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ASEAN Investment Report 2013-2014 FDI Development and Regional Value Chains

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ASEAN Investment Report 2013-2014 FDI Development and Regional Value Chains ASEAN Investment Report 2013-2014 FDI Development and Regional Value Chains one vision one identity one community ASEAN Investment Report 2013-2014 FDI Development and Regional Value Chains United Nations Conference on The ASEAN Secretariat Trade and Development The Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967. The Member States of the Association are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam. The ASEAN Secretariat is based in Jakarta, Indonesia. For inquiries, contact: The ASEAN Secretariat Public Outreach and Civil Society Division 70A Jalan Sisingamangaraja Jakarta 12110 Indonesia Phone : (62 21) 724-3372, 726-2991 Fax : (62 21) 739-8234, 724-3504 E-mail : [email protected] General information on ASEAN appears online at the ASEAN Website: www.asean.org Catalogue-in-Publication Data ASEAN Investment Report 2013-2014 Jakarta: ASEAN Secretariat, October 2014. 332.67395 1. Investment – ASEAN 2. Economics – Foreign Direct Investment ISBN 978-602-0980-00-3 The text of this publication may be freely quoted or reprinted, provided proper acknowledgement is given and a copy containing the reprinted material is sent to Public Outreach and Civil Society Division of the ASEAN Secretariat, Jakarta. Copyright Association of Southeast Asian Nations (ASEAN) 2014. All rights reserved. This publication was prepared by the ASEAN Secretariat and the United Nations Conference on Trade and Development (UNCTAD), and supported by the Government of Australia through the ASEAN-Australia Development Cooperation Program Phase II (AADCP II). The map in this publication is only indicative and is not drawn to scale. Disclaimer The ASEAN Investment Report is produced to facilitate a better understanding of FDI developments in ASEAN. The findings, interpretations, and analysis in the Report should be treated with care, as work on harmonising and improving FDI quality across the region is on-going. The ASEAN Secretariat and UNCTAD have taken due diligence in the preparation of this publication. However, it shall not be held liable for any omissions or inaccuracies in the content of this publication. Neither the ASEAN Secretariat, UNCTAD and the Government of Australia accepts any liability for any claims, loss or expenses that may arise or arising from use of information in this publication. Reliance on the information is at the user’s sole risk/responsibility. PREFACE ASEAN’s integration efforts are pursued through key regional measures that among others, strengthen investment cooperation among ASEAN Member States, enhance investment protection and liberalization regimes, and promote ASEAN as an integrated investment and production network. All these have contributed to make the ASEAN region an attractive destination for foreign direct investments (FDI). Anchored by strong macroeconomic fundamentals, improved policy environment and greater regional market prospects as well as rising investor confidence thanks to the vast opportunities and the relative peace and stability of the region, ASEAN remains a significant recipient of global FDI flows. In 2013, ASEAN attracted US$ 122 billion, accounting for 8% of the global FDI. This includes increasing investments from ASEAN Member States, which at 17% of the total FDI inflows, is now the third largest source of FDI in the region. With ASEAN’s continuing success as a competitive location hosting intermediate manufacturing facilities as well as value chain operations of transnational corporations (TNC), this year’s ASEAN Investment Report focuses on FDI development and regional value chains. The Report illustrates how the expansion of TNC operations and the increase in capacities of local firms to produce inputs have helped strengthen the development of the regional value chain which, in turn, underpins and contributes to ASEAN’s robust and resilient economies. This Report will not only be a useful reference for ASEAN’s business community on their existing operations and expansion plans, it also shows ASEAN’s commitment to facilitate and promote investments in the region as we are moving forward to the realization of the ASEAN Community by 2015. Le Luong Minh Secretary-General of ASEAN iv ACKNOWLEDGEMENTS The ASEAN Investment Report 2013-2014 was prepared under a technical cooperation agreement between the ASEAN Secretariat and the UNCTAD Division on Investment and Enterprise (DIAE). The Report was prepared and written by Wee Kee Hwee and Hafiz Mirza of UNCTAD. It was overseen by Lim Hong Hin, Deputy Secretary-General of ASEAN for ASEAN Economic Community, ASEAN Secretariat and James Zhan, Director, DIAE, UNCTAD, with technical supervision and support from Masataka Fujita, Head, Investment Trends and Issues Branch, DIAE, UNCTAD. The support and contribution of the teams in the ASEAN Integration Monitoring Office (AIMO), and Services and Investment Division at the ASEAN Secretariat were valuable and very much appreciated. The AIMO team was led by Melanie Milo. The report benefitted from inputs provided by members of the ASEAN Coordinating Committee on Investment (CCI), and Torbjorn Fredriksson, Ponciano Intal Jr., Penchan Manawanitkul, Shin Ohinata, Rajah Rasiah and Xiao Shan Yap. Comments at different stages in the preparation of the report were provided by Tan Tai Hiong, Madelyn Joy Almazora, Lim Chze Cheen, Nina Laraswati, Ma. Fideles Sadicon and Astrit Sulstrarova. Statistical assistance was provided by Elizabeth Alarilla, Brad Boicourt, Lia Emalia, Michael Hanni, Asrinisa Rachmadewi, Ahmad Syaukat, Sri Wardhani and other members of the ASEANstats team. Hilvy Hanriany, Evelyn Benitez, Catherine Corpuz, Rosalina Goyena, Sovyana Putranti and Okti Zendra provided administrative and other support. The manuscript was copy-edited with the assistance of Lise Lingo and typeset by Teresita Ventura. Research assistance was provided by Nattanit Mei Fang Wee. ASEAN and UNCTAD wish to thank the Eora team members for their collaboration of GVC data. The financial support of the Australian Government through the ASEAN-Australia Development Cooperation Program Phase II (AADCP II) is gratefully acknowledged. Any correspondences or queries on the content of the AIR should be addressed to: Services and Investment Division Market Integration Directorate ASEAN Economic Community Department ASEAN Secretariat, 70A Jl. Sisingamangaraja, Jakarta 12110, Indonesia Email : [email protected] v TABLE OF CONTENTS PREFACE ............................................................................................... iv. ACKNOWLEDGEMENTS ............................................................................. v. ABBREVIATIONS ........................................................................................ x OVERVIEW ............................................................................................. xiii PART ONE: FDI TRENDS AND POLICY DEVELOPMENTS IN ASEAN CHAPTER 1. FDI AND TNC OPERATIONS IN ASEAN IN 2013–2014 ..........3 1.1 Introduction ............................................................................................. 3 1.2 FDI developments in 2013 ....................................................................... 3 1.2.1 Sources of FDI ........................................................................................... 4 1.2.2 ASEAN Dialogue Partners.......................................................................... 4 1.3 Intra-ASEAN investment ........................................................................ 13 1.4 CLMV recipients .................................................................................... 17 1.5 Cross-border M&A development ........................................................... 23 1.6 Enterprise development and strategies in 2013–2014 .......................... 30 1.6.1 Foreign TNCs’ expansion in ASEAN ....................................................... 30 1.6.2 Regional players and intraregional corporate investments .................... 35 1.7 Outlook for 2014–2015 .......................................................................... 37 CHAPTER 2. INVESTMENT POLICY ENVIRONMENT ..................................45 . 2.1 Introduction ........................................................................................... 45 2.2 Regional policy environment in 2013–2014 .......................................... 45 2.3 Individual actions and measures, 2013–2014 ....................................... 46 vii CHAPTER 3. SPECIAL ISSUES: SALIENT FEATURES AND TRENDS IN FDI FROM MAJOR DIALOGUE COUNTRIES: THE CASES OF CHINA AND JAPAN ..........................................................63 3.1 Introduction ........................................................................................... 63 3.2 Chinese FDI and TNC operations in ASEAN .......................................... 63 3.2.1 The significance of ASEAN to Chinese investments ............................... 64 3.2.2 Chinese investments in infrastructure, real estate, finance and extractive industries .......................................................................... 65 3.2.3 Chinese investments in manufacturing is rising ...................................... 67 3.2.4 Chinese companies’ modes of entry ....................................................... 69 3.2.5 Drivers and determinants ......................................................................... 70 3.2.6 Support of the Chinese Government and banks .................................... 71
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