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Slides for the roundtable
Kalman Kalotay UNCTAD
’Emerging Multinationals’: Outward Foreign Direct Investment from Emerging
and Developing Economies
10 October 2008, Copenhagen Business School
Not just the BRICS: Share of emerging economies* in world FDI stock, 1990–
2007 (%)…*defined as developing and transition economies
0
2
4
6
8
10
12
14
16
18
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
All emerging economies
BRICS
…but difference is less pronounced if ‘emerging economies’ are defined and
middle and low-income countries
0
1
2
3
4
5
6
7
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Middle and low-income economies
BRICS
Difference between ‘developing and transition’ economies and ‘middle and
low-income’ countries
‘Developing and transition’ includes high-income economies, namely:
Asian tigers: Hong Kong, China Korea, Republic of Singapore Taiwan Province of China
High-income oil exporters: Bahrain Brunei Darussalam Kuwait Qatar Trinidad and Tobago United Arab Emirates
Offshore financial centres: Aruba Barbados British Virgin Islands Cayman Islands Netherlands Antilles
‘Middle and low-income’ excludes all high-income economies but includes:
Middle-income new EU members: Bulgaria Hungary Latvia Lithuania Poland Romania Slovakia
And still excludes high-income ‘emerging economies’ such as: Czech Republic Estonia Israel Slovenia
Measurement of the share of BRICS partly depends on how you define
‘emerging’
Potential perceptions of emerging-economy investors in developed
host economies
Type of investor
Financial resources
Techno-logy
Employ-ment & skills
Environ-mental impact
Social responsi-bility
Transpa-rency
National security
Privately owned
State-owned / Govern-ment-related
Sove-reign wealth fund
The importance of the home country fur future FDI theory
Whither the home country? (Ms Tolentino)
or Towards an OLI-H paradigm?