1.8
24.9
3.1
20.3
2.7
15.0
5.1
..a
5.6
..a
5.8
0.3
4.7
52.7
..
56.3
..
49.4
6.9
50.2
9.7
51.3
10.4
71.3
12.5
88.0
14.4
5.2
..
6.0
..
5.4
..
12.7
..
29.2
7.2
26.2
7.7
23.2
7.0
0.1
..
0.1
..
2.4
..
3.5
..
8.5
0.2
9.2
0.4
8.4
0.4
0.1
..
2.7
..
3.3
..
7.7
..
21.3
..
23.4
..
21.0
..
5.3
0.2
7.8
1.0
7.8
1.2
8.1
1.3
8.9
1.1
7.8
1.0
7.5
0.9
1.2
..
8.5
..
13.5
-
18.6
-
39.3
-
48.8
0.1
38.0
-
77.7
4.3
115.1
33.0
194.9
36.0
1794.8
825.7
521.2
290.0
487.8
231.8
478.3
249.9
1.0
..
1.8
..
3.5
-
5.5
0.1
8.8
0.1
9.5
0.1
8.8
0.1
9.2
..
13.3
..
10.5
..
14.1
..
19.2
0.9
18.6
1.1
21.6
1.5
0.9
1.2
2.8
1.7
1.7
0.9
5.5
0.8
13.3
4.2
17.1
4.5
16.1
3.8
.. a
..
5.7
..
5.6
0.3
8.6
0.3
14.5
0.3
35.2
0.3
51.1
0.3
2.3
..
4.0
-
6.4
0.1
6.8
2.5
15.6
3.0
16.5
3.2
16.1
3.7
0.4
..
0.4
..
1.7
..
8.7
-
30.2
-
41.8
-
42.6
/...
403
ANNEX B
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
Namibia
inward
outward
Niger
inward
outward
Nigeria
inward
outward
Rwanda
inward
outward
So Tom and Principe
inward
outward
Senegal
inward
outward
Seychelles
inward
outward
Sierra Leone
inward
outward
Somalia
inward
outward
South Africa
inward
outward
Swaziland
inward
outward
Togo
inward
outward
Uganda
inward
outward
United Republic of Tanzania
inward
outward
Zambia
inward
outward
Zimbabwe
inward
outward
Latin America and the Caribbean
inward
outward
South America
inward
outward
Argentina
inward
outward
1980
1985
1990
1995
2000
2002
2003
86.4
..
134.2
..
80.9
3.1
48.8
0.4
36.0
1.3
39.0
0.7
39.1
1.0
7.6
0.1
14.3
0.6
11.5
2.2
19.2
5.8
21.6
8.0
19.4
6.5
16.6
5.1
3.7
-
15.5
..a
28.3
9.1
50.7
14.3
42.4
9.2
49.0
9.9
42.6
8.3
4.6
..
7.8
..
8.2
-
17.8
..a
14.1
0.2
15.2
0.3
15.9
0.3
..
..
..
..
0.7
..
.. a
..
24.3
..
33.2
..
47.4
..
5.0
0.2
7.3
1.7
4.5
0.9
8.3
2.1
18.7
2.6
18.1
2.9
15.3
2.4
36.8
9.4
62.1
25.9
55.4
16.6
63.3
18.5
93.0
22.0
98.8
22.1
103.9
22.5
6.8
..
5.7
..
.. a
..
.. a
..
2.9
..
3.2
..
4.1
..
5.6
..
1.1
..
.. a
..
0.2
..
0.2
..
0.2
..
0.3
..
20.5
7.1
15.8
15.7
8.2
13.4
9.9
15.4
33.9
25.2
27.8
22.0
18.5
14.8
41.8
3.3
29.1
2.4
39.9
4.5
39.2
9.9
38.5
6.8
48.9
4.5
40.0
3.2
15.5
0.9
27.5
1.3
16.5
1.0
19.5
2.9
31.8
9.4
37.0
8.0
30.8
6.3
0.8
..
0.2
..
0.1
..
4.9
4.5
21.8
4.5
30.3
4.2
32.9
3.7
0.9
..
1.4
..
2.2
..
5.8
..
17.9
..
24.8
..
26.8
..
9.1
..
20.0
..
30.8
..
36.9
..
64.5
..
59.4
..
55.2
..
2.8
..
3.3
0.2
1.4
1.0
4.8
1.9
15.4
3.4
5.8
1.3
15.5
3.5
6.5
6.5
11.0
7.7
10.4
5.5
11.7
5.2
25.6
7.9
34.4
10.5
36.8
10.7
5.9
9.4
8.9
10.2
8.5
6.5
8.5
4.8
22.1
7.4
29.0
11.1
30.4
10.5
6.9
7.8
7.4
6.7
6.2
4.3
10.8
4.1
23.8
7.4
37.2
22.1
27.1
16.4
/...
404
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
Bolivia
inward
outward
Brazil
inward
outward
Chile
inward
outward
Colombia
inward
outward
Ecuador
inward
outward
Guyana
inward
outward
Paraguay
inward
outward
Peru
inward
outward
Suriname
inward
outward
Uruguay
inward
outward
Venezuela
inward
outward
Other Latin America and the Caribbean
inward
outward
Anguilla
inward
outward
Antigua and Barbuda
inward
outward
Aruba
inward
outward
Bahamas
inward
outward
Barbados
inward
outward
Belize
inward
outward
Bermuda
inward
outward
1980
1985
1990
1995
2000
2002
2003
15.1
-
19.0
-
21.1
0.2
23.1
0.3
62.1
0.4
80.1
0.4
78.5
0.4
7.4
16.4
11.5
17.7
8.0
8.8
5.9
6.3
17.2
8.7
22.3
12.0
25.8
11.0
3.2
0.2
14.1
0.6
33.2
0.6
21.6
3.4
60.7
14.9
65.1
18.4
65.0
19.1
3.2
0.4
6.4
0.9
8.7
1.0
6.9
1.1
13.0
3.6
21.7
4.4
24.5
4.5
6.1
..
6.2
..
15.2
..
17.9
0.4
44.4
1.7
39.9
1.1
41.4
1.0
4.2
..
8.6
..
10.6
..
71.6
0.3
106.6
-
121.1
-
125.9
0.1
4.6
2.5
9.5
4.0
7.6
2.6
7.9
2.0
17.1
2.8
14.3
2.6
15.3
2.6
4.3
-
6.1
0.2
5.1
0.4
10.3
1.1
21.0
1.0
22.1
1.2
21.0
1.3
.. a
..
5.3
..
..a
..
..a
..
..a
..
..a
..
..a
..
7.2
1.7
16.2
3.8
10.5
2.0
7.4
1.0
10.4
1.0
10.5
2.2
13.9
2.4
2.3
-
2.5
0.3
4.7
4.6
9.0
5.1
22.2
4.8
33.6
7.2
40.3
9.4
7.4
0.8
14.7
2.2
14.7
2.8
22.4
6.4
31.7
8.8
40.5
9.8
44.8
10.8
..
..
..
..
19.8
..
90.0
..
226.2
..
333.0
..
357.9
..
21.3
..
46.5
..
74.5
..
88.6
..
84.4
..
90.6
..
94.4
..
..
..
..
..
15.2
..
15.8
0.8
14.0
1.5
15.0
0.8
23.2
1.4
41.0
21.3
23.4
6.6
18.9
19.8
21.2
36.7
32.3
28.2
37.3
27.4
39.2
26.7
12.1
0.7
10.5
1.1
10.0
1.4
12.5
1.8
12.3
1.6
14.1
1.7
18.4
1.7
6.4
..
9.4
5.2
22.1
5.0
26.5
4.3
38.1
6.1
41.6
5.2
43.5
5.2
836.7
118.5
774.7
162.7
869.7
97.3
1181.6
129.3
2265.8
600.3
2785.7
296.5
3051.5
230.3
/...
405
ANNEX B
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
Cayman Islands
inward
outward
Costa Rica
inward
outward
Cuba
inward
outward
Dominica
inward
outward
Dominican Republic
inward
outward
El Salvador
inward
outward
Grenada
inward
outward
Guatemala
inward
outward
Haiti
inward
outward
Honduras
inward
outward
Jamaica
inward
outward
Mexico
inward
outward
Montserrat
inward
outward
Netherlands Antilles
inward
outward
Nicaragua
inward
outward
Panama
inward
outward
Saint Kitts and Nevis
inward
outward
Saint Lucia
inward
outward
Saint Vincent and the Grenadines
inward
outward
1980
1985
1990
1995
2000
2002
2003
242.8
5.6
680.1
39.0
353.3
140.3
357.5
258.4
2398.5
1560.5
2813.8
1769.9
3157.2
1896.2
13.9
0.1
24.4
0.7
25.3
0.8
23.3
0.6
32.6
0.5
37.5
0.7
39.3
1.0
..a
..
..
..
0.2
..
0.3
..
0.3
..
0.3
..
0.1
..
10.7
..
42.9
..
89.9
..
100.4
-
117.0
-
123.1
-
3.6
..
5.2
..
8.1
..
14.1
0.3
26.2
0.6
33.9
0.4
47.1
0.6
4.3
..
4.8
..
4.4
1.1
3.5
0.6
17.3
0.6
19.6
0.3
20.0
1.1
1.5
..
9.8
..
31.7
0.1
60.7
-
85.0
0.2
111.6
0.2
124.5
0.2
8.9
..
10.8
..
22.7
..
15.0
..
18.1
0.2
21.1
0.2
21.8
0.2
5.4
..
5.6
..
5.0
..
5.4
-
5.5
0.1
6.3
0.1
6.0
0.1
3.6
..
4.7
..
12.6
..
16.5
..
24.7
..
28.2
..
30.1
..
21.3
0.2
25.0
0.2
18.6
1.0
29.8
5.9
45.0
9.6
57.3
11.3
62.4
12.0
3.6
-
10.2
0.2
8.5
0.4
14.4
0.9
16.7
1.3
24.3
1.9
26.5
2.2
..
..
..
..
55.7
..
105.2
..
359.8
..
267.8
..
268.9
..
88.9
1.1
24.1
0.9
22.4
1.2
15.4
1.0
2.9
0.4
3.0
0.5
0.4
5.4
..
4.5
..
12.4
..
19.3
-
57.9
0.3
67.1
0.7
74.7
0.8
64.6
21.3
58.2
40.8
41.4
78.8
41.0
62.5
56.5
33.5
59.5
63.2
62.6
67.5
2.1
..
40.5
..
100.6
0.1
105.5
..a
147.2
..a
183.8
-
189.0
.. a
70.1
..
104.2
..
80.2
0.1
92.1
0.2
116.5
0.1
126.7
0.1
125.7
0.1
2.0
..
7.5
..
24.3
0.3
67.9
0.2
145.4
0.2
150.2
0.2
155.4
0.2
/...
406
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
Trinidad and Tobago
inward
outward
Virgin Islands (British)
inward
outward
Asia and the Pacific
inward
outward
Asia
inward
outward
West Asia
inward
outward
Bahrain
inward
outward
Cyprus
inward
outward
Iran, Islamic Republic of
inward
outward
Iraq
inward
outward
Jordan
inward
outward
Kuwait
inward
outward
Lebanon
inward
outward
Oman
inward
outward
Occupied Palestinian Territory
inward
outward
Qatar
inward
outward
Saudi Arabia
inward
outward
Syrian Arab Republic
inward
outward
Turkey
inward
outward
1980
1985
1990
1995
2000
2002
2003
15.7
..
23.3
0.2
41.3
0.4
68.8
0.5
85.8
4.8
92.5
6.0
92.4
7.8
0.2
..
3.9
..
8.0
..
170.0
1906.3
1779.7
2442.8
1763.9
3571.0
1788.3
3956.8
17.6
1.0
20.7
1.1
17.8
2.6
18.7
5.8
31.7
15.1
31.5
14.0
30.3
13.6
17.5
1.0
20.7
1.1
17.8
2.6
18.7
5.8
31.7
15.1
31.5
14.0
30.3
13.6
1.5
0.9
10.0
1.7
8.2
2.3
9.1
1.4
9.7
2.0
10.2
3.1
9.2
3.2
2.0
19.5
10.9
16.4
13.0
17.0
41.1
17.9
74.1
22.0
73.7
25.6
72.4
31.3
8.0
..
20.8
5.5
15.4
2.5
14.5
2.4
40.5
8.1
47.9
12.1
44.2
12.3
3.2
..
3.7
..
2.2
..
2.5
..a
2.5
1.2
2.5
4.7
2.2
5.1
.. a
..
.. a
..
..a
..
..a
..
..a
..
..
..
..a
..
3.9
0.9
9.6
0.7
15.3
0.7
9.3
..a
26.7
..a
25.7
..a
28.3
..a
0.1
3.7
0.2
6.6
0.2
19.9
0.3
10.3
1.6
3.9
1.3
4.6
1.2
3.7
0.5
..
1.5
2.0
1.9
1.7
1.2
0.8
6.8
1.5
9.4
2.4
11.0
2.8
8.1
..
12.0
-
16.4
0.1
16.0
0.2
12.5
0.1
12.9
0.1
12.6
0.1
..
..
..
..
..
..
..
..
18.6
..
27.5
..
21.9
..
1.1
..
1.5
..
1.0
..
5.5
0.4
10.8
1.0
16.3
2.0
16.0
2.1
.. a
0.2
25.2
0.6
21.5
1.8
17.5
1.3
13.8
1.1
13.5
1.1
12.1
1.0
..
0.2
..
3.0
..
5.5
..
9.0
..
9.5
..
9.5
..
12.9
..
13.8
..
7.4
0.8
8.6
0.8
9.4
1.8
9.5
2.7
7.6
2.3
/...
407
ANNEX B
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
United Arab Emirates
inward
outward
Yemen
inward
outward
Central Asia
inward
outward
Armenia
inward
outward
Azerbaijan
inward
outward
Georgia
inward
outward
Kazakhstan
inward
outward
Kyrgyzstan
inward
outward
Tajikistan
inward
outward
Turkmenistan
inward
outward
Uzbekistan
inward
outward
South, East and South-East Asia
inward
outward
Afghanistan
inward
outward
Bangladesh
inward
outward
Bhutan
inward
outward
Brunei Darussalam
inward
outward
Cambodia
inward
outward
China
inward
outward
1980
1985
1990
1995
2000
2002
2003
1.4
-
1.8
0.1
2.2
0.3
4.1
0.2
1.5
3.2
4.3
4.4
4.4
5.1
3.7
..
4.5
0.1
3.7
0.1
14.7
-
14.0
0.1
13.4
-
11.0
-
..
..
..
..
..
..
9.9
-
34.3
2.1
44.0
4.2
49.3
4.1
..
..
..
..
..
..
2.6
..
26.8
1.7
29.0
2.3
31.9
2.1
..
..
..
..
..
..
13.7
..
70.8
9.0
84.3
15.1
117.7
17.2
..
..
..
..
..
..
1.7
..
13.9
..
20.6
..
26.3
..
..
..
..
..
..
..
17.4
-
55.1
0.1
63.4
1.7
60.1
1.0
..
..
..
..
..
..
9.7
..
32.1
2.4
29.5
2.4
28.6
2.6
..
..
..
..
..
..
7.6
..
14.7
..
15.9
..
14.1
..
..
..
..
..
..
..
7.1
..
19.1
..
15.8
..
16.8
..
..
..
..
..
..
..
1.0
..
5.1
..
8.8
..
10.6
..
27.4
1.0
24.6
1.0
20.8
2.6
20.8
6.7
36.6
18.1
35.6
16.2
34.6
15.9
0.3
..
0.2
..
0.1
..
0.1
..
0.1
..
0.2
..
0.2
..
1.7
..
1.5
..
1.1
-
0.9
-
5.2
0.1
5.2
0.1
5.0
0.1
..
..
..
..
0.6
..
0.8
..
0.7
..
0.7
..
0.7
..
0.4
..
0.8
..
0.7
..
12.1
1.4
89.4
3.4
126.6
3.8
156.0
3.6
2.4
..
2.0
..
3.4
..
10.8
4.2
43.3
5.4
46.2
5.7
46.4
5.7
0.5
..
2.0
-
5.8
0.7
19.3
2.3
32.2
2.4
35.4
2.8
35.6
2.6
/...
408
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
Hong Kong, China
inward
outward
India
inward
outward
Indonesia
inward
outward
Korea, Democratic Peoples Republic of
inward
outward
Korea, Republic of
inward
outward
Lao Peoples Democratic Republic
inward
outward
Macao, China
inward
outward
Malaysia
inward
outward
Maldives
inward
outward
Mongolia
inward
outward
Myanmar
inward
outward
Nepal
inward
outward
Pakistan
inward
outward
Philippines
inward
outward
Singapore
inward
outward
Sri Lanka
inward
outward
Taiwan Province of China
inward
outward
Thailand
inward
outward
Viet Nam
inward
outward
1980
1985
1990
1995
2000
2002
2003
623.8
0.5
525.5
6.7
269.6
15.9
160.6
55.6
275.4
234.9
226.8
191.6
236.5
211.9
0.2
-
0.3
-
0.5
-
1.6
0.1
3.8
0.4
5.2
0.8
5.4
0.9
13.2
..
28.2
0.1
34.0
0.1
25.0
0.6
40.4
1.6
33.3
1.5
27.5
1.3
..
..
..
..
3.4
..
13.7
..
10.0
..
9.5
..
9.2
..
2.1
0.2
2.3
0.5
2.1
0.9
1.8
2.0
7.3
5.2
8.0
5.7
7.8
5.7
0.3
..
..
1.5
..
11.4
-
31.6
9.7
32.9
12.6
30.1
14.9
..
..
203.7
..
86.4
..
40.3
..
45.2
..
50.1
6.9
54.2
7.1
20.7
0.8
23.3
4.3
23.4
6.1
32.3
12.4
58.5
23.6
59.5
29.8
57.2
28.8
11.4
..
2.8
..
12.6
-
15.3
-
19.0
-
22.2
-
23.0
-
..
..
..
..
..
3.1
-
19.2
-
27.7
-
36.6
-
.. a
..
.. a
..
..a
..
..
..
..
..
..
..
..
..
0.1
..
0.1
..
0.3
..
0.9
..
1.8
..
2.0
..
2.5
..
2.9
0.2
3.5
0.4
4.8
0.6
8.8
0.6
11.3
0.9
10.0
1.0
10.7
0.9
3.9
0.5
8.5
0.6
7.4
0.3
8.1
1.6
17.1
2.1
14.5
1.1
14.5
1.2
52.9
31.7
73.6
24.8
83.1
21.3
78.2
41.8
121.5
61.3
153.9
96.7
161.3
99.5
5.7
..
8.6
-
8.5
0.1
10.0
0.3
14.4
0.5
16.1
0.6
15.6
0.6
5.8
0.2
4.7
0.3
6.1
8.0
5.9
9.5
9.0
15.9
11.9
21.1
11.9
22.8
3.0
-
5.1
-
9.7
0.5
10.5
1.4
24.5
2.1
27.7
2.2
25.8
2.3
0.2
..
1.1
..
4.0
..
27.8
..
48.2
..
50.2
..
50.6
..
/...
409
ANNEX B
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (continued)
(Per cent)
Region/economy
1980
1985
1990
1995
2000
2002
2003
The Pacific
inward
outward
22.5
0.3
24.8
1.0
28.9
1.7
25.1
5.9
38.2
7.8
42.1
10.9
40.6
10.2
29.7
0.2
34.4
1.3
28.5
5.1
31.5
2.2
45.8
..a
44.9
..a
47.1
.. a
..
..
..a
..
1.2
..
2.6
0.1
9.5
0.1
10.4
0.1
9.4
-
2.4
..
4.1
..
3.0
..
3.0
..
4.8
..
4.6
..
4.7
..
29.4
0.4
28.2
0.9
49.1
0.5
36.1
8.3
58.2
15.1
75.3
22.6
65.0
18.7
1.1
..
2.2
..
8.1
..
14.4
..
22.5
..
20.6
..
18.2
..
24.2
..
20.3
..
33.0
..a
35.3
..a
46.8
..a
42.8
..a
37.1
.. a
0.2
..
0.4
..
0.8
0.1
4.9
0.1
13.3
0.1
18.1
0.1
19.8
0.1
..
..
..
..
..
..
2.7
..
8.8
..
189.4
..
246.4
..
29.0
..
52.3
..
71.8
..
109.0
..
158.9
..
174.8
..
176.9
..
..
..
0.2
..
1.3
0.4
5.4
0.9
19.2
3.7
24.8
6.4
23.7
6.0
..
..
..
..
..
..
7.4
1.8
15.4
2.2
18.8
1.8
18.1
1.5
..
..
..
..
..
..
0.5
..
10.2
-
11.2
-
10.8
-
..
..
..
..
..
..
1.0
0.6
7.9
0.8
13.8
0.7
16.4
0.6
..
..
..
..
0.5
..
3.4
0.8
17.9
0.7
22.6
0.8
29.1
0.8
..
..
..
..
..
..
2.5
3.7
19.3
4.7
31.6
8.5
49.6
10.0
..
..
..
..
3.9
..
14.1
0.7
42.1
1.4
55.3
2.2
48.0
2.0
..
..
..
..
..
..
19.3
1.9
51.4
5.0
65.0
10.4
77.6
12.2
Fiji
inward
outward
Kiribati
inward
outward
New Caledonia
inward
outward
Papua New Guinea
inward
outward
Samoa
inward
outward
Solomon Islands
inward
outward
Tonga
inward
outward
Tuvalu
inward
outward
Vanuatu
inward
outward
Central and Eastern Europe
inward
outward
Albania
inward
outward
Belarus
inward
outward
Bosnia and Herzegovina
inward
outward
Bulgaria
inward
outward
Croatia
inward
outward
Czech Republic
inward
outward
Estonia
inward
outward
/...
410
Annex table B.6. Inward and outward FDI stocks as a percentage of gross domestic product,
by region and economy, 1980, 1985, 1990, 1995, 2000, 2002, 2003 (concluded)
(Per cent)
Region/economy
Hungary
inward
outward
Latvia
inward
outward
Lithuania
inward
outward
Moldova, Republic of
inward
outward
Poland
inward
outward
Romania
inward
outward
Russian Federation
inward
outward
Serbia and Montenegro
inward
outward
Slovakia
inward
outward
Slovenia
inward
outward
TFYR Macedonia
inward
outward
Ukraine
inward
outward
1980
1985
1990
1995
2000
2002
2003
..
..
0.2
..
1.7
0.6
25.3
0.6
49.3
2.8
55.3
3.3
51.8
4.7
..
..
..
..
..
..
13.9
5.2
29.1
3.4
32.8
0.8
35.1
1.1
..
..
..
..
..
..
5.7
-
20.9
0.3
28.1
0.4
27.2
0.7
..
..
..
..
..
..
6.5
1.3
35.6
1.8
43.7
1.4
40.5
1.2
..
..
..
..
0.2
0.2
5.8
0.4
20.6
0.6
25.0
0.8
24.9
0.9
..
..
..
..
0.2
2.3
0.3
17.5
0.4
19.4
0.3
23.4
0.4
..
..
..
..
..
..
1.7
1.0
9.7
7.8
14.9
13.8
12.1
11.9
..
..
..
..
..
..
2.7
..
15.3
..
12.5
..
16.2
..
..
..
..
..
0.5
..
4.2
0.4
18.5
1.6
32.2
2.0
31.5
1.7
..
..
..
..
3.4
1.5
8.9
2.5
15.3
4.0
18.7
6.8
15.6
6.5
..
..
..
..
..
..
0.8
..
11.4
..a
24.7
-
22.1
-
..
..
..
..
..
..
2.5
0.3
12.4
0.5
13.0
0.3
14.1
0.3
4.0
0.6
4.9
2.6
5.5
1.1
9.3
2.1
19.1
2.9
23.6
2.8
24.5
2.7
1.8
0.5
10.1
0.8
12.3
2.6
14.6
2.2
18.5
2.7
20.4
3.6
19.0
3.7
13.5
..
18.3
4.2
15.6
4.2
15.9
6.2
28.7
14.4
31.0
15.0
30.5
14.7
Memorandum
Least developed countries b
inward
outward
Oil-exporting countries c
inward
outward
All developing economies, excluding China
inward
outward
Source:
a
b
Negative stock value. Stock data are estimated by accumulation or subtraction of flows. However, this value is included in the
regional and global total.
Least developed countries include: Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, Cape Verde,
Central African Republic, Chad, Comoros, Democratic Republic of Congo, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gambia,
Guinea, Guinea-Bissau, Haiti, Kiribati, Lao Peoples Democratic Republic, Lesotho, Liberia, Madagascar, Malawi, Maldives, Mali,
Mauritania, Mozambique, Myanmar, Nepal, Niger, Rwanda, Samoa, Sao Tome and Principe, Senegal, Sierra Leone, Solomon Islands,
Somalia, Sudan, Togo, Tuvalu, Uganda, United Republic of Tanzania, Vanuatu, Yemen and Zambia. Timor-Leste is not included
due to unavailability of data.
Oil-exporting countries include: Algeria, Angola, Bahrain, Brunei Darussalam, Congo, Gabon, Indonesia, Islamic Republic of Iran,
Iraq, Kuwait, Libyan Arab Jamahiriya, Nigeria, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, Trinidad and Tobago, United Arab
Emirates, Venezuela and Yemen.
115 623
112 749
34 274
31 012
253
793
218
80
3 018
1 300
22
205
3 095
5
1 182
11
723
192
19 917
3 262
669
239
2 353
72 641
8 737
63 904
5 834
4 380
106
29
1 320
Developed countries
Western Europe
European Union
Austria
Belgium
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
Sweden
United Kingdom
Other Western Europe
Andorra
Gibraltar
Guernsey
Iceland
Jersey
Liechtenstein
Malta
Man Island
Monaco
Norway
Switzerland
North America
Canada
United States
Other developed countries
Australia
Israel
Japan
New Zealand
1988
TOTAL WORLD
Region/economy
135 305
48 949
47 358
32
805
225
229
3 338
4 301
735
3 003
3 965
768
1 593
1 849
26 515
1 591
21
601
969
79 233
10 412
68 821
7 123
4 704
134
1 612
674
140 389
1989
134 239
67 370
62 133
189
4 469
496
51
8 183
6 220
115
595
2 165
531
1 484
213
3 832
4 489
29 102
5 237
668
4 569
60 427
5 731
54 697
6 442
2 545
44
148
3 704
150 576
1990
74 048
38 520
36 676
244
814
272
463
2 623
3 407
70
282
3 865
82
3 490
194
5 373
2 478
13 020
1 844
4
1
843
997
31 884
3 658
28 226
3 644
2 592
58
178
815
80 713
1991
68 349
45 831
44 761
107
493
99
209
9 150
5 521
413
81
3 672
9 362
668
4 668
2 455
7 863
1 070
487
582
18 393
2 554
15 839
4 125
2 446
293
230
1 157
79 280
1992
67 622
40 598
38 537
417
2 201
590
391
8 497
2 285
52
1 453
3 754
254
4 779
356
1 967
1 844
9 699
2 061
1 887
174
22 291
2 313
19 978
4 732
3 191
18
93
1 430
83 064
1993
110 632
57 262
55 280
540
1 026
570
550
16 290
4 468
15
242
6 909
380
2 789
63
3 615
6 016
11 807
1 982
397
1 585
49 093
4 364
44 730
4 277
2 975
235
750
317
127 110
1994
163 950
79 114
75 143
609
1 710
199
1 726
7 533
7 496
50
587
4 102
280
3 607
144
1 257
9 451
36 392
3 971
8
271
3 692
64 804
11 567
53 237
20 032
17 360
303
541
1 828
186 593
1995
187 616
88 512
81 895
856
8 469
459
1 199
13 575
11 924
493
724
2 764
506
3 538
793
1 463
3 863
31 271
6 617
9
4
2 198
4 407
78 907
10 839
68 069
20 197
13 099
541
1 719
4 839
227 023
1996
232 085
121 548
114 591
2 259
5 945
566
735
17 751
11 856
99
2 282
3 362
3 492
19 052
86
4 074
3 327
39 706
6 958
752
2 660
3 545
90 217
8 510
81 707
20 320
14 794
1 097
3 083
1 346
304 848
1997
443 200
194 391
187 853
3 551
6 865
3 802
4 780
16 885
19 047
21
729
4 480
35
19 359
427
5 700
11 093
91 081
6 538
9
3
1 182
5 344
225 980
16 432
209 548
22 829
14 737
1 754
4 022
2 316
531 648
1998
2000
679 481
370 718
357 311
380
24 984
4 615
3 144
23 834
39 555
191
4 739
11 237
7 360
39 010
211
5 841
59 676
132 534
13 407
8
26
31
250
276
8 703
4 113
275 884
23 950
251 934
32 879
11 996
2 854
16 431
1 598
1056 059
610 647
586 521
574
7 318
9 122
6 896
35 018
246 990
245
5 246
18 877
4 210
33 656
2 980
22 248
13 112
180 029
24 126
6
16
88
14
36
19
10 613
13 334
401 429
77 079
324 350
43 983
21 699
2 346
15 541
4 397
1999
496 159
228 995
212 960
9 175
6 897
2 461
490
14 424
48 641
1 854
6 151
9 104
2 681
27 628
409
8 713
5 774
68 558
16 035
2
157
181
85
22
3 080
12 508
226 798
41 918
184 880
40 365
16 879
4 452
15 183
3 851
593 960
2001
307 793
200 745
193 942
38
5 449
2 014
8 206
30 122
46 605
65
5 241
11 608
2 952
11 037
1 132
8 903
7 614
52 958
6 802
136
229
225
134
52
8
2 162
3 856
89 549
16 317
73 233
17 499
10 653
466
5 689
692
369 789
2002
240 419
138 144
121 977
2 115
3 182
1 384
3 557
17 495
25 158
943
185
15 259
958
9 180
1 732
5 110
4 321
31 397
16 168
17
142
43
34
382
5 579
9 970
74 827
5 157
69 670
29 011
9 713
808
10 948
5 979
296 988
2003
ANNEX B
411
1988
2 875
-
Region/economy
Developing economies
Africa
North Africa
Algeria
Egypt
Morocco
Sudan
Tunisia
Other Africa
Angola
Botswana
Cameroon
Cape Verde
Central African Republic
Chad
Congo
Cte dIvoire
Dem. Rep. of the Congo
Equatorial Guinea
Eritrea
Ethiopia
Gabon
Ghana
Guinea
Kenya
Madagascar
Malawi
Mali
Mauritania
Mauritius
Mozambique
Namibia
Nigeria
Rwanda
Senegal
Sierra Leone
South Africa
Swaziland
Uganda
United Rep. of Tanzania
5 057
1 039
24
24
1 015
15
1 000
-
1989
16 052
485
485
448
37
-
1990
5 786
47
1
1
46
36
10
-
1991
8 198
388
139
131
8
249
211
-
1992
14 265
1 806
242
177
64
1 565
4
34
1 506
21
1993
15 030
342
100
17
83
241
1
40
187
12
1994
16 493
840
10
10
830
4
4
2
61
23
4
39
18
14
640
2
1995
35 727
1 805
211
171
40
1 595
11
1
14
15
89
48
50
25
58
60
1
11
0
1 106
55
17
1996
66 999
4 346
680
102
578
3 666
4
194
39
52
10
3
107
2 664
387
29
1
1997
82 668
2 607
456
48
5
402
2 151
10
13
12
1 932
11
23
1998
74 030
3 117
914
42
738
123
11
2 203
83
1
27
36
38
4
1
18
2
66
1 902
-
1999
70 610
3 199
956
127
528
301
2 243
21
8
22
4
18
132
261
15
6
1 171
32
415
2000
Annex table B.7. Cross-border M&A sales, by region/economy of seller, 1988-2003 (continued)
(Millions of dollars)
85 813
15 524
2 916
660
2 211
45
12 608
19
70
1
300
14
48
30
10
8
1
2
13
11 916
4
120
2001
44 532
4 684
598
335
47
25
191
4 086
78
993
50
6
2
2 933
20
1
2002
42 130
6 427
4 594
3
2 200
1 624
768
1 832
20
55
1
5
32
88
67
1 563
2
2003
412
World Investment Report 2004: The Shift Towards Services
1989
1 929
322
27
15
2
260
18
1 607
27
214
374
64
395
533
-
1988
Zambia
Zimbabwe
Latin America and the Caribbean 1 305
South America
1 148
Argentina
60
Bolivia
Brazil
287
Chile
38
Colombia
764
Ecuador
Guyana
Paraguay
Peru
Suriname
Uruguay
Venezuela
Other Latin America and Caribbean 157
Antigua and Barbuda
Aruba
Bahamas
83
Barbados
Belize
Bermuda
British Virgin Islands
Cayman Islands
5
Costa Rica
Cuba
Dominican Republic
El Salvador
Grenada
Guatemala
Haiti
Honduras
Jamaica
Mexico
54
Netherlands Antilles
Nicaragua
Panama
15
Saint Kitts and Nevis
Puerto Rico
-
Region/economy
11 494
7 319
6 274
26
217
434
341
17
11
4 176
120
1 296
143
170
3
3
108
2 326
8
-
1990
3 529
2 901
302
158
338
49
7
15
2 032
628
210
189
50
6
138
3
5
10
-
1991
38
4 196
2 109
1 164
174
517
31
49
174
2 088
3
915
4
41
961
142
1992
5 110
2 840
1 803
624
276
8
62
5
62
2 270
79
52
1
29
62
1 864
6
-
1993
1
9 950
7 324
1 315
367
891
1 248
44
3 082
40
337
2 627
214
4
50
89
17
1
262
1 913
2
73
-
1994
18
1
8 636
6 509
1 869
821
1 761
717
67
35
945
19
278
2 127
2
6
251
412
96
299
40
719
291
9
-
1995
27
7
20 508
16 910
3 611
273
6 536
2 044
2 399
105
27
844
1 072
3 598
104
64
1 277
254
245
27
46
26
12
1 428
23
14
78
-
1996
173
2
41 103
25 439
4 635
911
12 064
2 427
2 516
27
1
2
911
1 946
15 663
23
32
5 601
19
28
300
41
5
30
7 927
42
652
-
1997
150
63 923
46 834
10 396
180
29 376
1 595
1 780
79
11
162
36
3 220
17 089
24
28
62
11 635
4
2
38
28
978
582
2
367
34
3 001
86
216
-
1998
1
24
41 964
39 033
19 407
232
9 357
8 361
302
214
23
861
276
2 931
924
13
122
71
673
101
859
11
151
6
1999
133
5
45 224
35 584
5 273
19
23 013
2 929
1 589
153
65
107
27
2 409
9 640
5
25
3
3 596
284
54
21
477
464
13
314
3 965
115
130
174
2000
Annex table B.7. Cross-border M&A sales, by region/economy of seller, 1988-2003 (continued)
(Millions of dollars)
53
35 837
16 174
5 431
7 003
2 830
170
6
67
555
3
36
73
19 663
13
198
1
62
683
34
8
8
168
121
537
525
17 017
89
83
8
108
2001
4
22 433
12 395
1 207
80
5 897
3 783
830
70
461
56
10
10 038
28
814
241
230
229
214
7 137
301
53
499
250
2002
12 085
8 566
2 467
5 271
95
37
273
0
247
12
164
3 519
47
55
44
1 414
150
126
23
417
1 155
-
2003
ANNEX B
413
1989
2 089
60
2
58
2 029
826
150
701
161
1988
Region/economy
4 073
113
113
3 960
8
2 620
5
86
1
15
1990
17
2 182
131
78
43
9
2 051
125
568
149
29
128
63
1991
22
3 614
203
58
24
116
5
3 411
221
1 674
35
233
46
22
404
1992
177
7 347
71
4
6
15
12
35
9
9
7 267
2
561
5 308
96
169
10
518
10
2
5
136
1993
2
4 701
49
49
4 652
715
1 602
385
206
443
1
828
1994
6 950
222
26
8
188
450
450
6 278
403
1 703
276
809
98
9
13
1 208
1995
13 368
403
7
26
370
3 221
1
3 216
4
9 745
1 906
3 267
206
530
768
1 124
462
1996
205
760
21 293
368
168
144
56
2 340
3
2 337
18 586
1
1 856
7 330
1 520
332
351
260
80
4 157
1997
16 097
82
11
71
174
173
1
15 842
33
798
938
361
683
1 096
2 259
1 905
1998
28 839
335
36
28
3
68
200
73
29
40
4
28 431
2 395
2
4 181
1 044
1 164
1 166
1
6
1 523
1999
22 182
970
161
567
54
2
182
4
107
36
1
70
21 105
2 247
4 793
1 219
819
441
6
366
2000
Annex table B.7. Cross-border M&A sales, by region/economy of seller, 1989-2003 (continued)
(Millions of dollars)
34 452
1 323
2
43
20
163
1 019
76
15
13
2
33 114
2 325
10 362
1 037
3 529
269
1 449
107
2 063
2001
40
17 387
458
4
427
9
122
52
52
1
11
16 807
2 072
90
1 865
1 698
2 790
266
109
485
222
544
2002
87
23 536
1 423
9
19
990
98
282
26
1 945
25
1 387
1
507
21
20 167
437
3 820
6 098
949
2 031
84
7
417
230
2003
414
World Investment Report 2004: The Shift Towards Services
1 143
1
11
70
285
226
59
-
1990
673
237
79
28
28
880
477
267
74
62
-
1991
276
3
498
2 733
43
780
392
1 396
33
88
-
1992
2
362
30
16
42
2
2
1 178
20
23
226
382
197
309
21
-
1993
1
355
10
16
89
2
37
36
1
1 419
90
45
408
139
3
9
357
181
63
83
41
30
1994
192
1 238
126
42
161
1
67
16
51
6 050
1
32
94
2 366
28
2 106
23
983
229
100
4
18
66
100
1995
The data cover the deals involving the acquisition of an equity stake of more than 10 per cent.
Note:
68
114
9
27
24
4
-
1989
262
38
-
Republic of Korea
Singapore
Sri Lanka
Taiwan Province of China
Thailand
Viet Nam
The Pacific
Cook Islands
Fiji
French Polynesia
Marshall Islands
Papua New Guinea
Solomon Islands
Vanuatu
Central and Eastern Europe
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Czech Republic
Former Czechoslovakia
Estonia
Hungary
Latvia
Lithuania
TFYR of Macedonia
Republic of Moldova
Poland
Romania
Russian Federation
Slovakia
Slovenia
Ukraine
Serbia and Montenegro
Yugoslavia (former)
Multinationala
Source :
1988
Region/economy
564
593
35
50
234
6
46
5
2
39
3 679
71
48
507
23
1 594
57
993
94
95
138
30
30
-
1996
836
294
275
601
633
63
257
257
5 764
497
61
671
64
298
63
12
2
808
391
2 681
38
133
1
45
-
1997
3 973
468
96
24
3 209
41
41
5 116
61
16
362
149
612
11
632
1 789
1 284
147
54
665
1998
10 062
2 958
22
1 837
2 011
59
110
4
106
10 371
4
1 133
1 164
2 402
114
537
20
427
45
3 707
447
180
41
14
136
2 162
1999
6 448
1 532
2
644
2 569
19
5
1
4
17 147
16
45
582
146
1 924
131
1 117
342
173
34
27
9 316
536
758
1 849
151
-
2000
Annex table B.7. Cross-border M&A sales, by region/economy of seller, 1989-2003 (concluded)
(Millions of dollars)
3 648
4 871
2 493
957
4
11 988
25
11
676
1 968
88
1 370
39
193
328
3 493
66
2 039
1 194
381
116
2
-
2001
5 375
556
3
480
247
6
28
28
17 463
19
138
875
5 204
15
1 278
4
225
5
3 131
124
1 252
3 350
1 502
74
268
-
2002
3 757
1 766
76
422
55
18
83
1
82
14 438
2
0
383
613
1 756
14
1 109
12
135
0
19
802
493
7 880
160
1
194
863
-
2003
ANNEX B
415
115 623
113 389
49 690
40 141
188
63
172
5 486
1 857
548
1 373
80
2 350
582
3 104
24 339
9 549
19
9 530
38 577
14 397
24 181
25 122
9 355
13 514
2 253
Developed countries
Western Europe
European Union
Austria
Belgium
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
Sweden
United Kingdom
Other Western Europe
Gibraltar
Iceland
Jersey
Liechtenstein
Malta
Man Island
Monaco
Norway
Switzerland
North America
Canada
United States
Other developed countries
Australia
Israel
Japan
New Zealand
1988
TOTAL WORLD
Region/economy
135 781
74 265
71 365
21
309
261
979
17 594
3 468
100
1 174
1 961
3 292
14
1 318
2 645
38 229
2 900
126
2 774
47 862
9 002
38 860
13 655
5 561
7 525
569
140 389
1989
143 070
92 567
86 525
236
813
767
1 136
21 828
6 795
3
730
5 314
734
5 619
17
4 087
12 572
25 873
6 043
160
1 380
4 503
30 766
3 139
27 627
19 736
3 806
28
14 048
1 854
150 576
1990
77 435
42 473
39 676
208
222
573
568
10 380
6 894
16
390
816
1 023
4 251
181
2 773
2 882
8 501
2 797
3
35
1 301
1 458
20 702
4 106
16 596
14 260
1 472
28
11 877
883
80 713
1991
72 995
49 753
44 391
62
625
258
8
12 389
4 409
19
358
5 167
415
5 304
502
983
1 813
12 080
5 362
7
113
270
4 973
17 190
2 155
15 035
6 052
676
61
4 392
923
79 280
1992
72 153
43 016
40 531
169
181
372
98
6 596
4 412
127
457
816
1 555
2 848
14
1 053
1 923
19 911
2 485
7
143
2 336
25 534
4 129
21 405
3 603
1 852
393
1 106
252
83 064
1993
112 401
75 943
63 857
23
3 107
172
417
6 717
7 608
21
1 447
1 622
244
8 714
144
3 828
3 118
26 675
12 086
62
4
643
11 378
33 610
5 079
28 531
2 848
1 602
143
1 058
44
127 110
1994
173 139
92 539
81 417
157
4 611
152
471
8 939
18 509
1 166
4 689
51
6 811
329
460
5 432
29 641
11 122
10
1 276
9 836
69 833
12 491
57 343
10 767
6 145
106
3 943
573
186 593
1995
196 735
110 628
96 674
4
3 029
638
1 464
14 755
17 984
2
2 265
1 627
1 037
12 148
96
3 458
2 058
36 109
13 954
3 956
9 998
69 501
8 757
60 744
16 606
9 283
484
5 660
1 180
227 023
1996
269 276
154 036
142 108
242
2 053
1 492
1 847
21 153
13 190
2 018
1 826
4 196
973
18 472
612
8 038
7 625
58 371
11 928
142
1 212
10 574
99 709
18 840
80 869
15 531
11 745
254
2 747
785
304 848
1997
508 916
324 658
284 373
302
2 225
1 250
7 333
30 926
66 728
1 439
3 196
15 200
891
24 280
4 522
15 031
15 952
95 099
40 285
1 170
39 115
173 039
35 618
137 421
11 219
8 147
791
1 284
997
531 648
1998
2000
700 808
539 246
517 155
1 771
13 357
5 654
2 236
88 656
85 530
287
4 198
12 801
2 847
48 909
1 434
25 452
9 914
214 109
22 091
6
8
4
1 382
20 691
138 881
18 571
120 310
22 681
10 138
605
10 517
1 421
1087 638
852 735
801 746
2 254
16 334
4 590
20 192
168 710
58 671
3 937
5 575
16 932
6 040
52 430
2 657
39 443
21 559
382 422
50 989
18
49
318
7 376
43 228
198 915
39 646
159 269
35 988
10 856
2 361
20 858
1 913
1999
534 151
348 738
327 252
1 171
16 951
4 163
7 573
59 169
57 011
1 267
2 063
11 135
4 537
31 160
668
11 253
7 365
111 764
21 486
160
730
43
50
102
1 510
18 892
135 019
38 980
96 039
50 395
32 506
781
16 131
976
593 960
2001
341 116
230 852
213 860
1 848
5 474
2 012
5 304
33 865
45 110
139
4 027
8 242
3 683
14 947
1 481
6 276
12 231
69 220
16 992
358
236
..
..
6 823
9 575
91 419
12 990
78 429
18 845
8 799
544
8 661
840
369 789
2002
255 286
127 722
119 559
1 744
3 166
2 724
600
8 777
19 669
371
1 702
4 662
613
8 506
107
5 538
4 428
56 953
8 163
289
159
3
77
303
6 993
98 436
16 041
82 395
29 128
14 549
1 357
8 442
4 780
/
296 988
2003
416
World Investment Report 2004: The Shift Towards Services
1989
3 995
5
5
5
992
91
2
89
901
-
1988
Developing economies
2 204
Africa
24
North Africa
Egypt
Libyan Arab Jamahiriya
Morocco
Tunisia
Other Africa
24
Botswana
Central African Republic
Gabon
Ghana
Kenya
Liberia
Mauritius
Namibia
Nigeria
South Africa
24
United Republic of Tanzania
Uganda
Zambia
Zimbabwe
Latin America and the Caribbean
100
South America
10
Argentina
Bolivia
Brazil
2
Chile
Colombia
Ecuador
Peru
Suriname
Uruguay
Venezuela
7
Other Latin America and Caribbean 91
Bahamas
83
Barbados
-
Region/economy
7 181
146
146
146
1 597
130
10
120
1 467
1
-
1990
3 258
430
430
229
201
387
269
181
45
2
41
118
-
1991
6 264
1 746
309
309
1 436
1 436
1 895
594
63
443
8
80
1 300
17
-
1992
10 784
406
54
18
36
352
352
2 507
1 795
71
439
828
11
446
712
-
1993
14 360
4 221
9
5
4
4 212
4 196
16
3 653
682
62
158
293
10
22
7
120
10
2 971
9
-
1994
13 372
645
11
11
634
4
35
2
593
3 951
3 405
1 984
379
794
91
50
62
3
42
546
142
-
1995
29 646
2 148
8
8
2 140
63
506
15
4
11
1 522
15
4
8 354
5 939
321
1 167
3 827
272
45
237
71
2 415
344
-
1996
35 210
2 800
2 800
34
2 766
10 720
6 038
1 170
2 357
1 497
157
44
813
4 682
23
15
1997
21 717
2 678
3
3
2 675
137
7
2 514
16
12 640
9 510
3 545
3 517
591
436
47
25
1 348
3 130
51
2
1998
63 406
5 762
40
7
10
23
5 722
7
5 715
44 767
3 874
1 313
1 908
322
102
220
9
40 893
459
-
1999
48 496
6 659
213
213
6 446
4
3
6 393
3
43
18 614
2 191
675
429
507
203
62
1
314
16 423
49
2000
Annex table B.8. Cross-border M&A purchases, by region/economy of purchaser, 1988-2003 (continued)
(Millions of dollars)
55 719
3 041
117
45
72
2 924
9
4
8
6
2 594
304
27 380
3 411
343
2 774
133
19
28
115
23 969
748
-
2001
27 585
1 999
5
5
1 994
40
1 947
7
11 701
3 643
4
4
1 302
1 744
530
59
8 059
44
671
2002
31 234
1 067
433
3
430
634
20
2
37
568
11 460
3 879
679
3 065
39
2
91
3
7 581
825
-
2003
ANNEX B
417
1989
24
837
16
24
2 998
253
168
83
2
2 745
202
-
1988
Belize
Bermuda
British Virgin Islands
Cayman Islands
Costa Rica
Cuba
Dominican Republic
El Salvador
Guatemala
Jamaica
Mexico
Netherlands Antilles
8
Panama
Puerto Rico
Trinidad and Tobago
Asia
2 080
West Asia
124
Abu Dhabi
Bahrain
Cyprus
Iran, Islamic Republic of
Jordan
Kuwait
Lebanon
Oman
Qatar
Saudi Arabia
Turkey
United Arab Emirates
124
Yemen
Central Asia
Kazakhstan
South, East and South-East Asia 1 956
Afghanistan
Bangladesh
Brunei Darussalam
China
17
Democratic Peoples Republic of Korea
-
Region/economy
483
16
680
288
5 438
2 112
528
1 537
48
3 325
60
-
1990
115
3
2 441
113
112
1
2 329
3
-
1991
130
10
888
11
245
2 624
105
100
5
2 518
13
573
-
1992
55
112
4
24
309
33
175
7 843
1 013
811
21
182
6 830
202
485
-
1993
1
189
44
530
8
2 190
6 486
1 199
300
630
11
257
5 287
307
-
1994
25
17
62
2
4
196
99
8 755
1 697
4
3
1 671
19
450
450
6 608
12
31
249
-
1995
703
260
207
7
867
7
17
19 136
1 589
41
648
42
350
356
153
17 547
189
451
-
1996
1 189
56
99
3
48
3 154
7
89
21 690
3 797
1 472
1 881
58
8
334
43
2
17 893
799
-
1997
63
2 139
99
673
100
5
6 399
399
45
55
217
4
77
6 001
1 276
-
1998
318
35 151
40
77
109
2 216
308
2 215
12 873
1 538
563
73
119
3
88
655
37
11 335
101
-
1999
11 492
489
24
1
4 231
2
5
125
5
22 895
1 750
79
15
22
32
2
1 550
48
2
6
6
21 139
470
2
2000
Annex table B.8. Cross-border M&A purchases, by region/economy of purchaser, 1988-2003 (continued)
(Millions of dollars)
13
20 792
473
1 539
8
363
33
25 298
454
274
32
105
39
4
24 844
452
-
2001
1 750
464
83
4 664
249
133
13 852
3 074
201
646
36
114
9
2 020
38
10
10 778
1 047
-
2002
428
127
156
13
5 282
624
120
7
18 708
1 560
432
5
441
125
15
473
7
62
170
170
16 978
1 647
/
2003
418
World Investment Report 2004: The Shift Towards Services
1 198
49
144
33
438
1 385
18
325
-
1990
1 342
1
3
149
14
187
570
59
14
14
4
3
1991
1 263
3
16
148
72
294
131
1
6
22
4
18
-
1992
4 113
219
50
774
25
74
849
38
28
28
113
19
62
18
8
6
14
1993
2 267
109
32
812
42
500
1 174
2
30
12
1
329
51
22
11
245
1
10
10
1994
Note: The data cover the deals involving the acquisition of an equity stake of more than 10 per cent.
773
11
27
235
764
464
269
6
6
606
-
1989
1 649
22
260
8
30
-
Source :
1988
Region/economy
2 299
29
163
1 122
153
1 392
892
122
144
22
13
9
59
48
2
8
2
23
1995
2 912
80
218
9 635
190
1 659
2 018
4
180
11
8
8
504
3
1
176
15
2
23
242
42
139
1996
8 402
1 287
676
894
54
2 379
2 888
433
55
27
275
60
100
60
1
6
45
0
2
1
4
83
1997
2 201
11
39
1 059
1
187
530
26
628
43
1 008
1
142
12
64
465
301
23
8
1998
2 321
126
243
1 377
450
330
1 097
4 720
8
408
154
4
4
1 549
797
3
13
5
118
1
132
52
424
4
281
1999
5 768
910
1 445
761
75
6
1 712
8 847
1 138
5
328
328
1 694
8
22
775
2
379
118
225
24
10
130
7
5 982
2000
Annex table B.8. Cross-border M&A purchases, by region/economy of purchaser, 1988-2003 (concluded)
(Millions of dollars)
3 012
2 195
1 375
254
4
175
16 516
161
699
2 225
43
41
1 331
324
10
371
91
14
1
1 864
2001
5 062
270
197
930
2
63
98
2 946
3
74
87
33
28
1 087
8
42
30
242
..
..
16
58
19
606
4
63
-
2002
4 168
1 362
2
3 685
1
662
5 018
253
176
4
10 467
32
141
11
949
529
1
8 763
23
15
3
-
2003
ANNEX B
419
69 911
609
533
9 095
7 263
14 460
21 722
11 831
5
469
3 858
66
75 495
12 676
1 281
7 765
2 305
6 480
12 275
2 745
5 630
4 426
1 750
6 114
3 992
7 390
666
5 170
221
4 949
76
43 297
1 072
279
7 904
1 293
3 757
14 188
5 100
33
84
9 554
33
36 176
5 127
731
2 714
353
5 676
5 773
574
1 113
2 246
1 140
8 361
1 112
995
261
1 164
548
617
80 713
1991
1992
37
32 384
1 847
651
5 703
1 408
3 035
13 178
3 808
237
2 474
44
43 222
9 398
760
1 588
5 192
1 596
5 581
228
5 410
2 534
1 087
6 198
1 080
2 211
360
3 637
301
3 336
79 280
Source :
48 851
1 028
813
12 377
3 316
3 578
14 616
5 264
7
460
7 363
30
Tertiary
37 986
Electricity, gas, and water
116
Construction
295
Trade
10 013
Hotels and restaurants
6 829
Transport, storage and communications
2 182
Finance
14 471
Business services
3 009
Public administration and defence
Education
Health and social services
86
Community, social and personal service activities 984
Other services
3
89 596
8 719
1 720
9 176
6 544
9 151
18 368
1 387
3 887
6 399
2 078
12 771
2 626
5 215
1 556
Manufacturing
73 727
Food, beverages and tobacco
14 462
Textiles, clothing and leather
812
Wood and wood products
1 793
Publishing and printing
11 741
Coke, petroleum and nuclear fuel
17 868
Chemicals and chemical products
5 008
Rubber and plastic products
3 620
Non-metallic mineral products
2 452
Metal and metal products
1 606
Machinery and equipment
2 878
Electrical and electronic equipment
6 998
Precision instruments
3 596
Motor vehicles and other transport equipment
889
Other manufacturing
4
Unknown a
1990
1989
1 941
225
1 717
115 623
1988
3 911
1 809
2 102
Primary
Agriculture, hunting, forestry, and fishing
Mining, quarrying and petroleum
Total
Sector/industry
1994
1995
1996
10
35 649
1 783
331
7 537
1 412
6 559
12 168
3 664
421
261
1 404
110
43 204
7 751
1 173
2 031
1 183
1 479
11 393
265
2 204
2 252
1 661
3 895
4 495
2 743
680
4 201
406
3 795
52 270
2 510
838
8 753
2 335
13 540
10 568
8 406
18
2 463
2 319
520
69 321
13 528
1 431
4 262
2 747
4 216
20 061
997
5 201
2 743
3 312
3 432
1 882
4 988
522
5 517
950
4 568
88 522
6 558
849
5 725
10 853
13 965
15 430
3 943
2 840
8 728
4 301
7 573
3 300
4 150
308
7 935
498
7 437
334
84 462
18 108
2 039
4 855
1 341
5 644
26 984
4 313
2 726
2 515
5 103
5 581
2 023
2 657
575
8 499
1 019
7 480
1993
174 744
29 620
602
21 664
4 445
17 736
50 836
26 480
111
179
3 396
19 656
19
121 379
22 053
1 732
6 854
2 607
11 315
35 395
2 306
6 153
9 853
7 546
7 897
3 322
4 189
158
8 725
2 098
6 628
304 848
1997
257 843
32 249
1 434
27 332
10 332
51 445
83 432
42 497
395
42
641
7 976
69
263 206
17 001
1 632
7 237
12 798
67 280
31 806
2 264
8 100
8 376
8 918
35 819
9 251
50 767
1 958
10 599
6 673
3 926
531 648
1998
2000
101
467 853
40 843
3 205
55 463
4 836
167 723
126 710
52 748
1 769
66
724
13 724
42
288 090
28 242
5 276
9 456
10 248
22 637
86 389
3 786
12 129
10 825
20 850
51 770
7 269
18 517
696
10 000
656
9 344
842 342
46 711
5 170
34 918
2 883
365 673
183 665
137 416
8
219
751
64 855
73
291 654
50 247
2 526
23 562
4 875
45 015
30 446
4 723
11 663
16 782
8 980
53 859
13 518
25 272
186
9 815
1 110
8 705
1999
Annex table B.9. Cross-border M&As, by sector and industry of seller, 1988-2003
(Millions of dollars)
2 167
27 668
6 169
121 490
122 005
54 319
329
438
1 875
10 862
136
368 506
197 174
34 628
3 510
13 878
16 767
31 167
26 462
2 406
8 359
12 890
4 073
25 732
10 375
5 662
1 266
28 280
316
27 964
593 960
2001
219 623
61 572
1 465
17 813
2 758
30 824
41 903
47 248
76
7
781
15 169
7
137 414
32 072
915
7 325
2 986
33 018
20 370
2 257
3 183
10 034
2 564
8 556
5 064
8 590
479
12 751
265
12 486
369 789
2002
159 561
15 909
1 089
13 411
3 914
34 724
54 790
23 565
55
77
1 115
10 911
2
129 713
29 597
676
2 765
11 886
24 267
22 927
1 582
2 688
8 083
4 332
5 409
8 046
5 760
1 694
7 714
1 350
6 363
296 988
2003
420
World Investment Report 2004: The Shift Towards Services
114
68 423
332
257
6 205
3 066
4 785
43 671
6 377
667
530
2 469
66
79 908
13 523
3 363
6 717
2 363
7 051
15 260
1 904
6 183
3 076
1 906
7 190
2 861
8 369
143
2 131
47
2 084
187
33 985
1 072
695
3 739
340
1 367
22 395
3 100
4
41
1 206
27
44 985
5 212
1 401
2 244
689
6 199
4 043
411
911
1 874
1 171
19 346
445
928
113
1 556
471
1 085
80 713
1991
1992
50
40 965
1 012
316
2 870
323
1 596
30 406
3 298
221
835
88
35 287
6 383
406
1 743
5 022
1 442
5 142
710
3 939
2 308
671
5 057
619
1 633
214
2 978
204
2 775
79 280
Source :
42 264
771
1 181
4 356
1 534
5 004
23 402
4 949
13
216
155
678
5
Tertiary
39 221
Electricity, gas, and water
1 034
Construction
2 740
Trade
4 109
Hotels and restaurants
3 561
Transport, storage and communications
1 062
Finance
13 218
Business services
9 888
Public administration and defence
1 952
Education
Health and social services
14
Community, social and personal service activities 1 640
Other services
3
258
95 149
15 484
1 636
5 637
6 518
9 384
19 335
2 609
2 983
5 992
2 567
17 062
1 511
4 357
74
71 747
19 774
608
3 115
8 951
15 360
4 332
3 528
1 865
2 729
2 288
6 474
1 251
1 470
3
2 976
1 466
1 511
Manufacturing
Food, beverages and tobacco
Textiles, clothing and leather
Wood and wood products
Publishing and printing
Coke, petroleum and nuclear fuel
Chemicals and chemical products
Rubber and plastic products
Non-metallic mineral products
Metal and metal products
Machinery and equipment
Electrical and electronic equipment
Precision instruments
Motor vehicles and other transport equipment
Other manufacturing
Unknown a
1990
1989
4 398
2 078
2 320
115 623
1988
Primary
Agriculture, hunting, forestry, and fishing
Mining, quarrying and petroleum
Total
Sector/industry
1994
1995
1996
45
42 028
1 250
177
6 186
569
4 048
24 589
3 532
81
420
203
906
69
36 837
7 668
3 767
2 933
1 998
2 243
4 605
387
2 404
2 046
1 239
4 608
1 415
1 437
88
4 155
65
4 090
10
49 519
830
1 350
5 636
997
10 480
24 268
3 972
154
1 332
500
72 549
7 872
332
2 483
4 866
3 499
31 473
176
5 232
2 475
2 416
4 822
1 135
5 271
497
5 032
154
4 878
88 821
9 684
778
3 143
7 829
12 994
18 555
659
4 585
13 395
2 463
6 660
3 033
4 411
633
5 684
962
4 723
34
104
93 784
22 546
1 569
6 466
2 332
6 679
28 186
4 852
2 740
1 472
3 760
7 576
2 809
2 267
528
7 951
182
7 769
1993
38
164 457
18 787
2 546
16 515
2 482
14 735
82 616
14 721
102
98
321
11 000
534
133 202
21 439
1 254
6 157
6 774
11 860
38 664
2 363
6 965
8 512
4 767
9 093
4 757
5 072
5 527
7 150
1 541
5 609
304 848
1997
488
268 486
27 527
1 336
19 624
2 799
30 165
142 066
22 889
30
738
19 887
1 426
257 220
16 922
3 062
13 131
12 050
67 665
34 822
2 790
8 823
7 947
4 553
29 062
7 209
48 904
280
5 455
1 497
3 958
531 648
1998
2000
24
471 497
55 111
1 787
29 524
3 593
163 928
174 238
35 695
310
54
35
7 214
8
287 126
33 014
2 122
7 138
13 245
36 939
80 865
1 105
12 494
10 974
26 325
40 893
4 302
17 038
672
7 397
241
7 156
38
832 303
84 409
2 921
19 399
2 120
368 954
241 282
82 790
17
107
513
29 784
7
302 507
60 189
3 741
18 342
9 365
40 701
24 085
1 214
12 881
12 713
12 938
68 284
6 195
30 852
1 007
8 968
1 472
7 496
1999
Annex table B.10. Cross-border M&As, by sector and industry of purchaser, 1988-2003
(Millions of dollars)
110
387 425
17 953
1 397
20 238
2 895
112 498
181 234
33 111
13
110
1 472
16 467
37
199 887
23 238
1 129
12 498
18 616
30 971
22 935
1 535
8 392
20 081
20 130
29 097
5 875
5 127
263
6 537
784
5 753
593 960
2001
1 248
243 771
57 866
1 041
23 189
1 130
37 115
90 787
29 805
318
710
1 809
-
115 460
20 996
549
5 258
5 731
28 201
20 958
819
2 186
9 015
3 432
8 678
2 689
6 516
432
9 309
37
9 272
369 789
2002
180 002
13 440
1 048
15 184
1 073
21 598
114 150
9 090
604
41
541
3 231
2
112 758
23 307
681
2 671
11 370
20 260
16 927
893
1 867
11 390
1 932
7 817
7 072
6 322
250
4 227
228
4 000
296 988
2003
ANNEX B
421
422
Selected UNCT
AD Pub
lica
tions on TNCs and FDI
UNCTAD
Publica
lications
424
B. Other Studies
UNCTAD, FDI in Landlocked Developing Countries at
a Glance (Geneva, 2003). Document symbol: UNCTAD/
ITE/IIA/2003/5. Available free of charge.
UNCTAD, Foreign Direct Investment in the World and
Poland: Trends, Determinants and Economic Impact.
(Warsaw, 2002). ISBN 83-918182-0-9.
UNCTAD, FDI in Least Developed Countries at a glance:
2002 (Geneva, 2002). Document symbol: UNCTAD/ITE/
IIA/6. 150 pages. Available free of charge.
UNCTAD, Tax incentives and FDI: A Global Survey
(Geneva, 2001). Sales No. E.01.II.D.5.
UNCTAD, FDI in Least Developed Countries at a glance:
2001 (Geneva, 2001). Document symbol: UNCTAD/ITE/
IIA/3. 150 pages. Available free of charge.
UNCTAD, Invest in France Mission, DATAR and Arthur
Andersen, International Investment: Towards the Year
2002 (Paris, 1998). 167 pages (E,F). Sales No.
GV.E.98.0.15. $29.
UNCTAD, Invest in France Mission, DATAR and Arthur
Andersen, International Investment: Towards the Year
2001 (Paris, 1997). 81 pages. Sales No. GV.E.97.0.5. $35.
UNCTAD, Sharing Asias Dynamism: Asian Direct
Investment in the European Union (Geneva, 1997). 143
pages. Sales No. E.97.II.D. 1. $26.
UNCTAD and the European Commission, Investing in
Asias Dynamism: European Union Direct Investment
in Asia (A joint publication with the Office for Official
Publications of the European Communities, Luxembourg,
1996). 124 pages. ISBN 92-827-7675-1. ECU 14.
UNCTAD, Foreign Direct Investment in Africa. Current
Studies, Series A, No. 28 (Geneva, 1996). 115 pages (E,
F). Sales No. E.95.II.A.6. $20.
UNCTC, Transnational Corporations in World Development: Trends and Prospects. Executive Summary (New
York, 1988). 63 pages. Sales No. E.88.II.A.15. Out of
print. Available on microfiche.
UNCTC, Foreign Direct Investment in Latin America:
Recent Trends, Prospects and Policy Issues. Current
Studies, Series A, No. 3. (New York, 1986). 28 pages.
Sales No. E.86.II.A. 14. Out of print. Available on microfiche. Paper copy from microfiche: $40.
UNCTC, Trends and Issues in Foreign Direct Investment and Related Flows: A Technical Paper (New York,
1985). 96 pages. Sales No. E.85.II.A.15. Out of print.
Available on microfiche. Paper copy from microfiche:
$110.
UNCTC, Transnational Corporations in World Development: Third Survey (New York, 1983). (Also published
by Grahain and Trotman, London, 1985). 386 pages (A,
C, E, F, R, S). Sales No. E.83.II.A. 14 and Corrigendum.
Out of print. Available on microfiche. Paper copy from
microfiche: $400.
UNCTC, Salient Features and Trends in Foreign Direct Investment (New York, 1983). 71 pages (A, C, E,
F, R, S). Sales No. E.83.II.A.8. Out of print. Available
on microfiche. Paper copy from microfiche: $82.
UNCTC, Transnational Corporations in World Development: A Re-examination (New York, 1978). 346 pages
(E, F, S). Sales No. E.78.1I.A.5. Out of print. Available
on microfiche. Paper copy from microfiche: $360.
United Nations Department of Economic and Social
Affairs, Multinational Corporations in World Development (New York, 1973). (Also published by Praeger, New
York, 1974, 200 pages). 196 pages (E, F, R, S). Sales No.
E.73.II.A. 11. Out of print. Available on microfiche. Paper
copy from microfiche: $204.
UNCTAD, Transnational Corporations and World Development (Published by International Thomson Business Press, for and on behalf of UNCTAD DITE, 1996).
656 pages. ISBN 0-415-08560-8 (hardback), 0-415-085616 (paperback). 65.00 (hardback), 20.99 (paperback).
The United Nations Library on Transnational Corporations. (The original, hardback version was published
by Routledge, for and on behalf of UNCTAD, 1994).
Twenty volumes, in five boxed sets of four volumes per
set, ISBN 0-415-08559-4, 1,750 (350 per set), can be
ordered in the U.S.A. and Canada from Routledge, Inc.,
29 West 35th Street, New York, NY 1000 1, U. S.A.
(U.S.A. Tel.: ++ 1212 244 6412 and Fax: ++ 1212 268
9964; Canada Tel.: ++ 1 800 248 4724). In the U.K., by
contacting: Routledge Customer Services Department,
FREEPOST, ITPS, Cheriton House, North Way, Andover,
Hants SP 10 5BR, U.K. (Tel.: ++44 1264 342811/342939;
Fax: ++44 1264 364418).
425
Volume 18: Chen, Edward (ed.). Transnational Corporations and Technology Transfer to Developing
Countries. 486 pages.
Volume 19: Rubin, Seymour and Don Wallace, Jr. (eds.).
Transnational Corporations and National Law. 322
pages.
Volume 20: Fatouros, Arghyrios (ed.). Transnational
Corporations. The International Legal Framework. 545
pages.
II. DEVEL
OPMENT ISSUES
DEVELOPMENT
AND FDI
Transnational Corporations. A refereed journal published three times a year. (Supersedes the CTC Reporter
as of February 1992). Annual subscription (3 issues):
$45. Single issue: $20.
UNCTAD, Investment and Technology Policies for
Competitiveness: Review of Successful Country Experiences (Geneva, 2003). Document symbol: UNCTAD/
ITE/ICP/2003/2.
UNCTAD, The Development Dimension of FDI: Policy
and Rule-Making Perspectives (Geneva, 2003). Sales
No. E.03.II.D.22. $35.
UNCTAD, FDI and Performance Requirements: New
Evidence from Selected Countries (Geneva, 2003). Sales
No. E.03.II.D.32. 318 pages. $ 35.
UNCTAD, Measures of the Transnationalization of
Economic Activity (New York and Geneva, 2001).
Document symbol: UNCTAD/ITE/IIA/1. Sales No.
E.01.II.D.2.
UNCTAD, FDI Determinants and TNC Strategies: The
Case of Brazil (Geneva, 2000). Sales No. E.00:II.D.2.
UNCTAD,
The
Competitiveness
Challenge:
Transnational Corporations and Industrial Restructuring in Developing Countries (Geneva, 2000). Sales
No. E.00.II.D.35.
UNCTAD, Foreign Direct Investment in Africa: Performance and Potential (Geneva, 1999). Document
symbol: UNCTAD/ITE/IIT/Misc.15. Available free of
charge.
UNCTAD, The Financial Crisis in Asia and Foreign
Direct Investment An Assessment (Geneva, 1998). 110
pages. Sales No. GV.E.98.0.29. $20.
UNCTAD, Handbook on Foreign Direct Investment by
Small and Medium-sized Enterprises: Lessons from
Asia (New York and Geneva, 1998). 202 pages. Sales
No. E.98.II.D.4. $48.
UNCTAD, Handbook on Foreign Direct Investment by
Small and Medium-sized Enterprises: Lessons from
Asia. Executive Summary and Report on the Kunming
Conference. 70 pages. Document symbol: UNCTAD/
ITE/IIT/6 (Summary). Available free of charge.
UNCTAD, Survey of Best Practices in Investment
Promotion (New York and Geneva, 1997). 81 pages.
Sales No. E.97.II.D.11. $35.
426
III. SECT
ORAL STUDIES
SECTORAL
A. TNCs in the Manufacturing and
Extractive Sectors
UNCTC, The Determinants of Foreign Direct Investment: A Survey of the Evidence (New York, 1992). 84
pages. Sales No. E.92.1l.A.2. $12.50.
UNCTC, New Approaches to Best-Practice Manufacturing: The Role of Transnational Corporations and
Implications for Developing Countries. Current Studies,
Series A, No. 12. (New York, 1990). 76 pages. Sales
No. E.90.II.A. 13. $20.
427
UNCTC, Transnational Corporations in the International Auto Industry (New York, 1983). 223 pages. Sales
No. E.83.II.A.6. Out of print. Available on microfiche.
Paper copy from microfiche: $242.
UNCTC, Transnational Corporations in the Agricultural Machinery and Equipment Industry (New York,
1983). 134 pages. Sales No. E.83.II.A.4. Out of print.
Available on microfiche. Paper copy from microfiche:
$148.
UNCTC, Transnational Banks and the External Indebtedness of Developing Countries: Impact of Regulatory Changes. Current Studies,
428
UNCTC, Transnational Corporations in the Construction and Design Engineering Industry (New York,
1989). 60 pages. Sales No. E.89.II.A.6. Out of print.
Available on microfiche. Paper copy from microfiche:
$74.
Dunning, John H., Transnational Corporations and the
Growth of Services: Some Conceptual and Theoretical
Issues. Current Studies, Series A, No. 9. (New York,
1989). 80 pages. Sales No. E.89.II.A.5. Out of print.
Available on microfiche. Paper copy from microfiche:
$92.
UNCTC, Foreign Direct Investment and Transnational
Corporations in Services (New York, 1989). 229 pages.
Sales No. E.89.II.A. 1. Out of print. Available on microfiche. Paper copy from microfiche: $240.
UNCTC, Data Goods and Data Services in the Socialist
Countries of Eastern Europe (New York, 1988). 103
pages. Sales No. E.88.II.A.20. Out of print. Available
on microfiche. Paper copy from microfiche: $114.
UNCTC, Foreign Direct Investment, the Service Sector
and International Banking. Current Studies, Series A,
No. 7. (New York, 1987). (Also published by Graham
and Trotman, Londori, 1988). 71 pages. Sales No.
E.87.II.A. 15. $9.
UNCTC, Transborder Data Flows: Transnational
Corporations and Remote-Sensing Data (New York,
1984). 74 pages. Sales No. E.84.II.A.11 and
Corrigendum. (book reads: E.84.II.A.8). Outofprint.
Available on microfiche. Paper copy from microfiche:
$82.
UNCTC, Transborder Data Flows and Poland. Polish
Case Study. A Technical Paper (New York, 1984). (Also
published by North-Holland, Amsterdam, 1984). 75
pages. Sales No. E.84.1l.A.8. Out of print. Available
on microfiche. Paper copy from microfiche: $86.
UNCTC, Transborder Data Flows and Brazil (New
York, 1983). (Also published by NorthHolland, Amsterdam, 1984). 418 pages. Sales No. E.83.II.A.3. Out of
print. Available on microfiche. Paper copy from microfiche: $400.
UNCTC, Transborder Data Flows: Access to the International On-line Data-base Market (New York,
1983). (Also published by North-Holland, Amsterdam,
1984.) 140 pages. Sales No. E.83.II.A. 1. Out of print.
Available on microfiche. Paper copy from microfiche:
S 154.
UNCTC, Transnational Corporations in International
Tourism (New York, 1982). 113 pages. Sales No.
E.82.II.A.9. Out of print. Available on microfiche. Paper
copy from microfiche: $123.
UNCTC, Transnational Corporations and Transborder
Data Flows: A Technical Paper (New York, 1982). 149
pages. Sales No. E.82.II.A.4. Out of print. Available
on microfiche. Paper copy from microfiche: $159.
UNCTC, Transnational Banks: Operations, Strategies
and Their Effects in Developing Countries (New York,
1981). 140 pages. Sales No. E.8 1.II.A.7. Out of print.
Available on microfiche. Paper copy from microfiche:
$15 1.
IV
OGY
IV.. TNCs
TNCs,, TECHNOL
TECHNOLOGY
TRANSFER AND
INTELLECTU
AL PROPER
TY
INTELLECTUAL
PROPERTY
RIGHTS
UNCTAD, Transfer of Technology for Successful
Integration into the Global Economy (New York and
Geneva, 2003). Sales No. E.03.II.D.31. 206 pages.
UNCTAD, Compendium of International Arrangements
on Transfer of Technology (Geneva, 2001). Sales No.
E.01.II.D.28.
UNCTAD, The TRIPS Agreement and Developing
Countries (Geneva, 1997). 64 pages. Sales No.
E.96.II.13. 10. $22.
UNCTAD, Fostering Technological Dynamism: Evolution of Thought and Technological Development
Process and Competitiveness: A Literature Review
(Geneva, 1995). 183 pages. Sales No. E.95.II.D.21. $35.
UNCTAD, Intellectual Property Rights and Foreign
Direct Investment. Current Studies, Series A, No. 24.
(New York, 1993). 108 pages. Sales No. E.93.II.A. 10.
$20.
UNCTC, Foreign Direct Investment and Technology
Transfer in India (New York, 1992). 150 pages. Sales
No. E.92.II.A.3. $20.
UNCTC, Transnational Corporations and the Transfer
of New and Emerging Technologies to Developing
Countries (New York, 1990). 141 pages. Sales No.
E.90.II.A.20. $27.50.
UNCTC, Transnational Corporations and the Transfer
of New Management Practices to Developing Countries (New York, 1993). ST/CTC/153.
UNCTC, New Approaches to Best-Practice Manufacturing: The Role of Transnational Corporations and
Implications for Developing Countries. Current Studies,
Series A, No. 12. (New York, 1990). 76 pages. Sales
No. E.90.II.A. 13. $12.50.
UNCTC and ESCAP Joint Unit, Technology Acquisition under Alternative Arrangements with
Transnational Corporations: Selected Industrial Case
Studies in Thailand. Current Studies,
Series A, No. 6. (New York, 1987). 55 pages. Sales No.
E. 87.II.A. 14. Out of print. Available on microfiche.
Paper copy from microfiche: $64.
UNCTC, Transnational Corporations and Technology
Transfer: Effects and Policy Issues (New York, 1987).
77 pages. Sales No. E.87.II.A.4. Out of print. Available on microfiche. Paper copy from microfiche: $90.
429
430
VI. INTERN
ATION
AL
INTERNA
TIONAL
ARRANGEMENTS AND
AGREEMENTS
A. Series on Issues in International
Investment Agreements (IIAs)
UNCTAD, Glossary of Key Concepts Used in IIAs.
UNCTAD Series on Issues in International Investment
Agreements (New York and Geneva, 2003)
UNCTAD, Incentives UNCTAD Series on Issues in
International Investment Agreements (New York and
Geneva, 2003). Sales No. E.04.II.D.6. $15.
B. Other studies
UNCTADs Work Programme on International Investment Agreements: From UNCTAD IX to UNCTAD X.
Document symbol: UNCTAD/ITE/IIT/Misc.26. Available
free of charge.
UNCTAD, Progress Report. Work undertaken within
UNCTADs work programme on International Investment Agreements between the 10 th Conference of
UNCTAD 10th Conference of UNCTAD, Bangkok,
February 2000, and July 2002 (New York and Geneva,
2002). UNCTAD/ITE/Misc.58. Available free of charge.
UNCTAD, Bilateral Investment Treaties in the Mid1990s (New York and Geneva, 1998). 322 pages. Sales
No. E.98.II.D.8. $46.
UNCTAD, Bilateral Investment Treaties: 1959-1999
(Geneva and New York, 2000) Sales No. E.92.II.A.16.
$22.
431
VII. N
ATION
AL POLICIES
NA
TIONAL
POLICIES,,
LAWS
ATIONS AND
AWS,, REGUL
REGULA
CTS REL
ATING T
O
CONTRA
CONTRACTS
RELA
TO
TNCs
UNCTAD, Investment Policy Review of Lesotho (Geneva, 2003). 105 pages. Sales No. E.03.II.D.18.
UNCTC, The New Code Environment. Current Studies, Series A, No. 16. (New York, 1990). 54 pages. Sales
No. E.90.II.A.7. Out of print. Available on microfiche.
Paper copy from microfiche: $68.
UNCTC, Key Concepts in International Investment
Arrangements and Their Relevance to Negotiations on
International Transactions in Services. Current Studies,
Series A, No. 13. (New York, 1990). 66 pages. Sales
No. E.90.II.A.3. $9.
UNCTC, Bilateral Investment Treaties (New York,
1988). (Also published by Graham and Trotman, London/
Dordrecht/Boston, 1988). 188 pages. Sales No.
E.88.II.A. 1. $20.
UNCTC, The United Nations Code of Conduct on
Transnational Corporations. Current Studies, Series
A, No. 4. (New York, 1986). 80 pages. Sales No.
E.86.II.A. 15. Out of print. Available on microfiche.
Paper copy from microfiche: $88.
Vagts, Detlev F., The Question of a Reference to International Obligations in the United Nations Code of
Conduct on Transnational Corporations: A Different
View. Current Studies,
Series A, No. 2. (New York, 1986). 17 pages. Sales No.
E.86.II.A.11. Out of print. Available on microfiche.
Paper copy from microfiche: $24.
UNCTAD, Investment Policy Review of Algeria (Geneva, 2004). 110 pages. UNCTAD/ITE/IPC/2003/9.
UNCTAD, Investment Policy Review of Sri Lanka
(Geneva, 2003). 89 pages. UNCTAD/ITE/IPC/2003/8
432
B. Investment Guides
UNCTAD and ICC, An Investment Guide to Mauritania
(Geneva, 2004). Document symbol: UNCTAD/IIA/2004/
4. Free of charge.
UNCTAD and ICC, An Investment Guide to Cambodia (Geneva, 2003). 89 pages. Document symbol:
UNCTAD/IIA/2003/6. Free of charge.
UNCTAD and ICC, An Investment Guide to Nepal
(Geneva, 2003). 97 pages. Document symbol: UNCTAD/
IIA/2003/2. Free of charge.
UNCTAD and ICC, An Investment Guide to Mozambique (Geneva, 2002). 109 pages. Document symbol:
UNCTAD/IIA/4. Free of charge.
UNCTAD and ICC, An Investment Guide to Uganda
(Geneva, 2001). 76 pages. Document symbol: UNCTAD/
ITE/IIT/Misc.30. Publication updated in 2004. New
document symbol UNCTAD/ITE/IIA/2004/3. Free of
charge.
UNCTAD and ICC, An Investment Guide to Mali (Geneva, 2001). 105 pages. Document symbol: UNCTAD/
ITE/IIT/Misc.24. Publication updated in 2004. New
document symbol UNCTAD/ITE/IIA/2004/1. Free of
charge.
UNCTAD and ICC, An Investment Guide to Ethiopia
(Geneva, 2000). 68 pages. Document symbol: UNCTAD/
ITE/IIT/Misc.19. Publication updated in 2004. New
document symbol UNCTAD/ITE/IIA/2004/2. Free of
charge.
UNCTAD and ICC, An Investment Guide to Bangladesh (Geneva, 2000). 66 pages. Document symbol:
UNCTAD/ITE/IIT/Misc.29. Free of charge.
433
UNCTC, Management Contracts in Developing Countries: An Analysis of Their Substantive Provisions (New
York, 1983). 139 pages (E, F, S). Sales No. E.82.II.A.21.
Out of print. Available on microfiche. Paper copy from
microfiche: $150.
D. Other Studies
UNCTAD, Investment Regimes in the Arab World:
Issues and Policies. (Geneva, 2000). Sales No. E/
F.00.II.D.32. $39.
UNCTC, Debt Equity Conversions: A Guide for Decision-makers (New York, 1991). 149 pages. Sales No.
E.90.II.A.22. $27.50.
UNCTC, International Income Taxation and Developing Countries (New York, 1988). 103 pages. Sales
No. E.88.II.A.6. Out of print. Available on microfiche.
Paper copy from microfiche: $120.
UNCTC, The Impact of Multinational Corporations
on Development and on International Relations. Technical Paper: Taxation (New York, 1974). 111 pages.
Sales No. E.74.II.A.6. Out of print. Available on microfiche. Paper copy from microfiche: $110.
UNCTAD, Comparative Analysis of Petroleum Exploration Contracts (New York and Geneva, 1995). Advisory Studies, Series B, No. 21. 80 pages. Sales No.
E. 96.1l.A.7. $35.
VIII. INTERN
ATION
AL
INTERNA
TIONAL
ST
AND
ARDS OF A
CCOUNTING
STAND
ANDARDS
ACCOUNTING
AND REPOR
TING
REPORTING
UNCTAD, Administration of Fiscal Regimes for Petroleum Exploration and Development (New York and
Geneva, 1995). Advisory Studies, Series B, No. 20. Sales
No. E.95.II.A.8. $28.
434
UNCTC, Joint Venture Accounting in the USSR: Direction for Change. Advisory Studies, Series B, No.
7. (New York, 1990). 46 pages. Sales No. E.90.II.A.26.
$11.
UNCTC, Curricula for Accounting Education for EastWest Joint Ventures in Centrally Planned Economies.
Advisory Studies, Series B, No. 6. (New York, 1990).
86 pages. Sales No. E.90.II.A.2. $10.
UNCTC, Objectives and Concepts Underlying Financial
Statements (New York, 1989). 32 pages (A, C, E, F, R,
S). Sales No. E.89.II.A.18. $8.
UNCTC, Conclusions on Accounting and Reporting
by Transnational Corporations: The Intergovernmental
Working Group of Experts on International Standards
of Accounting and Reporting (New York, 1988). 58
pages (A, C, E, F, R, S). Sales No. E.88.II.A.18. $7.50.
UNCTC, International Standards of Accounting and
Reporting: Report of the Ad Hoc Intergovernmental
Working Group of Experts on International Standards
of Accounting and Reporting (New York, 1984). 55
pages (C, E, F, R, S). Sales No. E.84.II.A.2. Out of print.
Available on microfiche. Paper copy from microfiche:
$63.
UNCTC, Towards International Standardization of
Corporate Accounting and Reporting (New York, 1982).
104 pages (E, F, R, S). Sales No. E.82.II.A.3. Out of
print. Available on microfiche. Paper copy from microfiche: $25.
UNCTC, International Standards of Accounting and
Reporting for Transnational Corporations: Report of
the Secretary- General, and Report of the Group of
Experts on International Standards of Accounting and
Reporting (New York, 1977). 79 pages (E, F, R, S). Sales
No. E.77.II.A.17. Out of print. Available on microfiche.
Paper copy from microfiche: $80.
UNCTC, International Standards of Accounting and
Reporting for Transnational Corporations: Technical
Papers (New York, 1977). 96 pages (E, F, S). Sales No.
E.77.II.A. 15. Out of print. Available on microfiche.
Paper copy from microfiche: $ 100.
IX. D
ATA AND INFORMA
TION
DA
INFORMATION
SOUR
CES
SOURCES
UNCTAD, World Investment Directory.
UNCTC, Accountancy Development in Africa: Challenge of the 1990s (New York, 1991). 200 pages (E,
F). Sales No. E.91.II.A.2. $25.
435
436
or
INTERNET: www.un.org/Pubs/sales.htm
For further information on the work on foreign direct investment and transnational corporations,
please address inquiries to:
Karl Sauvant
Director
Division on Investment, Technology and Enterprise Development
United Nations Conference on Trade and Development
Palais des Nations, Room E-10052
CH-1211 Geneva 10 Switzerland
Telephone: ++41 22 907 5007
Fax: ++41 22 907 0498
E-mail: karl.sauvant@unctad.org
INTERNET: www.unctad.org/en/subsites/dite
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