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Published by United Nations Conference on Trade and Development - UNCTAD
World Investment Reports (complete
series since 1991):
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WORLD INVESTMENT REPORT 2008
Transnational corporations and the infrastructure challenge
Host countries need to consider when it is
appropriate to draw TNCs into the development and
management of infrastructure. They also need to find
ways of ensuring that projects with TNC involvement
lead to the expected development effects. This is a
complex policy challenge.
As policy priorities and options vary between
countries, so too does the optimal mix of public
and private (including TNC) investment. Designing
and implementing appropriate policies to harness
the potential role of TNCs in infrastructure require
adequate skills and capabilities. Governments need
to prioritize among competing demands for different
projects, establish clear and realistic objectives for
the projects chosen, and integrate them into broader
development strategies. This means that government
agencies have to possess the necessary institutional
capacity and skills to guide, negotiate, regulate and
monitor the projects. This applies not only at the
central level, but also in provincial and municipal
governments.
While many developing countries seek foreign
investment to develop their physical infrastructure,
convincing foreign companies to invest has in many
cases become even more challenging.
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WORLD INVESTMENT REPORT 2007
Transnational
Corporations, Extractive Industries and development
World
Investment Report 2007 (WIR07) is the seventeenth in a
series published by the United Nations Conference on Trade and
Development (UNCTAD). The Report analyses the latest
trends in foreign direct investment (FDI) and puts a special focus in
2007 on the role of transnational corporations (TNCs) in the extraction
of oil, gas, and metal minerals.
Higher prices for many
minerals have led to renewed investor interest in the extractive
industries. TNCs ( including some of the world´s largest
corporations) play a key role in the mining of metals and in the
extraction of oil and gas. Privately owned TNCs dominate the harvesting
of metal minerals, while State-owned companies from developing and
transition economies are key players in oil and gas. Many such
State-owned firms are emerging as TNCs in their own right.
Drawing on unique data,
the Report examines TNC involvement in the extraction
of mineral resources and maps the key countries and companies. It also
discusses how the forces driving investment change as raw materials
progress up the "value chain" to become finished products, and
as different types of companies participate. In view of recent
discussion of the so-called "resource curse," the Report
explores how the participation of TNCs may help or hinder
long-term, broad-based economic development in developing countries --
the best approach for reducing poverty and raising living standards. It
considers how energy and mineral extraction can help governments achieve
such aims.
In addition to the
general information on definitions and sources provided in
this year´s World Investment Report, more detailed
methodological notes for the data on FDI flows and stocks used
in the Report - including how they were obtained for each
economy - are available in electronic format only.
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WORLD INVESTMENT REPORT 2006
FDI from Developing and
Transition Economies: Implications for Development
This year´s World Investment Report focuses on the rise of
foreign direct investment (FDI) by transnational corporations (TNCs) from
developing and transition economies.
New sources of FDI are emerging among developing and transition economies.
This phenomenon has been particularly marked in the past ten years, and a
growing number of TNCs from these economies are emerging as major regional - or
sometimes even global - players. The new links these TNCs are forging with the
rest of the world will have far-reaching repercussions in shaping the global
economic landscape of the coming decades.
The Report examines the magnitude of this phenomenon and examines its drivers
and determinants, i.e.: what economic factors and policy developments lead firms
from developing countries to venture abroad? For low-income countries, FDI from
developing countries can be of great importance. In some of them, it accounts
for a significant share of all FDI flows. The Report also discusses the
development implications of the rise of these new sources of FDI, along with
policy responses, for both home and host developing countries.
As in previous years, the Report also presents the latest data on FDI and
traces the global and regional trends of FDI and international production by
TNCs. Global FDI inflows rose substantially in 2005. A major contributing factor
to this strong growth was the marked increase in the inflows to developed
countries. Rising global demand for commodities was reflected in the steep
increase in natural resource-related FDI, although the services sector continued
to be the major recipient of FDI. Among developing regions, Asia remained the
main magnet for FDI flows, followed by Latin America, where re-invested earnings
have played a major role. Africa´s share in world FDI inflows was still small,
but its FDI growth rate has nonetheless surpassed those of other developing
regions.
A substantial Statistical Annex is also included, with data
on FDI flows and stock for more than 200 economies. The PDF version of WIR05 and
the Statistical Annex are available in a CD-ROM.
METHODOLOGICAL NOTES: Definitions and
Sources. In addition to the general information on definitions
and sources provided in this year´s World Investment Report, more
detailed methodological notes for the data on FDI flows and stocks used in the
Report - including how they were obtained for each economy - are available in
electronic format only.
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WORLD INVESTMENT REPORT 2005
Transnational
Corporations and the Internationalization of R&D
World Investment Report 2005 (WIR05) presents the latest
trends in foreign direct investment (FDI) and explores the
internationalization of research and development by transnational
corporations (TNCs) along with the development implications of this
phenomenon.
Part One highlights recent global and regional
trends in FDI and international production by TNCs. Global FDI flows
resumed growth in 2004, but inflows continued to decline in developed
countries. This Part documents the fact that developing regions are
leading the recovery in FDI flows. It also documents different trends
and patterns between developed and developing countries as regards the
financing component of FDI (equity investment, reinvested earnings,
intra-company loans) as well as the modes of investment (mergers and
acquisitions, greenfield FDI).
Part Two assesses the implications of the recent
surge in R&D internationalization by TNCs. R&D activities at
growing levels of complexity are increasingly being established in
selected developing countries. In contrast to past experience, this
R&D often goes beyond local market adaptation and involves highly
complex activities targeted on global markets. The Report discusses the
driving forces behind this trend and considers how host as well as home
countries are affected. Finally, the Report analyses the need for active
government policies to enhance development benefits from TNCs´
internationalization of R&D. The Report underlines the importance of
coherent policies in order to create an environment conducive to
fruitful interaction between the R&D activities of TNCs and those of
domestic firms and institutions. A final chapter outlines the role of
international agreements in this area.
A substantial Statistical Annex is also included,
with data on FDI flows and stock for more than 200 economies. The PDF
version of WIR05 and the Statistical Annex are available in a CD-ROM.
METHODOLOGICAL NOTES: Definitions and Sources
In addition to the general information on definitions and
sources provided in this year´s World Investment Report,
more detailed methodological notes for the data on FDI flows
and stocks used in the Report - including how they were
obtained for each economy - are available in electronic format
only.
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WORLD INVESTMENT REPORT 2004
The Shift Towards Services
WIR04 presents the latest trends in foreign direct
investment and explores the shift towards services, with a
special analysis of offshoring service activities.
Part One discusses recent global and regional trends
in FDI and international production by TNCs. Global FDI flows
bottomed out in 2003, but there were some regional differences.
The sectoral pattern of FDI is shifting towards services.
Outward FDI from developing countries is becoming significant.
There is also optimism that inflows to these countries will
increase in 2004 and beyond.
Part Two deals with FDI in services - an important
but often neglected area of FDI in the context of development.
It examines the shift of FDI towards services with a focus on
the entry of TNCs into new service areas. Services FDI,
especially in intermediate and infrastructure services, affects
the economic performance of a host-country in all sectors. The
offshoring of corporate services is taking off rapidly, thanks
to advances in information and communications technologies.
However, the potential of such offshoring can only be harnessed
if countries adopt appropriate policies.
Part Three analyses key issues relating to national
and international policies on FDI in services. As many services
are deeply embedded in the social, cultural and political fabric
of host societies, the impact of FDI on those services could be
far-reaching. Therefore, national policies matter - not only to
attract FDI in services, but also to maximize its benefits and
minimize its potential negative impacts. The proliferation of
international investment agreements (IIAs) covering FDI in
services has resulted in a multifaceted and multilayered network
of international rules that affect national policy-making.
The WIR04 includes a substantial statistical annex,
which is also available on CD-ROM.
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Investment Directory Online |
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WORLD INVESTMENT REPORT 2003
FDI Policies for Development: National and International Perspectives
The World Investment Report 2003 focuses on the foreign direct
investment (FDI) downturn, its reasons and the role of national policies
and international investment agreements (IIA) in attracting FDI to a
country and for a country to benefit from it.
Part One discusses the overall trends in FDI. FDI flows have dropped
drastically and no rebound is expected in 2003. The reasons for the
downturn are discussed from a global perspective, as well as by region -
developed countries, Africa, Asia and the Pacific, Latin America and the
Caribbean, and Central and Eastern Europe.
Part Two focuses on key issues that straddle national FDI policies
and international investment agreements with a view to bringing out the
development dimension. Special attention is given to the rise of IIAs,
the right to regulate, home country measures and corporate social
responsibility.
The report includes a statistical annex of over 100 pages.
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WORLD INVESTMENT REPORT 2002
Transnational Corporations and Export Competitiveness
The first principal finding is that foreign direct investment
(FDI) inflows in 2001 declined to $735 billion. This is less
than half the 2000 figure. Behind this decline is the slowdown
in the world economy and a weakening of business confidence,
both of which were accentuated by the September 11 events in the
United States, and both of which contributed to a sharp
reduction of cross border mergers and acquisitions that take
place predominantly between industrialized countries. In light
of the prolonged economic recession and the slow recovery of
business confidence, especially in the United States, UNCTAD
does not expect a rebound of FDI flows this year. Despite the
decline in FDI flows, the expansion of international production
continues, although at a slower pace. However, developments
differ markedly between various parts of the world. The FDI
downturn was concentrated in the developed countries (-59%),
with only modest declines in flows to developing countries
(-14%) and even a small increase in flows to Central and Eastern
Europe (2%). There were also significant variations within the
third world, with lower levels of inflows to Asia and Latin
America but an increase to Africa. Africa, however, still
remains a marginal recipient of FDI.
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WORLD INVESTMENT REPORT 2001
Promoting linkages
The World Investment Report 2001 examines the issue of linkages
between foreign affiliates of multinational enterprises and local
companies in developing countries. Worldwide FDI flows again reached
record levels in 2000. FDI remains the main driver of the expansion of
the international production system. Forging linkages between foreign
affiliates and domestic firms is a main challenge for policy-makers in
developing countries in order to benefit from FDI as much as possible.
WIR 2001 pays particular attention to this challenge. The objective is
not to raise linkages at any cost, but to use them to upgrade the
competitive capabilities of domestic enterprises. Fostering linkages is
an important means of diffusing knowledge, information and skills from a
foreign investor. In a technology and skill driven world, this can
contribute to increasing the efficiency and growth potential of the host
economy. WIR 2001 provides valuable information on country and company
experience in this field.
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WORLD INVESTMENT REPORT 2000
Cross-border Mergers and Acquisitions and Development
The contribution of foreign direct investment to
development is now widely recognized.
There is a perception, however, that this contribution
may be affected by the way investment enters a country. It
may come in the form of a new enterprise or the expansion
of an existing enterprise; it may also come through a
merger or an acquisition. Acquisitions, in particular,
arouse concerns, especially over employment, ownership and
market structure. And the concerns become urgent when the
host economy is a developing one.
Given the recent explosion in cross-border mergers and
acquisitions, UNCTAD´s 10th World Investment Report is a
highly timely and important document. This phenomenon
calls for just the sort of careful and dispassionate
analysis that has become the hallmark of the WIRs.
Cross-border mergers and acquisitions are a part of
economic life in a liberalizing and globalizing world. But
accepting a more open market in the interests of growth
and development does not mean relaxing the requirements of
public vigilance. On the contrary, a freer market - and
particularly the emerging global market for enterprises -
calls for greater vigilance as well as stronger and better
governance. To this end, World Investment Report 2000
provides us with a valuable resource.
Kofi A. Annan
Secretary-General of the United Nations
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WORLD INVESTMENT REPORT 1999
Foreign Direct Investment and the Challenge of Development
WIR 99 is the ninth Report in an annual series that has been recognized as
the most up-to-date and comprehensive source of information as well as analysis
regarding foreign direct investment (FDI).
Part I, entitled Trends,examines the most recent global and regional trends
in FDI. It describes the world´s 100 largest TNCs, the 50 largest TNCs in
developing countries and the 25 largest TNCs in Central Europe; analyses the
momentum for an increasing globalization of economies through FDI and the
activities of TNCs; and explores the growing importance of mergers and
acquisitions in fuelling FDI flows. It also reviews recent developments in
bilateral and regional investment agreements including the reasons for the end
of negotiations of the Multilateral Agreement on Investment.
Part II, entitled FDI and the Challenge of Development, looks at the impact
of FDI on key objectives of economic development: increasing financial resources
for investment, enhancing technological capabilities, boosting export
competitiveness, generating and upgrading employment, and protecting the
environment.
The Report concludes that although FDI can yield major economic benefits for
the host country, such benefits can be enhanced through appropriate policies.
Governments therefore have an important role to play in creating the conditions
that attract FDI and in maximizing the positive contribution that FDI can make
to growth and development.
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1998 -
Trends and Determinants
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WORLD INVESTMENT REPORT 1997
Transnational corporations, market structure and
competition policy
Improving economic efficiency by making markets more competitive -- and thereby
serving development -- is subject to the same need to make choices. Given the particular
characteristics of developing countries -- low income levels, skewed distribution of wealth,
lack of infrastructure, low levels of education, asymmetries in information, to mention a few -
- the incidence of conflicts between market outcomes and competing objectives is often more
frequent in these countries.
For example, where foreign exchange is temporarily in limited supply, certain import
restrictions might be needed -- thus limiting contestability -- to ensure that critical imports are
not disrupted, e.g.,
that foreign exchange reserves are used for machine parts instead of luxury goods. Or, where a
country is characterized by dispersed rural communities, the market will often not provide
these with certain basic services (such as roads, telecommunications services and railways); in
these cases, governments might need to ensure that certain services reach segments of the
national market which otherwise could not support such services. They could do so, for instance,
by providing the services through state-owned enterprises or, where private operators are
involved, by providing these with market power so that services in less-economically viable
markets can be cross-subsidized from profits earned in larger segments of the market.48 A
policy alternative to consider in such a case would be more direct government involvement in
the form of subsidized provision of the services in question. The decision in this case -- whether
to allow concentration combined with cross subsidization or to provide subsidies -- would
involve a careful consideration of the quite different trade-offs associated with these two options
(possibly less efficiency in the market, on the one hand, versus a direct budgetary expense on
the other).
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1996 -
Investment, Trade and International Policy Agreements
1995 -
TNCs and Competitiveness
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WORLD INVESTMENT REPORT 1994
Transnational corporations, employment and the workplace
The World Investment Report 1994 analyses the impact of an integrated
international production system on the quantity and quality of employment, human
resource development and, more generally, to the organization of work.
The report includes a statistical annex with FDI statistics and other related
indicators.
Policy makers and trade union leaders must find innovative ways to respond to the ongoing
changes in the international economy. Not only must they address the many new issues raised
by integration at the level of production; but, in a more open and integrated world
economy, policy makers must coordinate more carefully the traditional instruments for
domestic economic management with policies relating to international economic relations,
including, in particular, foreign direct investment (FDI) and other forms of TNC
activity.
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WORLD INVESTMENT REPORT 1993
Transnational Corporations and Integrated International
Production
The World Investment Report 1993 analyses the evolving
strategies and changing organizational structures of TNCs, and
the implications of the increasing functional, cross-national
integration of their activities for the location of
international production. In spite of an overall decline in
world-wide flows of foreign direct investment in the early
1990s, there are many features of the world economic environment
pointing to a continuing and important role for transnational
corporations.
The report includes a statistical annex with FDI statistics
and other related indicators.
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WORLD INVESTMENT REPORT 1992
Transnational Corporations as Engines of Growth
The World Investment Report 1992 analyses the relationship between TNCs and
economic growth. Since the early 1980s, world investment flows have been
expanding rapidly, much faster than other key economic variables such as world
trade and world output.
A number of major new developments in the global
economic situation have placed foreign direct investment in a central position
to influence the pace and the nature of economic growth in most countries.
Finally, developing countries themselves have implemented notable and, in many
cases, dramatic policy changes, in order to open their economies to greater
contributions by transnational corporations.
The report includes a statistical annex with FDI statistics and other related
indicators.
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WORLD INVESTMENT REPORT 1991
The Triad In Foreign Direct Investment
This first volume in the World Investment Report series analyses the
Triad (Japan, the European Community and the United States) in terms of
foreign direct investment.
It looks at the role transnational corporations play in promoting
regional economic integration around the three poles of the Triad,
describes the linkages between foreign direct investment and
trade, technology and financial flows, and
highlights policy implications for developing countries and the
international community.
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