Publishing Institution: Columbia Center on Sustainable Investment / Publication Year: within 25 Years / Topic: International Trade and Finance

1. Space for Local Content Policies and Strategies

Author:: Columbia Centre on Sustainable Investment
Publication Date:: 10-2016
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: This paper explores both the role that local content measures can play in advancing sustainable development, and the impact that trade and investment treaties concluded over the past 20 years have had and will continue to have on the ability of governments to employ those tools. Certain local content measures had been restricted under the WTO due to wide agreement by negotiating parties that their costs outweigh their benefits. But the WTO also left a number of local content measures in governments’ policy toolboxes. As is discussed in this paper, however, that is changing, with the range of permissible actions for many countries being significantly smaller than it was even a decade ago. This narrowed policy space, in turn, can limit the steps governments can take to make progress on the universally adopted Sustainable Development Goals.
Topic:: International Trade and Finance and International Affairs
Political Geography:: Global Focus

2. Regional concentration of FDI involves trade-offs in post-reform India

Author:: Peter Nunnenkamp, Wan-Hsin Liu, and Frank Bickenbach
Publication Date:: 03-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: P. Chidambaram, India's Minister of Finance, claimed that "FDI worked wonders in China and can do so in India." However, China's example may also point to the limitations of foreign direct investment (FDI) liberalization in promoting the host country's economic development. FDI in China is heavily concentrated in the coastal areas, and previous studies have suggested that this has contributed to the increasing disparity in regional income and growth since the late 1970s.
Topic:: Development, Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: China, South Asia, and India

3. Multilateral investment disciplines: Don't forget the GATS

Author:: Rudolf Adlung
Publication Date:: 03-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: A number of recent studies have discussed the implications of most-favored-nation (MFN) clauses in bilateral investment treaties (BIT s) and the possible need for, and role of, a multilateral framework for investment. Surprisingly, the relevance of existing multilateral disciplines, in particular under the General Agreement on Trade in Services (GATS), is seldom acknowledged in this context.
Topic:: Economics, International Trade and Finance, Treaties and Agreements, and Foreign Direct Investment

4. The case for a framework agreement on investment

Author:: Gary Hufbauer and Sherry Stephenson
Publication Date:: 03-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In Columbia FDI Perspectives, No. 102, Axel Berger claimed that the debate over a multilateral framework for investment is futile. We disagree. Following its achievements at the 9th Ministerial Conference in Bali, Indonesia, the World Trade Organization (WTO) should launch negotiations to draft a 21st century Investment Framework Agreement (IFA).
Topic:: Economics, International Trade and Finance, Markets, Treaties and Agreements, and Foreign Direct Investment
Political Geography:: Colombia

5. The "spaghetti bowl" of IIAs: The end of history?

Author:: Joachim Karl
Publication Date:: 02-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In his famous book, "The End of History and the Last Man", published in 1992, Francis Fukuyama argued that Western democracy represents the end point of the socio-cultural evolution of humanity and the final form of government.
Topic:: Economics, International Trade and Finance, Markets, Treaties and Agreements, and Foreign Direct Investment
Political Geography:: France

6. Recalibrating interpretive authority

Author:: Anthea Roberts
Publication Date:: 01-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: There have been many calls for a rebalancing of investor protection and state sovereignty in the investment treaty system. However, another equally important shift is underway: the recalibration of interpretive authority between treaty parties and arbitral tribunals. In newer-style investment treaties, states are increasingly protecting and enhancing their role in interpreting and applying their treaties.
Topic:: Economics, Government, International Trade and Finance, Markets, Treaties and Agreements, and Foreign Direct Investment

7. The China-United States BIT negotiations: A Chinese perspective

Author:: Sheng Zhang
Publication Date:: 01-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The China-US bilateral investment treaty (BIT) negotiations have attracted attention due to the relative size and weight of both economies. Despite broad consensus about the importance of such a treaty, there is considerable debate about its shape and content. The debate is reflected in two recent Columbia FDI Perspectives. Donnelly argued that a China-US BIT should be modeled on the US Model BIT without "splitting the difference between Chinese and US positions", and that the possibility of meaningful BIT negotiations are "really up to China at this point".
Topic:: Economics, Globalization, International Trade and Finance, Bilateral Relations, Foreign Direct Investment, and Governance
Political Geography:: United States, China, Europe, and Colombia

8. Perspectives on topical foreign direct investment issues

Author:: Rainer Geiger
Publication Date:: 04-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Launched in July 2013 by the European Union and the United States, the Transatlantic Trade and Investment Partnership (TTIP) represents an important effort to reach a comprehensive economic agreement between two major trading partners. As has been pointed out, the project offers great opportunities for liberalizing trade and investment and regulatory convergence. Its level of ambition implies high risks, but despite negotiators' initial optimism, its success is far from certain. This Perspective focuses on the project's investment chapter, drawing lessons from the failed negotiations on a Multilateral Agreement on Investment (MAI), which was meant to consolidate the results of liberalization in the OECD area, establish new disciplines and introduce protection and dispute settlement.
Topic:: Economics, International Trade and Finance, and Treaties and Agreements
Political Geography:: Europe and North America

9. Which host country government actors are most involved in disputes with foreign investors?

Author:: Nathan M. Jensen and Jeremy Caddel
Publication Date:: 03-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Foreign direct investors increasingly use investment dispute-settlement mechanisms to resolve investment disputes and reduce political risk. Using data from the International Centre for Settlement of Investment Disputes (ICSID), the major forum of international investment arbitration, we cataloged the government actors involved in disputes and the actions that led to arbitration. Existing case-based studies of investment arbitration have provided general inferences about the actors involved, but we contribute to the literature in political science and economics by systematically documenting these patterns of behavior.
Topic:: Economics, International Trade and Finance, Foreign Direct Investment, and Governance

10. China needs to complement its "going-out" policy with a "going-in" strategy

Author:: Karl P. Sauvant and Victor Z. Chen
Publication Date:: 05-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: China's rising outward foreign direct investment (OFDI) faces rising skepticism abroad. This is partly the result of the leading role of state-owned enterprises in her OFDI (and the fear that it serves non-commercial purposes), the speed with which this investment has grown, the negative image of the home country in some quarters, and the challenges it poses to established competitors. Moreover, Chinese multinational enterprises (MNEs) may not always keep in mind that host countries see FDI as a tool to advance their own development and hence seek maximum benefits from it.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: China and Asia

11. The rise of FDI income, and what it means for the balance of payments of developing countries

Author:: Miguel Pérez Ludeña
Publication Date:: 05-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Multinational enterprises (MNEs) multiplied their profits made in developing countries by four between 2002 and 2011 (at current prices). In Latin America and the Caribbean, they rose from US$20 billion in 2002 to US$113 billion in 2011. The growth rate has been even higher in Africa and China, but much lower in developed countries. This rise is explained by an increase in FDI stock in developing economies and the higher average profitability of MNEs.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Africa, China, and Latin America

12. Government-held equity in foreign investment projects: Good for host countries?

Author:: Louis T. Wells
Publication Date:: 02-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: A recent Perspective concluded that, in countries given to sudden shifts in policy, "a host country government equity stake in a project may decrease project risk by giving the state a reason not to demand a renegotiation." An investor may benefit, but does the host country? In my experience, rarely.
Topic:: Development, Economics, International Trade and Finance, and Foreign Direct Investment

13. Cost allocation in investment arbitration: Forward toward incentivization

Author:: John Gaffney and James Nicholson
Publication Date:: 06-2014
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: In their contribution to the FDI Perspectives series, Baiju Vasani and Anastasiya Ugale drew attention to an emerging trend in favor of the so-called "costs follow the event" (CFtE) (or loser pays) approach, which is in contrast to the more "traditional" approach under which parties share the costs of arbitration equally, with each party covering its own legal fees.
Topic:: Economics, Human Rights, International Trade and Finance, Governance, and Reform

14. The Transatlantic Trade and Investment Partnership: A critical perspective

Author:: Rainer Geiger
Publication Date:: 04-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Launched in July 2013 by the European Union and the United States, the Transatlantic Trade and Investment Partnership (TTIP) represents an important effort to reach a comprehensive economic agreement between two major trading partners. As has been pointed out, the project offers great opportunities for liberalizing trade and investment and regulatory convergence. Its level of ambition implies high risks, but despite negotiators' initial optimism, its success is far from certain.
Topic:: Economics, International Trade and Finance, Treaties and Agreements, and Foreign Direct Investment
Political Geography:: United States and Europe

15. Perspectives on topical foreign direct investment issues

Author:: John Gaffney and James Nicholson
Publication Date:: 06-2014
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In their contribution to the FDI Perspectives series, Baiju Vasani and Anastasiya Ugale drew attention to an emerging trend in favor of the so-called "costs follow the event" (CFtE) (or loser pays) approach, which is in contrast to the more "traditional" approach under which parties share the costs of arbitration equally, with each party covering its own legal fees.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment

16. How to enhance labor provisions in IIAs,

Author:: Rafael Tamayo-Álvarez, Maria Alejandra Gonzalez-Perez, and Juan David Rodriguez-Rios
Publication Date:: 06-2014
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Free trade agreements (FTAs) and international investment agreements (IIAs) are regarded as instruments to promote world trade, investment flows and market liberalization. The question, however, is whether they promote sustainable development as well. This Perspective contemplates incorporating voluntary codes of conduct for multinational enterprises (MNEs) in IIAs to strengthen the protection of labor rights, "the social component [...] embedded in the notion of sustainable development."
Topic:: Economics, International Cooperation, International Trade and Finance, and Labor Issues

17. Withdrawing incentives to attract FDI: Can host countries put the genie back in the bottle?

Author:: Anna De Luca
Publication Date:: 07-2014
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Many governments offer incentives to attract foreign direct investment (FDI). For example, the renewable energy sector has benefitted from large national incentive schemes in the past decade. However, the withdrawal of such incentives can lead to investors bringing investment treaty claims against host countries. This Perspective looks at some claims host countries face from investors in the renewable energy sector and their implications.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Italy

18. The Transparency Rules and Transparency Convention: A good start and model for broader reform in investor-state arbitration

Author:: Lise Johnson
Publication Date:: 07-2014
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: In July 2013, after nearly three years of work, the United Nations Commission on International Trade Law (UNCITRAL) adopted a set of arbitration rules that will help open some investor-state arbitrations to public view. The UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration (Transparency Rules) were crafted with input from governments, academics, arbitration practitioners, and non-governmental organizations, and approved by consensus by the member states. When applied, the Transparency Rules will require disclosure of information submitted to, and issued by, arbitral tribunals throughout proceedings, mandate open hearings and expressly allow for participation by non-parties to a dispute. The Transparency Rules also guard against disclosure of confidential information and establish a repository in which all information will be published.
Topic:: International Law, International Trade and Finance, and Treaties and Agreements
Political Geography:: United Nations

19. The China-EU BIT: The emerging "Global BIT 2.0"?

Author:: Wenhua Shan and Lu Wang
Publication Date:: 08-2014
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Since China and the European Union (EU) announced their decision to negotiate a bilateral investment treaty (BIT) at the 14th China-EU Summit in February 2012, the two sides have engaged in two rounds of negotiations. If successful, it will be the first standalone EU BIT, a BIT between the world's largest developed economy and the world's largest developing economy, and will occupy a unique place in the history of BIT negotiations.
Topic:: Economics, International Trade and Finance, Bilateral Relations, and Foreign Direct Investment
Political Geography:: China, Europe, and Asia

20. Toward a multilateral framework for investment

Author:: Nicolle Graugnard
Publication Date:: 09-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Business needs a stable and predictable investment environment, especially in times of economic uncertainty, to continue to generate employment and create wealth. Although foreign direct investment (FDI) flows rose for two years after plummeting in the wake of the global financial crisis, they fell again by 18% to US$ 1.4 trillion in 2012. According to UNCTAD, the major factors contributing to this sharp decline were economic fragility and policy uncertainty in several economies. Moreover, investment regulations classified as “restrictive” rose to 25% in 2012, compared to just 6% in 2000; “liberalizing” regulations were 75 % of the total in 2012, compared to 94% in 2000. The result of these regulations is, therefore, not surprising: businesses are holding back on new investments, with multinational enterprises reporting record cash-holdings of between US$ 4 to 5 trillion.
Topic:: Development, Economics, International Cooperation, International Trade and Finance, Foreign Direct Investment, and Governance

21. The futile debate over a multilateral framework for investment

Author:: Axel Berger
Publication Date:: 08-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: One of the recurrent debates on international investment rule-making relates to the question whether it is possible to establish a multilateral framework for investment (MFI). Proponents argue that growing foreign direct investment (FDI) from emerging countries, especially China, contributes to a new consensus on global investment rules.
Topic:: Economics, Globalization, International Trade and Finance, Regional Cooperation, and Foreign Direct Investment
Political Geography:: China

22. The need for an international investment consensus-building process

Author:: Karl P. Sauvant and Federico Ortino.
Publication Date:: 08-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Discussions on a multilateral investment framework have recently seen a revival, as the International Chamber of Commerce, the World Economic Forum and various authors have called for negotiations on this subject. A growing number of countries have been reviewing and adapting their international investment policies. This reflects dissatisfaction with the current international investment law regime, and a desire to improve it.
Topic:: Economics, International Law, International Trade and Finance, and Foreign Direct Investment

23. Cost allocation in investment arbitration: Back toward diversification

Author:: Baiju S. Vasani and Anastasiya Ugale
Publication Date:: 07-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In 2006, the Thunderbird tribunal, operating under the UNCITRAL Arbitration Rules, called for the harmonization of cost-allocation approaches in commercial and investment arbitration. Subsequent tribunals appear to be heeding Thunderbird's call paving a trend in favor of the so-called “costs follow the event” (CFtE) approach and its variations. Generally, this approach prescribes the shifting of arbitral costs and reasonable legal fees to the unsuccessful party (or based on parties' relative success) and has historically been prevalent in commercial arbitration. By contrast, the more traditional approach in investment arbitration has been to share the costs of arbitration equally, save for special circumstances, with each party covering its own legal fees (traditional approach). In the wake of what appears to be an emerging trend in favor of a default CFtE custom, it is time to revisit the idea of whet her a single harmonized approach to cost allocation is really appropriate. We suggest that it most likely is not.
Topic:: Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment

24. Toward a multilateral framework for investment

Author:: Nicolle Graugnard
Publication Date:: 09-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Business needs a stable and predictable investment environment, especially in times of economic uncertainty, to continue to generate employment and create wealth. Although foreign direct investment (FDI) flows rose for two years after plummeting in the wake of the global financial crisis, they fell again by 18% to US$ 1.4 trillion in 2012. According to UNCTAD, the major factors contributing to this sharp decline were economic fragility and policy uncertainty in several economies. Moreover, investment regulations classified as “restrictive” rose to 25% in 2012, compared to just 6% in 2000; “liberalizing” regulations were 75% of the total in 2012, compared to 94% in 2000. The result of these regulations is, therefore, not surprising: businesses are holding back on new investments, with multinational enterprises reporting record cash-holdings of between US$ 4 to 5 trillion.
Topic:: Development, Economics, Industrial Policy, International Trade and Finance, and Natural Resources

25. Are trade-law inspired investment rules desirable?

Author:: Marino Baldi
Publication Date:: 09-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Traditional bilateral investment treaties (BITs) focus on investment protection, i.e., regulate post-establishment aspects of foreign investment. In recent times, investment agreements have increasingly been supplemented with liberalization rules and also clauses on, e.g., key personnel, labor rights and sustainable development. Such integrated investment accords have notably become part of preferential trade agreements (PTAs). This trend started with NAFTA, continued with the negotiations on a Multilateral Agreement on Investment (MAI), and has in the course of the past ten years increasingly characterized PTAs throughout the world. The rapid proliferation of PTAs has, in the investment field, unfortunately led to lower quality provisions. Many of these treaties contain such wide-ranging exceptions and vaguely formulated safeguard clauses that their regulatory value as regards the protection of foreign investments in their post-establishment phase is called into question.
Topic:: Development, Economics, International Trade and Finance, and Foreign Direct Investment

26. Beware the discretionary choices of arbitrators

Author:: Gus Van Harten
Publication Date:: 12-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Investment treaty arbitration has unfolded rapidly in recent years. Some observations arising from analyses of arbitrator awards are high lighted below. They support broad conclusions that: arbitrators reviewed a wide range of legislative, executive and judicial decisions but typically did not exercise judicial restraint in various ways associated with domestic and international courts; arbitrators typically adopted expansive approaches to their authority and to investor entitlements to compensation, especially where the claimant had the nationality of a major Western capital-exporting state; and decision-making power was highly concentrated amongarbitrators, suggesting a need for closer scrutiny of how the most active individual arbitrators have expanded the meaning of investment treaties and corresponding principles of state liability.
Topic:: Economics, International Trade and Finance, Markets, Treaties and Agreements, Foreign Direct Investment, Law Enforcement, and Law

27. Lessons from South Africa's BITs review

Author:: Xavier Carim
Publication Date:: 11-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Proponents tend to argue that bilateral investment treaties (BITs) encourage investment and strengthen the rule of law particularly in jurisdictions where court systems are weak or biased against foreigners. This premise is contested. First, studies on BITs and FDI suggest the relationship is, at best, ambiguous and that BITs are neither necessary nor sufficient to attract FDI. Indeed, South Africa receives FDI from investors in countries with whom it has no BIT and often little or no FDI from others where a BIT was in place.
Topic:: Security, Economics, Emerging Markets, International Trade and Finance, and Treaties and Agreements
Political Geography:: Africa and South Africa

28. Go out and manufacture: Policy support for Chinese FDI in Africa

Author:: Nikia Clarke
Publication Date:: 11-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Energy investments and infrastructure contracts remain prominent in China's Africa engagement. However, investment in manufacturing makes up a significant proportion of Chinese outward foreign direct investment (FDI). Its characteristics–large numbers of smaller transactions by privately owned small and medium-sized firms–make these flows difficult to assess or control. However, China and African governments have an interest in effectively channeling this type of FDI.
Topic:: Development, Economics, Industrial Policy, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Africa and China

29. Inward FDI in the United States and its policy context

Author:: Lucyna Kornecki
Publication Date:: 02-2013
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Inward foreign direct investment (IFDI) represents an integral part of the United States (U.S.) economy, with its stock growing from US$ 83 billion in 1980 to US$ 3.5 trillion in 2011. The United States, which had earlier been primarily a home for multinational enterprises (MNEs) rather than a host for affiliates of foreign MNEs, has become a preferred host country for FDI since the 1980s. Foreign MNEs have contributed robust flows of FDI into diverse industries of the U.S. economy, and total FDI inflows reached US$227 billion in 2011, equivalent to 15% of global inflows, the single largest share of any economy. Inflows of FDI, with a peak of US$ 314 billion in 2000 and another of US$ 306 billion in 2008, have been an important factor contributing to sustained economic growth in the United States. The recent financial and economic crises negatively impacted FDI flows to the United States and opened a period of major uncertainty. The effectiveness of government policy responses at both the national and international levels in addressing the financial crisis and its economic consequences will play a crucial role for creating favorable conditions for a rebound in FDI inflows.
Topic:: Economics, Human Rights, International Trade and Finance, Foreign Direct Investment, and Governance
Political Geography:: United States and North America

30. EU investment agreements and the search for a new balance: A paradigm shift from laissez-faireliberalism toward embedded liberalism?

Author:: Catharine Titi
Publication Date:: 01-2013
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In July 2012, in an internal document, the European Commission's Directorate-General for Trade suggested that future EU investment agreement s (EUIAs) should incorporate regulatory flexibility in the same way in which EU free trade agreements (FTAs) safeguard parties' policy space. Since it is expected that a number of treaties on the EU's negotiating agenda will be concluded in the near future, and given the policy shift that has already taken place in Canada and the US, it is time to start thinking about a new balance in a move away from investment treaties' traditional laissez-faire liberalism toward WTO law's embedded liberalism, a model whereby liberalization is embedded within a wider framework that enables public regulation in the interest of domestic stability.
Topic:: Economics, Globalization, International Trade and Finance, World Trade Organization, and Foreign Direct Investment
Political Geography:: Europe and Canada

31. Inward FDI in Ireland and its policy context, 2012

Author:: Louis Brennan and Rakhi Verma
Publication Date:: 03-2013
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Despite the global financial and economic crises and a sharp downturn in the domestic economy between 2008 and 2009, Ireland managed to attract large inflows of foreign direct investment (FDI) in 2010. Inward FDI (IFDI) flows in 2010 were at a similar level to those in 2009, the second highest in Ireland's FDI history. However in 2011, there was a decline in such flows. While Ireland's economy has been greatly affected by the global crisis, Irish government initiatives have further fostered the country's attractiveness as an investment location for the world's firms. All indications are that Ireland's IFDI performance will continue to surpass that of most countries into the near future.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Europe and Ireland

32. Inward FDI in Germany and its policy context, 2012

Author:: Thomas Jost
Publication Date:: 04-2013
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: In 2011 and the first half of 2012, inward FDI (IFDI) flows to Germany continued to be relatively strong. Germany attracte market-seeking MNEs, as its economy showed remarkable economic growth despite the ongoing problems in many other countries of the Eurozone. In the second half of 2012, IFDI flows turned sharply negative, declining for the year as a whole to only US$ 7 billion, compared with US$ 49 billion in 2011. This decline reflects the difficult financial situation of many companies, including banks in the Eurozone, and could also dampen inflows in 2013. In the longer-term, Germany could profit again from rising FDI as its economy has successfully implemented reforms over the past decade, and the German Government has continued to keep its investment policy regime open.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: United States, Europe, and Germany

33. 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

34. The unbalanced dragon: China's uneven provincial and regional FDI performance

Author:: Karl P. Sauvant, Chen Zhao, and Xiaoying Huo
Publication Date:: 03-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Among developing countries, China attracts most foreign direct investment (FDI). Where is this investment located within China, what explains its distribution and what are policy implications? We used UNCTAD's FDI Performance Index to answer the first question. Although developed for countries , it can be applied to sub-national units. It uses provincial GDP to ascertain whether a given territorial unit has received FDI inflows as expected from its economic size. Standardizing the data accordingly reveals three clusters of provinces for 2007-2010 (table 1, figure 1 below): The first cluster encompasses virtually all coastal provinces: they have an index value above 1, i.e. perform better than their economic size would lead one to expect. They account for 9 of the top 11 performers of Mainland China's 31 provinces, municipalities and autonomous regions (“provinces”). The provinces in the middle cluster underperform (index value of 1-0.5). They include 5 central provinces, but also 3 western and 2 coastal provinces. The provinces in the bottom cluster underperform significantly (index value below 0.5), comprising primarily the country's western provinces (8 out of the 10 provinces in this cluster).
Topic:: Development, Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: China

35. Different investment treaties, different effects

Author:: Clint Peinhardt and Todd Allee
Publication Date:: 02-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The proliferation of investment treaties is perhaps exceeded only by academic studies of those treaties. Legal scholarship has long been attentive to the evolution in international investment agreement (IIA) content -- but until recently, quantitative assessments of IIAs have tended to treat them as interchangeable: the only measure of investor protections encoded in IIAs is whether a treaty had been signed and/or entered into force. Thankfully, the United Nations Conference on Trade and Development has been at the forefront of capturing not just IIAs' proliferation but also the evolution in their content. Its work shows that treaties apply for differing durations, have conflicting procedures for termination and include varying definitions of even basic terms, such as “investors” and “investment.” Other quantitative studies have begun to measure these variations, focusing initially on differences in dispute resolution. 1 Some IIAs demand that investors choose between domestic and international dispute resolution; some provide explicit consent of both parties to international arbitration; and some designate a particular forum for arbitration, whereas others specify multiple options. Of course, IIAs vary across many dimensions, but our initial examination of dispute resolution provisions alone demonstrates the importance of examining IIA content.
Topic:: Economics, International Trade and Finance, Markets, Treaties and Agreements, and Foreign Direct Investment
Political Geography:: United Nations

36. National companies or foreign affiliates: Whose contribution to growth is greater?

Author:: Alice H. Amsden
Publication Date:: 02-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: A priori, is there a growth/efficiency justification for government programs designed to support and promote national companies (public and private) as opposed to, and in competition with, opening the doors to multinational enterprises (MNEs)? In competitive markets, there should be no difference. Where national companies close in capabilities to foreign affiliates do not exist, foreign direct investment (FDI) may stimulate development, if a country is lucky enough to attract it. But in the imperfect markets that characterize the BRICs and other emerging markets, where foreign affiliates may crowd out excellent but inexperienced national firms, the question arises as to which type of enterprise policy makers should encourage for the long run. Historically, policy makers used tariffs to promote national firms (a “race to the bottom”). Today they use investments in science and technology (a “race to the top”).
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment

37. The (lack of) women arbitrators in investment treaty arbitration

Author:: Gus Van Harten
Publication Date:: 02-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Investment arbitration has a remarkably poor record on representation of women. This calls for reform of the appointments process for arbitrators, who make important policy choices in the context of global governance.
Topic:: Economics, Gender Issues, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Europe

38. The public law challenge: Killing or rethinking international investment law?

Author:: Stephan W. Schill
Publication Date:: 01-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: At the heart of the so-called “legitimacy crisis” of international investment law, prominently reflected in the Public Statement on the International Investment Regime, is what I call the public law challenge. It builds on the observation that one-off appointed arbitrators, instead of standing courts, review government acts and reach far into the sphere of domestic public law by crafting and refining the standards governing in vestor-state relations. Arbitrations against Uruguay and Australia concerning cigarette packaging are the most recent examples of genuinely public law disputes now settled in arbitration. The disputes about Argentina's emergency legislation and Canada's ban on pesticide s are others. These arbitrations create friction with domestic public law as arbitrators, having little democratic legitimacy, often operate in non-transparent proceedings and produce increasing amounts of incoherent decisions.
Topic:: Economics, International Law, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Canada, Argentina, and Australia

39. Nation states and nationality of MNEs

Author:: Seev Hirsch
Publication Date:: 01-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The purpose of this Perspective is to explore the relationship between multinational enterprises (MNEs) and their home countries. I use the term “nationality” when discussing a home country, to stress the contrast with “multinationality” which refers to business enterprises. The question I seek to address is whether, ceteris paribus, nation states have an economic interest in becoming home countries to MNEs. This is not a trivial question, bearing in mind that in many countries -- especially those with emerging markets -- outward foreign direct investment (FDI) has been frowned upon long after incoming FDI was generally welcome by local governments and academic scholars.
Topic:: Development, Economics, Emerging Markets, International Trade and Finance, Political Economy, and Foreign Direct Investment

40. Towards the successful implementation of the updated OECD Guidelines for Multinational Enterprises

Author:: Tadahiro Asami
Publication Date:: 01-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The Business and Industry Advisory Committee to the OECD (BIAC) has accepted the updated OECD Guidelines for Multinational Enterprises (Guidelines), adopted on May 25, 2011 after a series of negotiations and consultations among members of the Organisation for Economic Cooperation and Development (OECD), adhering governments, BIAC, the Trade Union Advisory Committee to the OECD, and OECD Watch, an international network of civil society organizations. The Guidelines are the most comprehensive government-endorsed code of responsible business conduct. The Update upheld the voluntary and non-legally binding character of the Guidelines, and while the new text introduces important new elements, the Update is very carefully formulated and its changes are accompanied by extensive conditionalities.
Topic:: Development, Economics, International Cooperation, International Trade and Finance, Markets, and Foreign Direct Investment

41. FDI stocks are a biased measure of MNE affiliate activity: A response

Author:: Mira Wilkins
Publication Date:: 01-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In a recent Perspective, Beugelsdijk, Hennart, Slangen, and Smeets warned readers about biases in the measure of FDI stock. They are to be congratulated for pushing readers to be careful in the use of data.
Topic:: Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment

42. Is China's outward investment in oil a global security concern?

Author:: Ilan Alon and Aleh Cherp
Publication Date:: 10-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The motivations prompting China's dramatic increase in outward foreign direct investment (OFDI) are not always clear, especially regarding OFDI by state-owned enterprises (SOEs) in energy and natural resources. First, both commercial and governmental interests are intertwined, although not necessarily in lock-step. Chinese SOEs listed in the West may worry about the reputational risks to their global corporate citizenship, while government stakeholders may instead focus on diplomatic international relations. Second, subsidies for oil investments may be viewed as serving Chinese national interests and threatening the national security of the host countries. Whether China's OFDI will benefit or harm global energy security, economic development and diplomatic relations is still hotly contested.
Topic:: Economics, Emerging Markets, Energy Policy, International Trade and Finance, Oil, and Foreign Direct Investment
Political Geography:: China

43. State-controlled entities as "investors" under international investment agreements

Author:: Jo En Low
Publication Date:: 10-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: A review of the definition of “investor” and investor-state dispute resolution clauses in 851 international investment agreements (IIAs) reveals that, except in two, state controlled entities (SCEs) (sovereign wealth funds and state-owned enterprises (SOEs)) have equivalent standing to their purely private counterparts as investors under such IIAs.
Topic:: Economics, Emerging Markets, International Trade and Finance, Markets, and Foreign Direct Investment

44. Absent from the discussion: The other half of investment promotion

Author:: Lise Johnson
Publication Date:: 09-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: As UNCTAD highlighted over a decade ago and again recently in its Investment Policy Framework for Sustainable Development, home-country measures (HCMs), like host-country commitments regarding the protection of foreign investors, are tools of promoting foreign investment. Nevertheless, the vast bulk of investment treaties, which state the promotion of foreign investment as their objective, overlook the potential role of HCMs and focus rather singularly on setting out the obligations of host countries regarding the treatment of foreign investors. Even recent agreements and model investment treaties that should represent “next generation” practices incorporating accumulated learning about the impacts and effectiveness of these treaties remain relatively devoid of any obligation for governments to facilitate or promote the quantity and quality of outward investment that many countries want and need for sustainable development.
Topic:: Development, Economics, Emerging Markets, International Trade and Finance, Markets, Foreign Aid, and Foreign Direct Investment

45. A new economic nationalism? Lessons from the PotashCorp decision in Canada

Author:: Sandy Walker
Publication Date:: 08-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In its World Investment Report 2011, UNCTAD reported that liberalizing investment policy measures taken globally in 2010 outnumbered restrictive measures. Without the benefit of statistics, investors might have drawn the opposite conclusion, witnessing what appears to be a rising tide of national resistance to foreign takeovers: the Australian Foreign Investment Review Board's rejection of a takeover of the Australian Securities Exchange by the Singapore Exchange, Italian concern over a French company's takeover of dairy giant Parmalat and the US Government's requirement that Chinese company Huawei divest certain assets it had acquired from 3Leaf.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: United States, China, Canada, Australia, and Singapore

46. A good business reason to support mandatory transparency in extractive industries

Author:: Julien Topal and Perrine Toledano
Publication Date:: 08-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Transparency demands in extractive industries are tied to the complex paradoxical correlation between significant resource endowment and poverty in many resource dependent countries. Citizens of these countries and international investors alike only have limited means to scrutinize money-flows between governments and companies, disrupting accountability mechanisms.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment

47. Attracting FDI through BITs and RTAs: Does treaty content matter?

Author:: Peter Nunnenkamp, Martin Roy, Axel Berger, and Matthias Busse
Publication Date:: 07-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: It may appear all too obvious that the extent to which foreign direct investment (FDI) is attracted by bilateral investment treaties (BITs) and regional trade agreements (RTAs) depends on the strength of key investment provisions. Still, BITs and RTAs have typically been treated as black boxes in prior empirical literature, ignoring two important legal innovations: investor-state dispute settlement (ISDS) and pre-establishment national treatment (NT) provisions.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment

48. Starting anew in international investment law

Author:: M Sornarajah
Publication Date:: 07-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The legitimacy of investment arbitration becomes increasingly questioned, with liberal states like Australia moving away from the regime. Defenders seek to ensure the survival of this regime of asymmetric investment protection, using a variety of techniques. The conservation of the gains of property protection has resulted in novel arguments relating to the existence of a global administrative law and standards of global governance. These arguments seek to preserve an approach associated with the failure of market fundamentalism and global economic crises. As long as the inequity contained in regulatory restraints of the system affected only the powerless states, it operated with vigor; but with powerful states feeling the effects of regulatory restraints of investment treaties, there has been movement away from the earlier premises of the established regime.
Topic:: Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:: China, India, and Australia

49. Roll out the red carpet and they will come: Investment promotion and FDI inflows

Author:: Torfinn Harding and Beata Javorcik
Publication Date:: 06-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Foreign direct investment flows to developing countries are hindered by many factors. Two of these factors -- the mere lack of information and red tape -- could be easily remedied through investment promotion efforts.
Topic:: Development, Economics, Emerging Markets, International Trade and Finance, Markets, and Foreign Direct Investment

50. Inward foreign direct investment: Does it enable or constrain domestic technology entrepreneurship?

Author:: Saurav Pathak, André Laplume, and Emanuel Xavier-Oliveira
Publication Date:: 12-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Whether or not foreign direct investment (FDI) is essential for domestic technological and economic development remains a contentious question. The controversy is illustrated by comparing the Celtic and Asian Tigers experiences from 1995 to 2000. Based on IMF and World Bank data in constant prices, Ireland and China averaged an annual growth rate of 8% in GDP per capita. However, FDI per capita grew at an average pace of 98% per year in Ireland, while in China it decreased by 1% -- absolute values averaged US$ 3,397 versus US$ 144, respectively. This suggests that, rather than a one-policy-fits-all approach, customized policies are more appropriate; and, if any generalization can be made, it should be based on a country's stage of economic development.
Topic:: Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Israel and Asia

51. Untying the land knot: Turning investment challenges into opportunities for all citizens

Author:: Xiaofang Shen
Publication Date:: 11-2012
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: China, 1980s. Newly embarked on its economic transformation, China opened to foreign direct investment (FDI) to obtain capital, technology and access to world markets. Investors hesitated, however, since national law prohibited access to state-owned land. In reaction, the government introduced a long-term lease system, first tested in special economic zones and later applied across the country. This approach enabled China's phenomenal success in attracting FDI in the years to come; it also paved the way for 500 million urban citizens to gain property rights, which in turn inspired the rural population to ask for the same rights today.
Topic:: Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:: China

52. Evaluate Sustainable FDI to Promote Sustainable Development

Author:: John M. Kline
Publication Date:: 11-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Prescriptions to increase the role of FDI in promoting sustainable development generally focus on the macro level -- getting policies right and otherwise improving the investment climate. These steps are necessary but not sufficient. Effective implementation processes, especially at the micro project level, are also essential to encourage FDI that matches host country development needs and priorities.
Topic:: Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment

53. FDI, catch-up growth stages and stage-focused strategies

Author:: Terutomo Ozawa
Publication Date:: 05-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: This is a reply to Francisco Sercovich's commentary on my Perspective on FDI-led industrial takeoff in which I described foreign direct investment (FDI) as an ignition for catch-up industrialization. He emphasized "the rich and nuanced variety of strategic options" (e.g., S policies, engineering education, chaebol-type enterprises for technology absorption, R capabilities), which are, however, relevant only to higher-stages of catch-up, but notto the kick-off stage with which my previous Perspective was concerned. Economic development derives from structural changes at different stages of growth, requiring stages-focused strategies.
Topic:: Development, Economics, International Trade and Finance, Markets, and Foreign Direct Investment

54. Economic patriotism: Dealing with Chinese direct investment in the United States

Author:: Sophie Meunier
Publication Date:: 05-2012
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: China is investing throughout the world, in industries from automobiles to zinc. In the US, Chinese foreign direct investment (FDI) accounted for only 0.25% of total FDI stock in 2010,but it is likely to increase as China diversifies its holdings and seeks to obtain technology, managerial know-how and easier access to US consumers. As these investments multiply, we expect a few cases to attract negative attention in the media and political arena. Chinese companies are predominately state-controlled, raising the specter that they act to fulfill strategic, rather than profit maximizing, goals. China is also an ideological rival, causing irrational concern that Chinese investment in the US may act as a Trojan Horse of Chinese values and politics --fueled by rational concerns about subsidies, piracy, and economic espionage.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: United States and China

55. Inward FDI in Russia and its policy context, 2012

Author:: Alexey Kuznetsov
Publication Date:: 07-2012
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Russia is potentially an attractive host economy for foreign direct investment (FDI), mainly due to its large market and rich natural resources. The Government has, however, been unable to make the radical changes needed in the country's investment climate for attracting FDI on a scale and to a range of industries in line with Russia's potential. Nevertheless, oil and gas, power generation and motor vehicles industries, as well as wholesale and retail trade and several other industries have recently received new and significant FDI. After a steep decline in 2008, inward FDI (IFDI) stock recovered, to reach US$ 491 billion in 2010, although there was a moderate fall again in 2011. IFDI flows fell considerably in 2009 but rose to US$43 billion in 2010 and US$ 53 billion in 2011. In 2008–2010, the largest number of significant greenfield projects were in power generation. Large mergers and acquisitions (M) took place in various industries, but the size of the largest deals was usually smaller in 2010 than in 2008 and 2009. High levels of corruption, lack of competition and a distorted dialogue between the state, business and society are main barriers to the rapid growth of inward FDI. The recent global financial and economic crisis has revealed weaknesses of the Russian model of development in the 2000s. It is doubtful whether the efforts currently under way by the Russian Government to “repair” the existing model without political and economic reforms will lead toward a major improvement of the investment climate as only slight changes are being made (e. g., the improvement of the Russian migration regime and the development of special economic zones). However, the federal elections in 2012 could lead to more efficient steps, although it is difficult to predict the scale of probable positive shifts in the investment climate.
Topic:: Development, Economics, and International Trade and Finance
Political Geography:: Russia

56. 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

57. Outward FDI from Hungary and its policy context, 2012

Author:: Erzsébet Czakó and Magdolna Sass
Publication Date:: 08-2012
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: The period of significant growth of outward foreign direct investment (OFDI) from Hungary was interrupted in recent years. The global financial and economic crisis has brought considerable changes with effects on Hungary's OFDI. The OFDI stock declined in 2010 after its impressive growth throughout 2000–2009, and the decline in OFDI flows that began in 2007 continued through 2010. However, recent data indicate a rise in both OFDI stock and flows in 2011. Hungary's OFDI stock of US$ 21 billion in 2010 continued to be highly concentrated in terms of the investing companies. These large multinational enterprises (MNEs) face the challenge of an international environment that is increasingly critical to their operations. Government policy and the institutional framework have changed to a great extent since 2010. In particular, the extent of state ownership in the most important outward investors has grown. In the policy field, the declared priorities focus on OFDI in new geographic areas and the promotion of the internationalization of small and medium-sized enterprises (SMEs). The main question for the future of Hungarian OFDI remains that of how its sustainability can be assured, especially in terms of broadening the company base of OFDI.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment

58. Inward FDI in Malaysia and its policy context

Author:: Rajah Rasiah and Chandran Govindaraju
Publication Date:: 04-2011
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Malaysia is still perceived as an important destination for foreign direct investment (FDI). Deregulation by the Malaysian government in 1986 with a new round of Pioneer status tax holidays, tax allowances for expansion projects, liberal rules for firms operating in free trade zones (FTZs), and tax exemptions are encouraging stronger FDI inflows (IFDI). IFDI flows reached a peak in 1988-1993 as export-oriented foreign multinational enterprises (MNEs) relocated manufacturing production operations to Malaysia to benefit from cheap labor, government incentives and liberal conditions for manufacturing FDI. After 1996, due to the Asian financial crisis in 1997-1998, IFDI flows into Malaysia decreased and subsequently recorded the lowest level in 2001 as a result of the world trade recession. Following steady growth in 2002-2007, IFDI in Malaysia fell dramatically in 2008 and 2009 due to the global economic crisis. However, a strong resumption in the first quarter of 2010 and government efforts, including continued liberalization of manufacturing and services, the Government Transformation Programme, promoting new key economic areas, and the active role of the Ministry of International Trade and Industry (MITI), contributed to an increase in inward FDI flows in the second quarter of 2010.
Topic:: Economics, Industrial Policy, International Trade and Finance, Foreign Direct Investment, and Financial Crisis
Political Geography:: Malaysia and Southeast Asia

59. The world economic crisis as a changed circumstance

Author:: Hermann Ferré and Kabir Duggal
Publication Date:: 08-2011
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In September 2008, the bankruptcy of Lehman Brothers sent financial markets in the United States into a spin. Credit markets froze as banks began to mistrust counterparties, not knowing the extent of toxic assets in loan portfolios that could lead to another major bank collapse. The crisis quickly spread around the world. Governments were urged to take drastic measures. Experts discussed the possible nationalization of portions of the U.S. banking industry and other sectors. Other countries also considered measures to save key industries.
Topic:: Economics, International Trade and Finance, Markets, and Financial Crisis
Political Geography:: United States

60. From the FDI Triad to multiple FDI poles?

Author:: Karl P. Sauvant and Persephone Economou
Publication Date:: 07-2011
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Twenty years ago, in the inaugural issue of the World Investment Report, the United Nations highlighted a shift in the global pattern of foreign direct investment (FDI) from bipolar, dominated by the United States and the European Community, to tri-polar (the FDI Triad), dominated by the European Community, the United States and Japan.
Topic:: Economics, International Trade and Finance, United Nations, and Foreign Direct Investment
Political Geography:: United States, Japan, and Europe

61. Outward FDI from Germany and its policy context: update 2011

Author:: Thomas Jost
Publication Date:: 09-2011
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: In 2010, German companies strongly increased their investments in foreign affiliates, with outward foreign direct investment (OFDI) flows having reached their third highest value on record (US$ 105 billion). Flows were driven by rising exports and growing profits of the German corporate sector. In 2010, the German economy made a robust recovery from the worldwide economic and financial crisis and became a growth engine among European Union (EU) countries. A further increase of OFDI is expected in 2011, as German companies are seeking to strengthen their strategic position in their main markets, although the pre-crisis level of OFDI flows of US$ 171 billion in 2007 will be hard to achieve. The German Government has continued to support the internationalization process of the German corporate sector by expanding its network of bilateral investment treaties and providing financial support and information services.
Topic:: International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Europe, Germany, and Ethiopia

62. The new Dutch sandwich: The issue of treaty abuse

Author:: George Kahale, III
Publication Date:: 10-2011
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Years ago, international tax lawyers introduced us to the term “Dutch sandwich.” The concept was to sandwich a Dutch company between an investor from country A and its investment in country B. The combination of the extensive network of Dutch tax treaties and investor-friendly domestic Dutch tax law meant that country A's investor could reduce withholding tax on dividends out of country B and perhaps eliminate capital gains tax altogether by structuring its investment through a Dutch company.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Europe

63. Investment incentives and the global competition for capital

Author:: Kenneth P. Thomas
Publication Date:: 12-2011
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Investment incentives (subsidies designed to affect the location of investment) are a pervasive feature of global competition for foreign direct investment (FDI). They are used by the vast majority of countries, at multiple levels of government, in a broad range of industries. They take a variety of forms, including tax holidays, grants and free land. Politicians, at least in the United States, may have good electoral incentives to use them.
Topic:: Development, Environment, Globalization, International Trade and Finance, Foreign Aid, and Foreign Direct Investment
Political Geography:: United States and Europe

64. Knowledge, FDI and catching-up strategies

Author:: Francisco . Sercovich
Publication Date:: 12-2011
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: A recent Perspective by Terutomo Ozawa singles out protectionism and foreign direct investment (FDI) as alternative drivers for the take-off phase of catching-up industrialization. This dichotomy neglects the rich and nuanced variety of strategic options revealed by recent successful industrialization experiences.
Topic:: Development, Economics, International Trade and Finance, Science and Technology, and Foreign Direct Investment

65. Inward FDI in Italy and its policy context

Author:: Marco Mutinelli and Lucia Piscitello
Publication Date:: 12-2011
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: The attractiveness of the Italian economy for inward foreign direct investment (IFDI) has been traditionally limited, despite the country's locational advantages such as a large domestic market and a skilled labor force. The recent global crisis worsened the country's IFDI position, with flows falling from US$ 40 billion in 2007 to -US$ 11 billion in 2008 before recovering to US$ 20 billion in 2009 but down again to US$ 9 billion in 2010. Although the country's IFDI stock had grown since 2000 at a rate similar to that of the European Union as a whole, in 2010 IFDI stock contracted vis-à-vis 2009, reflecting how Italy, compared to other key European countries and to its own potential, continues to underperform. The main obstacles to exploiting the country's potential for IFDI lie both in the largely insufficient actions undertaken to attract and promote IFDI, and especially in the lack of coordination with other relevant policy measures (e.g. infrastructure development) within a broader framework aimed at regional and national development.
Topic:: Development, Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Europe and Italy

66. President Obama's International Tax Proposals Could Go Further

Author:: Reuven S. Avi-Yonah
Publication Date:: 02-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The Obama Administration's 2011 budget proposals include revenues of $122 billion over ten years from “international tax reform.” This set of proposals is similar to but narrower than the ones advanced by the Administration in May 2009, which would have raised $210 billion.
Topic:: Economics, International Trade and Finance, and Financial Crisis
Political Geography:: United States

67. International investment law and media disputes: a complement to WTO law

Author:: Luke Eric Peterson
Publication Date:: 01-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The recent high-stakes dispute between Google and China over censorship and cyber-security has spawned renewed discussion of the international trade law protections that internet and media companies may enjoy. Less recognized, however, is a perhaps more powerful legal tool in the arsenal of internet and media companies engaging in cross-border investment s, namely international investment law.
Topic:: Economics, International Trade and Finance, Markets, Mass Media, and Law
Political Geography:: China

68. Israel's leading multinationals continue to expand domestically and abroad despite the crisis

Publication Date:: 03-2010
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: The third annual survey of Israeli multinational enterprises (MNEs) is being released today. It was conducted by a joint team composed of the Manufacturers Association of Israel, Tel Aviv University, Hebrew University, and the Vale-Columbia Center on Sustainable International Investment (VCC), a joint undertaking of the Columbia Law School and The Earth Institute at Columbia University in New York. The survey is part of a long-term, multi-country study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets. The results released today cover the year 2008.
Topic:: Globalization, International Trade and Finance, and Financial Crisis
Political Geography:: Middle East, Israel, and Colombia

69. Mining for facts: PacRim Cayman LLC v. El Salvador

Author:: Alexandre de Gramont
Publication Date:: 09-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In his recent article, “Thinking twice about a gold rush: Pacific Rim v. El Salvador” (Columbia FDI Perspectives, No. 23, May 24, 2010), Professor Gus Van Harten uses the PacRim v. El Salvador arbitration, pending at the International Centre for Settlement of Investment Disputes (ICSID), as the basis for asserting a number of criticisms against the overall system of arbitration under investment treaties.
Topic:: Economics, International Trade and Finance, and Treaties and Agreements
Political Geography:: Latin America

70. Political risk insurance and bilateral investment treaties: a view from below

Author:: Lauge Skovgaard Poulsen
Publication Date:: 08-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Many of the risks covered by bilateral investment treaties (BITs) are also covered by political risk insurance (PRI). Although there are important differences between PRI and BITs, both in terms of coverage and underlying purpose, the considerable overlap between the two instruments suggest that PRI providers should take BITs into account when assessing the risk of investment projects. But while the relationship between BITs and PRI has often been alleged to be considerable, in practice there is practically no publicly available evidence to sustain this assumption. This Perspective reviews evidence from a recent survey of officials in private and public (or mixed private/public) PRI providers.
Topic:: Economics, International Political Economy, International Trade and Finance, Treaties and Agreements, and Bilateral Relations

71. Foreign direct investment and U.S. national security: CFIUS under the Obama Administration

Author:: Mark E. Plotkin and David N. Fagan
Publication Date:: 06-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: There was considerable public scrutiny of the Obama Administration's performance in its inaugural year, but comparatively little focus on one of the Administration's key processes governing the flow of investment into the United States — namely, the Committee on Foreign Investment in the United States (CFIUS). Yet, this is a frequent question we receive from foreign investors -- has the change in the administration affected CFIUS?
Topic:: Economics, International Trade and Finance, Monetary Policy, Foreign Direct Investment, and Financial Crisis
Political Geography:: United States

72. 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

73. 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

74. How much do U.S. corporations know (and care) about bilateral investment treaties? Some hints from new survey evidence

Author:: Jason Webb Yackee
Publication Date:: 11-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: A remarkable number of countries have recently entered into bilateral investment treaties (BITs) as a means of protecting and promoting inward foreign direct investment (FDI). But do the treaties “work?” In exchange for giving up some mea sure of regulatory autonomy, host countries hope to receive increased flows of investment. Scholars have devoted substantial energy to examining whether this so-called “grand bargain” has in fact been realized. Most studies follow a common research design. The number of BITs that a state has signed are counted up, with the resulting independent variable regressed against country-level FDI flow data. Unfortunately, the results of these various and increasingly complex statistical exercises are inconsistent. 1 Some studies show that BITs can have massive positive impacts on foreign investment; others show modest positive impacts; others show no impact at all, or even a negative impact.
Topic:: International Trade and Finance, Bilateral Relations, and Foreign Direct Investment
Political Geography:: United States

75. What will an appreciation of China's currency do to inward and outward FDI?

Author:: Karl P. Sauvant and Ken Davies
Publication Date:: 10-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: What will an appreciation of the Chinese yuan do to China's inward and outward direct investment? The discussion so far has been almost exclusively about the impact on China's trade balance. But it is at least as important to see what effect it may have on the country's inward foreign direct investment (IFDI), which plays such a crucial role in China's economic development, and its outward FDI (OFDI), which is receiving increased attention worldwide.
Topic:: Economics, Foreign Exchange, International Trade and Finance, and Foreign Direct Investment
Political Geography:: China

76. State-controlled entities as claimants in international investment arbitration: an early assessment

Author:: Michael D. Nolan and Frédéric Sourgens
Publication Date:: 12-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: State-controlled entities (SCEs) are increasingly important participants in international investment flows and international trade. Cumulative FDI by sovereign wealth funds (SWFs) has reportedly reached US$100 billion. SWFs are significant equity investors in, and provide significant debt financing to, every kind of company, from professional sports franchises to container ports. In addition to the role of these funds, national oil companies are growing in regional and international importance. In many countries, other industries are also increasingly government-owned.
Topic:: Development, Government, Industrial Policy, International Trade and Finance, Political Economy, and Foreign Direct Investment
Political Geography:: United States

77. Can the U.S. Remain an Attractive Host for FDI in the Auto Industry? New Labor Policy and Flexible Production

Author:: Terutomo Ozawa
Publication Date:: 10-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: President Obama has been supporting a new bill, the Employee Free Choice Act, designed to promote the labor unions' drive for unionization. This bill, if enacted, will surely be a big boon for unions as it helps enlarge their membership, enhance their bargaining power vis-à-vis businesses, and enrich their coffers to wield political clout. An important issue here, however, is how such reinforced unionism contributes to the U.S.'s much needed industrial competitiveness and employment—and, more specifically, how this new policy will affect the U.S. as a host to FDI in the auto industry.
Topic:: Economics, Industrial Policy, International Trade and Finance, and Foreign Direct Investment
Political Geography:: United States

78. Sovereign wealth funds: much ado about some money

Author:: Charles Kovacs
Publication Date:: 10-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The first sovereign wealth fund (SWF) was established by Kuwait in 1953, and was followed by many others from 1973-4, after the first oil crisis. Since then, each major jump in oil and gas prices increased the number and size of SWFs; after 2000, countries with large trade surpluses also began to establish SWFs. By April 2009, SWFs had grown to $3-5 trillion of assets under management, invested mostly in high quality bonds. Equity investments have been a much smaller part of their portfolio and began to grow only in the 1990s. This trend has since accelerated with at least 698 documented equity investments between June 2005 and March 2009.
Topic:: Security, Economics, International Trade and Finance, and Sovereign Wealth Funds
Political Geography:: Kuwait

79. 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

80. Outward investment by Trans-Latin enterprises: reasons for optimism

Author:: Michael Mortimore and Carlos Razo
Publication Date:: 08-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Despite the global crisis, outward FDI by Latin American firms grew by more than 40% in 2008. The picture for 2009 is less clear, due to the expected regional GDP contraction, falling commodity prices, and tightening credit markets. Nonetheless, the authors argue that many countervailing factors make Latin American investment more resilient in the crisis than other regions may be.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Latin America

81. Are SWFs Welcome Now?

Author:: Veljko Fotak and William Megginson
Publication Date:: 07-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Until the end of 2007, western media, governments and regulators often seemed more concerned about protecting domestic firms from investments by sovereign wealth funds (SWFs) than about attracting capital inflows. Politicians in many countries called for the regulation of sovereign foreign investments at that time, when SWF investments were growing rapidly. In fact, during 2006 and 2007, countries that introduced at least one regulatory change (many of them related to such investments) making the investment climate less welcoming for multinational enterprises accounted for 40% of all FDI inflows.
Topic:: Economics, International Trade and Finance, Foreign Direct Investment, and Sovereign Wealth Funds

82. Land grab or development opportunity? International farmland deals in Africa

Author:: Lorenzo Cotula
Publication Date:: 06-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Over the past 12 months, large-scale acquisitions of farmland in Africa, Latin America, Central Asia and Southeast Asia have made headlines in a flurry of media reports across the world. Lands that only a short time ago seemed of little outside interest are now being sought by international investors to the tune of hundreds of thousands of hectares.
Topic:: Agriculture, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Africa and Latin America

83. International Investment Arbitration: Winning, Losing and Why

Author:: Susan D. Franck
Publication Date:: 06-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: We know several things about foreign investment. First, foreign investment matters, reaching US$1.7 trillion in 2008. Second, we know that foreign investors have new international law rights to protect their economic interests. Third, we know that those rights are now being used.
Topic:: Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: United States

84. While global FDI falls, China's outward FDI doubles

Author:: Ken Davies
Publication Date:: 05-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: In 2008 global FDI fell by around 20%, while outward FDI from China nearly doubled. This disparity is likely to continue in 2009 and 2010 as China invests even more overseas. What is driving this continuing surge in China's outward FDI?
Topic:: International Trade and Finance, Foreign Direct Investment, and Financial Crisis
Political Geography:: China and Asia

85. The global financial crisis: will state emergency measures trigger international investment disputes?

Author:: Anne Van Aaken and Jürgen Kurtz
Publication Date:: 03-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Several developed countries have introduced emergency measures to mitigate the effects of the Global Financial Crisis, including Australia, Germany, Ireland, the United Kingdom, and the United States. Although the measures taken are still undergoing changes by the executive branch and are thus a “moving target”, our survey reveals early evidence of differentiation between foreign and domestic actors in the emergency plans adopted by this sample grouping. It is this differentiation that may give rise to liability as breaching guarantees against discrimination of foreign investors under international investment law.
Topic:: Economics, International Trade and Finance, Markets, International Affairs, Foreign Direct Investment, and Financial Crisis
Political Geography:: United States, United Kingdom, Germany, Australia, and Ireland

86. Indian FDI falls in global economic crisis: Indian multinationals tread cautiously

Author:: Jaya Prakash Pradhan
Publication Date:: 08-2009
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Just over a year ago, outward foreign direct investment (OFDI) from India seemed to be on a path of rapid and sustained growth. Its annual average growth of 98% during 2004–07 had been unprecedented , much ahead of OFDI growth from other emerging markets like China (74%), Malaysia (70%), Russia (53%), and the Republic of Korea (51%), although from a much lower base. Much of this recent growth had been fuelled by large-scale overseas acquisitions, however, and it faltered when the global financial crisis that started in late 2007 made financing acquisitions harder.
Topic:: Economics, International Political Economy, International Trade and Finance, Markets, Foreign Direct Investment, and Financial Crisis
Political Geography:: Russia, China, South Asia, Malaysia, and Korea

87. Outward investment by Trans-Latin enterprises: reasons for optimism

Author:: Michael Mortimore and Carlos Razo
Publication Date:: 08-2009
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Despite the current economic crisis, outward foreign direct investment (OFDI) by Latin American and Caribbean enterprises continued its upward trend in 2008 (annex figure 1). OFDI by firms in the region reached nearly USD 35 billion in 2008, an increase of 42% with respect to 2007 (ECLAC, 2009a). However, several of the factors that fostered such growth have recently changed, possibly affecting OF DI prospects for 2009. This Perspective briefly explores these changes and their potential effects on firms' investing behavior, as well as some important countervailing factors that may cushion the effects of the economic crisis on Latin American firms' investment plan.
Topic:: Development, Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Latin America and Mexico

88. 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:: Working Paper
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:: Development, Economics, International Political Economy, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Brazil and Latin America

89. Russian outward FDI and its policy context

Author:: Andrei Panibratov and Kalman Kalotay
Publication Date:: 10-2009
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Outward foreign direct investment (OFDI) from Russia often surprises outside observers by its landmark deals. One of them was the purchase in September 2009 of a 55% stake in General Motors' German affiliate Opel by a consortium of the Canadian car maker Magna and the Russian state-owned bank Sberbank. The latter is the largest creditor of the Russian car maker GAZ, and may represent its commercial interests in the contract. With this deal, Russia has bought into the industrial heartland of the world economy and could potentially access more advanced technology. This acquisition hints at the growth of Russian OFDI in general, which has prospered despite fears in many host countries that the investors are subject to Russian political interference, a fear that recently announced Russian policy intentions may allay.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Russia, Europe, and Asia

90. Improving the International Investment Regime: priorities for the new U.S. Administration

Author:: Pablo M. Pinto, Karl P. Sauvant, Petros C. Mavroidis, Curtis J. Milhaupt, Peter Rosenblum, and Hans Smit
Publication Date:: 01-2009
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: The international investment regime has grown rapidly over the past two decades, along with foreign direct investment (FDI) flows, which reached $1.8 trillion in 2007. Even in the absence of a single comprehensive multilateral investment treaty or institution, that regime is governed by principles and rules enshrined in some 2,600 bilateral investment treaties and another 250 free trade agreements that contain substantial investment provisions. These treaties are supplemented by a number of other relevant multilateral agreements and customary international law, along with complementary principles applied by international financial institutions such as the World Bank and the International Monetary Fund, that cover aspects of the activities of multinational enterprises as well as how states regulate them.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: United States

91. Investment Opportuntities in Mekelle, Tigray State, Ethiopia

Author:: Bryant Cannon
Publication Date:: 12-2009
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Mekelle, a rapidly developing city in northern Ethiopia, is located about 780 km from the capital, Addis Ababa. Established nearly 150 years ago by Emperor Yohannes, the city is nestled in Ethiopia's temperate highlands, in the heart of a region that traces its origins back to the ancient Axum Empire that once controlled Red Sea trade (4th century BC – 10th century AD). The city maintains aproud history of many religions, particularly Orthodox Christianity, dating back to the 4th century AD. Mekelle was largely ignored in the latter half of the 20th century by Ethiopia's ruling feudal and socialist governments, but began to experience an economic and cultural rejuvenation with the election of a democratic government in Ethiopia in the early 1990s.
Topic:: Development, Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Africa and Ethiopia

92. Kumasi Marketing Strategy: Tourism

Author:: Dario Cacciatore, Andre Le, Nicholas Levi-Gardes, Antonio Lopez Reus, and Kenny Sai-Kin Hsu
Publication Date:: 09-2008
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Kumasi needs to position itself strategically as a cultural destination, communicate its attributes more effectively to tourists already in Ghana and differentiate itself from other cities and attractions Position should entail marketing a larger cultural region than just Kumasi Several positioning statements can transmit Kumasi's new marketing strategy: Kumasi - Heart of the Kingdom of Ashanti. Ashanti - The Hidden Kingdom. Kumasi - Come and See! Kumasi is well placed to capitalize on the growth of tourism in Ghana due to its status as a cultural capital The financial impact of tourism growth is potentially significant for the city and its surrounding districts The creation of the Ashanti Region Marketing Corporation is fundamental to proper coordination among stakeholders.
Topic:: Development, Economics, International Trade and Finance, and Markets
Political Geography:: Africa

93. The FDI recession has begun

Author:: Karl P. Sauvant
Publication Date:: 11-2008
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: With $1.8 trillion (according to UNCTAD), world foreign direct investment (FDI) flows reached an all-time high last year. All major regions benefitted from increased flows. But that was then. What is, and will be, the impact of the financial crisis and the recession on FDI flows this year and next?
Topic:: Development, Economics, International Trade and Finance, Foreign Direct Investment, and Financial Crisis

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