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2. Is Chinese FDI pushing Latin America into natural resources?
- Author:
- Miguel Pérez Ludeña
- Publication Date:
- 03-2012
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Chinese foreign direct investment (FDI) in Latin America is a recent phenomenon. Although the China National Petroleum Corporation and other companies have been present in Peru, Ecuador and Venezuela since the early 1990s, large projects have been pursued only since 2006, following an extended period of high commodity prices. The Economic Commission for Latin America and the Caribbean (ECLAC) estimated that there were US$ 15 billion of Chinese FDI inflows into Latin America in 2010, 90% of which were in extractive industries. This further contributed to the already high percentage of Chinese FDI flows to the region that are in natural resources. At a time of high economic growth fueled by commodity exports and strong currency appreciation (particularly in Brazil), FDI into extractive industries strengthens the region's specialization in primary products at the expense of manufacturing and other activities.
- Topic:
- Economics, International Trade and Finance, Markets, Natural Resources, and Foreign Direct Investment
- Political Geography:
- China, Brazil, Latin America, and Peru
3. Inward FDI in Uruguay and its policy context
- Author:
- Graciana del Castillo and Daniel García
- Publication Date:
- 08-2012
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- An analysis of trends in foreign direct investment (FDI) in Uruguay is difficult due to data problems. Nevertheless, balance-of-payments data reveal that inward FDI (IFDI) increased sharply in the second half of the decade 2002-2011 under analysis. IFDI flows relative to GDP rose annually on average to close to 6% in 2005-2011. This compares favorably with annual average flows of only 1% in the decade before the banking crisis and the sharp devaluation of the Uruguayan peso in 2002. At the time, investment in natural resources, including in farmland and real estate in Punta del Este, became very attractive. IFDI flows peaked at 7.5% of GDP in 2006, with the investment in the construction of the first cellulose plant in the country by a multinational enterprise (MNE) from Finland. The rapid increase in IFDI in the second half of the past decade took place amid high rates of economic growth (averaging about 6% a year on average), in combination with an adequate policy and regulatory framework and fiscal incentives to foreign investors. So far, Uruguay remains primarily a host country for FDI, with outward FDI (OFDI) that has been and continues to be insignificant.
- Topic:
- Development, Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Latin America
4. Outward FDI from Colombia and its policy context
- Author:
- Ana-María Poveda Garcés
- Publication Date:
- 09-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Outward foreign direct investment (OFDI) from Colombia has increased considerably in the past decade, with its stock growing from US$ 3 billion in 2000 to US$ 23 billion in 2010. This growth reflects the internationalization of the Colombian economy following policy reforms and economic liberalization in the 1990s. The 2000s were characterized by enhanced national security and reforms to the investment framework that have attracted unprecedented levels of inward FDI and facilitated the growth of small and medium-sized enterprises (SMEs). A considerable rise in domestic mergers and acquisitions (M) in the past decade has contributed to the development of Colombian multinational enterprises (MNEs) and to increased OFDI from Colombia. In 2010, outflows showed a twenty-fold increase from their value in 2000, including an increase in OFDI to export markets, helped by greater government support for OFDI, for example by the conclusion of more international investment agreements. The rise of Colombian MNEs, or "translatinas" (i.e. Latin American MNEs whose OFDI is primarily within Latin America), reflects Colombia's nascent structural transformation into a knowledge-based economy. Together with Chile and Peru, Colombia has recently created the first regionallyintegrated stock exchange in the region, the Mercado Integrado Latinoamericano (MILA), which is likely to facilitate FDI flows.
- Topic:
- Development, Economics, Markets, and Foreign Direct Investment
- Political Geography:
- Colombia and Latin America
5. Chile\'s outward FDI and its policy context
- Author:
- Carlos Razo and Álvaro Calderón
- Publication Date:
- 03-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Despite the recent financial and economic crisis, Chile\'s outward foreign direct investment (OFDI) in 2009 surpassed the record level of 2008, reflecting the strength of Chilean firms and the country\'s continuous commitment to integrate into the world economy. Two decades ago, Chile was an unlikely foreign direct investor. Today, even with no explicit policies to promote outward investment or the creation of national champions, Chile stands out as the third biggest investor of Latin America in absolute terms and as the first one in proportion to its GDP, even outperforming other emerging economies of similar size in other regions of the world.
- Topic:
- Foreign Direct Investment and Financial Crisis
- Political Geography:
- Latin America and Chile
6. Thinking twice about a gold rush: Pacific Rim v El Salvador
- Author:
- Gus Van Harten
- Publication Date:
- 05-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Whether it concerns oil drilling or gold mining, sometimes a government, facing new circumstances, must change its mind.
- Topic:
- Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Latin America
7. How BRIC MNEs deal with international political risk
- Author:
- Premila Nazareth Satyanand
- Publication Date:
- 05-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Hitherto, political risk has worried developed country multinational enterprises (MNEs) investing in developing country markets. But as more emerging market firms invest overseas, they too must grapple with this subject. World Investment and Political Risk 2009 looks at this issue for the first time and finds that Brazilian, Russian, Indian, and Chinese (BRIC) firms appear to worry more about political risk than global counterparts. Though these results are based on as mall sample of 90 of the largest BRIC investors, they are thought-provoking nonetheless.
- Topic:
- International Political Economy, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Russia, China, India, and Latin America
8. Inward FDI in Colombia and its policy context
- Author:
- Miguel Posada Betancourt
- Publication Date:
- 09-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Colombia used to be a synonym for violence and drugs, but not anymore. Today, the country has one of the best performing economies in Latin America, and violence levels have been dramatically reduced. The outgoing administration made improving investor confidence and the business environment one of the pillars of its policy. As a result of important reforms and aggressive campaigns to promote the country as an attractive location, inward foreign direct investment (IFDI) has risen to unprecedented levels. Due to these positive changes, Colombia has been designated a “top reformer” for the past four years in the World Bank's Doing Business reports, and the new Government has promised to maintain and reinforce efforts to attract foreign investment. Even though IFDI flows decreased in the past two years as a consequence of the economic and financial crisis, many foreign affiliates in Colombia achieved positive profits. A country that a decade ago was avoided is now in many investors' plans.
- Topic:
- Development, Economics, War on Drugs, and Foreign Direct Investment
- Political Geography:
- Colombia and Latin America
9. Inward FDI in Peru and its policy context
- Author:
- Benjamin Chavez and Jaime Dupuy
- Publication Date:
- 08-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Peru has shifted from being a small FDI player in the Latin America and Caribbean region in the 1990s to being the sixth largest FDI host country in 2008. With inflows of US$ 6.9 and US$ 4.8 billions in 2008 and 2009, respectively, Peru has managed to contain the impact of the financial crisis on inward FDI (IFDI). The main determinants of the improved FDI performance were: a stable economic and FDI policy since 1992;) vast natural resources; strong gross domestic product (GDP) and market growth; and an export-oriented economy, especially during the past decade. In recent years, Peru has become one of the fastest growing economies in Latin America and a diversified commercial hub for IFDI in the region.
- Topic:
- Economics, Monetary Policy, and Foreign Direct Investment
- Political Geography:
- Latin America, Caribbean, and Peru
10. The growth of Brazil's direct investment abroad and the challenges it faces
- Author:
- Luís Afonso Lima and Octavio de Barros
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The internationalization of Brazilian companies is a relatively recent phenomenon. From 2000 to 2003, outward foreign direct investment (OFDI) averaged USD 0.7 billion a year. Over the four-year period 2004−2008, this average jumped to nearly USD 14 billion. In 2008, when global FDI inflows were estimated to have fallen by 15%, OFDI from Brazil almost tripled, increasing from just over USD 7 billion in 2007 to nearly USD 21 billion in 2008 (annex figure 1 below). Central Bank data put the current stock of Brazilian OFDI at USD 104 billion, an increase of 89% over 2003. Caution is in order about these figures, however, as in Brazilian outflows it is difficult to separate authentic FDI from purely financial investment under the guise of FDI. According to the most recent data, 887 Brazilian companies have invested abroad.
- Topic:
- Economics, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Brazil and Latin America