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Foreign Investment in Latin America and the Caribbean 2007

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Foreign Investment in Latin America and the Caribbean 2007 2007 Foreign Investment in latin america and the caribbean 2 Economic Commission for Latin America and the Caribbean (ECLAC) Foreign Investment in Latin America and the Caribbean, 2007 is the latest edition of a series issued annually by the Unit on Investment and Corporate Strategies of the ECLAC Division of Production, Productivity and Management. It was prepared by Alvaro Calderón, Michael Mortimore, Márcia Tavares and Carlos Razo, with assistance from Sebastián Vergara, Fazia Pusterla, Silvia Navarrete and Gilberto Elías. Contributions were received from consultants Mario Alberto Becker, Raimundo Beca, Martín Fransman, José Saul de los Santos Gómez and Walid Hejazi. ECLAC wishes to express its appreciation for the financial contribution received for the preparation of chapters II and III from the European Commission’s Alliance for the Information Society (@LIS) in Latin America and the Caribbean programme. It should be noted, however, that the views expressed in these chapters do not necessarily reflect the official views of the European Union. ECLAC is also grateful to the government officials and corporate executives who were interviewed for the preparation of this document. Special thanks are due to the Mining Association of Canada, the Prospectors and Developers Association of Canada and the Department of Foreign Affairs and International Trade of Canada for their assistance. The logistical support and substantive inputs provided by the ECLAC subregional headquarters in Mexico, and particularly by Ramón Padilla, are also greatly appreciated. The information used in this report has been drawn from a number of international agencies, including the International Monetary Fund (IMF), the United Nations Conference on Trade and Development (UNCTAD) and the Organisation for Economic Co-operation and Development (OECD), as well as from a host of national institutions, including central banks and investment promotion agencies in Latin America and the Caribbean, and specialized press. A debt of gratitude is owed to the specialized journal, América economía, which was the source of extremely valuable data on the operations of leading firms in the region. Please send any comments or suggestions regarding this publication to Michael Mortimore (email: [email protected]). Notes The following symbols are used in tables in this edition of the Foreign Investment: Three dots (…) indicate that data are not available or are not separately reported. A dash (–) indicates that the amount is nil or negligible. A point (.) is used to indicate decimals. Use of a hyphen (-) between years (e.g., 2001-2005) indicates reference to the complete period considered, including the beginning and end years. The word “tons” means metric tons and the word “dollars” means United States dollars, unless otherwise specified. References to annual rates of growth or variation signify compound annual rates, unless otherwise specified. Individual figures and percentages in tables do not necessarily add up to the corresponding totals because of rounding. United Nations Publication ISBN: 978-92-1-121668-4 ISSN printed version: 1680-8649 ISSN online version: 1681-0287 LC/G.2360-P Sales No.: E.08.II.G.11 Copyright © United Nations, June 2008. All rights reserved Printed in Santiago, Chile Applications for the right to reproduce this work are welcomed and should be sent to the Secretary of the Publications Board, United Nations Headquarters, New York, N.Y. 10017, U.S.A. Member States and their governmental institutions may reproduce this work without prior authorization, but are requested to mention the source and inform the United Nations of such reproduction. Foreign Investment in Latin America and the Caribbean • 2007 3 Contents Page Abstract .................................................................................................................................................................................... 9 Summary and conclusions .............................................................................................................................. 11 Chapter I Foreign direct investment and transnational corporations (TNCs) in Latin America and the Caribbean ............................................................................................................................................................. 21 A. Introduction ...................................................................................................................................................... 21 B. Global context .................................................................................................................................................. 22 C. FDI inflows and transnational corporations in Latin America and the Caribbean .......................................... 25 1. Trends and features of FDI flows into Latin America and the Caribbean in 2007 ...................................... 25 2. Importance and distribution of non-financial TNCs in Latin America and the Caribbean .......................... 32 3. FDI from the point of view of corporate strategies ...................................................................................... 35 4. Conclusions .................................................................................................................................................. 54 D. Outward foreign direct investment and the trans-Latins .................................................................................. 55 1. Outward foreign direct investment flows in 2007 ........................................................................................ 55 2. The main trans-Latins .................................................................................................................................. 59 3. The main sectors in which trans-Latins invest ............................................................................................. 62 4. Conclusions .................................................................................................................................................. 69 E. Final considerations ......................................................................................................................................... 70 Annex.................................................................................................................................................................... 71 Chapter II The information and communications technology hardware industry in Latin America: investments and business strategies ........................................................................................................... 79 A. Introduction ...................................................................................................................................................... 79 B. Changes in the global industry ........................................................................................................................ 80 1. International systems of integrated production (ISIP) ................................................................................. 80 2. International systems of integrated production in the electronics industry .................................................. 81 C. Implications of the changes in the global industry .......................................................................................... 83 1. The change in ICT hardware industry trade patterns ................................................................................... 83 4 Economic Commission for Latin America and the Caribbean (ECLAC) Page 2. From macro to micro: repercussions of the strategies of leading enterprises in the ICT hardware sector ........................................................................................................................... 84 3. Repercussions on the telecommunications network segment ...................................................................... 90 D. The industry in Latin America: the experiences of Mexico and Brazil ........................................................... 93 1. Brief history of the ICT hardware industry in Mexico and Brazil ............................................................... 93 2. Current overview of the ICT hardware industry in Mexico and Brazil ....................................................... 95 3. Repercussions of global restructuring in the ICT hardware industry .......................................................... 100 E. Conclusions and policy implications ............................................................................................................... 103 Chapter III Telecommunications operators: investment and corporate strategies in Latin America and the Caribbean .................................................................................................................. 105 A. Introduction ...................................................................................................................................................... 105 B. Global market for telecommunications services: an industry in the throes of change .................................... 106 1. Erosion of traditional sources of income ..................................................................................................... 106 2. End to the industry’s traditional segmentation and the sudden emergence of new challengers to the dominant operators ............................................................................................................................
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